Ardmore Shipping Corp (ASC) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's First Quarter 2024 Earnings Conference Call. Today's call is being recorded, and an audio webcast and presentation are available in the Investor Relations section of the company's website, ardmoreshipping.com. (Operator Instructions) A replay of the conference will be available any time during the next 2 weeks by dialing 1 (888) 660-6345 or 1 (646) 517-4150 and entering the passcode 95017.

早安，女士們、先生們，歡迎參加 Ardmore Shipping 2024 年第一季財報電話會議。今天的電話會議正在錄音，音訊網路廣播和簡報可在公司網站 ardmoreshipping.com 的投資者關係部分取得。 （操作員說明）在接下來的兩週內，您可以隨時撥打 1 (888) 660-6345 或 1 (646) 517-4150 並輸入密碼 95017 重播會議。

At this time, I will turn the call over to Anthony Gurnee, Chief Executive Officer of Ardmore Shipping.

此時，我將把電話轉給阿德莫爾航運公司執行長安東尼古尼 (Anthony Gurnee)。

Good morning, and welcome to Ardmore Shipping's First Quarter 2024 Earnings Call. First, let me ask our CFO, Bart Kelleher, to discuss forward-looking statements.

早安，歡迎參加 Ardmore Shipping 的 2024 年第一季財報電話會議。首先，讓我請我們的財務長巴特·凱萊赫討論前瞻性陳述。

Thanks, Tony. Turning to Slide 2. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause the actual results to differ materially from those in the forward-looking statements is contained in the first quarter 2024 earnings release, which is available on our website.

謝謝，托尼。轉到投影片 2。請容許我提醒您，我們今天的討論包含前瞻性陳述。實際結果可能與前瞻性陳述中的預測有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們網站上的 2024 年第一季度收益報告。

And now I will turn the call back over to Tony.

現在我將把電話轉回給托尼。

Thanks, Bart. So first, let me outline the format for today's call. To begin with, I'll discuss highlights, the near-term market outlook and our capital allocation policy. After which, Bart will provide an update on product and chemical tanker fundamentals and our financial performance, and then I'll conclude the presentation and open up the call for questions.

謝謝，巴特。首先，讓我概述一下今天電話會議的形式。首先，我將討論要點、近期市場前景和我們的資本配置政策。之後，巴特將提供有關產品和化學品船基本面以及我們財務業績的最新信息，然後我將結束演示並開始提問。

So turning first to Slide 4 for highlights. We're seeing strong momentum continuing well into 2024, reflecting positive fundamentals, along with ongoing geopolitical impacts. Our first quarter performance reflects robust market conditions, with adjusted earnings of $38 million or $0.92 per share and with further strength building into the second quarter. Our MRs earned $38,400 per day for the first quarter and $40,500 per day so far in the second quarter with 60% booked. And our chemical tankers on a capital-adjusted basis, earned $29,100 per day for the first quarter and are now up to $39,000 per day for the second quarter with 60% booked so far.

因此，首先請參閱幻燈片 4 以了解亮點。我們看到強勁的勢頭將持續到 2024 年，反映出正面的基本面以及持續的地緣政治影響。我們第一季的業績反映了強勁的市場狀況，調整後收益為 3,800 萬美元，即每股 0.92 美元，第二季的業績將進一步增強。我們的 MR 第一季每天收入為 38,400 美元，第二季到目前為止每天收入為 40,500 美元，預訂率為 60%。我們的化學品油輪在資本調整的基礎上，第一季每天賺取 29,100 美元，第二季每天賺取 39,000 美元，到目前為止已預訂 60%。

As you can see from the chart on the upper right, the strength of the market is evident. TCE rates are showing a sequential increase, which is notable given that we're coming out of the stronger winter period.

從右上角的圖表可以看出，市場的實力是顯而易見的。TCE 費率呈現連續上升趨勢，鑑於我們即將走出強勁的冬季，這一點值得注意。

Meanwhile, we continue to execute on our long-standing capital allocation policy. Today, we're declaring another quarterly cash dividend of $0.31 per share, consistent with our policy of paying out 1/3 of adjusted earnings. And we also continue to invest in the fleet to improve performance and reduce carbon emissions while also taking a gradual and opportunistic approach to fleet modernization.

同時，我們繼續執行長期的資本配置政策。今天，我們宣布再次派發每股 0.31 美元的季度現金股息，這與我們支付調整後收益 1/3 的政策一致。我們也繼續投資於機隊，以提高性能並減少碳排放，同時採取漸進和機會主義的方法來實現機隊現代化。

And as a final point on this slide, it's important to note that our scheduled drydockings and upgrades are already largely complete for this year. This means that we'll have increased revenue days and a more productive fleet which will boost earnings and allow us to fully capture these strong market conditions.

作為這張幻燈片的最後一點，值得注意的是，我們今年預定的乾船塢和升級基本上已經完成。這意味著我們將擁有更多的收入天數和更俱生產力的機隊，這將提高收入並使我們能夠充分抓住這些強勁的市場條件。

Moving to Slide 5. The near-term outlook continues to be very positive as a result of geopolitical events and other disruptions. But of course, it's underpinned by very strong supply/demand fundamentals. The EU refined products embargo responsible for splitting the global tanker fleet continues to drive higher tonne-mile demand. In addition, the routing of vessels away from the Red Sea and around the Cape of Good Hope is significantly extending those voyage lengths.

轉到投影片 5。由於地緣政治事件和其他幹擾，近期前景仍然非常樂觀。但當然，它是由非常強勁的供需基本面支撐的。歐盟成品油禁運導致全球油輪船隊分裂，繼續推動更高的噸英里需求。此外，船隻遠離紅海並繞過好望角的航線大大延長了航程長度。

But it's worth noting that for product tankers, the Red Sea is largely an LR story. Prior to the Red Sea disruption, 20% of the LR fleet transited the Suez Canal and contrast to just 5% of the MR fleet. So while this is positive from a demand standpoint overall, it's not nearly significant a factor for MRs as it is for LRs.

但值得注意的是，對於成品油輪來說，紅海很大程度上是英國勞氏的故事。在紅海中斷之前，20% 的 LR 船隊經過蘇伊士運河，而 MR 船隊的比例僅為 5%。因此，雖然從整體需求的角度來看這是正面的，但對於 MR 而言，這並不像 LR 那麼重要。

Furthermore, while Panama Canal congestion showed some signs of easing, daily product tanker transits remained 20% below the prior year, further contributing to ton mile demand. But similar to the Red Sea impact, this is not the major driver for MRs, Russia-Ukraine is.

此外，雖然巴拿馬運河擁塞顯示出一些緩解的跡象，但每日成品油輪運輸量仍比去年低 20%，進一步推動了噸英里需求。但與紅海的影響類似，這並不是MR的主要動力，俄羅斯-烏克蘭才是。

Meanwhile, underlying oil consumption continues to grow. The global economy remains resilient and with potential for further upside in the second half. As you can see from the chart on the lower right, global refinery runs are projected to increase by 5% in 2024 to an all-time high of 85 million barrels a day, driven by activity in Asia and Middle East and increases in Chinese refined product export quotas as compared to the prior year adds to this constructive outlook.

同時，基礎石油消費持續成長。全球經濟仍保持彈性，下半年有進一步上漲的潛力。從右下圖可以看出，在亞洲和中東的活動以及中國煉油產量增加的推動下，全球煉油廠開工量預計將在 2024 年增加 5%，達到每天 8500 萬桶的歷史新高。相比，產品出口配額增加了這個建設性前景。

Moving now to Slide 6, where we highlight our long-standing capital allocation policy. Given our strong financial position, we're now able to pursue all of our priorities simultaneously as shown on this slide. To this end, we're pleased to declare another dividend of $0.31 per share. And it's also worth noting that since the resumption of our quarterly dividend in the fourth quarter of 2022, we've now paid $70 million in total dividends, representing about 10% of our market cap, a substantial return of capital in just over 1 year.

現在轉到投影片 6，我們將重點放在我們長期的資本配置政策。鑑於我們強大的財務狀況，我們現在能夠同時實現所有優先事項，如本投影片所示。為此，我們很高興宣布再次派發每股 0.31 美元的股息。另外值得注意的是，自2022 年第四季恢復季度股利以來，我們目前已支付總股息7,000 萬美元，約占我們市值的10%，在短短一年多的時間裡就實現了可觀的資本回報。

At the same time, we continue to invest in our fleet to improve performance and reduce emissions while also gradually modernizing over time. As already reported, but now executed, in April, we completed the sale of our 2010-built Ardmore Seafarer and the acquisition of the Ardmore Gibraltar, a 2017 Korean-built Eco-Design MR, which has much better fuel efficiency and also greater cargo flexibility than the outcoming Seafarer. But I'm also pleased to say that we more than doubled our money on the Seafarer, which we have purchased at a low point in the market in September 2020.

同時，我們繼續投資於我們的機隊，以提高性能並減少排放，同時隨著時間的推移逐步現代化。正如已經報導過但現已執行的，4 月份，我們完成了2010 年製造的Ardmore Seafarer 的出售，並收購了Ardmore Gibraltar，這是一艘2017 年韓國製造的Eco-Design MR，它具有更好的燃油效率和更大的載貨量比即將上任的海員更靈活。但我也很高興地說，我們在 Seafarer 上的價格增加了一倍多，這是我們在 2020 年 9 月市場低點購買的。

And with that, I'm happy to hand the call back over to Bart.

至此，我很高興將電話轉回給巴特。

Thanks, Tony. Building upon Tony's comments on the market outlook, we'll further examine the industry fundamentals.

謝謝，托尼。基於托尼對市場前景的評論，我們將進一步審視行業基本面。

As we've been discussing, the supply/demand dynamics remain highly favorable. On Slide 8, we'll highlight the significant supply/demand gap, and I'll address each component in more detail on subsequent slides. We can see from the green bars in this chart, the strong forecasted tonne-mile growth which is a result of the positive underlying demand fundamentals and ongoing market dislocation.

正如我們一直在討論的那樣，供需動態仍然非常有利。在投影片 8 上，我們將強調顯著的供需缺口，我將在後續投影片中更詳細地討論每個組成部分。從該圖表中的綠色條中我們可以看到，預測的噸英里增長強勁，這是積極的潛在需求基本面和持續的市場混亂的結果。

In contrast, we can see the limited net fleet growth across both product and chemical tankers, and in particular, MRs as indicated in the gray and blue bars. So overall, we believe the limited net fleet growth across these sectors, combined with increasing tonne-miles supports ongoing market strength.

相較之下，我們可以看到成品油輪和化學品油輪的船隊淨增長有限，特別是灰色和藍色條所示的 MR。因此，總體而言，我們認為這些行業有限的機隊淨增長，加上噸英里數的增加，支持了市場的持續強勢。

Moving to Slide 9, where we highlight how the low MR tanker order book contrast sharply with a rapidly aging fleet. The chart on the left provides a visual representation of the changes in the MR fleet. 15 years ago, as highlighted in the red quadrant, we observed a modern fleet with a large order book. However, over time, the order book has declined while the fleet has aged. Currently, as highlighted in the green quadrant, we have a low order book and the oldest fleet in 2 decades with an average age of greater than 13 years.

轉到幻燈片 9，我們強調了低 MR 油輪訂單與快速老化的船隊形成鮮明對比。左邊的圖表直觀地展示了 MR 機隊的變化。 15 年前，正如紅色象限中突出顯示的那樣，我們觀察到一支擁有大量訂單的現代化船隊。然而，隨著時間的推移，訂單量下降，船隊老化。目前，正如綠色象限中突出顯示的那樣，我們的訂單量較低，而且機隊是 20 年來最老的機隊，平均機齡超過 13 年。

Looking at the graph on the right side, the current MR order book is at 9% of the existing fleet. And as we have previously mentioned, it is important to point out the impact that Aframax crude tankers have on the overall product tank order book, which stands at 14%. Currently, the Aframax crude tanker fleet is shrinking while still experiencing demand growth. This implies that an increasing proportion of LR2s, most likely older vessels will naturally transition to the crude trades to cover the shortfall in the Aframax fleet.

從右圖可以看出，目前 MR 訂單量佔現有機隊的 9%。正如我們之前提到的，重要的是要指出阿芙拉型原油油輪對整體成品油輪訂單的影響，該影響為 14%。目前，阿芙拉型油輪船隊正在萎縮，但需求仍在成長。這意味著越來越多的 LR2（很可能是較舊的船舶）將自然過渡到原油貿易，以彌補阿芙拉型油輪船隊的短缺。

In addition, as vessels reach 15 to 18 years of age, their trading capabilities typically become restricted, further contributing to the supply tightness in the younger modern global fleet where Ardmore's vessels operate. In fact, within the next 5 years, close to half of the MR fleet will surpass the 20-year age mark and enter the scrapping zone. The current order book at 9 million deadweight tonnes is just a fraction of the 50 million deadweight tonnes that will fall within the scrapping age profile in the next 5 years. Slide 22 in the appendix highlights this phenomenon.

此外，隨著船舶船齡達到 15 至 18 年，其貿易能力通常會受到限制，進一步加劇了阿德莫爾船舶運營的年輕現代全球船隊的供應緊張。事實上，未來5年內，近一半的MR機隊將超過20年車齡，進入報廢區。目前的訂單量為 900 萬載重噸，只是未來 5 年內報廢年齡範圍內的 5,000 萬載重噸的一小部分。附錄中的投影片 22 強調了這個現象。

Turning to Slide 10, where we address demand drivers in greater detail. As we have discussed earlier, the Russia-Ukraine conflict and the EU refined products embargo has led to a persistent reordering of global product trades, boosting overall tonne-miles. Concurrently, the energy transition is being tempered by energy reality and market projections continue to show year-on-year growth in oil demands.

轉向投影片 10，我們在其中更詳細地討論了需求驅動因素。正如我們之前討論的那樣，俄羅斯-烏克蘭衝突和歐盟成品油禁運導致全球產品貿易持續重新排序，從而提高了總噸英里數。同時，能源轉型正受到能源現實的影響，市場預測持續顯示石油需求年增。

Meanwhile, the long-term trend in refinery dislocation between East and West, supported by forecast for increasing consumption, will continue to drive incremental tonne-miles. Please reference Slide 21 in the appendix for additional details. In summary, these robust long-term demand drivers point to continued strength in the product and chemical tankers market.

同時，在消費成長預測的支持下，東西方煉油廠錯位的長期趨勢將繼續推動噸英里增量。請參閱附錄中的投影片 21 以了解更多詳細資訊。總之，這些強勁的長期需求驅動因素顯示成品油輪和化學品船市場持續強勁。

Moving to Slide 12. Ardmore continues to build upon its financial strength. As a reminder, the chart on the bottom left highlights our achievement of reducing our cash breakeven levels by over $3,000 per day in an elevated interest rate environment. This accomplishment is a result of our effective cost control, lower debt levels and access to revolving credit facilities.

轉到投影片 12。阿德莫爾繼續增強其財務實力。提醒一下，左下角的圖表突出顯示了我們在利率升高的環境下每天將現金盈虧平衡水平降低了 3,000 美元以上的成就。這項成就是我們有效的成本控制、較低的債務水準和獲得循環信貸便利的結果。

Looking ahead, we see a potential pathway to further reduce our breakeven to a level below $11,500 per day. With this aim, we provided notice to execute purchase options on 2 leased vessels for a total of $41 million and expect to close this transaction in June and further reduce our debt cost. And as always, Ardmore is focused on optimizing performance, closely managing costs and preserving a strong balance sheet.

展望未來，我們看到了進一步將損益平衡點降低至每日 11,500 美元以下水準的潛在途徑。為了實現這一目標，我們發出通知，以總計 4,100 萬美元的價格執行 2 艘租賃船舶的購買選擇權，並預計於 6 月完成此項交易，進一步降低我們的債務成本。與往常一樣，Ardmore 專注於優化績效、密切管理成本和維持強勁的資產負債表。

Turning to Slide 13 for financial highlights. As noted, we are very pleased with our performance as we report results of $0.92 per share for the first quarter. We are correspondingly reporting strong EBITDAR for the quarter and continue to frame EBITDAR as an important comparable valuation metric against our IFRS reporting peers. While I won't go into the detail here, there is a full reconciliation of this presented in the appendix on Slide 25. Also, please refer to Slide 26 in the appendix for our second quarter guidance numbers.

請參閱投影片 13 以了解財務要點。如前所述，我們對我們的業績非常滿意，我們報告第一季每股收益為 0.92 美元。我們相應地報告了本季強勁的 EBITDAR，並繼續將 EBITDAR 作為與 IFRS 報告同業相比的重要可比較估值指標。雖然我不會在這裡詳細介紹，但在幻燈片 25 的附錄中對此進行了完整的協調。另外，請參閱附錄中的投影片 26 以了解我們的第二季指導數字。

Moving to Slide 14. As Tony mentioned earlier, our drydocking schedule for this year is largely complete. And as highlighted by the chart in the upper right, this will lead to increased revenue days and enhanced earnings power for the rest of the year. In accordance with our energy transition plan, we have made some significant investments in our fleet during the recent drydockings to further improve operating performance, reduce emissions and enhance earnings.

轉到投影片 14。正如托尼之前提到的，我們今年的乾船塢計劃已基本完成。正如右上角的圖表所強調的，這將導致今年剩餘時間的收入天數增加和獲利能力增強。根據我們的能源轉型計劃，我們在最近的乾船塢中對我們的船隊進行了一些重大投資，以進一步提高營運績效、減少排放並提高收入。

Total CapEx for 2024 is anticipated to be $17 million, including $11 million related to scrubber installations and other efficiency upgrades as well as ballast water treatment systems. It's worth noting that we now have more than half of our MR fleet outfitted with second-generation carbon capture-ready scrubbers, which are set to further enhance our earnings power.

2024 年的總資本支出預計為 1,700 萬美元，其中包括與洗滌器安裝和其他效率升級以及壓載水處理系統相關的 1,100 萬美元。值得注意的是，我們現在有一半以上的 MR 船隊配備了第二代碳捕獲就緒洗滌器，這將進一步增強我們的獲利能力。

Moving to Slide 15. Here, we're highlighting our significant operating leverage. As you can see in the chart, for every $10,000 per day increase in TCE rates, earnings per share would increase by approximately $2.30 annually, with free cash flow generation increasing by nearly $100 million over the same time period. This is why the current market outlook is so exciting, and Ardmore's position is very compelling.

轉到投影片 15。在這裡，我們強調我們重要的營運槓桿。正如您在圖表中看到的，TCE 費率每天每增加 10,000 美元，每股收益每年將增加約 2.30 美元，同期自由現金流量增加近 1 億美元。這就是為什麼當前的市場前景如此令人興奮，而阿德莫爾的立場非常引人注目。

With that, I'm happy to hand the call back to Tony and look forward to answering questions at the end.

至此，我很高興將電話轉給托尼，並期待最後回答問題。

Thank you, Bart. So to summarize, first, regarding the market. TCE rates remained elevated through the first quarter and have strengthened further into the second quarter, boding well for the full year. These rates are being supported by the geopolitical events we've discussed, most notably for MRs being the persistent reordering of the product tanker trade as a result of the EU refined products embargo. And of course, underlying supply/demand fundamentals remain highly supportive.

謝謝你，巴特。總結一下，首先，關於市場。TCE 利率在第一季保持較高水平，並在第二季度進一步走強，這對全年來說是個好兆頭。這些費率受到我們討論過的地緣政治事件的支持，最值得注意的是，由於歐盟成品油禁運，成品油輪貿易持續重新排序。當然，潛在的供需基本面仍然具有高度支撐性。

And regarding the company, we're continuing to achieve strong TCE performance and effective cost control, generating excellent returns and continuing to bolster our financial position. This enables us to pursue all of our capital allocation priorities simultaneously. In particular, returning capital to shareholders in the form of our quarterly dividend now accumulated to 10% of market cap in just over 1 year while also gradually and opportunistically investing in fleet modernization.

至於公司，我們將繼續實現強勁的 TCE 業績和有效的成本控制，產生優異的回報並繼續增強我們的財務狀況。這使我們能夠同時追求所有資本配置優先事項。特別是，我們以季度股息的形式向股東返還資本，在短短一年多的時間裡就累計達到了市值的 10%，同時還逐步、機會主義地投資於機隊現代化。

And with that, we're pleased to open up the call for questions.

至此，我們很高興開始提問。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Hey, guys, good afternoon. Bart, Tony. I mean, it looks like a lot of good stuff happening here. Congrats on a really good quarter and kind of getting the company to where it's at today. I just -- I had a couple of questions for you.

嘿，夥計們，下午好。巴特、東尼.我的意思是，看起來這裡發生了很多好事。恭喜這個季度的表現非常好，並讓公司達到了今天的水平。我只是──我有幾個問題想問你。

Maybe just first on the Handys in particular. It looks like there's a pretty good step up here and your averages thus far into the second quarter. You've got 60% book now at 32.5%. I believe that would be a record for you if it holds. What's sort of driving that, if you don't mind giving us some color on what's driving the chemical market there? And any color you can give on how that spot market is looking today?

也許首先是在 Handys 上，尤其是。看起來這裡有一個相當不錯的進步，並且到目前為止您在第二季度的平均水平。您現在已預訂 60%，預訂率為 32.5%。我相信，如果它保持的話，這對你來說將是一個記錄。如果您不介意向我們介紹一下推動那裡化學品市場發展的因素，那麼到底是什麼推動了這個趨勢呢？對於目前現貨市場的情況，您有何看法？

Yes. Omar, thanks for that. Yes, the chemicals are doing well at the moment. It's not a big fleet. We do trade them in and out of products and into chemicals. And I think it's just reflective of just good charter in practice and good market conditions. And sometimes, things go really well. It seems like we're hitting our stride now with those ships.

是的。奧馬爾，謝謝你。是的，化學品目前表現良好。這不是一支大艦隊。我們確實將它們與產品和化學品進行貿易。我認為這只是實踐中良好的包機和良好的市場條件的反映。有時，事情進展得非常順利。看來我們現在正在用這些船大步前進。

Okay. Yes. All right. And then just maybe on -- Bart, you mentioned the leaseback financing. You're going to -- you're exercising the options on the 2, the Seahawk and Seawolf, $41 million outlay. Is the plan to use cash or you plan to draw bank debt against those?

好的。是的。好的。然後也許 - 巴特，你提到了回租融資。你將會－你將行使 2 號海鷹和海狼的選擇權，花費 4,100 萬美元。是計劃使用現金還是計劃用銀行債務抵銷？

Yes. Thanks, Omar. Good question. So plan to draw on our revolvers for that. I mean, certainly, incremental cash generation could be used, but kind of the default going in is that we draw down on the revolvers and we've been able to actually expand the revolving capacity so that we have 100% capacity with all of our banks now. So we've got tremendous flexibility.

是的。謝謝，奧馬爾。好問題。因此，計劃利用我們的左輪手槍來做到這一點。我的意思是，當然，可以使用增量現金生成，但默認情況是我們使用左輪手槍，並且我們已經能夠實際擴大循環能力，以便我們擁有 100% 的能力現在銀行。所以我們擁有巨大的靈活性。

Okay. Yes. And makes sense. And maybe just kind of on that and final question for me is, clearly, you guys have had a balanced capital allocation policy for several years. You're now at this point where the balance sheet's evolving into potentially a net cash position here in the next few months. Does that in any way change how you're viewing big picture capital allocation?

好的。是的。並且有道理。也許對我來說最後一個問題是，顯然，你們多年來一直實行平衡的資本配置政策。現在，資產負債表在未來幾個月內可能會演變為淨現金部位。這是否會改變您對整體資本配置的看法？

Thanks, Omar. I think the way we think about it is that it's situational. I mean we know we're in a cyclical business, it is dynamic. Today, we still see that we have some additional runway on the debt reduction. We still have $100 million of debt and really chipping away at that breakeven has been the key thing in terms of our earnings quality and incremental cash flow and then incremental capacity for the dividend. So just to put it into perspective, at the $13,250 level today, if we hadn't delevered, we will be north of $17,000 per day cash breakeven.

謝謝，奧馬爾。我認為我們思考這個問題的方式是視情況而定。我的意思是，我們知道我們處於週期性行業，它是動態的。今天，我們仍然看到在債務削減方面還有一些額外的跑道。我們仍然有 1 億美元的債務，就我們的獲利品質、增量現金流以及增量股息能力而言，真正實現損益平衡是關鍵。因此，從長遠來看，在今天 13,250 美元的水平上，如果我們沒有去槓桿化，我們每天的現金損益平衡點將超過 17,000 美元。

So that delta represents $35 million more in cash flow generation per year or approximately $0.83. And then we also see runway to continue investing in our fleet and the energy transition projects. And they're typically short payback periods, significant return levels and we certainly don't have a problem returning additional capital to shareholders at the right time. I think we just see that like right now in the immediate future, where we have opportunities to deploy the capital internally, that's what's in focus.

因此，該增量意味著每年現金流量增加 3,500 萬美元，約 0.83 美元。然後我們也看到了繼續投資我們的機隊和能源轉型項目的機會。它們的投資回收期通常很短，回報水準很高，我們在適當的時間向股東返還額外資本當然沒有問題。我認為我們只是看到，就像現在，在不久的將來，我們有機會在內部部署資本，這才是焦點。

Okay. That's very helpful. And good points, and it's interesting. Here we are, you're obviously earning very strong rates, but yet you're keeping a very close focus on that breakeven and lowering it. So good to see that and well done again, guys. Thank you.

好的。這非常有幫助。好的方面，而且很有趣。在這裡，您顯然獲得了非常高的利率，但您卻密切關注盈虧平衡並降低它。很高興看到這一點，夥計們，再次做得很好。謝謝。

(Operator Instructions) Jon Chappell, Evercore.

（操作員說明）Jon Chappell，Evercore。

Bart, I'm going to stick with you for a second. This path to $11,500 on the cash breakeven. Is that strictly the sale and leasebacks on these 2 vessels in the $41 million or are there other either sale and leasebacks or other cost initiatives that takes you from that just over $13,000 to sub $11,500 over time?

巴特，我要再陪你一會兒。現金損益平衡點將達到 11,500 美元。這嚴格來說是這兩艘船 4100 萬美元的售後回租，還是有其他售後回租或其他成本舉措，可以讓您隨著時間的推移從剛剛超過 13,000 美元降至低於 11,500 美元？

Sure, Jon. No, thanks. The sale leasebacks is a component of it. But we're always actually looking at additional cost reductions and have achieved some through this year already on the expense side. And then also further reduction of debt, reducing the interest expense beyond the sale leaseback. So kind of multifaceted but something that we just see as really boosting the quality of earnings and then really setting up Ardmore kind of for any market scenario well into the future.

當然，喬恩。不，謝謝。售後回租是其中的一個組成部分。但我們實際上一直在尋求額外的成本削減，並且今年在費用方面已經取得了一些成果。然後也進一步減少債務，減少售後回租以外的利息支出。這是多方面的，但我們認為真正提高了盈利質量，然後真正為阿德莫爾的未來任何市場情況奠定了基礎。

And then over 50% of the MRs with scrubbers now or planned for scrubbers is the ultimate target to get the entire fleet there? Are there a couple maybe older vessels that you'd be holding back and I want to put that capital into?

那麼，現在或計劃配備洗滌器的 MR 中超過 50% 的最終目標是讓整個船隊都到達那裡？您是否會保留一些可能較舊的船隻，而我想投入資金？

Yes. Thanks, Jon. We're really happy with the scrubbers thus far in getting half of the fleet installed on the MR side has been great. We've done it during the regular drydocking period, so we don't incur an incremental cost to do so. So really looking ahead, it will be more -- our 2015-built vessels next year for drydocking something that we likely continue to roll out and they have good returns. We like the scrubber 2.0 technology and also the carbon capture readiness for potential future applications.

是的。謝謝，喬恩。到目前為止，我們對洗滌器非常滿意，一半的洗滌器安裝在 MR 側，非常棒。我們是在常規進塢期間完成的，因此不會產生增加成本。因此，真正展望未來，我們 2015 年建造的船舶明年將用於乾船塢，我們可能會繼續推出這些船舶，並且它們將帶來良好的回報。我們喜歡洗滌器 2.0 技術以及為未來潛在應用做好的碳捕獲準備。

Just finally, is there any way to quantify the -- either returns or the rate differential of the ships that have had the scrubbers put in? I'm not sure if this is coincidental or it's something to read into, but the Eco-Design versus the Eco-Mod, there was a $6,500 spread in the first quarter of '23, and they're basically right on top of each other in the first quarter of '24. Was that more just kind of the market strength? Or are there some of the Eco-Mods given the scrubbers and that's really narrowed the gap?

最後，有沒有什麼方法可以量化安裝了洗滌器的船舶的回報或費率差異？我不確定這是巧合還是有什麼值得深究的，但是 Eco-Design 與 Eco-Mod 之間的差距在 23 年第一季度有 6,500 美元，而且它們基本上就在每個之上其他在24 年第一季。這只是市場實力的展現嗎？或者是否有一些 Eco-Mods 配備了洗滌器，這確實縮小了差距？

Well, the Eco-Mods at this point, we just see the charters in and the ones that we sold in charter back as well as another market charter in. So if you strip away everything -- essentially, these scrubbers will generate the same benefit as any other scrubber -- on any other companies MRs.

好吧，在這一點上，Eco-Mods，我們只看到包機和我們在包機中出售的包機以及另一個市場包機。因此，如果你剝離一切 - 本質上，這些洗滌器將產生與任何其他洗滌器相同的好處 - 在任何其他公司的 MR 上。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Omar and Jon have already hammered some of the key points, but I was wondering, could you provide an update on your investment in e1 Marine?

奧馬爾和喬恩已經討論了一些關鍵點，但我想知道，您能否提供有關 e1 Marine 投資的最新資訊？

Sure. And as a reminder for the listeners. A few years ago, in 2021, the company made an investment in Element 1, which has proprietary technology to take methanol and produce pure hydrogen, and that can be used in a wide range of fuel cell applications and I think also important to remind that it was a multifaceted deal. So that was also when we put $40 million of preferred on our balance sheet at a time when the company really needed the capital.

當然。並作為對聽眾的提醒。幾年前，即 2021 年，該公司投資了 Element 1，該公司擁有利用甲醇生產純氫的專有技術，可用於廣泛的燃料電池應用，我認為還需要提醒的是，這是一項多方面的交易。因此，當公司真正需要資金時，我們也在資產負債表上投入了 4,000 萬美元的優先股。

And so now today, Element 1, like other industrial companies when you have this proprietary technology and you're looking to monetize it, they're expanding their global scale in terms of license agreements across geographies and across verticals.

所以現在，Element 1 和其他工業公司一樣，當你擁有這項專有技術並且希望將其貨幣化時，他們正在透過跨地域和跨垂直領域的授權協議擴大其全球規模。

So marine included, but really other verticals, off-highway, on-highway charging stations, aerospace. So significant momentum with licensing revenue. And I think just also important to note though, like for us, that's a $10 million investment. So a small portion of our overall asset base and the one that's outside of our own fleet of actual vessels, but certainly part of our energy transition plan and team today.

包括船舶，但實際上包括其他垂直行業、非公路、公路充電站、航空航天。授權收入勢頭如此強勁。我認為同樣重要的是要注意，就像我們一樣，這是 1000 萬美元的投資。因此，我們整體資產基礎的一小部分以及我們自己的實際船隊之外的資產，但肯定是我們今天的能源轉型計劃和團隊的一部分。

There are no further questions. Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

沒有其他問題了。女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。