Seanergy Maritime Hldgs Q3 2026 Earnings Call Transcript

Seanergy Maritime Hldgs (NASDAQ:SHIP) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

View the webcast at https://edge.media-server.com/mmc/p/oseadwwc/

Summary

Seanergy Maritime Hldgs reported a record nine-month net income of $61.9 million, with third-quarter fleet earnings up 46% year over year to $34.5 million on a time charter equivalent basis.

The company increased its quarterly cash dividend by 14% to $0.40 per share, continuing a streak of 20 consecutive quarterly dividends.

Seanergy expanded its fleet with four new Capesize or Newcastlemax vessels, bringing the total investment program to $855 million, with expectations for significant contributions to NAV, EBITDA, and cash flow.

The company secured or is close to securing multi-year charters for new vessels, providing downside protection and profit-sharing opportunities.

Management expressed confidence in maintaining strong financial flexibility and liquidity, with a diversified funding base supporting the fleet renewal program.

Seanergy anticipates a strong Capesize market driven by low vessel supply and growing demand, with newbuildings expected to be delivered ahead of schedule, contributing positively to earnings.

Full Transcript

OPERATOR

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Hldgs conference call on the third quarter and nine months ended September 30, 2026 financial results. We have with us Mr. Stamatis Santanis, Chairman and CEO, and Mr. Stavros Giftakis, Chief Financial Officer of Seanergy Maritime Hldgs. At this time, all participants are in a listen-only mode. There will be a question-and-answer session, at which time, if you would like to ask a question, please press 11 on your telephone keypad. You will then hear an automated message advising your hand is raised. If you joined using device audio, click the Raise Hand button on your screen. To withdraw your question, please press star 11 again or click the Lower Hand button.

Please be advised that this conference call is being recorded today, Thursday, Nov. 12, 2026. The archived webcast of the conference call will soon be made available on the Seanergy website, www.senergymaritime.com. To listen to the archived audio file, visit the Seanergy website, following the Webcast and Presentations section under the Investor Relations page. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the third quarter and nine months ended September 30, 2026 earnings release, which is available on the Seanergy website, again www.senergymaritime.com.

I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatis Santanis. Please go ahead, sir.

Stamatis Santanis (Chairman and Chief Executive Officer)

Thank you, operator, and welcome, everyone. Seanergy Maritime Hldgs delivered another highly profitable quarter, and our nine-month net income reached a record $61.9 million. In the third quarter, our fleet earned approximately $34.5 million on a time charter equivalent basis, up 46% year over year, and adjusted EBITDA was $40.8 million. For the first nine months, adjusted EBITDA more than doubled to $110.5 million, and adjusted earnings per share rose to $3.21, up from $0.60 last year.

These results show the earnings power of our pure-play Capesize platform. They also allow us to increase shareholder returns and renew our fleet at the same time from a position of strength. Our Board of Directors has raised the quarterly cash dividend by 14% to $0.40 per share, which is double the first quarter level. This is our 20th consecutive quarterly dividend—five years without interruption through good and bad market conditions. Cumulative cash dividends now reach about $3.59 per share, and including buybacks, we have returned approximately $117 million to our shareholders.

Now to fleet investments, which have been our main focus since our last call. Since our second quarter results, we have added four more high-quality Capesize or Newcastlemax vessels for a total of about $264 million: a modern 2019-built Japanese Capesize, the Midnight, joining our fleet in January 2027; a scrubber-fitted Newcastlemax newbuilding at Hengli for delivery in the first quarter of 2029; a scrubber-fitted Capesize newbuilding at a first-class Japanese shipyard for delivery in the second half of 2029; and a 2014-built Japanese Newcastlemax for delivery in the second half of 2029. Our fleet investment program now stands at 12 Capesize and Newcastlemax vessels, consisting of nine newbuildings and three modern Japanese-built secondhand vessels. That is about $855 million of investment and 2.3 million deadweight tons of new capacity, growing our fleet’s current capacity by more than 50% over the next few years. We expect the contribution of the new acquisitions to our NAV, EBITDA, and cash flow to be very, very significant.

Stavros, further down, will take you through the funding of this capex. Our first Capesize newbuilding at Hengli is now expected in January 2027, in a couple of months from now, about four months ahead of schedule, together with the Midnight. That means two modern Capesizes will join our fleet at the start of next year, adding to our earnings from early 2027. At the same time, we continue to sell older vessels at the right time. We have agreed to sell the 2009-built Friendship, our oldest vessel, to United Maritime for $33 million, with delivery in January of 2027.

The deal was negotiated and approved by a special committee of independent directors. Delivery is expected in the first quarter of 2027, generating approximately $20 million of net liquidity and a book gain of about $12 million, and Seanergy will continue to manage the vessel while at United Maritime. Regarding the employment of the new ships, four out of the six vessels joining our fleet by the end of 2028, we have secured, or we are close to securing, multi-year charters with first-class charterers. The structure is the same each time: a floor rate above the vessel’s cash breakeven from day one, plus profit sharing above a certain set level. That means that downside protection from delivery is secured, and upside when the market is strong will also benefit our shareholders.

On the commercial side, our index-linked charters give us direct exposure to a strong market, and our conversion options let us lock in rates when the market makes sense. For the fourth quarter, we have fixed about 86% of our operating days at close to $33,000 per day on a time charter equivalent basis. Based on the current FFA curve, we expect a fourth quarter time charter equivalent at about $33,300 per day. That puts 2026 on track to be a record profitable year for Seanergy.

We have also started to lock in good rates for 2027. We have converted four vessels so far to fixed rates—excluding the newbuildings—at an average of about $35,000 a day, while the rest of the fleet keeps its index-linked exposure. We might also consider some additional fixtures in the near future. Finally, our existing charters continue to be renewed with the same charterers, a clear sign of demand for our well-maintained and fuel-efficient vessels.

With that, I will now pass the call to Stavros for the financial review, and I will come back to this call to discuss the market fundamentals. Stavros, please go ahead.

Stavros Giftakis (Chief Financial Officer)

Thank you, Stamatis, and welcome to everyone joining today’s call. I will focus on our financial results before turning to our liquidity, leverage, and the funding profile of the fleet investment program. For the third quarter, net revenues increased to $57.5 million from $47 million in the prior-year period, while net income more than doubled to $26 million from $12.8 million. Adjusted EBITDA increased to $40.8 million from $28.9 million, and adjusted earnings per share was $1.25 compared with $0.67 in the third quarter of 2025.

For the first nine months, net revenue increased by 43% to $155.2 million, while net income rose to a record $61.9 million and adjusted net income reached $69 million. Adjusted EPS was $3.21 compared with $0.60 in the prior-year period. Importantly, operating cash flow reached approximately $82.2 million, providing substantial internally generated capital to support both shareholder distributions and fleet investments. Turning now to the balance sheet, we ended the third quarter with close to $168 million of cash and restricted cash, and total debt outstanding of $419 million, including our €100 million unsecured bond. Net loan-to-value ratio, including the outstanding bond principal and after deducting cash reserves as at the end of the quarter, stood at 28%, leaving us with financial flexibility as we continue to deploy capital. At quarter-end we had invested $109 million in our fleet renewal program, and today this figure has increased to approximately $127 million, or 15% of the program’s CAPEX.

So far, most of the payments towards the shipyards or previous owners of the vessels have come from the company’s own funds. Let me now put the remaining investment commitments into context, which I repeat are staggered through 2029. In 2027 we expect to pay approximately $354 million, with approximately $177 million already covered by secured financing, and this without having concluded on the vessel-specific financing of two vessels. These are the 2019-built Midnight Ship, which will be delivered to us within the first quarter of 2027, and the Japanese newbuilding Capesize, scheduled for delivery in July 2027.

We have seen strong interest from existing and new lenders in financing the ships and estimate the debt capacity at approximately $100 million. Beyond 2027, approximately $75 million is payable in 2028 and $298 million in 2029. So we believe we are very well positioned to execute these remaining investment commitments while maintaining a moderate leverage profile. The funding base is diversified. We have already paid approximately $127 million, primarily from our own resources. We have committed bilateral financing arrangements for five vessels. We have the proceeds of our €100 million unsecured bond, and we entered the quarter with approximately $168 million of liquidity. Resources are complemented by operating cash flow and proceeds from selective disposals as the renewal program progresses. Importantly, we believe this remaining amount can be financed at moderate leverage levels, allowing us to complete our fleet renewal program while preserving balance sheet strength and financial flexibility.

As Stamatis mentioned earlier, the multi-year employment secured or being finalized for the first wave of newbuilding deliveries also strengthens the financial profile of the program. The contractual floor rates are expected to cover the vessels’ cash breakevens from commencement, providing visibility around operating cash generation and debt service, while the market-linked components preserve upside. From a financing perspective, this materially reduces the cash flow risk associated with the initial delivery phase.

So the key financial message is pretty straightforward. We enter the next phase of the investment program with substantial liquidity, strong operating cash generation, diversified funding sources, and a staggered payment profile. Based on our current assumption, we expect to execute the program while maintaining prudent leverage and continuing to preserve capacity for shareholder distributions. That concludes my financial review. I will now turn the call back to Stamatis for a discussion of the Capesize market outlook and broader industry fundamentals. Stamatis, please go ahead.

Stamatis Santanis (Chairman and Chief Executive Officer)

Thank you, Stavros. 2026 has been a very strong year for the Capesize market so far and supports our pure-play focus. Year to date, the Baltic Capesize Index, the BCI for 180,000 deadweight vessels, has averaged about $33,500 a day. The third quarter averaged about $41,400 a day, and the index peaked at about $50,000 a day in early September, its highest level since 2021. Ton-mile demand keeps growing and accelerating from 3.7% in 2024 to 5.5% in 2026.

But the main reason for the strong market is the low vessel supply. For three years in a row, the effective fleet growth has been below the ton-mile demand growth, and this year it is below 1.6%. If we add more drydocking days, congestion and other inefficiencies, effective fleet growth this year is actually below 1% on the supply side. The Capesize orderbook stands at about 400 vessels, and that includes, of course, options, Newcastlemaxes and bigger ships altogether, against a fleet of about 2,000 vessels. At the same time, about 190 vessels are already 20 years or older, and another 830 ships—about 40% of today’s fleet—will reach 20 years of age in the coming years. In addition, we expect a large part of the fleet to struggle to meet efficiency, environmental and charter requirements in the near future.

In the near term, about 99 newbuildings—again Capesize, Newcastlemax and all that—are due in 2027, or more than 4% nominal fleet growth. But only 28 of them are due in the first half of the year, which is about the same as the first half of 2026. So we see a positive supply picture for the next several years. The market needs only modest demand growth to stay very strong. On demand, growing long-haul iron ore and bauxite exports from the Atlantic have been a key driver for Capesizes. At the same time, lower Indonesian coal exports, mostly carried on smaller ships, have moved more coal cargoes into Capesizes. Looking ahead, the Simandou iron ore project in West Africa is ramping up faster than expected, which supports Capesize demand for years to come. In China, domestic iron ore output is down about 5% year over year, despite a small uptick in October.

The trend is clear: less local iron ore and more high-quality imports from Brazil, West Africa and Australia. We expect this to continue as long as ample seaborne supply keeps iron ore prices below what most Chinese mines need to make money. Bauxite exports from West Africa are up about 21% from an already increased previous year, and bauxite was the biggest Capesize demand driver for the first and third quarters. With the rainy season ending, we expect strong volumes again in the fourth quarter. Growth may slow from the very fast pace of the past three years, but China’s alumina refineries keep using more imported bauxite, so these long-haul cargoes remain a very solid support. And because the West Africa rainy season runs opposite to Brazil, first-quarter exports are now stronger than in the past.

Over the longer term, global demand for aluminum and steel keeps growing, driven by exports of finished goods, logistics networks, next-generation telecoms, data centers and electric vehicles—and of course increased energy needs. The Capesize market may see some volatility in 2027, especially given the uncertainty around Chinese commodity demand. But the structural drivers of ton-mile growth remain in place, and we remain very positive on the long-term outlook.

We believe our long-term charters of the newbuildings, our index-linked exposure, and our proven hedging program set us very well ahead for the years to come. To conclude, 2026 so far has shown the earnings power and cash generation of Seanergy Maritime Hldgs’ fully focused platform. We expect to enter 2027 with strong liquidity, our first new vessels about to deliver, more earnings visibility, and a proven commitment to shareholder returns. Our focus now is simple: deliver the program we have built and turn it into long-term value per share. With that, I will now turn the call over to the operator for any questions you may have.

Operator, please take the call. Thank you.

OPERATOR

Thank you. As a reminder, to ask a question, you will need to press Star-1-1 on your telephone, or if you have joined via Device Audio, click the raise hand button and wait for your name to be announced. To withdraw your question, please press Star-1-1 again or click the lower hand button. Please stand by while we compile the Q&A roster. Thank you. Our first question today comes from Liam Burke from B. Riley Securities. Please go ahead.

Liam Burke (Analyst)

Thank you. Good afternoon, Stamatis, Stavros.

Stamatis Santanis (Chairman and Chief Executive Officer)

Hi Liam. Good morning.

Liam Burke (Analyst)

Stamatis, the Capesize rates backed off from the peak but settled in at a floor at about $30,000 a day before bouncing back up again. That’s a pretty high floor. Does that surprise you—that the rates settled in at higher lows—and how does that bode for 2027?

Stamatis Santanis (Chairman and Chief Executive Officer)

No, not really. I mean, it didn’t surprise us. We were hoping and we were expecting to see a rally until the end of the year. Some other companies reporting yesterday also said that they expect Q1 of 2027 to be really strong. We’re very comfortable for the next 12 to 18 months altogether—not only because the actual ton-mile demand will remain healthy, but also the supply of ships remains very, very well disciplined and contained. So we do not really anticipate that you will see volatility.

The volatility usually arises from certain short-term positional congestion matters such as North China typhoons and mostly weather-related issues. So that will continue to happen. There will be a lot of tonnage unwinding and congesting from time to time. But if you ask me whether the FFA represents a good picture for 2027, I will say that yes, a bit more conservative than we expect, but I think that around $32,000 to $35,000 is a good estimate for 2027, even though we expect to see the market much higher.

Liam Burke (Analyst)

Great. And the other thing I thought was unusual is, usually the sale-and-purchase market for Capesize assets would be more active. It doesn’t look like there are a lot of transactions out there even though rates are high, which should pull up assets and stimulate the secondhand market.

Stamatis Santanis (Chairman and Chief Executive Officer)

Yeah, well the answer here is twofold. First of all, the newbuildings—I mean, people would love to have more newbuildings being ordered for 2027, 2028, 2029 like we have. But it’s impossible because the actual slots at the yards have been fully tied up and there’s no availability. So we are amongst the few lucky companies that have secured a very good orderbook for the next three years, and that’s great. Now, the older tonnage—here you have a big spread between bid and ask. Sellers are asking crazy high prices and, you know, buyers are willing to pay, but not the crazy premiums that people anticipate. So that’s why, I mean, if you see, let’s say, a 16–17-year-old ship asking at mid-high $30 million, that sounds a little bit expensive, especially when you don’t know how well that vessel has been maintained. So newer ships—you see some very high premiums on the newbuildings, and there’s no availability for any newbuildings coming up for the next three years.

Secondhand ships, I believe that we have come to a point where they appear to be quite expensive for buyers, and hence you have the bid-and-ask spread at these levels. So that’s why it’s a little bit subdued right now.

Liam Burke (Analyst)

Great, thank you, Stamatis.

Stamatis Santanis (Chairman and Chief Executive Officer)

Thank you. Nice to hear from you.

Liam Burke (Analyst)

Thank you.

OPERATOR

Thank you. Next question today is from Mark Reichman from Noble Capital Markets. Please go ahead.

Mark Reichman (Analyst)

Good morning and thank you for taking our questions. The first question I wanted to start with is just kind of some visibility on the number of ships operating over the next several quarters. So you have 18 vessels operating today. You’ve got the four newbuilds that will be delivered in 2027. So if we take like 18 vessels plus, you’re going to have two in the first quarter of 2027 minus one, which is the Friendship. I was just kind of wondering if you could just kind of walk us through your expectation for the number of ships operating over the course of the fourth quarter through the four quarters of 2027.

And can we safely assume that you’ll divest maybe two more vessels that haven’t been announced, you know, when we’re considering our 2027 estimates?

Stamatis Santanis (Chairman and Chief Executive Officer)

Well, that’s actually a great estimate, yes. I mean, first of all, the plan like you described is very accurate. We expect to have two ships coming in in January and one ship to leave the fleet also in January. Now, as we see, you know, the additional deliveries coming in later in 2027, we might sell one or two of the eldest ships back. So, I would say 20 vessels end of the year, and as an average for ’27, and 20 at the year-end of ’27 appears to be right.

Mark Reichman (Analyst)

Okay. And then in terms of these newbuilds, you know, when we think about our 2027 estimates, you know, I don’t know that you can really provide any visibility on 2027 average fleet TCE, but what about the daily vessel operating expenses? Would you expect to have these newbuilds to have a positive impact on that? Just kind of your thoughts on, you know, with this change in the mix in the fleet, are there any line items that might, you know, go up or down, you know, as a result?

Stamatis Santanis (Chairman and Chief Executive Officer)

Yeah, that’s also a great question. As a rule of thumb, when you have vessel deliveries, you have the so-called pre-delivery expenses, and that tends to increase the OPEX somewhat because you have a lot of expenses coming in such as the initial supply of the vessel and everything associated with all that. So we might see an increase overall. We believe that second half of ’27 we will see a decrease on the operating expenses because we have sustained very significant vessel dry-dock the past few years on our fleet and we don’t have any dry-docks in 2027. Very few we have. Plus the newbuildings will normalize at much lower levels than the older ones. So overall, if you ask me, as a prediction, and again, that’s, you know, a very wild estimate, I believe that the overall expenses on an OPEX basis, end of ’27 might be about $500 or more less than the end of the year ’26.

Mark Reichman (Analyst)

Well, that’s very helpful. Now, you know, you brought up the dry-docks. So we actually have like 25 days in the fourth quarter, and we have kind of a barbell in 2027. So we’ve got 50 days in the first quarter, 50 days in the fourth quarter, 0 in the second, and 25 in the third quarter. Are you—did you say that 2027, you expect very few dry-dock days or off-hire days?

Stamatis Santanis (Chairman and Chief Executive Officer)

We have four altogether. We’re in discussions with the charters as to when the ships will be available to go to the dry-dock. So I cannot give you an exact quarter allocation of the off-hire days, but happy to discuss that offline with our CFO in the next few days, and he will give you the exact guidance that we give everybody.

Mark Reichman (Analyst)

Okay, but would our current estimate of 125 days in 2027—would you say that’s in the ballpark, or do you want to just hold off?

Stamatis Santanis (Chairman and Chief Executive Officer)

A bit less, Mark. A bit less. Like 100 days would be more accurate. I mean, four ships, 25 days per ship—that’s a bit more accurate.

Mark Reichman (Analyst)

Okay, and then just the last question. Stavros, you did a great job in terms of, you know, talking about the capital commitments and the payments in ’27, ’28 and ’29. And I was just kind of curious, what percentage of the remaining commitments do you expect to finance with debt versus internally generated cash flow?

Stavros Giftakis (Chief Financial Officer)

Look, I’ll answer, and I will answer directly to your questions, but before saying that, because, I mean, there’s always a question mark when companies commence these big or seemingly aggressive capex programs. The most important thing for you and for everyone listening in on this call is to note that we have already paid in equity 15% of the capex. So even if we wanted to do all the remaining capex on debt, these financing solutions are available in this market.

So if we wanted to go 85% leverage on the capex, basically the program is already funded. But we will not do that. We will go more conservatively. So you can assume that around 65 to 70% of the remaining capex commitments will be funded through debt, and the rest from our current cash reserves, vessel sales, and funds generated through operations. We feel very comfortable that we can cover this in the mix that I described.

Mark Reichman (Analyst)

Okay, well that’s very helpful and thank you so much.

Stamatis Santanis (Chairman and Chief Executive Officer)

Very welcome. Have a great day.

OPERATOR

Thank you. Take the next question. This is from Kate Sullivan from Maxim Group. Please go ahead.

Kate Sullivan (Analyst)

Great, thank you. And a lot of activity post the quarter with the acquisitions and the additional newbuilds. And first on the newbuild delivery timing for January, and you said four months ahead of schedule. I’m interested in what caused that. Efficiencies at the shipyard or other considerations?

Stamatis Santanis (Chairman and Chief Executive Officer)

Well, I mean, yes. First of all, good morning, Kate. The answer is the Hengli shipyard in China has been performing better than we had anticipated and expected. And of course, giving the ship four or five months earlier—that means additional revenues for the company of a newbuilding vessel. So that’s great news. So it’s just operational efficiencies—operating efficiencies—of Hengli shipyard that has been so far performing way better than anticipated.

Kate Sullivan (Analyst)

And then with that January delivery, and you had previously announced the contract at a premium to the BCI 180 index and forward rates on that index about 38,000. Have you quantified the significant premium that you get on the new ships at all, Stavros or Stamatis?

Stamatis Santanis (Chairman and Chief Executive Officer)

125, I think, if I remember well—it’s 125. But again this is a contract which is a little bit—you know, it has a floor, it has a ceiling, and then it has profit sharing on top of that. So, you know, no matter what happens, the company will earn a base rate that is above the breakeven of the vessel. And then there’s a floor up until 28, 29,000, and then 50/50 above that on 125% premium to the BCI. So overall we’re very, very happy with this kind of fixture.

It’s a very fair representation of the ship. It’s going to be the first untested vessel that we take from Hengli. But so far, from what we hear from other companies, the description and representation of the speed and consumption appears to be very accurate at 125 of the BCI.

Kate Sullivan (Analyst)

Thank you. And then my last question, do you have—I mean you went from seven, if I was counting, seven newbuilds when you announced second quarter to 12 now. Were some of those related to exercising options on existing newbuild agreements?

Stamatis Santanis (Chairman and Chief Executive Officer)

Well, the newbuildings are actually nine and we have three secondhand ships. So some of the secondhand ships are actually coming together with, you know, with the newbuildings. So two of the secondhand ships we have agreed to acquire and take delivery in ’29—they are packaged deals together with the newbuildings and that’s why they have such a low price compared to their actual value today. The only new vessel that we agreed to acquire recently is the one that we’re taking delivery in January, which is the midnight ship.

And that is a 2019-built Japanese vessel. And that’s the only vessel that we agreed to acquire relatively recently, a couple of months ago. So overall, 12 ships at 855 million as a contract price. Assuming that this carries maybe $100 million of a premium if you adjust for market values, I think it’s in a terrific spot for the company.

Kate Sullivan (Analyst)

Great to see and thank you for all the comments about the spending cadence in ’27, ’28, ’29. So thank you. Think I’m all set. Have a good day.

Stamatis Santanis (Chairman and Chief Executive Officer)

Thank you. Have a great day.

OPERATOR

Thank you. Now take the next question. This is from Christopher Barthskier from Arctic Securities. Please go ahead.

Christopher Barthskier (Analyst)

Hello guys. Thank you for taking my question. So, Q1—now we have the paper market at around $30,000 per day, which is historically very strong. But just have a look on your fleet overview. Now, all of your vessels, except for one, have FFA conversion option. So how do you see sort of the potential here to de-risk a lot of a very typically soft quarter at relatively elevated rates? And on that note, do you see sort of a structurally higher Q1 going forward due to, like, bauxite and iron ore volumes out of Guinea?

Is that the main driver behind the low seasonal impact that we see now?

Stamatis Santanis (Chairman and Chief Executive Officer)

Well, first of all, we have five ships fixed for 2027 and the average is around 35,000 for the whole year. We also have the newbuildings already fixed. So overall we believe that we have very good coverage for 2027. We have a lot of upside potential, as you can imagine. We do not anticipate—first of all, we share the views of our friends at Himalaya about having a strong Q1. We totally agree with that. And overall we believe that not so much bauxite, but also the Simandou project will continue to ramp up and deliver some very, very healthy volumes for the remainder of ’27.

Already in ’26, it has exceeded the expectations of exports by the founders of the Simandou project. So we anticipate that 2027 will also be very strong from volumes of iron ore going out. Bauxite, you know, whether that’s 20 million up or down, you know, I don’t think it’s going to make a material difference. But overall, we also see that bauxite exports will continue to be very strong for ’27.

Christopher Barthskier (Analyst)

Okay. And for the remainder of the year on bauxite, do you see any downside here with export restrictions from Guinea, or do you see that playing out?

Stamatis Santanis (Chairman and Chief Executive Officer)

Well, you know, right now we are in the beginning of—well, the 12th of November—so whatever is allocated for the end of the year has been allocated. All the ships going towards the West to load have pretty much set an order—whether to go to Simandou, whether to go to Nouadhibou, whether to go to north part of America or Brazil. So pretty much the orders are out there, and you have very clear visibility as to how many ships are ballasting towards the West.

I do not really anticipate any material changes because it’s pretty much priced in whatever the volumes for the remainder of the year will happen. And we know all the ships have instructions so far.

Christopher Barthskier (Analyst)

Okay, thank you very much. Have a good day.

Stamatis Santanis (Chairman and Chief Executive Officer)

Very welcome. Have a great afternoon.

OPERATOR

Thank you. This concludes today’s conference call. Thank you for participating, and you may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.