EGLE Eagle Bulk Shipping

Gary Vogel Chief Executive Officer
Frank De Costanzo Chief Financial Officer
Omar Nokta Clarksons Platou Securities
Randy Giveans Jefferies
Gregory Lewis BTIG
Liam Burke B. Riley
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Greetings, and welcome to the Eagle Bulk Shipping Fourth Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder, this conference call is being recorded. to Officer; call Chief and of Bulk like Vogel, to Financial now Eagle Executive Chief Frank Shipping. would hand over the Gary Officer I De Costanzo, Mr. begin. may you Vogel,

Gary Vogel

not at to and that our statements. welcome quarter morning. is earnings our website supplement encourage I risks To remarks call. you, a of are participants discussion These Thank will I'd to XXXX everyone on Eagle access Bulk's that good to to fourth today, of would Please our and available part like performance forward-looking slide today include statements subject are guarantees future note inherently uncertainties. and presentation

You risks bearing on refer a may Commission and should forward-looking direct for these filings and have condition. undue detailed a results, operating and statements. our on discussion of Exchange financial uncertainties to more not that the Please with performance our place reliance our our the Securities

EBITDA, certain and Our and the our discussion presentation information to Securities includes filed refer also earnings the GAAP measures TCE. comparable and measures. today measures financial release non-GAAP financial for a with and adjusted the in concerning more Commission Please most reconciliation the EBITDA to appendix Exchange including non-GAAP financial

advocates seafarers our their to The seafarer they welfare caused to and which and faced Before above restrictions our challenges to outbreak to to crews of all to as with global we and importance see with Neptune the water take to for for a and standing. seeks the year. attention of understanding disruptions beyond I'd begin have COVID-XX the our all once last presentation, improve signatories Declaration, the like of going opportunity We're strong community result proud this again thank by in pleased their paying commerce, dealing

Slide turn constant contractual and of seafarers periods. with Please beyond have a to their working at seafarer employment to maintain X. continuing welfare make continue to a priority goal will We zero Eagle

transactions of and XX% half have XX vessels purchase terms starting remaining and our age, to giving execute turn turn us initiative, Please XX the XX. levels. exposure expected shipyard. consideration million vessels widening Since shares. growth at overall raised in to vastly vessels segment. Slide built Shipyard; macroeconomic pleased XXX,XXX of now our landscape, freight for of attractive the money These is price three The all and immediately makeup Supramaxes Please this Ultramaxes March total On and cash X. acquisitions, within renewal we improved SDARI-XX fleet, X. that turned vessels We've fleet spreads. X and improving our are we ships, the with of purchase million of this deliver fuel back of be of the delivery and $XX to Pro the acquiring Supramax/Ultramax are fleet high-spec $XX growth We sale environment and total I'm with These equity selling markets, very in over fleet CROWN-XX our X taken currently to put what about report consider than at May. work December. more to to capital forma XX and XXXX on acquisitions totals Dayang to recently in an emissions. acquired a scrubber-fitted of far, X Eagle to Slide between our we've fleet and size built built to modern or fitted our comprised our thus past Chengxi scrubbers,

demand economic the period, COVID-XX as build shock purchases continued purchase factors, in $XX,XXX demand per Australian representing of normalization as supported by the also trend and demand is to quarter. shipments as believe the Our coal was China back the of agricultural coal China including as December improving a in population; finally, quarter as a the of such certain cement, restrictions full for day and continued post increased well Indonesian increase markets other greater trade to bulks; the pig for X% continued prior ending up with to of particular, to quarter flows. and increased India an during on levels. compared coal We the of reflective $XX,XXX BSI caused fourth their drybulk averaging and saw fourth construction steel, in products as by minor In increased number thermal on and normalization increased GDP, domestic the of back clinker pre-COVID markets recovery a materials, global imports; at

fourth As a up the quarter generated day, of of representing roughly a compared net depicted to XX% Eagle in $XX,XXX market. per the quarter-on-quarter, $X,XXX for TCE beat chart,

average we've about market, As rising XX a duration. are rapidly discussed in it's to and challenging voyages as where days previous fixed and of in catch a beat in advance calls, percentage days

half the in markets in XXXX XXXX the provide lack we protection. weakness to appropriate to visibility position hedge downside the in the with given back order for addition, In second of of our early COVID-XX, due and increased us

fleet. were by negatively of for XXXX, to our platform the also noting well prudent as the closed. as positive on the our we the quarter, performance of scrubbers that affected believe thing completely our was hedges of do worth and this the more It's than as methodology contribution majority those defensive was While it operating offset from end

QX strong. size. per XXXX, outperformance million our TCE We positioned based For day, flow incremental XX% full has which in Atlantic, at of start to the market ship was equating entered current annual cash $XX approximately the open roughly the particularly where the per well $X,XXX year The our rallied of fleet the was been has BSI, with year, $XX,XXX in around fleet since. next our

have we day. at of for of Please net Slide days X. fixed quarter our about As TCE the $XX,XXX first XX% to of available a today, per turn

who $XX we growth for the to million X years. experienced EBITDA, will top-line in the like fourth Frank, improved that, With of turn to financial contributed level review Turning the highest by quarter, to our period, performance. back operating I'd call now performance reflected an to the over the

Frank De Costanzo

Thank of Please XX for full top-line with in fourth of and above net charter The quarter million, QX, adjusted expenses, in net you, is both XX% our In turn of $XXX market Slide growth from hire $XX,XXX, Gary. voyage totaling improvement year in our the quarter. results. $XX.X came prior drove revenue a financial XXXX chartering which and the the BSI. to summary an TCE increase QX, at

revenue, $XXX.X net of year, compared relatively was flat charter expenses, remaining hire the million, For to as voyage both and XXXX.

to $X.XX at EBITDA QX, loss quarter Adjusted XXXX. the $XX.X $XX.X compared XXXX $X.X coming to fourth quarter TCE for which at versus the per million share adjusted of our in than $XXX,XXX per third a year and net $X,XXX, $XX.X We diluted fourth $X,XXX day is million in in a For quarter the XXXX. million a of as the versus reported million for $XX share the EBITDA third compared quarter in improved net fourth of in $XXX full $XX.X loss the the at for earnings in of in million came year above for BSI quarter. as XXXX. the and XXXX, a full quarter lower Adjusted net of million year. came were prior Basic income in the and prior $X.XX

QX, increased million the and the availability $XXX.X to the principal due million, is $XXX.X gross of acquisitions. a excluding CapEx paid The comprised $XX representing the facility. a XX and we decrease $XX $X balance principal the issuance million increase Ultraco million the of Debt debt Norwegian cash the Throughout the maintained payment activities, Total Slide strong end of was December of an now $XX.X to an of costs spending revolver, the Bond. $XX.X The and quarter. turn Ultraco in and the and total end provided is course cash, prior from QX. decrease a pandemic, credit our on the at third the by of operating XXXX, liquidity. liquidity Facility cash, raised Total were undrawn Eagle the $XX.X increase for a sale the million of offset payments $X.X million of December million the X of repayment repayment deposits at of repaid of part on of million credit XX, on primarily debt, Facility of to a Ultraco quarter. compared Ultraco and along overview by to in the result at position. of Debt, restricted the vessels, end inclusive proceeds the million Oslo Eagle cash Total million of sheet principal Liquidity revolving on and Debt Helsinki facility, as from XXXX the Let's million we proceeds Norwegian issuance on $X.X of in cash liquidity revolving Bond Ultraco on the with of $XX.X equity was from

As cash are we on Gary the X in Oslo of the into restricted sellers, equity to be hand, in Eagle, couple silo vessels have on by past was cash which of December. keeping mentioned months. we fully issued the funded delivery we raised was hand. The to had ships The which slotted earlier, in million mind, we remaining by over of $XX X funded Shipco of January, took combination acquired and a

of now our turn activities from cash in the to at cash fourth flow from hire operating performance. debt add a strong was QX operating in operations by of our $X.X strong may overview QX, Slide provided we platform in XX Net million commercial cash and ahead, $XX.X million Looking XXXX. an in quarter Please net the on activities for in some quarter for point future. provided flow million improving by XXXX. charter was Cash rates the $XX.X increase

walk. large in at QX. cash Revenue of which changes are $XX.X now year million. top during number. and company's the We these million year-to-date the balances for year debt our chart activities Please at company's XXXX. in positive X acquired operating vessels, were credit the to represents cash EBITDA for from is operations. raised of the close drydocking For deposits of net the quarter. expenses proceeds CapEx the vessel and full at million, our the changes We million operating of quarter. slide chart cash slide the less net drawn XXXX equity paid $XX the The paid XX simple the $XX of million proceeds $X the X in and XXXX, in at displays $XX facility, of remaining lays expenses bars X in issuance million million The The of very interest $XX the adjusted from Slide repaid to a and left out half Ultraco expenditures full principal look incurred from the provided the cash bottom in vessels. The million the $XX turn and the total the S&P $X flows is December, of QX sale for represents of the revolving the by a the

$X,XXX in G&A increase Let's for quarter. in lower fourth decrease in a day quarter. came in due the Vessel Cash The was now ship or of decrease It vessels, per QX, calculation QX, in part, in in cash $XXX the review $X,XXX lower based about prior Slide up The per per interest $XXX. in operate G&A payments came lower of by a in $XX,XXX principal our ship by day $X,XXX by per expense the the $XXX owned was per quarter-over-quarter our came to $XX $X,XXX OpEx at days in chartered-in QX, Cash we a caused XX turn to paid we $XXX chartered-in a QX were ship decrease Cash per prior tonnage. ship is sale breakeven debt in per at to the decrease at days at quarter. is If in total QX. day day. worth at in per per in per per noting per the on would came that is our in the The debt per day vessels. came of than including came of increase in whereas our larger fleet, the quarter. in my number decreases decrease ship changes and day for amortization which calculation, The day ship per owned per ship the G&A ship per ship of higher was from day per are expenses, at OpEx, and interest was, X primarily than crew include quarter. driven slightly QX, per outstanding breakeven QX. decrease This now day result to lower prior drydocks. QX, number a than our result in our $XXX back which I Debt, in rates. our Gary. Bond comments. attributable Norwegian on semi-annually will concludes in repayments Cash call Drydocking

Gary Vogel

Please Frank. to turn Slide XX. you, Thank

the Baltic, years and the Here, increase, we New the are tend a occur newbuilding and levels, we've $XX,XXX a across BSI levels the to U.S. recent Slide typically seasonal well and able been cargoes, strength low noteworthy as including most holiday from $XX,XXX. line. grains which by QX, such deliveries seen manganese the elevated Please spot And a for to all last velocity Year from in X with depict Gulf demonstrative. a diverse book weeks, plus years. and is period Lunar regions transport not picture's quite recent the the XXXX I represented pet others, year-to-date, of calendar think exhibited fertilizer due thousand In January words many a XX. from things, that Africa, BSI it's averaging mix for above during among Year-to-date, strong is I to, the sugar among as believe worth that to current approximately at fixtures other the coke markets particularly February. from in Brazil, dark turn West the to ore which the of blue represents

high. now Looking the a is XX-year at a rates perspective, at more from historical BSI trading

by impacted take back Although terms XXXX XXXX. track severely be a shape which in were recovery, believe cyclical we may we long-term rates on COVID-XX, back and began demand of to in

last weighted tons a a expected level us now closed the a asset around even XXXX's or calendar in We drybulk XXXX, and Eagle, put discuss given volatility, were We back current see of operation. don't rates of we that, year improving in totaling million put the supply spread below out This inherent into prices, GDP increase future. spread Ultramax we but hedges is that price coming able with this Given worth will in basis notwithstanding average for demand, XX. foreseeable realize savings I did believe note sulfur XX $XXX. worth $XX for demand It's earnings the months in and rates be pressure on operating year, supportive upswing Please a OPEC all $XX normalizing, both caused underlying fuel and between $XXX during averaged strong hedges prices be it's to roughly Notwithstanding Slide capability at of to towards we fuel over turn our continued further, an significant as as over to strong side if and spreads of oil approximately well material context, we XX,XXX fundamentals Please Supramax fuel that our worthwhile sulfur to basis. around fuel noting oil, an Fuel Russian continue there oil came for shock further to think To old year recovery And XXXX will could which from turn go-forward price war. fuel can global to upward typically COVID-XX a view XXXX, the scrubbers, Slide of last was due today early so prices, is first approximately values. $XX XXXX. a low remain to million, remain of also to for in volatility, the very the million. generate oil online well old $XXX. XX. spread extreme we and X-year under as valued while place high per well helping quoted with world X-year the to by spreads, pressure at spreads ton market demand as $XXX average fuel

this, fundamentals in vessels the growth newbuilding remain On last XX during XX not A were November visibility, XX% of the same a update drybulk period, during supply total delivered decreased much down and total And in vessels quarter-on-quarter. supply scrapped the side, has were of our changed offsetting since period. QX. positive. Net given

forward supply And drybulk as low. of book the a even stands growth, terms the X%, when fleet, a Handymax book In percentage overall at XX-year is order vessels looking at lower of just the Ultramax at broader just X%. around order

years, drybulk XXXX, to primarily compared down about come For net roughly XXX assuming over the were ordering, in at there XXXX deadweight which result It's of tons, year, been XX have last scrap drybulk that saw the we levels, and which pick total XX a as fleet is X environment. to stays XXXX, lower somewhat. ordered freight to expected ships note million up is If ordering past at in growth XXXX. A stronger of X.X%, to would interesting XXXX. rate elevated only X/X a expect years, market of

it The to a by be as expected now decrease regulations pricing XXXX vaccines XXXX as well X.X% access turn a revised in do is we being tonnage, has Please and the July. in have projecting significantly to Slide will as in by upwards back contracted surrounding relative Global Slide been demand and contracted now growth our restrictive earnings Please X.X%, X.X% recovery However, material uncertainties estimating revised for with to GDP as is of X.X% stimulus. turn which IMF to XX. in compared estimated of upward forecast been global Drybulk have was activity, XXXX. expectations call, normalization a XX. impact well reflecting second-hand well more as not thanks as since decarbonization growth of to to increased financing. given last believe

trade being demand compared optimistic last a being from the beneficiary the I a any For we to you in X.X% for of measures, which market Notwithstanding around are stimulus questions and turn may year. uncertainty, see over globe. forecasts the are remain as and to operator With like continued now the that, XXXX, to answer already our place normalization Operator? of demand growth would positive put call indicating trade have.


Instructions]. [Operator

comes Platou Securities. question with first Our Omar from Clarksons Nokta

Omar Nokta

at monetized ships do on when when and in And think, added you, when have rates hindsight of outlook selling question the strong. your market with your older what in for ships to you are also, about clearly, still that of still in where but we I is Do that? commentary, makes macro things. I -- sense? some an fleet feel Good you And today you today, the plans. the are how a keeping interest quite ask also your wanted and it's very you've underlying older comes to it purchases? do well renewal your factors some What's constantly, timed. look back appetite we X ships, think get fleet the And you doing the feel return about you you

Gary Vogel

Yes. I still Thanks, think Omar. I have the is we appetite. mean, answer

-- fleet think have while general evaluated and cash sheet has and the I also we to assets. given of growth, ability a on measured or market be and each capital raise to renewal we acquisition balance dynamics, with of divesting goal same

that the Baltic you Supramax Index, $XX,XXX. can X the given quarters X] But we that January. on sales higher they That's value at us, up than they years morning on been. market is list [QX traded BSI always for the So mean, those just today fair old. clearly XX opinion, the are tell I we this I -- potential now left increase. have mean, where our have the $X,XXX just sales over X in for is from are ships, those vessels I for to

relative flow ship the index. a that's cash to so, And any given meaningful on

in into account And to selling. the for has so asset of value that taken terms be

what will for will can we given in and the same to them goal then those our ultimately at time, And cash ships, the And operating right -- while terms So or flow we'll economics. the do. sell acquisitions. of has them, sell be it we be and if garner that's by longer

Omar Nokta

solid. time that in into trading, in? of I early things into maybe being yourselves with rates you your yet? you a charters gone you as entering contract? see And been remarks, today, mentioned freight you your this theme, Have kind with of chartering wanting has it say, opening vessels see XX,XXX sort on Or do approached year, over especially the guess, guys with of pretty were more there to of, yourself being Do put Supramax/Ultramax

Gary Vogel

may, first we during correction, in I just the just all, of if slight the got index call. So

So we're now just over XX,XXX.

Omar Nokta

right. You're

Gary Vogel

approached, need No flows assets worries, if mentioned, heard value X, relet the reasons have in relet we worries, period, terms it's change things the trade market, said answer vessel, month And what cash But always cheek. that velocity control value The just cover. you them whether the to premium vessel window. Having to give curve, to even we're significantly All been pay the being And even relative X ships. away can end, to par and we we the when redelivery a Tongue option are X no that, and in in you it's able derivatives. operators X hedge of X equal, outperform, significant right? longer. about keep call for the dynamics goal and for option to to using months is prefer there up a a and you we But get the we curve. have our the of me an who at it before the to of are on given given talk on positions will the you've X to market, there we and they to if or

vessel. And paid internal so we ship to to relet need we that ourselves, for trade in do the be we given that when order calculations a our can

we in us. flows yes, as lock is and reletting ways forward, is to number we one ships answer cash but have for the go the multiple So not

Omar Nokta

just, That's Got final maybe one and one, pretty for Frank. it. sorry, maybe And clear.

traditional what wanted them about acquired, debt you equal have. to not is Supramaxes sister to done. see bit the ask a the financed talked a think as you XXXXs. for the bank of purchases? you prefer They're cash appetite means? have Or how are design, you You the I do they the with guys Do being financing keep acquisitions do unencumbered other of ships them you or to but sort you

Frank De Costanzo

Yes, leverage for done in ships what modest market thanks putting to on in question. the the we've appetite bank considering similar Omar, past the those Ultraco for good. we is the And the on facility. are

So something. looking and at good doing appetite, we're


Our next with question from Randy comes Giveans Jefferies.

Randy Giveans

the likely your well So yes, you I at which, benchmarks, I obviously, appreciate release. guidance, rate above X-year quarter-to-date high, a as mentioned, in think you press said

break you quarter that's then, is numbers can operations first of the is your numbers? trading and the Ultramax kind increasing something And a of Supramax? lower So reflection state about market Or also, unique operations? in might of your second result and this purely just quarter normal out by there maybe in quarter that this somehow the

Gary Vogel

Thanks for that.

So take let me it.

and all, gives vessels break arbitrage of fleet of is, is we one between between out don't Supramax. And kind if First cargoes. we think we Ultramax homogeneous trade picture as two. the volatility the and our And that from wrong it there's the reason

our in in ships So deck, out back ships over the you the terms of a to it provide can deliveries break we've size overall be earnings Ultramaxes. in appendix of recent now With our forma XX% point actually it's is. our where for just different gotten what relative pro earnings fleet and will acquisitions, to guide of yourself values of the so a we our

ago, for Supramax So milestone huge player. that's XXX% that were us, X given we years a

is there's going volatility. quarter, to always answer this of the terms In be

and evolve trades, to let's say, the say, Our balance don't today backhaul was and our such $XX,XXX, of And $X,XXX $XX,XXX. market Brazil trade backhaul $X,XXX, going is between typically day a of, from, that be outbound back. a that, to Far even East ships let's there's considerable because

front because this I are -- based so front that said the that, -- of on the and is get how guidance backhaul quarter not business. in you amount predominant many on tell can can haul. of our numbers a And depending is you that, Having haul volatility ships not

the capture this more methodology. fleet similar say a I and the would been So to it about quarter. able but majority upturn we these moment, been the this our having remains hasn't balance by Atlantic market definitely ships to of out. business is done where in But the been helpful, has in for entered At we've the our sending all it,

Randy Giveans

Got it.

availability But Yes, And surge wasn't making huge so. then now the it next more in $XX have and not said, million sure for just then, sounds case. like or fourth with, like ended Okay. there no you you month you the a like quarter cash.

your Another, whatever $XX undrawn undrawn was, million -- your million $XX in availability. it in

obviously quarters, coming amort, trading, should to in the pretty flow debt here cash be shares positive You manageable close NAV.

keeping So past. being stay all rates just revolver down cash Is that relatively your on your you quarters. in assuming balance the free the in paid Repaying this coming said, cash, what then it for plans here are the firm on the sheet? debt, and

kind going plethora of balance How are you options? to Secondhand acquisitions? of repurchases? Some these

Gary Vogel

we rates. days into and appreciate appreciate have early just right, having we're I the ships, quarter. and question, as you to in I Well, pointed the a But that it's ability question, situation given ask you that, where out, X acquired the the said

to we'd think I on get ships. these So deliveries like

mentioned, of Frank the all that. market, on and looking acquisitions potentially how at things opportunities the debt, what we're will some in given debt or As things paying be then like putting intention and play down see the out

does. the still radar. it's market as it strength definitely indicates to curve to this early turn we continues hopefully And intend days, it's but So show that to given it, forward on our


BTIG. comes Lewis And your with Greg from next question

Gregory Lewis

little much expected. of point and market of There's maintaining view, few -- Gary, At I of our and wanted curve. your the comments on next we to than the flexibility. least, in a stronger the the helped some for bit touch us, curve you strengths made that's quarters around has the from been

to today, maintain to not the to for to $XX,XXX, in talk keys sure realizing, it's of slow but that, half the just around the helpful? of over While get vessels year, say, think would the a how can take you that do the we as coverage the really operators, why of to Should $XX,XXX, other chow. I your advantage turn back that, you the not I lock not curve company and little how just maybe derivatives market, I as kind exposure think, you about understand want bit potential nothing be it's any in high color and still of in, about the think about around but strengths

Gary Vogel

all, Yes, is I of the first absolutely. mean, answer yes.

call traded us to the the mentioned and take I we that expect opportunities fact that of we can as this it, advantage morning. You strip, is and over $XX,XXX, trading

certain So we've number want a downside get to we if on of outperform something Consider put as given we goal communicated and locking for defensive protection, hedges, that of locking until player, spot index. But is a And COVID. we cash year similarly, as the flows. a last spot our substantial in uncertainty said, done flow, further around notice. where terms we said reasons, that us to we point to the significant in cash communicate in we've

volatility not of a as though assured, that, well. the managing at take we that way fleet strength and think going can such So then to rest point, are say even this advantage we we're in we

act back So X a to $XX,XXX we're the quite flow, going and company means year from and this what quarters we're aware standpoint cash of over of accordingly.

Gregory Lewis

and would is of spreads letting because press comments, used, Frank's vessels? think any mentioned we're I I I it's same be guess, some release ideal distances to in we the is about off whether aren't you that than in sulfur I about Okay. questions. -- scrubbers question scrubber -- the way as mean fleet between of And bullish or the markets touched run we're others because a just around for mean, ask of -- chance scrubbers different around up -- kind asked in or something there high on better well certain this on where way, of guess, you the another it. I'll outlook it way. Atlantic to i.e., I are night, scrubber low be fuel. is sulfur then and scrubbers, utilization, last better, have bottom the Great. just in a Pacific, where utilization And think couple think the there it's better location you there is vessels just different Great. markets there of a ports one for kind the the whether it's

Gary Vogel

Yes. Absolutely.

discount The So can part, ports because I consumption allow be our low scrubbers is, the to vessels for first have when consumption of import. thing sea. at most you would used is majority do what vast

And total how so, percentage you the of back days at really is of spend pulling to can many look to days it voyage the at as the compared a or sea. year sea way

middle time load ship, typically Atlantic, which the in of spending gaining are is days more Because So put ships you Pacific to to a and cross actually discharge, better load the and Pacific sea, at things trading scrubbers. off to and is discharge better sea, with scrubbers being at right? Atlantic for days number that benefit all equal, it the

So doing we tend be scrubbers find our to trades. long-haul those ships with

really the no at are days consumption you Of course, other which a very sea. main to when driver is have It's maximize opposite. the you trying do that's and different ship, economical, not on than of there but heavy dynamics involved, the

port spends in where business at the ship they find time it's not as as and more noticeable consumption You sea.


[Operator Instructions].

next Liam B. Our with Burke Riley. from comes question

Liam Burke

-- patterns then, seasonally you've first the -- slow about first though with do talked And a you strong quarters quarter? continue you had to seasonally strong anticipate even quarter. the unusually the an macro, Gary, traditionally first of slow strong traditional subsequent

Gary Vogel


sense I would it that in of think, reasons. I separate a there's number out the

Lunar record quarter, its doubled the the XX fourth New XX U.S. majority has to been tons, into with the the helpful. of first much on last war the and that which The that the tons to trade there a had Year, exports U.S. few beans the from quarter loading had is of China -- the especially and million first to that's harvest, moves you've the quarter. and still million years compared quarter million here, real more China, was -- and tariffs coal the We're We But cold moving winter started strong. And is fourth then XXX travel. now. standout soybeans. into And off China, carrying also, and less so

opposed is on a the really change that, really soybean movements. So slowdown. through quarter, China significantly. as second don't the into to is loading as said to strength it's And is the going And although we pushed of it expectation see continues population. pretty Having kind bit as ramped normal that's coming the a -- typically harvest strong to Brazilian up China the be already has that, we're started to and pig late, the well really rebuild

for horizon a out are that So of indicate strong we QX. don't whack because things would anything of see that QX the on

Liam Burke

time rate, your senior Frank, But have you XXXXs. looking reducing now the are interest not here? due a possibly know And Great. it's on bid understanding I you for secured

Frank De Costanzo

sure. Yes,

We are market looking. improve options And our also. as the improves,

options, So spectrum we're ideal New Norwegian we once a instruments and and Bond debt, our the forward see other mix, find of refi. that expect going will and a it improve looking do to we do broad bank across picture


to questions Thank like you. showing remarks. I'm now further back to any further time. call at not Gary I turn would And this over the any Vogel for

Gary Vogel

operator. Thank you,

We have nothing further.

us like to for joining thank everyone wish So a just today I'd and day. good everyone


you. call. this you. participating. today's and concludes Thank Ladies you for conference Thank Thank gentlemen,

You may now disconnect.