Ardmore Shipping Corp (ASC) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping Second 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.

早安，女士們、先生們，歡迎參加阿德莫爾航運 2024 年第二季財報電話會議。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。

We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. A replay of their conference call will be accessible anytime during the next two weeks by dialing 1-888-660-6345 or 1-646-517-4150 and entering passcode 88347.

開場白後我們將進行問答環節。屆時將發出指示。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 88347 重播他們的電話會議。

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 second 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 年第二季財報電話會議。首先，讓我請我們的財務長巴特·凱萊赫討論一下前瞻性陳述。

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 second 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有重大差異的因素的更多資​​訊包含在 2024 年第二季財報中，該報告可在我們的網站上取得。

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

現在，我將把電話轉回給托尼。

Thank you, Bart. So first, let me outline the format of today’s call. To begin with, I will discuss the upcoming leadership transition, which we announced earlier this month. Following this, Gernot Ruppelt, who will be taking over as CEO in September, will clarify what this means for Ardmore.

謝謝你，巴特。首先，讓我概述一下今天電話會議的形式。首先，我將討論我們本月早些時候宣布的即將到來的領導層換屆。隨後，將於 9 月接任執行長的 Gernot Ruppelt 將澄清這對阿德莫爾意味著什麼。

He will then discuss our second quarter 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 Gernot will conclude the presentation before opening up the call for questions.

然後，他將討論我們第二季度的亮點、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，然後格諾特將在開始討論之前結束示範。

So turning first to slide 4, to discuss our leadership transition. Our succession plan has been underway for several years and aligns with what has always been my intention to retire around the age of 65. The Board has done a terrific job with the selection process. And quite frankly, as the founder of the company and a shareholder, I’m extremely pleased with the outcome.

因此，首先轉向幻燈片 4，討論我們的領導過渡。我們的繼任計畫已經進行了好幾年，這與我一直以來在 65 歲左右退休的願望是一致的。董事會在選拔過程中做得非常出色。坦白說，身為公司的創辦人和股東，我對結果非常滿意。

Together, Gernot and Bart have a combined 50 years of experience in the shipping industry, spanning everything from strategy and operations to finance, naval architecture, chartering, sale and purchase brokerage, capital markets and practical experience on tankers.

Gernot 和 Bart 在航運業總共擁有 50 年的經驗，涵蓋從策略和營運到金融、造船、租船、買賣經紀、資本市場和油輪實務經驗的各個領域。

And, in addition to Gernot and Bart, our COO, Mark Cameron; our SVP, Corporate Services, Aideen O’Driscoll; and our newly promoted SVP, Commercial, Robert Gaina, will round out the new Senior Management team effective September.

除了 Gernot 和 Bart 之外，我們的營運長 Mark Cameron；我們的企業服務資深副總裁 Aideen O�Driscoll；我們新晉升的商務高級副總裁 Robert Gaina 將於 9 月組建新的高階管理團隊。

I believe what you will see is a high degree of continuity in business philosophy and strategy, continuing a dynamic and energetic approach to building Ardmore in the years to come, which I’m really looking forward to following along with the rest of you.

我相信您將看到的是經營理念和策略的高度連續性，在未來的歲月裡繼續以充滿活力和活力的方式來建立阿德莫爾，我真的很期待與你們其他人一起遵循這一點。

And on that note, I’m more than happy to hand over the call to, Gernot.

就這一點而言，我非常樂意將電話交給 Gernot。

Thank you, Tony. Ardmore has had an amazing journey since you founded the company in 2010. And, while the company is looking ahead, speaking on behalf of the entire Ardmore staff, there is tremendous gratitude throughout the organization for what you have built over the past 14 years. I am excited to lead Ardmore into our next era to build on the company’s substantial success and position us for the future and doing so with such a strong and unique team around me.

謝謝你，托尼。自從您於 2010 年創立公司以來，Ardmore 經歷了一段奇妙的旅程。而且，在公司展望未來的同時，代表全體 Ardmore 員工發言，整個組織對你們在過去 14 年裡所取得的成就表示極大的感謝。我很高興能夠帶領阿德莫爾進入下一個時代，在公司取得巨大成功的基礎上再接再厲，為我們的未來做好準備，並在我周圍擁有如此強大而獨特的團隊。

Now, turning to slide 5. Let me expand on Tony’s comments and provide further insights into our strategic thinking. The key message is continuity. Ardmore’s long-term strategy has been very consistent over the years. It has been tested and it has been successful.

現在，轉到投影片 5。讓我詳細闡述托尼的評論，並對我們的策略思維提供進一步的見解。關鍵訊息是連續性。多年來，阿德莫爾的長期策略一直非常一致。已經測試並且成功了。

Not only are both Bart and I supportive of the strategy, we have been part of the leadership team that has developed and executed on it. Our focus will continue to be on product and chemical tankers as well as the overlapping trades these ships are involved in.

巴特和我不僅支持該策略，而且我們也是製定和執行該策略的領導團隊的一部分。我們的重點將繼續放在成品油輪和化學品油輪以及這些船舶所涉及的重疊貿易上。

For Ardmore, this is a core area of expertise and is an important way to differentiate ourselves in the marketplace. We will continue to reinvest opportunistically as we have in the past. This includes opportunities for fleet modernization, vessel upgrades and growth, always provided that such transactions enabled us to increase long-term shareholder value. And, we remain committed to our capital allocation policy.

對阿德莫爾來說，這是一個核心專業領域，也是在市場上脫穎而出的重要途徑。我們將像過去一樣繼續機會主義的再投資。這包括船隊現代化、船舶升級和成長的機會，前提是此類交易能使我們增加長期股東價值。而且，我們仍然致力於我們的資本配置政策。

Strategic continuity also means that we will continue to evolve as a business. We will evaluate and embrace new ways to integrate technology and machine learning in how we run the company, both onboard and ashore. It also means that we will continue to build out the strong culture we have at Ardmore, and to develop our incredibly competent and diverse teams. Thereby, we will strengthen our organization and increase our capabilities.

策略連續性也意味著我們作為一個企業將繼續發展。我們將評估並採用新方法，將技術和機器學習整合到我們在船上和岸上經營公司的方式中。這也意味著我們將繼續打造阿德莫爾強大的文化，並發展我們極其有能力的多元化團隊。從而，我們將加強我們的組織並提高我們的能力。

Today, we have a fully-integrated global platform. Our shore-side team is strategically located across key regions and they work closely with our seafaring colleagues onboard our modern fuel-efficient fleet. This gives us the scale and reach to service a diverse high-quality customer base.

今天，我們擁有一個完全整合的全球平台。我們的岸上團隊策略性地分佈在關鍵地區，他們與我們現代節能船隊的航海同事密切合作。這使我們有能力為多元化的高品質客戶群提供服務。

Our markets and our industry continue to change. Continued demand growth, the energy transition, environmental regulation, geopolitical complexity and the natural evolution of cargo and trade flows. We expect that all these factors will create ample opportunities, and we believe that our agile and forward-looking approach to running the business and developing our organization should position us well to capture these opportunities.

我們的市場和產業不斷變化。持續的需求成長、能源轉型、環境監管、地緣政治複雜性以及貨物和貿易流的自然演變。我們預計所有這些因素將創造充足的機會，並且我們相信，我們靈活且具有前瞻性的業務運營和組織發展方法應該使我們能夠很好地抓住這些機會。

Moving to slide 6. You will have heard us discuss in the past how integrating performance and progress forms an important part of our cultural bedrock. This slide shows three examples of our approach to driving strong performance, while at the same time being a progressive company.

轉到投影片 6。您過去可能聽過我們討論如何將績效和進步結合起來，成為我們文化基石的重要組成部分。這張投影片展示了我們在推動強勁業績的同時成為一家不斷進取的公司的方法的​​三個範例。

As highlighted at the top, we performed to a very high-standard when it comes to TCE results, both in terms of absolute and relative performance. Our breakeven levels are very low due to strong cost discipline throughout the cycle and minimal debt, which among other things has enabled us to provide a meaningful dividend yield to our shareholders.

正如頂部所強調的，就 TCE 結果而言，無論是絕對性能還是相對性能，我們都達到了非常高的標準。由於整個週期內嚴格的成本控制和最低限度的債務，我們的損益平衡水平非常低，這使我們能夠為股東提供有意義的股息殖利率。

We continue to see a strong link between our operational performance and the way we embrace progress as a company. Today’s performance paves the way for future investment and continued progress, which in turn further enhances our future performance. We have a dedicated team to seek out energy efficiency and innovation projects and we consistently rank at the top of the industry’s ESG scorecard.

我們繼續看到我們的營運績效與我們作為一家公司擁抱進步的方式之間存在著密切的聯繫。今天的業績為未來的投資和持續進步鋪平了道路，這反過來又進一步提高了我們未來的業績。我們擁有一支專門的團隊來尋找能源效率和創新項目，並且我們始終位居行業 ESG 記分卡的前列。

With that, let us turn to our second quarter earnings, the near-term market outlook, and an update on capital allocation.

接下來，讓我們來看看第二季的收益、近期市場前景以及資本配置的最新情況。

Turning to slide 8. We have seen exceptionally strong rates in the seasonally slower summer period, reflecting positive fundamentals along with ongoing geopolitical impacts. Seasonal volatility is playing out around a very high baseline. Our second quarter performance reflects robust market conditions with adjusted earnings of $47.6 million or $1.13 per share and elevated rates even in the seasonally slower third quarter.

轉到投影片 8。我們在季節性放緩的夏季期間看到了異常強勁的利率，反映出積極的基本面以及持續的地緣政治影響。季節性波動處於非常高的基線附近。我們第二季的業績反映了強勁的市場狀況，調整後收益為 4,760 萬美元，即每股 1.13 美元，即使在季節性放緩的第三季度，盈利率也有所上升。

Our MRs earned $41,400 per day for the second quarter and $33,700 per day so far in the third quarter with 45% booked. And, our chemical tankers on a capital adjusted basis earned $36,100 per day for the second quarter and $31,200 per day for the third quarter with 50% booked so far. As you can see from the chart on the upper right, we see robust market strength with TCE rates showing a substantial increase year-on-year.

我們的 MR 第二季每天收入為 41,400 美元，第三季到目前為止每天收入為 33,700 美元，預訂率為 45%。而且，我們的化學品油輪在資本調整的基礎上第二季度每天盈利 36,100 美元，第三季度每天盈利 31,200 美元，到目前為止已預訂 50%。從右上角的圖表中可以看出，我們看到市場強勁，TCE 費率比去年同期大幅成長。

Meanwhile, we continue to execute on our long-standing capital allocation policy. We are declaring another quarterly cash dividend of $0.38 per share consistent with our policy of paying out one-third of adjusted earnings.

同時，我們繼續執行長期的資本配置政策。我們宣布再派發每股 0.38 美元的季度現金股息，這符合我們支付調整後收益三分之一的政策。

And, we also continue to invest in the fleet to improve performance and reduce emissions, while also taking a gradual and opportunistic approach to fleet modernization over time. Overall, Ardmore continues to benefit from having strategic focus and optimizing our spot trading performance, while tightly managing cost and reducing our breakeven level down to $12,650 per day.

而且，我們也繼續投資於機隊，以提高性能並減少排放，同時隨著時間的推移採取漸進和機會主義的方法實現機隊現代化。總體而言，Ardmore 繼續受益於策略重點和優化我們的現貨交易績效，同時嚴格管理成本並將我們的損益兩平水準降低至每天 12,650 美元。

Moving to slide 9. The near-term outlook continues to be very positive. Strong macro fundamentals are cemented by multiple layers of tonne-mile demand with limited supply additions. The chart on the upper right highlights the ongoing impact of the EU Refined Product Embargo, which continues to drive higher tonne-miles due to the bifurcation of the global fleet.

轉到投影片 9。近期前景仍然非常樂觀。多層的噸英里需求和有限的供應增量鞏固了強勁的宏觀基本面。右上角的圖表突顯了歐盟成品油禁運的持續影響，由於全球船隊的分裂，該禁運繼續推動更高的噸英里數。

Some emerging trade routes such as exports from West Africa and biofuels from China to the U.S. and Europe are further supporting market strength. Finally, it also highlights the significantly extended voyage distances caused by the re-routing of vessels away from the Red Sea and around the Cape of Good Hope.

一些新興貿易路線，例如從西非的出口以及從中國向美國和歐洲的生物燃料的出口，進一步支撐了市場的強勢。最後，它還強調了由於船隻改道遠離紅海並繞過好望角而導致的航程距離顯著延長。

As we pointed out in the past, this is only a relatively small portion of overall MR demand, seen in isolation, the Red Sea situation is more and a large story and we’re happy to touch on this further in Q&A. In addition, near-term demand drivers are robust.

正如我們過去指出的，這只是 MR 整體需求中相對較小的一部分，單獨來看，紅海局勢更是一個大故事，我們很高興在問答中進一步探討這一點。此外，近期需求驅動因素強勁。

As you can see from the graph on the lower right, global refinery runs have surpassed pre-COVID highs with further growth forecasted into 2025. Also OPEC+ will start to phase out 2.2 million barrels per day of supply cuts in September. And, the global economy remains resilient with IMF keeping forecasts steady with growth of 3.2% in 2024. Meanwhile, the low scheduled deliveries this year will result in limited net fleet growth.

從右下圖可以看出，全球煉油廠開工量已超過新冠疫情前的高位，預計到 2025 年將進一步成長。此外，OPEC+ 將於 9 月開始逐步取消每天 220 萬桶的減產。而且，全球經濟仍保持彈性，國際貨幣基金組織維持穩定的預測，2024 年成長 3.2%。同時，今年預定交付量較低將導致機隊淨成長有限。

Moving to slide 10, where we highlight our long-standing capital allocation policy. Given our strong financial position, we continue to pursue all of our capital allocation priorities simultaneously, which are shown on this slide. In particular, we are pleased to declare another dividend of $0.38 per share highlighting our commitment to returning capital to shareholders.

轉到投影片 10，我們強調了我們長期的資本配置政策。鑑於我們強勁的財務狀況，我們將繼續同時追求所有資本配置優先事項，如本投影片所示。特別是，我們很高興宣布另一股每股 0.38 美元的股息，突顯了我們向股東返還資本的承諾。

Meanwhile, we refinanced two of our lease ships, while lowering our cash breakeven further. We continue to develop and evaluate potential transactions and this includes the gradual modernization of our fleet.

同時，我們為兩艘租賃船進行了再融資，同時進一步降低了現金收支平衡。我們繼續開發和評估潛在交易，其中包括我們機隊的逐步現代化。

And with that, I would like to hand the call over to, Bart.

說到這裡，我想將電話轉交給巴特。

Thanks, Gernot. Building upon Gernot’s comments on the market outlook, we will further examine the industry fundamentals. As we’ve been discussing, the supply-demand dynamics remain highly favorable.

謝謝，格諾特。基於格諾特對市場前景的評論，我們將進一步審視產業基本面。正如我們一直在討論的那樣，供需動態仍然非常有利。

On slide 12, we highlight the significant supply-demand gap, and I’ll address each component in more detail in subsequent slides. As 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.

在投影片 12 上，我們強調了巨大的供需缺口，我將在後續投影片中更詳細地討論每個組成部分。正如我們從該圖表中的綠色條中看到的，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 by 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.

相比之下，我們可以看到成品油輪和化學品油輪，特別是 MR 船隊的淨船隊增長有限，如灰色和藍色條所示。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 13, where we highlight how the low MR tanker orderbook contrasts sharply with a rapidly aging fleet. The chart on the left provides an important visual representation of the changes in the MR fleet over time.

轉向幻燈片 13，我們強調了低 MR 油輪訂單簿與快速老化的船隊形成鮮明對比。左側的圖表提供了 MR 機隊隨時間變化的重要視覺化表示。

15 years ago, as highlighted in the red quadrant, we observed a modern fleet with a large orderbook. However, over time the orderbook has declined while the fleet has aged. Currently, as highlighted in the green quadrant, we have a low orderbook by historical standards and the oldest fleet in two decades, with an average age of nearly 14 years.

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，訂單量不斷下降，而機隊也逐漸老化。目前，正如綠色象限中突出顯示的那樣，按照歷史標準，我們的訂單量較低，而且機隊是二十年來最老的，平均機齡接近 14 年。

Looking at the graph on the right side, the current MR orderbook is equivalent to 11% of the existing fleet. But, it’s important to put this in context. Vessels over 15 years of age typically experience some trading restriction. And right now, four times as many MRs are over 15 years old compared to the new buildings on order.

從右圖可以看出，目前 MR 的訂單量相當於現有機隊的 11%。但是，重要的是要將此放在上下文中。船齡超過 15 年的船舶通常會受到一些貿易限制。目前，與訂購的新建築相比，15 年以上的 MR 數量是其四倍。

With the overall product tanker orderbook standing at 17% of the current fleet, it’s important to re-emphasize that the impact the lack of Aframax crude tanker new buildings has on the overall product tanker orderbook. Currently, the Aframax crude tanker fleet is shrinking, while still experiencing demand expansion, including some notable growth as a result of the Trans Mountain pipeline, which recently opened in Western Canada.

由於成品油輪訂單總量佔現有船隊的 17%，因此必須再次強調阿芙拉型原油油輪新船建造的缺乏對成品油輪訂單總量的影響。目前，阿芙拉型油輪船隊正在萎縮，但需求仍在擴張，其中包括最近在加拿大西部開通的跨山管道帶來的一些顯著增長。

This implies that an increasing proportion of LR2’s, most likely older vessels, will naturally transition to the crude trades to cover the shortfall in the Aframax fleet.

這意味著越來越多的 LR2 型船舶（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。

Turning to slide 14, where we address demand drivers in greater detail. As previously mentioned, the ongoing conflict between Russia and Ukraine, coupled with the EU Embargo on refined products has resulted in persistent re-ordering of global product trades, thereby enhancing overall tonne-miles.

轉向投影片 14，我們在其中更詳細地討論了需求驅動因素。如前所述，俄羅斯和烏克蘭之間持續的衝突，加上歐盟對成品油的禁運，導致全球產品貿易持續重新排序，從而提高了總噸英里數。

At the same time, energy reality is moderating the pace of energy transition and market forecasts consistently indicate an annual increase in oil demand.

同時，能源現實正在放緩能源轉型的步伐，市場預測一致表明石油需求每年都會增加。

In addition, the enduring trend of oil refinery and petrochemical production capacity expansion in the East, along with closures in the West continues to drive increased tonne-miles. In summary, these positive long-term fundamentals point to continued strength in the product and chemical tanker markets.

此外，東部煉油和石化產能擴張的持久趨勢以及西部的關閉繼續推動噸英里的增加。總之，這些正面的長期基本面顯示成品油船和化學品船市場持續走強。

Moving to slide 16, and turning our attention to the company. Ardmore continues to build upon its financial strength. As a reminder, the chart on the bottom left highlights our focus on significantly reducing our cash breakeven levels, achieving a reduction of almost $4,000 per day in an elevated interest rate environment.

轉到投影片 16，將我們的注意力轉向公司。阿德莫爾繼續增強其財務實力。提醒一下，左下角的圖表強調了我們致力於大幅降低現金損益平衡水平，在利率升高的環境下每天減少近 4,000 美元。

As a result of our effective cost control, lower debt levels and access to revolving credit facilities, we see a potential pathway to further reduce our breakeven to below $11,500 per day. In the second quarter, we refinanced two of our leased vessels at our first available opportunity for a total of $41 million. And as always, Ardmore is focused on optimizing performance while closely managing cost and preserving a strong balance sheet.

由於我們有效的成本控制、較低的債務水平以及獲得循環信貸額度的機會，我們看到了進一步將損益平衡點降低至每天 11,500 美元以下的潛在途徑。第二季度，我們一有機會就為兩艘租賃船舶提供了總計 4,100 萬美元的再融資。與往常一樣，Ardmore 專注於優化績效，同時密切管理成本並保持強勁的資產負債表。

Turning to slide 17, for financial highlights. As noted, we’re very pleased with our performance as we report results of $1.13 per share for the second 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 detail here, there is a full reconciliation of this presented in the appendix on slide 29.

轉向投影片 17，了解財務要點。如前所述，我們對我們的業績非常滿意，我們報告的第二季業績為每股 1.13 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 29 的附錄中對此進行了完整的協調。

While we continue to hold our $10 million stake in Element 1, the developer of methanol to hydrogen reformer technology, in May, we divested our small stake in its affiliate e1 Marine for $1.65 million realizing a modest gain of $0.5 million. However, given our position in Element 1, we will continue to benefit from e1 Marine’s growth in the Maritime sector. Also, please refer to slide 30 in the appendix for our third quarter guidance numbers.

雖然我們繼續持有Element 1（甲醇制氫重整技術開發商）價值1000 萬美元的股份，但5 月份，我們以165 萬美元的價格剝離了其附屬公司e1 Marine 的少量股份，實現了50 萬美元的小幅收益。然而，鑑於我們在 Element 1 中的地位，我們將繼續受益於 e1 Marine 在海事領域的成長。另外，請參閱附錄中的投影片 30，以了解我們的第三季指導數字。

Moving to slide 18, examining our fleet. As highlighted in the chart on the upper right, the majority of our drydocking and fleet enhancement program for this year is now complete, with increased revenue days and enhanced earnings power expected for the balance of the year.

轉到投影片 18，檢查我們的機隊。正如右上角圖表中突出顯示的那樣，我們今年的大部分乾船塢和船隊增強計劃現已完成，預計今年剩餘時間的收入天數將增加，盈利能力將增強。

Capital expenditure payments for the fleet in 2024 are currently forecasted at approximately $25 million including $15 million of CapEx related to efficiency enhancing technologies and scrubber installations. 50% of our MR fleet now has scrubbers, with a further forward to be outfitted in 2025.

目前預計 2024 年該船隊的資本支出約為 2,500 萬美元，其中包括與效率提昇技術和洗滌器安裝相關的 1,500 萬美元資本支出。我們 50% 的 MR 機隊現已配備洗滌器，並於 2025 年進一步配備洗滌器。

Finally, we are preparing for the implementation of FuelEU Maritime, which comes into effect on January 1, 2025. While a lot of planning is going into this by our chartering and operations team, in essence, this is a pass-through voyage expense. Also, it’s important to note that this regulation increases market complexities, which likely lead to even greater trading inefficiencies, representing new opportunities for our nimble chartering team.

最後，我們正在準備實施 FuelEU Maritime，該計劃將於 2025 年 1 月 1 日生效。雖然我們的租船和營運團隊對此進行了大量規劃，但本質上，這是一筆轉嫁航程費用。此外，值得注意的是，這項規定增加了市場的複雜性，這可能會導致交易效率進一步低下，這為我們靈活的租船團隊帶來了新的機會。

Moving to slide 19, where we highlight the power of our strong operating leverage. In these volatile markets, we can experience significant jumps in charter rates. So, it’s important to understand what a $10,000 per day increase in TCE rates means for our performance.

轉到投影片 19，我們強調了我們強大的營運槓桿的力量。在這些動盪的市場中，我們可以經歷包機費率的大幅上漲。因此，了解 TCE 費率每天增加 10,000 美元對我們的業績意味著什麼非常重要。

It equates to an annual increase of about $2.30 in earnings per share and a boost of nearly $100 million in free cash flow generation. That’s the kind of exciting potential Ardmore is positioned to harness in this market.

這相當於每股收益每年增加約 2.30 美元，自由現金流增加近 1 億美元。這就是阿德莫爾在這個市場中所定位的令人興奮的潛力。

With that, I’m happy to hand the call back to, Gernot and look forward to answering any questions at the end.

至此，我很高興將電話轉給 Gernot，並期待最後回答任何問題。

Great. Thank you, Bart. To summarize then, first the market. Rates continued their strong momentum in the second quarter. Even during the seasonally slower third quarter, we tracked rates up substantially year-on-year. Key drivers of this market strength are the persistent changes in product tanker trades due to the EU products embargo and other geopolitical factors creating more tonne-mile demand and new cargo flows.

偉大的。謝謝你，巴特。總結一下，首先是市場。第二季利率持續保持強勁勢頭。即使在季節性放緩的第三季度，我們追蹤的利率年比也大幅上升。這個市場強勢的主要驅動因素是由於歐盟產品禁運和其他地緣政治因素創造了更多噸英里需求和新的貨流，導致成品油輪貿易的持續變化。

Long-term market fundamentals are supported strongly by a significant supply gap, limited newbuilding deliveries and an aging fleet on one hand versus steady growth in oil demand and emerging new trades on the other.

長期市場基本面一方面受到巨大供應缺口、有限的新船交付和老化船隊的強大支撐，另一方面受到石油需求穩定成長和新興貿易的強大支撐。

Regarding Ardmore, we are achieving strong TCE performance and simultaneously effective cost control enabling us to drive our breakeven lower. The result is a robust balance sheet allowing us to execute on all our capital allocation priorities.

就阿德莫爾而言，我們正在實現強勁的 TCE 績效，同時有效的成本控制使我們能夠降低損益平衡點。其結果是穩健的資產負債表使我們能夠執行所有資本配置優先事項。

Before we open up the call for questions, I’d like to hand over the call to Tony, for some concluding remarks.

在我們開始提問之前，我想將電話轉交給托尼，讓他做一些總結性發言。

Thank you, Gernot. Many people have been proving me why I’m retiring now, and the simple answer is that this has been in the worst for many years as it was always my intention to step down around the age of 65. And, if you’re wondering why September is to align with a personal commitment I have starting at that time.

謝謝你，格諾特。很多人一直在向我證明為什麼我現在要退休，簡單的答案是，這是多年來最糟糕的情況，因為我一直打算在 65 歲左右退休。而且，如果您想知道為什麼九月要與我當時開始的個人承諾保持一致。

I do believe we’re in the middle of what I think of as a long-cycle upturn that was 14 years in the making, part of a clear historical pattern and one where the upturn portion typically lasts four-years to six-years. Of course, there are no guarantees, but I do believe that historical patterns as strong as this are usually very powerful predictors.

我確實相信，我們正處於我所認為的長週期好轉之中，該好轉持續了 14 年，是清晰歷史模式的一部分，而且好轉部分通常會持續四年到六年。當然，這並不能保證，但我確實相信，如此強大的歷史模式通常是非常強大的預測因素。

Given this market outlook and the opportunities that lie ahead for Ardmore, this is not an easy time to step down. I will, of course, also miss friendships that have developed during 40-odd years in the industry as well as colleagues at Ardmore. But, it is definitely the right time to move on to new challenges, and I also believe this is an excellent time to pass the torch on to what is an eminently qualified new generation.

考慮到這種市場前景以及阿德莫爾面臨的機遇，現在不是一個容易辭職的時機。當然，我也會懷念在這個行業 40 多年裡建立的友誼以及 Ardmore 的同事。但是，這絕對是迎接新挑戰的正確時機，我也相信這是將火炬傳遞給非常合格的新一代的絕佳時機。

I have to say I’m very proud of the Ardmore team at all levels of the organization. As you can imagine, with changes like this at the top, there is a knock on effect down many levels, likely all to be filled internally. It is therefore important to explain that the Ardmore team from top to bottom is bound not just by shared goals, but also shared values, in particular, our belief in the power of combining performance and progress.

我必須說，我對組織各個層面的 Ardmore 團隊感到非常自豪。正如您可以想像的那樣，隨著高層的這種變化，會對許多級別產生連鎖反應，很可能全部由內部填補。因此，有必要解釋一下，Ardmore 團隊從上到下不僅有共同的目標，而且有共同的價值觀，特別是我們對績效與進步相結合的力量的信念。

As a consequence, I’m very excited about Ardmore’s prospects. I believe the company is better positioned to succeed now than ever before. And, I look forward to watching it go from strength-to-strength in the years ahead.

因此，我對阿德莫爾的前景感到非常興奮。我相信公司現在比以往任何時候都更有能力取得成功。而且，我期待著看到它在未來幾年不斷發展壯大。

And with that, we’d like to open up the call for questions.

至此，我們想開始提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）

Jon Chappell, Evercore.

喬恩·查佩爾，Evercore。

Thank you. Good afternoon. Congratulations, Tony. Heck of a run going out on top of the market and don’t have to answer our questions anymore. So, well done. So, I’ll ask my first one to Gernot, on the market. So Gernot, several years ago, you locked in some time charters when the market was somewhat peaky.

謝謝。午安.恭喜你，東尼。跑到市場頂端了，不用再回答我們的問題了。所以，幹得好。所以，我會向 Gernot 詢問市場上的第一個。因此，格諾特，幾年前，當市場有些高峰時，您鎖定了一些期租合約。

I think to get some balance, and that proved to be very well-timed. I think the outlook for the next 24 months is different than, when you did that back in 2020. But, just wondering how you’re considering the balance of maybe locking in some duration here at elevated historical rates?

我認為要取得一些平衡，事實證明這是非常及時的。我認為未來 24 個月的前景與 2020 年時有所不同。但是，只是想知道您如何考慮以較高的歷史利率鎖定一段期限的平衡？

Yes. Hi, Jon. Thank you, and great question. And I think, in general, the way we look at our time charter exposure is really governed by opportunity and our policy. And, I think as you said, you said correctly, we had taken on a lot more coverage in 2021 when markets were a lot more difficult and kind of switched to a more time charter in approach, and we opened up the exposure for the year that came to fully capitalize on the market strength.

是的。嗨，喬恩。謝謝你，很好的問題。我認為，總的來說，我們看待期租風險的方式實際上是由機會和我們的政策決定的。而且，我認為正如您所說，您說得對，我們在2021 年承擔了更多的承保範圍，當時市場更加困難，並且在某種程度上轉向了更多的期租合同，我們開放了當年的敞口充分利用了市場的力量。

I think looking ahead, there’s always liquidity on deals and we’re kind of evaluating those constantly. At the moment, we feel very strongly about the potential that the spot market holds for us, which is why we are predominantly in the spot market.

我認為展望未來，交易總是存在流動性，我們會不斷評估這些流動性。目前，我們強烈感受到現貨市場對我們的潛力，這就是我們主要在現貨市場上的原因。

We have done an interesting spread play, where we took a ship extended one of our ships for 12 months to 18 months, not too long ago, rolled that spot over the winter months and then kind of locked in that remaining periods to realize adoption value at a significant premium kind of locking in, I think, $2.5 million.

我們做了一個有趣的分散遊戲，我們讓一艘船將我們的一艘船延長了12 個月到18 個月，不久前，在冬季的幾個月裡滾動了這個位置，然後鎖定了剩餘的時間以實現採用價值我認為，以相當高的溢價鎖定了 250 萬美元。

So, we can always continue to do sort of relative value plays. And, as far as time charter opportunities are concerned, we’re consistently monitoring. But right now, again, we think the potential of the spot market is quite significant.

因此，我們始終可以繼續進行相對價值遊戲。而且，就期租機會而言，我們一直在監控。但現在，我們再次認為現貨市場的潛力相當巨大。

Okay. That makes sense. And Bart, I understand want to keep the strategy in place, especially as you go through the leadership transition, and a strong balance sheet is a core of that. By anyone’s estimation, you’re going to be pretty close to net cash by the end of this year, if not before.

好的。這是有道理的。巴特，我理解希望保持策略不變，特別是在領導層過渡期間，而強大的資產負債表是其核心。根據任何人的估計，到今年年底（甚至更早），您將非常接近淨現金。

So just wondering, as you think about a net cash position, does the capital allocation strategy change? Is there a difference in the way you’re looking at risk aversion as it relates to current asset values? Just help us think about the early stages of ‘25, if the path continues the way that we think it does.

因此，我想知道，當您考慮淨現金部位時，資本配置策略是否會改變？您看待與當前資產價值相關的風險規避的方式是否存在差異？只要幫助我們思考 25 的早期階段，如果這條路繼續以我們認為的方式發展。

Sure. Thanks, Jon. I think as always, we’re guided by the capital allocation policy that’s been in place for a number of years. And we still do have some further scope for deleveraging through this year and always looking at and still making plans for investing in our current fleet to increase its efficiency.

當然。謝謝，喬恩。我認為，我們一如既往地受到多年來實行的資本配置政策的指導。今年我們確實還有進一步去槓桿化的空間，並且一直在考慮並仍在製定計劃投資我們現有的機隊以提高其效率。

And also you saw us do the pair trade, so on the potential for fleet modernization. So, I think it really remains situational related to that, while also continuing to pay our substantial dividend.

您也看到我們進行配對交易，因此了解機隊現代化的潛力。因此，我認為這確實仍然與此相關，同時也繼續支付我們的大量股息。

I think it’s important to point out the benefit that we’ve had from this delevering mission, if we didn’t do so, our breakeven would be close to $17,000 per day versus the current level of $12,650 and on a path to $11,500

我認為重要的是要指出我們從這項去槓桿化使命中獲得的好處，如果我們不這樣做，我們的盈虧平衡點將接近每天 17,000 美元，而目前的水平為 12,650 美元。道路

And so as a consequence of that, we’ve got an additional $40 million per annum of earnings or about $1 per share. So, I think continue on that front, further enhance that, and continue to see situationally if things come up on the investment front.

因此，我們每年額外獲得 4,000 萬美元的收益，即每股約 1 美元。因此，我認為繼續在這方面進行，進一步加強這一點，並繼續觀察投資方面是否出現情況。

Okay. Thanks, Bart. Congrats again to you and Gernot, and all the best, Tony.

好的。謝謝，巴特。再次恭喜你和格諾特，祝一切順利，托尼。

Thank you, Jon.

謝謝你，喬恩。

Thanks, Jon.

謝謝，喬恩。

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hey, guys. Good morning. Also, Tony, congrats on your retirement. And Gernot, Bart also congrats on your elevated roles. A couple of questions. First, just kind of thinking about the way the market is and how you’ve been deploying capital.

謝謝。嘿，夥計們。早安.另外，托尼，恭喜你退休。格諾特、巴特也恭喜你獲得升遷。有幾個問題。首先，思考一下市場的狀況以及您如何配置資本。

So, maybe thinking about the last topic of discussion. Earlier this year, you acquired the 2017 built MR. We’ve seen prices, I think, firm from here. But just wanted to get a sense from you on how you’re seeing values having trended since you acquired that vessel?

所以，也許想一下最後討論的話題。今年早些時候，您購買了 2017 年建造的 MR。我認為，我們已經看到價格從這裡開始堅挺。但只是想了解一下，自您獲得該船以來，您如何看待價值觀的趨勢？

And then also, do you see returns still looking compelling in the MR segment or in the chemicals? Any kind of color you can give on what you’re seeing there in the sale and purchase market?

另外，您認為 MR 領域或化學品領域的回報仍然有吸引力嗎？您可以為您在銷售和購買市場上看到的東西賦予任何顏色嗎？

Yes. Hi, Omar. Thanks for that. Look, I think we are really committed to the way we approach capital allocation through our capital allocation policy, where we return capital to shareholders, but also find different ways to reinvest in the business.

是的。嗨，奧馬爾。謝謝你。聽著，我認為我們確實致力於透過我們的資本配置政策來實現資本配置，我們將資本返還給股東，但也找到了不同的方式對業務進行再投資。

And we have done a lot in terms of just really upgrading our existing fleet, sometimes with incredible returns between 40% to 100% IRR. But of course, as you’re pointing out, we’ve also done an interesting spread play, selling one of our older ships, a 2010 build at an incredibly strong price.

我們在真正升級現有機隊方面做了很多工作，有時會帶來 40% 到 100% IRR 之間令人難以置信的回報。但當然，正如您所指出的，我們還進行了一項有趣的價差交易，以令人難以置信的強勁價格出售了我們的一艘 2010 年建造的舊船。

And then also paying in accordingly appropriately for a market price for a much more fuel efficient, more modern, and more versatile asset that was 2017 built. And I think that’s how we will continue to approach the market. We’ve been focused on opportunity across the whole bandwidth of reinvestment from upgrading our existing assets to continue to be focused on gradual fee monetization or even growth.

然後還按照市場價格相應地支付 2017 年建造的更省油、更現代、更多功能的資產。我認為這就是我們繼續進入市場的方式。我們一直專注於整個再投資範圍內的機會，從升級現有資產到繼續專注於漸進的費用貨幣化甚至成長。

You’re making a good point; markets are very strong. We can’t fight the markets. We’re, of course, fully benefiting from that with the amount of cash flow we’re generating here. But I think even within sort of the larger stroke cycle, which is very positive, there’s always going to be opportunities to find pockets of value. It’s a big sector, quite fragmented still and we’re engaging kind of in all fronts to make sure that we identify opportunities as they develop.

你說得很好；市場非常強勁。我們無法對抗市場。當然，我們在這裡產生的現金流量充分受益於此。但我認為，即使在更大的中風週期中（這是非常積極的），也總是有機會找到有價值的地方。這是一個很大的部門，但仍然相當分散，我們正在各個方面進行參與，以確保我們能夠在機會發展時發現機會。

Thanks, Gernot. And then, yes, just maybe on that spread trade. So the 10 that was sold in the 17 acquired, do you is that kind of I mean, it seems like you’ve got the critical mass of 20 odd ships plus and you’re obviously able to punch above your weight at least relative to other big companies, you’re still able to capture very decent realized rate it seems quarter in quarter out.

謝謝，格諾特。然後，是的，也許只是在價差交易上。因此，在 17 艘收購中售出的 10 艘，你是那種人嗎？其他大公司，您仍然能夠獲得非常好的實現率，似乎每個季度都是如此。

So, perhaps growth isn’t necessarily needed. So, are you saying basically that you’ve got the footprint you want or need and further investments really just about fine tuning. So you’ll sell maybe the 13 and replace with older ones. So kind of doing a spread trade, is that the thought or the ideal scenario going forward?

因此，也許成長並不是必需的。那麼，您基本上是說您已經獲得了想要或需要的足跡，而進一步的投資實際上只是為了微調。因此，您可能會賣掉 13 台並用舊的替換。進行價差交易是一種想法還是未來的理想場景？

Yes, I think that will continue to play a part, but I think we want to kind of think about not just growing the fleet, but also building the business and building the organization. So, I think there’s a lot we can do to evolve the business even around a consistent fleet size.

是的，我認為這將繼續發揮作用，但我認為我們不僅要考慮擴大機隊，還要考慮建立業務和建立組織。因此，我認為即使在機隊規模保持一致的情況下，我們也可以做很多事情來發展業務。

But I don’t think it has to be this binary. Again, I think for us, the approach is really finding value to make sure that we kind of look at this as lateral as possible. And as markets evolve and opportunity presents themselves, kind of continue to pursue both avenues of reinvestment.

但我不認為它一定是這種二元的。再說一次，我認為對我們來說，這種方法確實是在尋找價值，以確保我們盡可能橫向地看待這個問題。隨著市場的發展和機會的出現，我們會繼續尋求這兩種再投資途徑。

Okay. Thank you. And one just one final one for me. Bart, you touched on this a bit on the e1 sale. Wondering if I recall at the time of that transaction a few years back, there was a preferred equity issuance as a result or as part of that transaction. Any interest I guess, one, the sale, does that sort of trigger I know it’s a small amount that was sold, but does that trigger in any way that preferred? And then also is there interest on your part to redeem that?

好的。謝謝。對我來說，這只是最後一件事。Bart，您在 e1 銷售中談到了這一點。想知道我是否記得幾年前進行該交易時，作為該交易的結果或一部分，發行了優先股。我猜想，任何興趣，一，銷售，是否會觸發我知道它被出售的少量，但這會以任何首選的方式觸發嗎？那麼你有興趣贖回它嗎？

No. So, yes, good question, Omar. Yes, as a reminder to the listeners, when we did the transaction for e1 Marine and Element 1, we also simultaneously did a transaction of $40 million preferred equity piece on our balance sheet. And it really it come to a point for the exit of e1 Marine after building up the business for three years.

不。所以，是的，好問題，奧馬爾。是的，提醒聽眾，當我們進行 e1 Marine 和 Element 1 的交易時，我們也同時在資產負債表上進行了 4000 萬美元優先股的交易。在建立了三年的業務後，e1 Marine 確實到了退出的時候了。

That company needs additional capital to scale and we thought about our own capital allocation policy and felt that it was best to exit. It doesn’t trigger anything automatically for the preferred at all. And so going back to my answer for Jon, we see further pathway for deleveraging from the traditional bank debt side first, and then enhancing the breakeven and then can continue to assess something from there, but no immediate plans in terms of taking action on the preferred.

該公司需要額外的資本來擴大規模，我們考慮了我們自己的資本配置政策，並認為最好退出。它根本不會為首選自動觸發任何內容。因此，回到我對喬恩的回答，我們首先看到傳統銀行債務方面去槓桿化的進一步途徑，然後提高盈虧平衡，然後可以繼續評估一些東西，但沒有立即計劃採取行動首選。

Very good. Thank you. Thanks Bart. Thanks Gernot. And Tony, congrats again.

非常好。謝謝。謝謝巴特。謝謝格諾特。托尼，再次恭喜。

Thanks, Omar.

謝謝，奧馬爾。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

Thank you. So, I have a couple. The first is just I suspect I know the answer, but the Eco-Mods are doing in the third quarter so far a bit better than the Eco-Design. Is that just asset positioning or does this have some specific something that people find more desirable or is there anything to that?

謝謝。所以，我有一對。第一個是我懷疑我知道答案，但到目前為止，生態模組在第三季的表現比生態設計好一些。這只是資產定位還是有一些人們認為更理想的特定東西，或者有什麼關係嗎？

Yes. Hi, Ben. Good question. Right now, it’s just a pretty small data set. The Eco-Mod portion of the fee is now comparatively small and while the quarter is just underway, there’s just not that many voyages booked yet. And of course, then you sometimes find different ratios between front haul, backhauls, triangulation opportunities that have to kind of fully average out over the quarter.

是的。嗨，本。好問題。目前，它只是一個非常小的數據集。目前，費用中的 Eco-Mod 部分相對較小，雖然本季剛開始，但預訂的航次還沒有那麼多。當然，有時您會發現前傳、回傳、三角測量機會之間存在不同的比率，這些比率必須在整個季度內完全平均。

These ships are very good ships. Of course, they’ve been under our care for a long time. Three of them are now with the tonnage provider that we’re close with on charter back to us and they’re doing a really great job operating those ships.

這些船都是非常好的船。當然，它們長期以來一直受到我們的照顧。其中三艘現在與我們關係密切的噸位提供商簽訂了租船合同，並且他們在運營這些船舶方面做得非常出色。

So, even though they are on the older end of the age profile of our fleet, extremely well received in the marketplace, very broadly acceptable all majors. And so we can really fully face them to our audience desire. And I think you can see this layout on the earnings. But again, just take this as a small data set for now.

因此，儘管它們在我們的機隊中處於較舊的年齡階段，但在市場上非常受歡迎，並被所有專業廣泛接受。這樣我們就可以真正充分地滿足觀眾的願望。我想你可以在收益上看到這種佈局。但同樣，現在僅將其視為一個小數據集。

Sure. Okay. That’s what I assumed. And then secondly, I got three, hopefully that’s okay. But secondly, on the Matterhorn, which started in, I believe it has an option to extend for six months in September. Curious when you have to exercise that option and what the rate is for the six month extension.

當然。好的。這就是我的假設。其次，我得到了三個，希望沒問題。但其次，對於從 9 月開始的馬特洪峰，我相信它可以選擇在 9 月延長六個月。很好奇您何時必須行使該選項以及六個月延期的費率是多少。

Alright. Yes. So that time charter is actually structured as a min max period, where we don’t actually have to exercise the option. We basically can [redevelop] the ship by providing a notice, and that gives us kind of full flexibility in that sense.

好吧。是的。因此，期租實際上被建構為最小最大期限，我們實際上不必行使該選擇權。我們基本上可以透過提供通知來[重新開發]船舶，從這個意義上說，這給了我們充分的靈活性。

So, typical contracts you’re right are kind of firm periods with option declaration dates, but in this case, it’s just a min max period. So, that’s kind of that.

因此，您是對的，典型的合約是帶有期權聲明日期的固定期限，但在這種情況下，它只是一個最小最大期限。所以，就是這樣。

Okay. That’s helpful. And then lastly for me, stepping into a new role, obviously, big shoes to fill here. As you -- and appreciating and you guys did cover this well, talking about continuity and sticking to the plan and so forth.

好的。這很有幫助。最後，對我來說，踏入一個新的角色，顯然，這是一個重要的角色。正如你們所欣賞的那樣，你們確實很好地涵蓋了這一點，談論了連續性和堅持計劃等等。

But, just sort of big picture, as you look out three, five years down the line, what how would you envision success, as the leader of the company? And it’s a cyclical business and we all appreciate that. But what do you think that you can do and that you’d say mission accomplished?

但是，從大局來看，當你展望未來三、五年時，身為公司的領導者，你如何看待成功？這是一項週期性業務，我們都對此表示讚賞。但你認為你能做什麼並且你會說任務完成了？

Yes. Good point, Ben. Definitely big shoes to fill, and I’ll be working very hard to do justice, but I have full faith in the team around me, including Bart of course, who’s got incredible background and really diverse experience and a real high value network. And I think between him and I, we’ll do our best to be up to the task.

是的。好點，本。絕對是一個巨大的空缺，我將非常努力地工作以伸張正義，但我對我周圍的團隊充滿信心，當然包括巴特，他擁有令人難以置信的背景和真正多樣化的經驗以及真正的高水平價值網。我認為，在我和他之間，我們將盡最大努力完成這項任務。

Now in terms of my vision, looking ahead, yes, the point I made is very is something I’d like to reiterate. We have had an incredible run, incredible journey, a well-tested and successful strategy. But if I were to kind of fast forward, I think we would have as a company have raised opportunities to truly innovate the business and ways to reintegrate technology, whether it’s hardware or more machine learning, both assure and throughout the fleet.

現在就我的願景而言，展望未來，是的，我提出的觀點非常值得重申。我們經歷了令人難以置信的運行、令人難以置信的旅程、經過充分考驗且成功的策略。但如果我快轉的話，我認為作為一家公司，我們將提供真正創新業務的機會和重新整合技術的方法，無論是硬體還是更多的機器學習，無論是保證還是整個機隊。

So, innovation focus, being opportunistic on transactions and continuing to kind of build and develop the organization and the culture that we have. So looking back in five years, I would like to think that on those three elements, innovation, opportunistic transactions, and culture, we would have continued to progress and advance as a company.

因此，重點是創新，在交易中保持機會主義，並繼續建立和發展我們擁有的組織和文化。因此，回顧五年後，我想，在創新、機會主義交易和文化這三個要素上，我們作為一家公司將繼續進步和進步。

Great. I appreciate it. And let me just say, Tony, congratulations, and I look forward to turning the tables and critiquing some of your and, to Bart, Gernot. I’m excited to continue to work with you guys.

偉大的。我很感激。讓我說，東尼，恭喜你，我期待著扭轉局勢並批評你的一些觀點，還有巴特，格諾特。我很高興能繼續與你們合作。

Great. Thank you, Ben.

偉大的。謝謝你，本。

We don’t have further questions at this time. This concludes today’s conference call. Thank you for your participation. You may now disconnect.

目前我們沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。