Ardmore Shipping Corp (ASC) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's Third 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. We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. A replay of the conference call will be accessible anytime during the next two weeks by dialling 18886606345 or 16465174150 and entering the passcode 17491. At this time, I will turn the call over to Gernot Ruppelt, Chief Executive Officer of Ardmore Shipping.

早安，女士們、先生們，歡迎參加阿德莫爾航運 (Ardmore Shipping) 2024 年第三季財報電話會議。今天的電話會議正在錄音，並且可以在公司網站 ardmoreshipping.com 的投資者關係部分獲取音訊網路廣播和簡報。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 18886606345 或 16465174150 並輸入密碼 17491 重播電話會議。此時，我將把電話轉給阿德莫爾航運公司執行長 Gernot Ruppelt。

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

早上好，歡迎參加 Ardmore Shipping 的 2024 年第三季財報電話會議。首先，讓我請我們的總裁兼財務長巴特·凱萊赫討論前瞻性陳述。

Thanks, Gernot. 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 Third Quarter, 2024 earnings release, which is available on our website. And now I will turn the call back over to Gernot.

謝謝，格諾特。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 年第三季度收益報告。現在我將把電話轉回給格諾。

Thank you, Bart. Let me first outline the format of today's call. To begin with, I will discuss our Third Quarter Earnings highlights. Following this, I will discuss the near-term market outlook and our capital allocation policy. After that, Bart will provide an update on product and chemical tanker fundamentals and our financial performance.

謝謝你，巴特。首先讓我概述一下今天電話會議的形式。首先，我將討論我們第三季的獲利亮點。接下來，我將討論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表現的最新資訊。

And then I will conclude the presentation before opening up the call for questions.

然後我將在開始提問之前結束演示。

So, turning first to slide 4 to discuss our Third Quarter Earnings highlights. We are pleased to announce strong Third Quarter results with Adjusted Earnings of $23.3 million or $0.55 per share reflecting elevated TCE rates versus historical norms.

因此，首先轉到幻燈片 4 來討論我們的第三季獲利亮點。我們很高興地宣布強勁的第三季業績，調整後收益為 2,330 萬美元，即每股 0.55 美元，反映出 TCE 率較歷史水準有所提高。

Our MR's earn $28,500 per day for the Third Quarter and $25,000 per day so far in the Fourth Quarter with 50% booked.

我們的 MR 第三季每天收入為 28,500 美元，第四季到目前為止每天收入為 25,000 美元，預訂率為 50%。

Our chemical tankers earned $21,600 per day for the Third Quarter and $25,150 per day for the Fourth Quarter with 55% booked so far.

我們的化學品油輪第三季每天收入 21,600 美元，第四季每天收入 25,150 美元，迄今已預訂 55%。

The chart on the upper right, highlights our strong market performance with TCE rates up year on year during the seasonally slower Third Quarter.

右上角的圖表突顯了我們強勁的市場表現，在季節性放緩的第三季度，TCE 費率比去年同期上漲。

Additionally, on a year-to-date basis, we are up 17% compared to the same period last year.

此外，今年迄今，我們的成長率比去年同期成長了 17%。

In tandem with our strong and more performance, we continue leveraging the significant overlap between product and chemical tanker trades.

與我們強勁且更高的業績相結合，我們繼續利用成品油輪和化學品油輪貿易之間的顯著重疊。

Meanwhile, we continue to execute on our long standing capital allocation policy.

同時，我們繼續執行長期的資本配置政策。

We declared another quarterly cash dividend of $0.18 per share. Consistent with our policy of paying out 1/3 of Adjusted Earnings.

我們宣布另一季度現金股利為每股 0.18 美元。與我們支付 1/3 調整後收益的政策一致。

Furthermore, we continue to make high return investments in our Fleet, which are enhancing performance and reducing emissions.

此外，我們繼續對機隊進行高回報投資，以提高性能並減少排放。

To give an example, as our chemical tankers go through their regular five-year drydocking cycle. In 2025, we have committed to investing in specialized tank coatings to further increase trading flexibility and boost earnings performance.

舉個例子，我們的化學品船正在經歷五年的定期進塢週期。2025年，我們致力於投資特種儲罐塗料，以進一步提高交易靈活性並提高獲利績效。

Overall Ardmore continues to benefit from a strategic focus on optimizing our trading performance. While tightly managing cost. We have reduced our breakeven level down to $11,500 per day. The lowest in our history.

總體而言，阿德莫爾繼續受益於優化交易績效的策略重點。同時嚴格管理成本。我們已將損益平衡水準降至每天 11,500 美元。我們歷史上最低的。

This provides flexibility and resilience to our company.

這為我們公司提供了靈活性和彈性。

Turning to slide 5 where we discuss why the market outlook continues to be very supportive.

轉向幻燈片 5，我們討論為什麼市場前景仍然非常樂觀。

As you can see from the graph on the upper right, we are approaching a point of inflection as we enter the seasonally stronger winter market.

正如您從右上角的圖表中看到的那樣，隨著我們進入季節性較強的冬季市場，我們正在接近一個拐點。

This typically commences in November, driven by increasing refinery runs, the impact of weather delays and heightened overall trading activity.

這通常在 11 月開始，受到煉油廠開工量增加、天氣延誤的影響以及整體貿易活動增加的推動。

TCE rates in the Third Quarter were impacted by an unusual spike in the number of VLCC’s and Suezmaxes carrying refined product as a result of temporarily weaker crude markets.

第三季的 TCE 費率受到原油市場暫時疲軟導致運載成品油的 VLCC 和 Suezmax 數量異常激增的影響。

Although crude tank and new buildings, often carry these refined products on their maiden voyage, it is uncommon for ships to clean up.

儘管原油槽和新建築在首航時經常攜帶這些精煉產品，但船舶進行清理的情況並不常見。

This is due to the significant switching cost and time involved. However, we have seen this trend unwinding as crude markets have also strengthened.

這是由於涉及大量的轉換成本和時間。然而，隨著原油市場的走強，我們看到這一趨勢正在減弱。

In addition, ongoing and persistent geopolitical disruption continues to drive higher ton miles and the dislocation of core trades. Which is adding consistent upward pressure to freight rates.

此外，持續不斷的地緣政治混亂繼續推動噸英里數的增加和核心貿易的混亂。這給運價帶來了持續的上行壓力。

Underlying demand drivers remain supportive. Despite some short-term volatility. Saudi Arabia and OPEC+ are expected to increase production into 2025. While the US economy continues to prove resilient with strong jobs growth and falling inflation.

潛在的需求驅動因素仍具有支撐作用。儘管存在一些短期波動。沙烏地阿拉伯和 OPEC+ 預計到 2025 年將增產。儘管美國經濟持續表現出韌性，就業成長強勁，通膨下降。

Moving to slide 6 where we highlight our longstanding capital allocation policy. Given our strong financial position, we have been actively delivering on all of our capital allocation priorities and are pleased with our performance to date.

轉到投影片 6，我們重點介紹了我們長期的資本配置政策。鑑於我們強勁的財務狀況，我們一直在積極實現所有資本配置優先事項，並對迄今為止的表現感到滿意。

I would like to draw your attention especially to the following.

我想提請您特別注意以下幾點。

We have declared our 8th consecutive dividend with a cumulative payout equivalent to 15% of our market cap. In line with our energy transition plan, we have completed numerous projects across the Fleet, achieving high IRR up to and even exceeding 100%. In this high-interest rate environment, we continue to deliver across debt and preferred stock, and we have reduced our cash break even from $16,500 per day to $11,500 per day leading to annualized savings of about $50 million.

我們已連續第八次宣布派息，累計派息相當於我們市值的 15%。根據我們的能源轉型計劃，我們在整個船隊完成了眾多項目，實現了高達甚至超過 100% 的高 IRR。在這種高利率環境下，我們繼續提供債務和優先股，並將現金收支平衡從每天 16,500 美元減少到每天 11,500 美元，每年節省約 5,000 萬美元。

Our capital allocation cycle reflects the strategic long-term approach to the cycle. We are committed to balancing the return of cash to shareholders with reinvesting in our Fleet, in order to enable sustainable value creation.

我們的資本配置週期反映了該週期的策略性長期方法。我們致力於平衡股東的現金回報與對我們機隊的再投資，以實現可持續的價值創造。

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

說到這裡，我想把時間交給巴特。

Thanks Gernot. Following Gernot's insights on the market outlook, we examine the industry fundamentals in greater detail.

謝謝格諾特。根據格諾特對市場前景的見解，我們更詳細地研究了產業基本面。

As previously discussed, the supply demand dynamics continue to be very supportive.

如前所述，供需動態仍然非常有利。

Moving to slide 8 where we contrast an aging MR Fleet and its replacement needs with the current order book.

轉到投影片 8，我們將老化的 MR 艦隊及其替換需求與當前訂單進行比較。

The chart on the left provides an important visual representation of the changes in the MR Fleet over time.

左側的圖表提供了 MR 艦隊隨時間變化的重要視覺化表示。

As previously discussed, 15 years ago, we observed a modern Fleet with a large order book as highlighted in the red quadrant.

如前所述，15 年前，我們觀察到一支擁有大量訂單的現代艦隊，如紅色象限中突出顯示的那樣。

However, over time, the order book has declined while the Fleet has aged. Currently as highlighted in the green quadrant, we have an exceptionally old Fleet in an order book that reflects this replacement need.

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，我們的訂單簿中有一支非常舊的機隊，反映了這種更換需求。

In fact, it's the oldest Fleet in two decades with an average age of nearly 14 years.

事實上，這是二十年來最古老的艦隊，平均年齡接近 14 年。

Now moving to the chart on the right, we can see that 50% of the global MR Fleet will be over 20 years old and entering the scrapping window within the next five years.

現在看右圖，我們可以看到全球 50% 的 MR 船隊機齡將超過 20 年，並在未來五年內進入報廢窗口。

In contrast, the current order book delivering over the same time period represents only 15% of the Fleet.

相比之下，目前同期交付的訂單僅佔船隊的 15%。

So the aging Fleet is more than three times the current order book. For the product tanker order book overall, it is important to re-emphasize the lack of Aframax crude tanker new buildings. As well as the fact that LR2s are coded tankers of the same size and can operate in the same trades.

因此，老化的船隊是目前訂單量的三倍多。對於成品油輪訂單總量而言，重要的是要再次強調阿芙拉型原油油輪新建築的缺乏。事實上，LR2 是相同尺寸的油輪，可以在相同的行業中運作。

That means that is the Aframax Fleet shrinks a portion of these LR2s, will operate in crew trades to make up the shortfall.

這意味著阿芙拉型油輪船隊將縮減一部分 LR2，將其用於船員行業以彌補缺口。

Moving to slide 9 where we address the long term demand drivers in greater detail.

轉到投影片 9，我們更詳細地討論長期需求驅動因素。

The chart on the top right highlights the enduring trend of oil refinery and petrochemical production capacity expansion in the East. Combined with closures in the West, this continues to drive incremental long haul ton miles.

右上圖凸顯了東部地區煉油和石化產能擴張的持久趨勢。加上西部地區的關閉，這將繼續推動長途噸英里的增量。

At the same time, we note the evolving demand picture with the growing importance of biofuels, while market projections reflect the increasing demand for oil products to meet both global energy and mobility needs.

同時，我們注意到隨著生物燃料的重要性日益增加，需求情況不斷變化，而市場預測反映了為滿足全球能源和流動性需求而對石油產品的需求不斷增加。

As previously mentioned, the ongoing conflict between Russia and Ukraine coupled with the EU Embargo on Refined Products has resulted in a persistent re-ordering of the global product trades.

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。

Also new regulations provide further upside potential to the market. Due to increasing trade complexity, which creates opportunities for operators such as Ardmore. Moving to slide 10. Which highlights the support of fundamentals considering the aging Fleet and continued demand drivers. We just discussed. In the chart, the green bars represent Tonne-Mile Growth. While the blue and gray bars represent Net Chemical and Product Tanker Fleet growth.

新法規也為市場提供了進一步的上行潛力。由於貿易複雜性不斷增加，這為阿德莫爾等營運商創造了機會。轉到投影片 10。這凸顯了考慮到老化的船隊和持續的需求驅動因素的基本面的支持。我們剛剛討論過。在圖表中，綠色條代表噸英里增長。藍色和灰色條代表淨化學品和成品油輪船隊的成長。

Of course, it is important to remember the need to adjust for the dynamics between LR2s and Aframax crude tankers. As we just discussed. Looking ahead, in a range of scenarios over the next several years, market fundamentals point to sustain strength. Moving to slide 12 and turning our attention to the company, Ardmore continues to build upon its financial strength.

當然，重要的是要記住需要根據 LR2 和阿芙拉型原油油輪之間的動態進行調整。正如我們剛才討論的。展望未來，在未來幾年的一系列情況下，市場基本面都顯示將維持強勢。轉到幻燈片 12，我們將注意力轉向該公司，Ardmore 繼續增強其財務實力。

Once again, the chart on the bottom left highlights our tremendous focus on significantly reducing our Cash Break Even levels to $11,500 per day.

左下角的圖表再次凸顯了我們對現金收支平衡水準大幅降低至每天 11,500 美元的巨大關注。

This has been achieved in an elevated interest rate, environment driven by effective cost control, lower debt levels and access to revolving credit facilities.

這是在利率上升、有效成本控制、較低債務水準和獲得循環信貸便利所驅動的環境下實現的。

As always, Ardmore remains focused on optimizing performance, closely managing costs and preserving a strong balance sheet.

像往常一樣，Ardmore 仍然專注於優化績效、密切管理成本和維持強勁的資產負債表。

Turning to slide 13 for financial highlights.

請參閱投影片 13 以了解財務要點。

As noted, we are very pleased with our performance as we report results of $0.55 per share for the Third Quarter.

如前所述，我們對我們的業績感到非常滿意，我們報告了第三季每股 0.55 美元的業績。

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.

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。

Well, I won't go into the details here. There is a full reconciliation of this presented in the appendix on slide 24.

好吧，我不會在這裡詳細介紹。在第 24 張投影片的附錄中對此進行了全面協調。

Also please refer to slide 25 in the appendix for our Fourth Quarter guidance numbers. Moving to slide 14 for Fleet operations.

另請參閱附錄中的投影片 25，以了解我們的第四季指導數字。前往投影片 14 了解艦隊運作。

We have now completed all of our scheduled Drydockings for 2024.

我們現已完成 2024 年所有預定的乾船塢活動。

We have our full Fleet in position as the winter market begins to accelerate.

隨著冬季市場開始加速發展，我們的完整機隊已就位。

Notably, we made $15 million of investments in efficiency, enhancing technologies and scrubber installations this year which represents over half of our $26 million capex program.

值得注意的是，我們今年在效率、增強技術和洗滌器安裝方面進行了 1,500 萬美元的投資，占我們 2,600 萬美元資本支出計畫的一半以上。

This is already boosting our strong chartering performance. For 2025, we are forecasting Capital Expenditure of approximately $30 million to $35 million covering routine Drydockings as well as significant investments in additional high returning performance upgrades.

這已經提升了我們強勁的租船業績。到 2025 年，我們預計資本支出約為 3,000 萬至 3,500 萬美元，涵蓋常規幹塢以及額外高回報性能升級的重大投資。

This includes the previously mentioned specialized tank coatings.

這包括前面提到的專用儲罐塗層。

In addition, we have been preparing for the implementation of FuelEU Maritime which comes into effect on January 1st 2025.

此外，我們一直在為實施將於 2025 年 1 月 1 日生效的 FuelEU Maritime 做準備。

Well, a lot of planning is going into this by our chartering and operations team. In essence, this is a pass-through voyage expense and will be treated as such.

嗯，我們的租船和營運團隊正在對此進行大量規劃。從本質上講，這是轉嫁航程費用，並將被視為轉嫁航程費用。

Finally, Ardmore continues to deliver strong operational performance, achieving over 99% on higher availability in the Third Quarter with strong co-ordination and execution between our seafarers and shore side teams. Moving to slide 15, where we highlight the power of our strong Operating Leverage as seasonality plays out, we can experience significant increases in Charter Rates to frame this in a simple manner. An additional $10,000 per day equates to an annual increase of about $2.25 in earnings and a boost of nearly $100 million in free cash flow generation.

最後，Ardmore 繼續提供強勁的營運績效，透過我們的海員和岸上團隊之間的強有力的協調和執行，第三季的可用性提高了 99% 以上。轉向幻燈片 15，我們強調了隨著季節性的影響，我們強大的營運槓桿的力量，我們可以看到包機費率的顯著增加，以簡單的方式來描述這一點。每天增加 10,000 美元相當於每年收入增加約 2.25 美元，自由現金流產生增加近 1 億美元。

As we enter the seasonally stronger winter market, our modern high-quality Fleet is well positioned to take full advantage. With that, am happy to hand the call back to Gernot and look forward to answering any questions at the end.

隨著我們進入季節性較強的冬季市場，我們現代化的高品質機隊已做好充分準備，充分利用這一優勢。至此，我很高興將電話轉回給 Gernot，並期待最後回答任何問題。

Great. Thank you, Bart. To summarize then, First, the market, our chartering performance remained elevated in the typically slower Third Quarter and is up year on year.

偉大的。謝謝你，巴特。總結一下，首先，從市場來看，我們的租船業績在通常放緩的第三季度仍然保持較高水平，並且同比有所上升。

Now as we move into the seasonally stronger winter market, rates have begun to accelerate.

現在，隨著我們進入季節性強勁的冬季市場，價格已開始加速。

While we recognize some short term volatility, long-term market fundamentals remain strong.

儘管我們意識到短期波動，但長期市場基本面依然強勁。

This strength is supported by an unprecedented demographic for the tanker Fleet on one hand and an evolving and growing demand picture on the other hand, including an increasing need for transition fuels.

這種優勢一方面得到了油輪船隊前所未有的人口規模的支持，另一方面得到了不斷變化和增長的需求情況的支持，包括對過渡燃料的需求不斷增加。

Regarding our company, our investment in the Fleet is enabling us to maximize TCE performance. Meanwhile, tight cost management and continued delivering are reducing our Cash Break Even. Overall, this enables us to deliver consistently strong earnings.

就我們公司而言，我們對機隊的投資使我們能夠最大限度地提高 TCE 績效。同時，嚴格的成本管理和持續交付正在降低我們的現金收支平衡。總體而言，這使我們能夠持續實現強勁的盈利。

The result is a robust balance sheet and we have been delivering on all our capital allocation priorities.

其結果是建立了穩健的資產負債表，並且我們一直在履行所有資本配置優先事項。

And with that, I would now like to open the call for questions.

現在我想開始提問。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. And if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced once again, star and one if you wish to ask a question and our first question comes from the line of Omar Nokta from Jefferies. Your line is now open. Please go ahead.

謝謝你們，女士們、先生們。我們現在開始問答環節。如果您想問問題，請按電話鍵盤上的星號和 1，然後等待您的名字再次被宣布，如果您想問問題，請按星號和 1，我們的第一個問題來自 Omar Nokta。傑弗里斯。您的線路現已開通。請繼續。

Hi Gernot and Bart, good afternoon, obviously you know, you guys are reporting obviously on a day that's pretty significant, and I guess sorry to ask this from the get-go, but just in general and anything that, anything immediately on the horizon that you see changing for the product market as a result of the Trump win.

嗨，格諾特和巴特，下午好，顯然你們知道，你們顯然正在報道一個非常重要的日子，我想很遺憾從一開始就問這個問題，但總的來說，以及任何即將發生的事情由於川普獲勝，你會看到產品市場發生變化。

Yeah, sorry to, to ask that off the bat here.

是的，很抱歉，在這裡問這個問題。

No, no, not a problem at all. Omar and Good morning to you. And I hope you also appreciate that we will probably, you know, differ for any kind of deep political analysis, and leave that to those most qualified to give it. Of course, we do pay attention, and you know, the US is important for us, you know, customers and, staff and of course shareholders there.

不，不，根本不是問題。奧馬爾和你早安。我希望你也明白，你知道，我們可能會對任何類型的深入政治分析持不同意見，並將其留給那些最有資格進行分析的人。當然，我們確實關注，而且你知道，美國對我們、客戶、員工，當然還有股東都很重要。

But, you know, as far as the market is concerned, we think for the reasons that we discussed fundamentals remain very positive and aren't really affected by the US presidency. I mean, certainly on the supply side that's not going to change, not the supply picture or the age demographic of the Fleet, but also those kind of big sectorial drivers, you know, refinery dislocation East West flows that has really nothing to do with the kind of the US political landscape, the you know, Embargo on Russian Refined Product exports, that's an EU Embargo. That is a European thing. And even if there were a resolution to the conflict between Russia and Ukraine, I would question whether Europe would kind of like go back to, depending to, depending on Russian diesel exports to the extent they have before considering there's a really, you know, well-functioning a well-priced and, and lively alternative trade that's been well underway now for a long period of time situation in the Red Sea. I doubt there is going to be an immediate resolution and for ships to safely go to the Red Sea again. I think a lot would have to happen. I would just make one more observation in general. I think any incoming President, regardless of which party, you know, has no interest in seeing prices at the pump go up. And that typically would suggest that, you know, that President has no interest in restricting circulation of oil products. As a matter of fact, it should mean more refinery output. And with that, usually more trading activity, and a higher need for transport.

但是，就市場而言，我們認為，由於我們討論的原因，基本面仍然非常積極，並且並未真正受到美國總統任期的影響。我的意思是，在供應方面肯定不會改變，不是供應情況或艦隊的年齡人口，而是那些大型部門驅動因素，你知道，煉油廠的東西向流動錯位實際上與美國的政治格局，你知道，俄羅斯成品油出口的禁運，這就是歐盟的禁運。那是歐洲的事。即使俄羅斯和烏克蘭之間的衝突得到解決，我也會質疑歐洲是否會回到依賴俄羅斯柴油出口的程度，然後再考慮是否存在真正的，你知道的，運作良好、價格合理、活躍的替代貿易已經在紅海地區進行了很長一段時間。我懷疑是否會立即達成解決方案並讓船隻再次安全前往紅海。我認為將會發生很多事情。我只想再做一個一般性的觀察。我認為任何即將上任的總統，無論哪個政黨，都沒有興趣看到油價上漲。這通常表明，總統對限製石油產品的流通沒有興趣。事實上，這應該意味著煉油廠產量的增加。隨之而來的，通常是更多的貿易活動和更高的運輸需求。

Thank you. That is very helpful. I appreciate your views there and maybe just wanted to ask also, you know, clearly, just looking at your bookings that you have been able to achieve here, you know, this far into the Fourth Quarter on both the MRs and Handy Chemicals. You know, I would say they are pretty solid and seem to be above the averages. Maybe that we kind of see with the spot market indices, I guess the question is that the case, is that above the indexes and then two in relation to where the market is now, how would you say that compared to your averages this far?

謝謝。這非常有幫助。我很欣賞您的觀點，也許只是想問一下，您清楚地知道，只是看看您在這裡能夠實現的預訂，您知道，到目前為止，MR 和 Handy Chemicals 都已進入第四季度。你知道，我會說他們非常穩定並且似乎高於平均水平。也許我們在現貨市場指數上看到了這一點，我想問題是這種情況，是高於指數，然後是與市場現在的位置相關的兩個，與迄今為止的平均水平相比，你會怎麼說？

Yeah, thank you, Omar. And I guess, you know, we have, I have been told that I am not very good at taking a compliment, but we will just take it so appreciate it. But it is really more testament to I think the team and the platform that we built where I think in these industries just tend to, you know, imperfectly reflect the true potential of the market. And we have, of course, a very integrated platform and culture that is focused on one thing and one thing only which is maximizing TCE performance and a lot of the Capital investments that we are so excited about on top of that help us to of course, increase the energy efficiency, get access to, you know, premium trades and premium cargos. And I would, I would say that it is an important component to our strategy and it is good to see that play out. So, thank you.

是的，謝謝你，奧馬爾。我想，你知道，我們有，有人告訴我，我不太擅長接受讚美，但我們會接受它，所以我很感激。但這確實更證明了我認為我們在這些產業中建立的團隊和平台往往無法完美反映市場的真正潛力。當然，我們擁有一個非常全面的平台和文化，專注於一件事，並且只專注於一件事，即最大限度地提高TCE 績效，除此之外，我們感到非常興奮的大量資本投資當然可以幫助我們，提高能源效率，獲得優質貿易和優質貨物。我想說，這是我們策略的重要組成部分，很高興看到它的實施。所以，謝謝你。

Okay, very good. Well thank you. That is, it for me.

好的，非常好。嗯，謝謝。也就是說，它適合我。

Thank you. Once again for those who want to ask a question, just press star and one on your telephone keypad.

謝謝。對於那些想要提問的人，只需按下電話鍵盤上的星號和一即可。

And the next question comes from the line of Ben Nolan from Stifel. Your line is now open. Please go ahead.

下一個問題來自 Stifel 的 Ben Nolan。您的線路現已開通。請繼續。

Thank you. Good morning or good afternoon, guys. I wanted to ask a little bit or maybe how you think about asset pricing specifically, you know, you have spent a few years now really deleveraging the balance sheet, which is great. And perhaps at least lately, part of that has been maybe a little hesitancy to lean in very far into buying assets because they are perhaps a bit elevated. And I'm not asking for like a perfect number of what you think is a good price on an MR but may maybe just a little of the background or the calculus or whatever behind where you think or how you would think about what is a good price given the supply demand dynamics, new buildings, etc., you know, it and how close are we to something that you think is actionable?

謝謝。早安或下午好，夥計們。我想問一點，或者您具體如何看待資產定價，您知道，您已經花了幾年時間真正去槓桿化資產負債表，這很棒。也許至少在最近，部分原因是人們在大力購買資產方面可能有點猶豫，因為它們的價格可能有點高。我並不是要求你認為 MR 的好價格的完美數字，但可能只是一些背景或微積分或任何你認為的背後的東西，或者你如何看待什麼是好價格考慮到供需動態、新建築等，你知道，我們離你認為可行的事情有多遠？

Yeah. Good morning, Ben. It is a great question and it is part of that, I think nuanced very thoughtful and deliberate balancing act. We undertake on a continuous basis among management and with the board, you know, taking it back to the capital allocation policy that we have been very consistent with, you know, reinvestment in the business is a big part of it. And when we look at the different angles of reinvesting in the business, we have to then, you know, look at what do we believe offers the most value to our shareholders. And we are very excited about finding ways to reinvest in the existing Fleet in ways that provide extremely attractive returns regardless of what happens in the market. While of course, at the same time, you know, we do stay connected with a broad range of you know, sources of deal flow really to make sure that we continue to evaluate all potential avenues for reinvestment. And here we, I think we will continue to be disciplined and selective and make sure that any investment decision meets our value criteria.

是的。早安，本。這是一個很好的問題，也是其中的一部分，我認為這是細緻、深思熟慮和深思熟慮的平衡行為。我們在管理階層和董事會之間持續承諾，你知道，將其帶回我們一直非常一致的資本配置政策，你知道，對業務的再投資是其中的重要組成部分。當我們從不同角度審視業務再投資時，我們必須看看我們認為什麼可以為股東提供最大價值。我們非常高興能找到對現有機隊進行再投資的方法，無論市場發生什麼情況，都能提供極具吸引力的回報。當然，同時，我們確實與廣泛的交易流來源保持聯繫，以確保我們繼續評估所有潛在的再投資途徑。我認為我們將繼續保持紀律和選擇性，並確保任何投資決策都符合我們的價值標準。

Okay. And any thoughts as to sort of a snapshot of where we are today, where you think asset values are in line with that framework.

好的。以及關於我們今天所處位置的快照的任何想法，您認為資產價值符合該框架。

Where we are today. Well, I think it's an interesting point in time where, you know, certainly we have pointed to some of those, you know, some of that short term volatility and I think that's something we pay very close attention to as it as it kind of you know, reverberates through the different markets that we are exposed to, including, of course the sale and purchase market.

我們今天在哪裡。嗯，我認為這是一個有趣的時間點，你知道，我們當然已經指出了其中的一些，你知道，一些短期波動，我認為這是我們非常密切關注的事情，因為它是一種你知道，這會影響我們所接觸的不同市場，當然包括銷售和購買市場。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

Thanks, Ben.

謝謝，本。

Thank you. And no further questions that came through. This concludes our conference for today. Oh, sorry. We have a follow up question from Omar Nokta from Jefferies.

謝謝。沒有進一步的問題出現。我們今天的會議到此結束。哦，抱歉。Jefferies 的 Omar Nokta 向我們提出了後續問題。

Please go ahead.

請繼續。

Thank you. Thanks. Just one quick follow up just from my side. Just wanted to ask about the preferred you are buying back $10 million of the 40. I just wanted to get your thoughts on that. You know, when you think of buying a stock versus these preferred, is it more attractive to you at these levels to look at the stock or is it preferred still? You think where you would rather look to buy back a part of the capital structure?

謝謝。謝謝。只是我這邊的一個快速跟進。只是想問您在這 40 個股票中回購 1000 萬美元的首選股票。我只是想聽聽你對此的想法。你知道，當你考慮購買股票而不是這些優先股票時，在這些水平上查看股票對你來說更有吸引力還是仍然優先？您認為您更願意在哪裡回購部分資本結構？

Yeah, thanks Omar a good question. And I think the way that we think about it, really, well, you know, labelled preferred equity, the preferred and our debt, we kind of think about it, you know, very similar instruments and paying 8.5% interest on the preferred on a fixed basis in a decreasing interest rate environment is one where we can chip away at that and, and further reduce our break even. And there is an efficiency to you know, in the lower interest rate environment and having a revolving capacity utilize some of the bank debt in the in the short term to do that. But I think we you can really think about it as our approach to debt reduction is really debt reduction and the preferred as part of that bucket.

是的，謝謝奧馬爾，這是一個很好的問題。我認為我們思考這個問題的方式，真的，嗯，你知道，被貼上優先股、優先股和我們的債務的標籤，我們的思考方式是，你知道，非常相似的工具，並為優先股支付8.5% 的利息在利率下降的環境中，採用固定基準是我們可以減少這一點的方式，並進一步降低我們的收支平衡。你知道，在較低的利率環境下，並且擁有循環能力，可以在短期內利用部分銀行債務來做到這一點，這是有效率的。但我認為我們真的可以考慮一下，因為我們的債務削減方法實際上是債務削減，也是首選的一部分。

Okay, thanks Bart. And then just quickly on that is there, you know, you are redeeming, you know, say 25% of the outstanding amount. Is there any restrictions that would stop you from being able to do the full remaining 30?

好的，謝謝巴特。然後很快就在那裡，你知道，你正在贖回，你知道，比如說未償還金額的 25%。是否有任何限制會阻止您完成剩餘的 30 項？

No good point. So, we can redeem.

沒有什麼好處。所以，我們可以贖回。

I will pass it on. Oh, go ahead. I am sorry.

我會把它傳遞下去。哦，繼續吧。對不起。

We can redeem any amount at this point. You know, at any point in time and I think we just felt it was prudent to start taking a bite out of it. And then we will assess, you know, how we see the market develop and the cash flow generation from the company. And you know, look to continue to deliver including our position in the preferred.

此時我們可以兌換任何金額。你知道，在任何時候，我認為我們只是覺得開始咬一口是謹慎的做法。然後我們將評估我們如何看待市場發展和公司現金流的產生。您知道，希望繼續提供服務，包括我們在首選中的地位。

Very good. Thank you again.

非常好。再次感謝您。

Thanks.

謝謝。

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

謝謝。我們今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。