Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $69.9 million, down from $124.4 million in Q3 2024 [4] - Net income for Q4 2024 was $39 million, compared to $56.3 million in Q3 2024, with earnings per share decreasing from $0.28 to $0.20 [4] - Full-year 2024 net profit increased to $223.2 million from $112.3 million in 2023 [5] - Total fleet-wide TCE rate decreased to $20,800 in Q4 from $23,700 in Q3 [8] Business Line Data and Key Metrics Changes - Drydocking costs in Q4 were $34.3 million for thirteen vessels, significantly higher than $9.7 million for five vessels in Q3 [6] - Net revenues fell to $174.9 million in Q4 from $206.6 million in Q3 [10] - Operating expenses (OPEX) increased to $95.6 million from $69.4 million in Q3, primarily due to drydocking and ballast water treatment system upgrades [11] Market Data and Key Metrics Changes - Brazilian iron ore volumes decreased by 13% quarter on quarter, while annual export volumes increased by 3% [19] - Guinea bauxite volumes grew by 14% year on year, averaging over 13.5 million tons per month in Q4, up from 10.5 million tons in Q3 [21] - China accounted for 74% of iron ore volumes and 85% of bauxite volumes in 2024, indicating strong demand from the region [22] Company Strategy and Development Direction - The company is focusing on an intensive drydocking period for its Capesize fleet, with nearly half of the fleet undergoing special surveys over nine months [17] - The company maintains its position as the largest listed owner in the Capesize and Newcastle Max segment, which represents over 80% of its deadweight tonnage [18] - A strategy to reward shareholders through dividends and share buybacks continues, with a declared dividend of $0.15 per share for Q4 2024 [7][44] Management's Comments on Operating Environment and Future Outlook - Management noted a rebound in sentiment due to improved weather conditions in Australia and a boost in Panamax rates, which have positively impacted Capesize rates [48][50] - The company remains fundamentally positive on the market outlook despite near-term volatility and geopolitical uncertainties [45] - Analysts expect that new high-grade iron ore deposits will replace lower-quality Chinese domestic production, positively impacting demand for Capesize vessels [34] Other Important Information - The company has secured a net TCE of about $15,100 per day for 77% of Capesize days in Q1 2025 [7] - Cash flow from operations decreased to $71.7 million in Q4 from $100.8 million in Q3 [14] - The company has $150 million of undrawn available credit facilities at the end of Q4 [16] Q&A Session Summary Question: What is the outlook for the Cape market? - Management indicated a rebound in sentiment driven by improved weather conditions in Australia and a boost in Panamax rates, although volumes from Brazil remain muted [48][50] Question: What are the budget expectations for dry docks in the first half of 2025? - Management stated that costs for drydocking have increased due to regulatory requirements and the need for high-performing vessels, with the average costs in Q4 being higher than usual [52][53] Question: What opportunities are there for sales and purchases of vessels? - Management expressed a preference for being sellers rather than buyers at the moment, focusing on maintaining capacity in the Cape and Newcastle Max segments [58][59] Question: What impact could potential port fees on Chinese-built vessels have? - Management noted that the proposed policies are still in the early stages and that the US is not a major player in dry bulk, suggesting that any increased costs could be passed on to consumers [70][72]