Ardmore Shipping Corp (ASC) 2023 Q4 法說會逐字稿

Good morning, everyone. Welcome to Ardmore Shipping 2024 Investor Day, during which we will also be covering the company's results for the fourth quarter and the full year 2023. I'm Bryan Degnan with the IGB Group, just a few administrative points before we get underway today.

大家早安。歡迎參加 Ardmore Shipping 2024 投資者日，在此期間我們也將介紹該公司 2023 年第四季和全年的業績。我是 IGB 集團的 Bryan Degnan，在今天開始之前我只想講幾個行政要點。

This event is being recorded and broadly distributed via live webcast, which along with today's slides is accessible at www.ardmoreshipping.com. An audio replay of the event will be available on the website from later today. The standard earnings press release was issued pre-market this morning and is also available on the website.

活動將被錄製並透過網路直播廣泛傳播，您可以造訪 www.ardmoreshipping.com 並觀看今天的幻燈片。該活動的音訊回放將於今天晚些時候在網站上提供。標準收益新聞稿於今天早上盤前發布，也可在網站上查閱。

Turn to slide 2 here. Later in the event following the prepared remarks, there will be a Q&A session at which point we will take questions from the people with us in the room today. For those joining remotely, please feel free to submit any questions that you might have at any time to ardmore@igbir.com, that's Ardmore at indiagulfbravoindiaromeo.com. Throughout the event and for the benefit of those joining remotely with us that's all those with questions utilize the provided microphone.

翻到此處的第 2 張投影片。活動結束後，在準備好的演講之後，將有一個問答環節，屆時我們將回答今天在場人員提出的問題。對於遠端加入的人員，請隨時將您可能遇到的任何問題提交至 ardmore@igbir.com，即 indiagulfbravoindiaromeo.com 上的 Ardmore。在整個活動期間，為了方便遠端加入我們的人員，所有有疑問的人都可以使用提供的麥克風。

Turning to slide 3, 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 fourth quarter and full year 2023 earnings release.

翻到投影片 3，請容我提醒您，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 2023 年第四季度和全年收益報告。

Moving to slide 4, I'd like to introduce you to the members of the Ardmore leadership team, who will have the pleasure of hearing from today, we have with us Curtis Mc Williams, Ardmore's Chairman; Anthony Gurnee, Founder and Chief Executive Officer; Bart Kelleher, Chief Financial Officer; and Gernot Ruppelt, Chief Commercial Officer. And with that, I would ask Curtis Mc Williams, the Chair of Ardmore Shipping Corporation to please join us on stage to provide today's opening remarks.

轉到幻燈片 4，我想向你們介紹阿德莫爾領導團隊的成員，今天他們將很高興聽到我們的發言，其中包括阿德莫爾董事長柯蒂斯·麥克威廉姆斯 (Curtis Mc Williams)；安東尼·格尼 (Anthony Gurnee)，創始人兼首席執行官；首席財務官 Bart Kelleher；和首席商務官 Gernot Ruppelt。最後，我想請阿德莫爾航運公司董事長柯蒂斯·麥克威廉斯上台致今天的開幕詞。

Good morning, or good afternoon now, excuse me. On behalf of the Ardmore Board and its senior management team, let me welcome you to our annual now investor conference. To say that we live in interesting times would be an understatement, wars in Europe and the Middle East and congestion caused by the deteriorating climate, drought related conditions in the Panama Canal have resulted in profound changes to trade flows for our product tankers.

早安，或下午好，不好意思。我謹代表阿德莫爾董事會及其高階管理團隊歡迎您參加我們的年度投資者會議。說我們生活在一個有趣的時代是輕描淡寫的，歐洲和中東的戰爭以及氣候惡化造成的擁堵、巴拿馬運河的干旱相關狀況已經導致我們的成品油輪的貿易流量發生了深刻的變化。

Over the course of the next hour, you will hear how Ardmore strict commitment to three guiding principles, those being one performance and progress. We believe these are not mutually exclusive, endeavours, but in the long run support Ardmore's ability to excel in both arenas. Two, our well-articulated capital allocation policy. And three, our ongoing efforts to ensure that we have best in class governance.

在接下來的一個小時裡，您將聽到阿德莫爾如何嚴格遵守三個指導原則，即績效和進步。我們相信，這些努力並不是互相排斥的，從長遠來看，它們能夠支持阿德莫爾在兩個領域都取得優異成績。二、我們清晰的資本配置政策。第三，我們不斷努力確保我們擁有一流的治理。

We believe that these continue to position the company well to drive our financial performance, both in the short term as well and more importantly in the long term. With that being said, I want to again thank you for your continued interest in Ardmore and your support of our company. We remain solidly committed to being good stewards of your investment.

我們相信，這些將繼續為公司帶來良好的地位，推動我們的財務業績，無論是在短期內，還是更重要的是在長期內。話雖如此，我想再次感謝您對阿德莫爾的持續關注和對我們公司的支持。我們始終堅定地致力於做好您投資的管理。

And with that, I'll ask Tony, our CEO, to come in begin his remarks.

現在，我將邀請我們的執行長托尼開始他的發言。

Thank you, Curtis. What happened to your foot? Great.

謝謝你，柯蒂斯。你的腳怎麼了？偉大的。

Okay, so firstly, I'd like thank you Curtis, for those kind remarks. I would like to outline the format for today's meeting. Bart and I are going to start off by presenting our results for the fourth quarter and full year 2023. And then we're then going to pivot to the Investor Day segment, which Bart and Gernot are going to lead focusing on our strategy and how we're converting these strong markets into earnings.

好的，首先，我要感謝柯蒂斯的善意評論。我想概述一下今天會議的形式。巴特和我將首先介紹我們 2023 年第四季和全年的業績。然後，我們將轉向投資者日環節，Bart 和 Gernot 將領導該環節，重點介紹我們的策略以及我們如何將這些強勁的市場轉化為收益。

And then at the end, I'll offer some closing thoughts before opening up the meeting to questions, either from here at the floor or remotely. And again, through remote questions, please send them to ardmore@igbir.com.

最後，在會議開始接受提問之前，我將發表一些總結性言論，無論是現場提問還是遠端提問。再次強調，如有任何遠端問題，請發送至 ardmore@igbir.com。

So turning first to slide 6 for highlights. We're pleased to report another successful year for Ardmore with earnings of $113 million or $2.71 a share continuing what is now a multiyear trend. Our fourth quarter performance reflects robust product and chemical tanker market conditions with adjusted earnings of $26 million or $0.63 a share. And with further strength building into the first quarter.

首先翻到投影片 6 看重點。我們很高興地報告阿德莫爾又取得了成功的一年，獲利 1.13 億美元或每股 2.71 美元，延續了多年的趨勢。我們第四季的業績反映了強勁的產品和化學品油輪市場狀況，調整後的收益為 2,600 萬美元，即每股 0.63 美元。且第一季實力進一步增強。

Our MRs earned $32,500 per day for the fourth quarter and $35,400 per day, so far in the first quarter with 60% booked. And our chemical tankers on a capital adjusted basis earned $29,300 per day for the fourth quarter and $30,100 per day so far for the first quarter with 70% booked.

我們的 MR 在第四季度每天的收入為 32,500 美元，在第一季迄今為止每天的收入為 35,400 美元，預訂率為 60%。我們的化學品油輪按資本調整後計算，第四季度每天的收入為 29,300 美元，第一季迄今每天的收入為 30,100 美元，預訂率為 70%。

Our markets are clearly experiencing significant strength as a result of geopolitical and climate related trading restrictions, bolstering already tight supply demand fundamentals and all of which are going to be the themes and focus of our presentation today.

由於地緣政治和氣候相關的貿易限制，我們的市場顯然正在經歷顯著的強勁增長，這進一步加劇了本已緊張的供需基本面，所有這些都將成為我們今天演講的主題和重點。

Meanwhile, we continue to execute on our long-standing capital allocation policy. Today, we're declaring another quarterly cash dividend of $0.21 per share, consistent with our policy of paying out one-third of adjusted earnings. And as a part of a gradual fleet upgrade and modernization plan we've acquired a 2017 built MR tanker, while also simultaneously selling our 2010-built Ardmore Seafarer.

同時，我們繼續執行我們長期以來的資本配置政策。今天，我們宣布再次派發每股 0.21 美元的季度現金股息，這與我們支付三分之一調整後收益的政策一致。作為逐步升級和現代化船隊計畫的一部分，我們收購了一艘 2017 年建造的 MR 油輪，同時也出售了我們在 2010 年建造的 Ardmore Seafarer。

In addition, we've opportunistically chartered out one of our chartered-in MRs to realize the $7,500 a day spread and a profit of $2.7 million over the remaining one-year period. And overall, we believe that Ardmore is in an excellent position to benefit from these ongoing strong market conditions.

此外，我們還抓住機會租出了其中一艘租賃的 MR，實現了每天 7,500 美元的利差，並在剩餘的一年內實現了 270 萬美元的利潤。總體而言，我們相信阿德莫爾處於有利地位，可以從持續強勁的市場條件中受益。

So turning to slide 7, near term product, the chemical tanker market outlook, I want to take the opportunity now to briefly introduce the geopolitical and climate related trading restrictions that have been affecting our market. The disruptions in the Red Sea and the consequent rerouting of vessels around Africa are adding significantly to voyage lengths and therefore to ton-mile demand.

因此，轉到投影片 7，近期產品，化學品油輪市場展望，我想藉此機會簡要介紹一下影響我們市場的地緣政治和氣候相關的貿易限制。紅海的混亂以及隨之而來的船隻繞行非洲的航線改變，大大增加了航程長度，從而增加了噸英里需求。

But before we go further, we need to remember that the numbers aside, we're dealing with real people with real world issues. And I'd like to acknowledge the key role of our seafarers in this increasingly dangerous world and to emphasize that their securities are our top priority.

但在進一步討論之前，我們需要記住，除了數字之外，我們還是在與真實的人打交道，處理現實世界的問題。我想承認我們的海員在這個日益危險的世界中發揮關鍵作用，並強調他們的安全是我們的首要任務。

But from a pure economic standpoint, as you can see from the graph on the upper right, refined product, tonne-mile demand is up 11% year on year, with the Red Sea disruptions playing a substantial role. At the same time, the impact of the refined product embargo persists, further exacerbated by European diesel inventories approaching historical lows.

但從純粹的經濟角度來看，正如您從右上角的圖表中看到的那樣，成品油噸英里需求同比增長 11%，其中紅海中斷發揮了重要作用。同時，成品油禁運的影響仍在持續，而歐洲柴油庫存接近歷史低點進一步加劇了這一影響。

And in addition, restrictions in the Panama Canal have reduced traffic by up to 30% overall and quite a bit more for MRs. This bottleneck is resulting in prolonged voyages and reduced effective supply of all ships, including product tankers. The aggregate impact of all these disruptions are illustrated on the graph in the lower right.

此外，巴拿馬運河的限制措施導致整體運輸量減少了 30%，而 MR 型船的運輸量則減少了更多。這一瓶頸導致航行時間延長，包括成品油輪在內的所有船舶的有效供應減少。右下角的圖表顯示了所有這些中斷的整體影響。

Meanwhile, demand fundamentals remain compelling and not just the demand side but on the supply side, we see very low levels of scheduled newbuilding deliveries for at least the next two, three years, which should really limit fleet growth.

同時，需求基本面依然強勁，不僅在需求方面，而且在供應方面，我們預計至少在未來兩三年內，新船交付量將非常低，這將真正限制船隊的成長。

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

說完這些，我很高興把電話交還給巴特。

Thanks, Tony. Moving to slide 8, our more continues to build upon its financial strength. As a result of our effective cost control, reduced debt levels and access to revolving credit facilities, we've managed to lower our breakeven level to $13,900 per day. This is a noteworthy achievement during a period of elevated interest rates and high inflation.

謝謝，托尼。轉到幻燈片 8，我們將繼續增強其財務實力。由於我們有效的成本控制、降低的債務水準和獲得循環信貸便利，我們已成功將損益平衡水準降低至每天 13,900 美元。在利率和通膨高企的時期，這是一個值得注意的成就。

In addition, we have a strong liquidity position with nearly $50 million of cash on hand at the end of the quarter. And we have a total debt of just over $125 million, representing a leverage level of approximately 20%. Ardmore is focused on optimizing performance, closely managing cost in this inflationary environment, while preserving a strong balance sheet.

此外，我們的流動性狀況良好，本季末手頭上有近 5,000 萬美元的現金。我們的總債務略高於 1.25 億美元，槓桿率約為 20%。阿德莫爾專注於優化業績，在通膨環境下嚴密管理成本，同時維持強勁的資產負債表。

Turning to slide 9, for financial highlights. Just wanted to reiterate how pleased we are with the continued strong performance with adjusted earnings of $2.71 per share for the full year and $0.63 per share for the fourth quarter. We are correspondingly reporting strong EBITDA for the year in the quarter and continue to frame EBITDA as an important comparable valuation metric against our IFRS reporting peers.

翻到第 9 張投影片，查看財務亮點。只是想重申，我們對持續強勁的表現感到非常高興，全年調整後每股收益為 2.71 美元，第四季度調整後每股收益為 0.63 美元。我們相應地報告了本季強勁的年度 EBITDA，並繼續將 EBITDA 作為與我們的 IFRS 報告同業進行比較的重要可比估值指標。

Well, I won't go into all the details here, there's a full reconciliation of this presented in the appendix on slide 43. Our significant revolving debt capacity has allowed us to manage our leverage levels and reduce our interest expense even in this elevated rate environment. And also, please refer to slide 48, in the appendix for our first quarter guidance numbers.

好吧，我不會在這裡討論所有細節，第 43 張投影片的附錄中提供了對此的完整說明。即使在利率上升的環境下，我們強大的循環債務能力也使我們能夠管理槓桿水平並降低利息支出。另外，請參閱附錄中的第 48 張投影片，以了解我們的第一季指導資料。

Moving to slide 10. In accordance with our energy transition plan and as part of our ongoing dry-dockings program, we've made some significant investments in our fleet to further improve operating performance, reduce emissions and enhance earnings.

移至投影片 10。根據我們的能源轉型計劃，並作為我們正在進行的乾船塢計劃的一部分，我們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，減少排放並提高收益。

In 2023, we completed seven drydocking’s with a total capital expenditure of nearly $40 million, of which $25 million was spent on scrubber installations and a number of other energy efficiency technologies, which I will discuss in more detail later in this presentation.

2023 年，我們完成了 7 次乾船塢維修，總資本支出近 4000 萬美元，其中 2500 萬美元用於安裝洗滌器和許多其他節能技術，我將在本次演講的後面詳細討論這些技術。

As we complete these drydocking’s, we'll have more than half of our MR fleet outfitted with carbon capture ready scrubbers. Importantly, as you can see from the chart in the upper right, the majority of our remaining drydocking’s are in the first quarter. So we'll have the benefit of our full fleet and its earnings power for the balance of the year. Also noteworthy, we had very strong on higher availability for the fourth quarter, practically 100%. As a result of the close coordination of our teams at sea in onshore.

當我們完成這些乾船塢工程時，我們的 MR 船隊中一半以上的船舶將配備可進行碳捕獲的洗滌器。重要的是，正如您從右上角的圖表中看到的，我們剩餘的大部分乾船塢都在第一季。因此，我們將在今年餘下的時間裡受益於我們全部的船隊及其盈利能力。同樣值得注意的是，我們第四季的可用性非常高，幾乎達到 100%。由於我們的海上和陸上團隊的密切協調。

Moving to slide 11, 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 is expected to increase by approximately $2.30 annually with free cash flow generation with nearly $100 million over the same time period.

轉到第 11 張投影片，在這裡，我們強調了我們顯著的經營槓桿。如圖所示，TCE 費率每天每增加 10,000 美元，預計每股收益每年將增加約 2.30 美元，同期自由現金流將增加近 1 億美元。

Given the range of TCE rates shown on the slide and it's important to note that we've recently been booking at the upper end of the scale, if these rates were to take hold more widely, it would naturally have a material impact on our earnings. This is why we're really excited about the market outlook, we find our Board's position compelling.

鑑於幻燈片上顯示的 TCE 利率範圍，值得注意的是，我們最近一直在以較高水平進行預訂，如果這些利率更廣泛地實施，自然會對我們的收益產生重大影響。這就是為什麼我們對市場前景感到非常興奮，我們認為董事會的立場令人信服。

With that, I'm going to hand it back to Tony, to sum up the earnings portion of our presentation before we transition to the Investor Day section.

有了這些，我將把它交還給托尼，在我們轉到投資者日部分之前，總結一下我們演示的收益部分。

So just briefly in summary, first regarding the market, we're seeing already robust conditions strengthening into the first quarter, on the back of geopolitical and other climate related disruptions and with supply demand fundamentals remaining very favorable.

簡單總結一下，首先關於市場，我們看到第一季市場狀況已經強勁增強，這得益於地緣政治和其他氣候相關幹擾，而且供需基本面仍然非常有利。

And then with regard to the company, we continue to perform well on both an absolute and relative basis. Our strengthening balance sheet gives us the ability to execute on all of our capital allocation priorities simultaneously, including paying a dividend representing one-third of earnings, we're investing in our fleet to improve efficiency and reduce emissions, which has the added virtually simultaneously improving earnings

就公司而言，無論從絕對值或相對值來看，我們都繼續表現良好。我們不斷增強的資產負債表使我們能夠同時執行所有資本配置優先事項，包括支付佔收益三分之一的股息，我們正在投資我們的車隊以提高效率並減少排放，這幾乎同時提高了收益

And regardless of market conditions, as always our efforts are focused on driving performance today while positioning Ardmore for long-term success. So that concludes the on the earnings portion of the presentation today. And we're going to move now to the more of the Investor Day content and Bart, is going to give a more in-depth view of the company and our strategy. And then Gary, not going to provide his insights on how we're translating these strong market conditions on into earnings.

無論市場狀況如何，我們的努力始終集中在推動當前業績的提升，同時為阿德莫爾的長期成功做好準備。今天演示的收益部分就到此結束了。現在我們將轉向投資者日的更多內容，Bart 將更深入地介紹公司和我們的策略。然後加里 (Gary) 不會提供關於我們如何將這些強勁的市場條件轉化為收益的見解。

Thanks again, Tony. Turning to slide 14, when it comes to strategy, our Board has been very consistent over the years with a focus on MR product tankers and chemical tankers and the overlap that the ships traded. Furthermore, the company's development has been marked by a gradual increase in scale while building organizational capability. Today, our global platform with our shoreside teams strategically located across key regions, working closely with our Seafarer and colleagues onboard our modern fuel-efficient fleet gives us the scale to service a diverse customer base.

再次感謝你，托尼。翻到幻燈片 14，談到策略，多年來我們的董事會一直非常一致地關注 MR 成品油輪和化學品油輪以及這些船舶交易的重疊部分。此外，公司的發展也呈現出規模逐漸擴大、組織能力逐漸增強的趨勢。如今，我們的全球平台擁有遍布各主要地區的策略性岸上團隊，他們與我們現代化節能船隊的海員和同事密切合作，使我們能夠為多樣化的客戶群提供服務。

We also find ourselves at a juncture where our nimbleness and agility will take on even more significance. With the changing market conditions driven primarily by the energy transition, which we'll discuss in detail, we are well positioned to take advantage of opportunities in these dynamic times.

我們也發現，我們正處於一個更需要靈活性和敏捷性的關鍵時刻。隨著市場條件的變化主要由能源轉型推動（我們將詳細討論），我們已做好準備，抓住這些動態時期的機會。

Turning to slide 15, at our Board our guiding principles, which we frequently discuss can be captured as the combination of performance and progress. We've highlighted just a few notable examples on this slide, how we do this. Both absolute and relative performance are very important to us. We place a significant emphasis on our performance relative to our peer group across a key number of metrics.

翻到第 15 張投影片，我們董事會經常討論的指導原則可以概括為績效和進步的結合。我們在這張投影片上只強調了幾個值得注意的例子，說明了我們是如何做到這一點的。絕對性能和相對性能對我們來說都非常重要。我們非常重視我們在一系列關鍵指標上相對於同業的表現。

Our entire staff has collectively measured this way, leading to an exceptional degree of performance focus and team effort. And there's a powerful flywheel effect between this performance and our company's progress. Performance today allows us to invest in progress, which further enhances our future performance.

我們全體員工都以這種方式進行集體衡量，從而實現了卓越的績效關注和團隊合作精神。這種業績與我們公司的進步之間存在著強大的飛輪效應。今天的業績使我們能夠投資於進步，從而進一步提高我們未來的業績。

And with a diverse and talented team and strong collaboration between our seafarers, ensure we're driving progress at Ardmore and across the shipping industry, uncovering and executing opportunities it might otherwise be missed.

我們擁有一支多元化、才華橫溢的團隊，海員之間也緊密合作，確保我們推動阿德莫爾和整個航運業的進步，發掘和抓住可能被錯過的機會。

Moving to Slide 16, where we turn our attention to governance. A longstanding and key part of Ardmore's philosophy and approach since our inception in 2010 through our IPO in 2013 and well before the industry recognized whatever rankings were even created. And this is a cornerstone of our business today. We are very pleased that our principled approach to corporate governance continues to set a leading standard within the industry.

轉到投影片 16，我們將注意力轉向治理。自 2010 年成立以來，透過 2013 年首次公開募股 (IPO)，甚至在業界認可任何排名之前，這都是 Ardmore 理念和方法的長期關鍵部分。這是我們今天業務的基石。我們非常高興，我們在公司治理方面的原則性方法繼續在業界樹立領先標準。

And we're proud of the recognition that we are once again the number one ranked publicly-traded company, tanker company in the Webber ESG scorecard. Essentially, when you invest in Ardmore, you invest in a company committed to both excellence and integrity.

我們很榮幸再次獲得韋伯 ESG 記分卡中排名第一的上市公司、油輪公司稱號。本質上，當您投資阿德莫爾時，您投資的是一家致力於卓越和誠信的公司。

Turning to slide 17, here we'll discuss how we balance the energy transition with what can be termed energy reality. This challenge entails increasing our fleet's efficiency and reducing emissions while continuing to meet the ongoing demand for the transportation of refined products and chemicals. At Ardmore, we recognize that this energy transition will take time. It's an evolution, not a revolution.

翻到第 17 張投影片，我們將在這裡討論如何平衡能源轉型與所謂的能源現實。這項挑戰需要提高我們船隊的效率並減少排放，同時繼續滿足對成品油和化學品運輸的持續需求。在阿德莫爾，我們認識到這種能源轉型需要時間。這是一種進化，而不是革命。

With this in mind, we introduced the energy transition plan in early 2021 as a natural extension of our strategy with a focus on seizing opportunity, decarbonizing and continuing to build value in the changing market environment. This plan is rooted in a sound commitment to deliver tangible results today in terms of efficiency gains and carbon reduction, while strategically positioning Ardmore for the future.

考慮到這一點，我們在 2021 年初推出了能源轉型計劃，作為我們策略的自然延伸，重點是在不斷變化的市場環境中抓住機會、實現脫碳並繼續創造價值。該計劃植根於一項堅定的承諾，即在提高效率和減少碳排放方面取得實際成果，同時為阿德莫爾的未來做好戰略定位。

Most importantly, it fosters a forward-looking mindset rooted in performance reality. Central to this approach was the establishment of an internal team dedicated to the energy transition. This team possesses marine engineering and naval architecture expertise and operational experience and is led by our Director of Innovation, Gary Noonan.

最重要的是，它培養了一種根植於績效現實的前瞻性思維。這種方法的核心是建立一支致力於能源轉型的內部團隊。該團隊擁有海洋工程和船舶建築專業知識和營運經驗，由我們的創新總監 Gary Noonan 領導。

The ETP team is focused on working collaboratively with customers, technology providers and our broader organization to develop valuable projects and investments for our fleet. Crucial aspect of their work involves true experimentation, which supports the development of novel as well as practical solutions to execute across Ardmore.

ETP 團隊致力於與客戶、技術提供者和我們更廣泛的組織合作，為我們的車隊開發有價值的專案和投資。他們工作的關鍵方面涉及真正的實驗，這支持開發在阿德莫爾實施的新穎且實用的解決方案。

Additionally, I'd like to emphasize the valuable support and guidance provided by our newly formed Sustainability Committee of our Board, which is chaired by Dr. Kirsi Tikka, who holds a PhD in naval architecture and has extensive experience in the design and classification of vessels. And She is joined by Helen Tveitan, head of Carisbrooke Shipping and Mats Berglund, the former CEO of Pacific Basin Shipping. In summary, this dynamic plan aligns seamlessly with our overarching principles of performance and progress.

此外，我想強調我們新成立的董事會可持續發展委員會提供的寶貴支持和指導，該委員會由 Kirsi Tikka 博士擔任主席，他擁有船舶設計博士學位，在船舶設計和分類方面擁有豐富的經驗。與她一同出席的還有卡里斯布魯克航運公司 (Carisbrooke Shipping) 負責人海倫·特維坦 (Helen Tveitan) 和太平洋航運公司 (Pacific Basin Shipping) 前首席執行官馬茨·伯格倫德 (Mats Berglund)。總而言之，這個動態計畫與我們的績效和進步的整體原則完美契合。

Turning to Slide 18. Here, we focus on some of the key initiatives outlined within the energy transition plan. As we just discussed, we're active in deploying energy efficiency technologies across our fleet. In addition, with the expected increase in demand for the chemical and specialized product trades, including renewable fuels, we expect to gradually shift our fleet composition and revenue mix more toward these cargoes.

翻到幻燈片 18。在這裡，我們將重點放在能源轉型計劃中概述的一些關鍵舉措。正如我們剛才討論的，我們正在積極地在我們的車隊中部署能源效率技術。此外，隨著對化學品和專用產品貿易（包括再生燃料）的需求預期增加，我們預計將逐步將我們的船隊結構和收入結構更多地轉向這些貨物。

And furthermore, we emphasize our commitment to collaboration through energy transition projects, which involves partnering with customers as we aim to address their specific energy transition priorities. Since introducing this plan in 2021, we've really come a long way, and these initiatives are fully embedded in our mores culture today. As we turn to the next slide, we'll examine some key ETP. technologies.

此外，我們強調透過能源轉型專案進行合作的承諾，這涉及與客戶合作，旨在解決他們特定的能源轉型優先事項。自 2021 年推出該計劃以來，我們確實取得了長足的進步，這些舉措已完全融入我們今天的習俗文化中。當我們翻到下一張投影片時，我們將檢查一些關鍵的 ETP。技術。

So moving to slide 19, this slide highlights some of the latest technologies we have implemented last year and are piloting this year, notably since the inception of our energy transition plan less than three years ago, we've truly embraced the spirit of experimentation conducting diligence on over 200 potential solutions and successfully implementing 14 events to date with returns ranging from 40% to well over 100%.

現在轉到投影片 19，這張投影片重點介紹了我們去年實施並在今年試行的一些最新技術，特別是自不到三年前我們的能源轉型計劃啟動以來，我們真正秉持了實驗精神，對 200 多個潛在解決方案進行了盡職調查，迄今為止已成功實施了 14 項活動，回報率從 40% 到 100% 以上。

And as you can see in the image, our team has examined a wide range of efficiency projects across all areas of our ships from the propeller to the engine room to the bridge and beyond. And this also extends assure to cutting edge software utilized to optimize performance. On the next slide, we'll drill down into a case study for one of the solutions in more detail.

正如您在圖片中看到的，我們的團隊已經研究了船舶各個區域（從螺旋槳到機艙到艦橋等等）的各種效率項目。這也擴大了對用於優化性能的尖端軟體的保證。在下一張投影片中，我們將更詳細地深入研究其中一個解決方案的案例研究。

So turning now to Slide 20, the installation of micro boilers on our vessel is a great example of one of these very practical investments this modest cash outlay of $225,000 per ship, yield a strong return of 40%. This unit creates tremendous efficiency when our vessels are important, enabling us to reduce the level of fuel typically consumed by the ship larger main boiler by harnessing the heat naturally emitted from the operation of our generators.

現在翻到幻燈片 20，在我們的船上安裝微型鍋爐就是這些非常實用的投資的一個很好的例子，每艘船 225,000 美元的適度現金支出可獲得 40% 的豐厚回報。當我們的船隻很重要時，該裝置創造了巨大的效率，使我們能夠透過利用發電機運行時自然散發的熱量來減少船舶較大主鍋爐通常消耗的燃料量。

By the end of the first quarter 50% of our fleet will have these units installed. Importantly, when we undertake multiple projects of this nature, the cumulative impact to our performance is significant. And moving to Slide 21, where we highlight our long-standing capital allocation policy, which remains our guidepost and one we know that we frequently discuss with all of you.

到第一季末，我們 50% 的車隊將安裝這些裝置。重要的是，當我們承擔多個此類專案時，對我們業績的累積影響是巨大的。現在轉到投影片 21，我們將重點放在我們長期以來的資本配置政策，這仍然是我們的指導方針，我們知道我們經常與大家討論這項政策。

Given our strong financial position and low breakeven, we have ability to pursue all of our capital allocation priorities simultaneously. And with the strong earnings environment and our robust financial position, we are pleased to declare another dividend. And since the reinitiation of our quarterly dividend policy in the fourth quarter of 2022, Ardmore has paid $50 million of total dividends to our shareholders, which represents nearly 10% of our market capitalization.

鑑於我們強大的財務狀況和較低的損益平衡點，我們有能力同時追求所有資本配置優先事項。鑑於強勁的獲利環境和穩健的財務狀況，我們很高興宣布再次派發股息。自 2022 年第四季重新啟動季度股息政策以來，Ardmore 已向股東支付了總計 5,000 萬美元的股息，占我們市值的近 10%。

As discussed earlier, we've invested significantly in our fleet's efficiency, improving performance and ultimately the quality of earnings. In addition to these investments, as Tony described, we have recently taken advantage of some selective transactions to modernize our fleet, by acquiring a 2017 Korean built eco-design MR tanker, while concurrently executing an agreement to sell our 2010 built Ardmore Seafarer.

正如前面所討論的，我們在提高船隊效率、提高性能以及最終提高盈利品質方面投入了大量資金。除了這些投資之外，正如托尼所描述的，我們最近還利用一些選擇性交易來實現我們船隊的現代化，透過收購一艘 2017 年韓國建造的生態設計 MR 油輪，同時執行出售我們 2010 年建造的 Ardmore Seafarer 的協議。

To put this into perspective when considering the increased fuel efficiency of the new vessel and avoiding the expensive upcoming dry-docking for the Seafarer. We see this as an interesting investment, effectively buying seven vessel years at a cost equivalent to the current average annual depreciation rate.

在考慮提高新船的燃油效率並避免 Seafarer 號即將進行的昂貴的乾船塢維修時，請考慮到這一點。我們認為這是一項有趣的投資，以相當於當前年平均折舊率的成本有效地購買了七年的船舶。

Examining our balance sheet, we aim to sustain leverage through market cycles, supporting a resilient financial position and a high quality of earnings while giving us the foundation needed to opportunistically execute well-timed investments.

透過檢視我們的資產負債表，我們的目標是在市場週期中維持槓桿率，支持有彈性的財務狀況和高品質的獲利，同時為我們提供適時執行投資所需的基礎。

Turning now to slide 22, as we just discussed, Ardmore team is focused on leveraging our platform and consistently creating value through shipping cycles in an industry challenged by technological and regulatory uncertainty, we recognize the volatile and dynamic nature of the shipping landscape at Ardmore, we're built to thrive in such conditions.

現在翻到第 22 張幻燈片，正如我們剛才討論的那樣，阿德莫爾團隊專注於利用我們的平台，並在受到技術和監管不確定性挑戰的行業中通過航運週期不斷創造價值，我們認識到阿德莫爾航運格局的波動性和動態性，我們旨在在這樣的條件下蓬勃發展。

To conclude, I want to emphasize that our purposeful strategy, energy transition plan, capital allocation plan and dedicated team at sea and ashore are all aligned and focused on generating long-term value for our shareholders.

最後，我想強調的是，我們有目的的策略、能源轉型計劃、資本配置計劃以及海上和岸上的專門團隊都是一致的，並專注於為我們的股東創造長期價值。

With that, I'm very excited to hand it over to Gernot, and hear what he has to say about the volatile, tanker markets and how Ardmore is delivering industry-leading performance.

有了這些，我很高興將其交給 Gernot，並聽聽他對動蕩的油輪市場的看法以及 Ardmore 如何實現行業領先的表現。

Thank you, Bart. And good afternoon, it's a good to be back in New York and to present to you on another successful year and on why we believe there is more to come. Over the next 15 minutes, I will take you through main drivers on the demand side, touch on supply fundamentals, and then I will provide some real-life examples of how Ardmore continues to capture the full benefit of these extraordinary markets.

謝謝你，巴特。下午好，很高興回到紐約，向大家介紹我們又一個成功的一年，以及我們為什麼相信未來會取得更多成功。在接下來的 15 分鐘內，我將向您介紹需求方面的主要驅動因素，談及供應基本面，然後我將提供一些現實生活中的例子，說明阿德莫爾如何繼續充分利用這些非凡的市場。

Turning to slide 25, this is the world today. This slide highlights some of the key changes in cargo movements over the past two years. In green, you see how cargoes move today, contrasted in red is how they used to move before. The difference in voyage lengths, red versus green represents the increase in the demand picture in product tankers.

翻到第 25 張投影片，這就是當今的世界。這張投影片重點介紹了過去兩年來貨物運輸的一些主要變化。綠色代表貨物目前的運輸方式，紅色代表以前的運輸方式。航程長度的差異（紅色和綠色）代表成品油輪需求的成長。

What is behind these very long-distance trades. To begin with Europe is structurally short refined products, in particular, diesel and jet fuel. And it has been like that for a while. Europe has been increasingly sourcing its refined products from overseas. That was purely for economic reasons and largely on the account of Europe's aging refinery system.

這些長距離貿易的背後隱藏著什麼？首先，歐洲在結構上短缺精煉產品，特別是柴油和航空燃料。這種情況已經持續了一段時間了。歐洲越來越多地從海外採購成品油。這純粹是出於經濟原因，主要是因為歐洲的煉油系統老化。

Add on top of that, the EU refined products embargo, no more diesel from Russia. European product inventories are around historical lows. To cover those shortfalls, long haul imports from the US and from East of Suez markets are replacing short haul voyages, what used to be a one-week voyage Baltic Russian ports to Northern Europe or the Black Sea to the Mediterranean, and that now takes three to five weeks. That is a significant jump in itself.

除此之外，由於歐盟對成品油實施禁運，俄羅斯不再進口柴油。歐洲產品庫存處於歷史低點附近。為了彌補這些缺口，來自美國和蘇伊士運河以東市場的長途進口正在取代短途航行，過去從俄羅斯波羅的海港口到北歐或從黑海到地中海的航行只需一周，現在則需要三到五週。這本身就是一場重大飛躍。

On top of that, you add substantial disruption in the Red Sea, which all of us see and read about in the news every day. Vessels are navigating around the Cape of Good Hope to avoid the Red Sea. This adds another 30% to 70% in voyage length depending on Origin, and that is on top of what is already a very long voyage to begin with.

除此之外，紅海還遭受了嚴重的破壞，我們每天都能在新聞中看到和讀到有關這一事件的報導。船隻正在繞過好望角以避開紅海。根據出發地不同，這將使航程長度再增加 30% 到 70%，而且這還是在本來就很長的航程的基礎上增加的。

Then in the West, completely unrelated to any geopolitical events, the Panama Canal has essentially run out of water. [Ammo] traffic to the Canal has reduced substantially. Here you can see what used to be a very typical trade on the left in red from Houston to places like Ecuador, Peru, on the West Coast to South America.

然後在西方，與任何地緣政治事件完全無關，巴拿馬運河基本上已經缺水了。 [彈藥] 運河的交通量大幅減少。在這裡你可以看到左邊紅色標記的曾經非常典型的貿易，從休士頓到厄瓜多、秘魯等地，再到南美洲西海岸。

Sourcing the same product from Asia is about three times the voyage length, and we're seeing exactly this play out. For the past 150 years the world has relied on the Suez Canal and later the Panama Canal to connect global trade at significantly shorter distances. Well today once again, merchant ships are going around the Cape.

從亞洲購買同樣的產品需要大約三倍的航程，而我們看到的正是這種現象。過去 150 年來，世界一直依靠蘇伊士運河以及後來的巴拿馬運河在更短的距離內連接全球貿易。今天，商船又繞過好望角。

So to summarize, what are the factors in play long term demand drivers, Europe, structurally short diesel, two separate yet concurrent geopolitical events, Russia, Ukraine, and the recent events in the Red Sea and third, climate related changes and water shortages in Panama. This confluence has resulted in a substantial increase in ton-miles and a remarkably tight supply and product tanker markets.

總而言之，長​​期需求驅動因素有哪些？歐洲、結構性柴油短缺、兩個獨立但同時發生的地緣政治事件、俄羅斯、烏克蘭和最近在紅海發生的事件，以及第三，與氣候相關的變化和巴拿馬的水資源短缺。這種匯合導致噸英里數大幅增加，以及供應和成品油油輪市場異常緊張。

Slide 26, is providing more detail on the points I just made, and I will not run through them one by one, but the charts on the right paints, a clear picture. The number of product tanker transits to the Suez Canal is down by 60% and decreasing further, the number of Panama Canal transits is down by 40%, it is an evolving situation and the trend line continues to point down.

第 26 張投影片更詳細地闡述了我剛才提出的觀點，我不會一一介紹，但右側的圖表描繪出了一幅清晰的畫面。途經蘇伊士運河的成品油輪數量下降了 60%，而且還在進一步減少；途經巴拿馬運河的成品油輪數量下降了 40%，形勢在不斷變化，趨勢線繼續呈下降趨勢。

Turning to slide 27, where we continue on the theme of demand drivers. As Bart, alluded to earlier, the energy transition is unfolding as an evolution, not a revolution. Demand for oil remains a steadfast factor. Reflected in the upper right graph, the International Energy Agency, aligning with industry projections foresees continued growth in oil demand.

翻到第 27 張投影片，我們繼續討論需求驅動因素這個主題。正如巴特之前提到的，能源轉型是一場進化，而不是一場革命。石油需求仍然是一個堅定的因素。如右上圖所示，國際能源總署與產業預測一致，預計石油需求將持續成長。

Beyond the persistent demand for oil, there is a consistent pattern of refinery expansion in the East strategically located near points of production. This expansion resulted in heightened ton-miles for product tankers, meeting the consumption demand in the West.

除了對石油的持續需求之外，東部煉油廠也一直在策略性地擴建，靠近產地。此次擴建提高了成品油輪的噸海裡數，滿足了西方的消費需求。

Adding another layer, the chemical sector, a market we actively participate in is poised for substantial growth as well. This is attributed to the significant petrochemical capacity set to come online in Asia over the coming years. In summary, then these robust long-term demand drivers point to continued strength in the product and chemical tanker markets.

再加一層，化學產業，我們積極參與的市場也有望大幅成長。這是由於未來幾年亞洲將有大量石化產能上線。總而言之，這些強勁的長期需求驅動因素表明產品和化學品油輪市場將繼續保持強勁。

Moving to slide 28, supply. The matrix on the left provides a visual of the evolution and deep the tightening of tonnage supply in our industry. The two dimensions are average age of the fleet, size of the order book. If you look at the top left the quadrant in red about 15 years ago, we were looking at a fleet that was already very modern plus a very large order book.

移至投影片 28，供應。左邊的矩陣直觀地展現了我們產業噸位供應緊張的演變和深度。這兩個維度分別是船隊平均年齡和訂單規模。如果你看一下大約 15 年前左上角的紅色象限，你會發現當時的船隊已經非常現代化，而且訂單量非常大。

As the years progressed, as you can follow the progression there, the order book declined and fleet age increased. Today, we are on the opposite side of the matrix, in the green in the green quadrant on the bottom right, a low order book and the fleet on the water is the oldest it has been in two decades.

隨著時間的推移，正如您所看到的，訂單量下降，船隊年齡增加。如今，我們處於矩陣的另一側，即右下角綠色象限的綠色區域，訂單量較低，水上船隊是二十年來最老的。

Looking at the graph on the right, the current product tanker order book stands at 13% of the existing fleet. The MR order book is under 8% of the existing fleet. In five years nearly half of the global fleet will be older than 20 years of age. And yes, there are some niche markets for older ships to operate in. However, the capacity of these niche markets is far too limited to absorb what is essentially 50% of today's Aedmore market.

從右側的圖表可以看出，目前成品油輪訂單量佔現有船隊的 13%。MR 訂單量不到現有船隊的 8%。五年內，全球近一半的船舶船齡將超過20年。是的，確實有一些適合老舊船舶營運的利基市場。然而，這些利基市場的容量實在太有限，無法吸收目前阿德莫爾市場約 50% 的份額。

There are only 8 million deadweight tons on order for MRs, 55 million deadweight tons will be within the scrapping age profile in the next five years. So by order of magnitude seven times the amount of deadweight capacity could potentially be scrapped compare to what is on order today. As we mentioned on our last earnings call, it is important to point out the impact that Aframax crude tankers have on the overall product tanker order book.

目前MR型船訂單量僅800萬載重噸，未來五年內將有5,500萬載重噸處於報廢年限內。因此，與目前訂購的船舶相比，可能被廢棄的載重量將達到七倍數量級。正如我們在上次收益電話會議上提到的那樣，必須指出阿芙拉型原油油輪對整體成品油油輪訂單的影響。

Currently Aframax crude tankers, the net fleet growth is forecast at near zero. This implies that an increasing proportion of LR2's most slightly older vessels will naturally transition to trading crude to cover the shortfall in Aframax tankers. And we are already seeing a clear trend today of LR2's shifting into dirty trades.

目前，阿芙拉型原油油輪的淨船隊成長率預計接近零。這意味著，越來越多 LR2 最老舊的船隻將自然地轉向原油貿易，以彌補阿芙拉型油輪的短缺。如今我們已經看到LR2轉向污染貿易的明顯趨勢。

Turning to slide 29, this pulls it all together. We can see from the green bars in this chart, the strong forecast on ton-mile growth, long-term demand fundamentals in 2024, enhanced by the full year impact of the EU embargo and then the further uplift from the Red Sea disruptions.

翻到第 29 張投影片，它將所有內容整合在一起。我們可以從該圖表中的綠色條形圖中看到，對噸英里增長的強勁預測、2024 年的長期需求基本面，以及歐盟禁運的全年影響以及紅海中斷的進一步提升。

In contrast, we can see the limited net fleet growth across product and chemical tankers, as indicated by the gray and blue bars. Closing out and I want to reemphasize the clear contrast of low net fleet growth with the escalating ton-mile projections. This gap setting the stage for continued market strength and resilience.

相比之下，我們可以看到成品油船和化學品船的淨船隊增長有限，如灰色和藍色條所示。最後，我想再次強調較低的淨船隊成長與不斷上升的噸英里預測之間的鮮明對比。這一差距為市場持續保持強勁和彈性奠定了基礎。

Turning to slide 31, I'll now demonstrate how some of these market drivers are reflected in the way we trade our ships. Essentially what we do have all is around three key themes. One, fully capturing these very fair markets. Two, embracing the increasingly complex nature of our business environment and unlocking the opportunities this creates for a company like Ardmore. And finally, building value through creative spread place, adding incremental profitability on top of prevailing market levels.

翻到第 31 張投影片，我現在將示範這些市場驅動因素是如何反映在我們的船舶交易方式中的。本質上，我們所做的一切都圍繞著三個關鍵主題。一是充分佔領這些非常公平的市場。二是接受日益複雜的商業環境，並釋放其為阿德莫爾這樣的公司創造的機會。最後，透過創造性的傳播場所創造價值，在現有市場水準的基礎上增加獲利能力。

Turning to slide 32, this is a snapshot of our global setup across time zones covering our key markets in the Americas, in Europe and in Asia. This enables us to engage a broad and diverse range of high-quality customers, a selection of them can be found here.

翻到第 32 張投影片，這是我們跨時區的全球版面快照，涵蓋了美洲、歐洲和亞洲的主要市場。這使我們能夠吸引廣泛而多樣化的高品質客戶，您可以在這裡找到其中一些客戶。

Importantly, we are also engaging with and trading with an increasing number of chemical, agricultural and other non-petroleum focused companies. Ultimately, this is about having lots of trading options for Ardmore to ensure we can capture the strong markets in the most optimal way, both in terms of timing and voyage combinations.

重要的是，我們也與越來越多的化學、農業和其他非石油行業的公司合作和貿易。最終，這是為了讓阿德莫爾擁有大量的貿易選擇，以確保我們能夠以最優的方式佔領強勁的市場，無論是在時間安排方面還是在航程組合方面。

Turning to slide 33, here are some examples of what is achievable in these markets. These are actual voyages we have undertaken in recent months. Starting on the right-hand side, you can see a long-haul Asia to Europe voyage, the original routing is shown as the red dotted line. As repeated chip attacks unfolded in the Red Sea last December, we negotiated a cape routing option, which we subsequently exercised.

翻到第 33 張投影片，這裡有一些在這些市場中可以實現的目標的例子。這些是我們近幾個月來進行的實際航行。從右側開始，您可以看到亞洲至歐洲的長途航程，原始路線顯示為紅色虛線。隨著去年 12 月紅海地區晶片攻擊事件頻傳，我們協商制定了好望角航線方案，並隨後實施了該方案。

The incremental fuel cost and time was fully priced in to maintain our TCE despite the longer route. At the same time we can see an example on the left of how we are servicing the Pacific markets from Asia, in addition to the original voyage like from Asia to Mexico, we found lucrative on-road employment options that were combined in a creative way.

儘管路線較長，但為了維持我們的 TCE，增加的燃料成本和時間已完全計入價格。同時，我們可以在左邊看到我們如何從亞洲服務太平洋市場的例子，除了從亞洲到墨西哥這樣的原始航程之外，我們還發現了以創造性方式組合起來的利潤豐厚的路上就業選擇。

We achieved a strong TCE of $36,000 a day over 4.5 months and the vessel was laden much of the time. As you can see in both examples, duration of voyages originating in Asia is extended drastically, both due to the disruption in the Panama Canal and in the Red Sea. The impact this has had on Asia Pacific trade is notable.

我們在 4.5 個月內實現了每天 36,000 美元的豐厚 TCE，而船舶大部分時間都處於滿載狀態。從這兩個例子可以看出，由於巴拿馬運河和紅海的中斷，從亞洲出發的航程時間急劇延長。這對亞太貿易產生的影響是顯著的。

The box at the bottom right there shows freight movements since the start of the attacks and the Red Sea and the following escalation. Realized TCEs on these routes essentially doubled from seasonally already high levels, around $30,000 a day to now $60,000 a day, just to mention about 65% of our fleet is trading currently in the eastern regions.

右下角的方框顯示了自紅海襲擊開始以來以及隨後的升級以來的貨運情況。這些航線上實現的 TCE 基本上翻了一番，從季節性的高水平（每天約 30,000 美元）增加到現在的每天 60,000 美元，更不用說我們約 65% 的船隊目前在東部地區進行貿易。

Turning to slide 34, idle days and ballast days, or you could say empty voyage legs are expensive, especially in this market. Let's look at an interesting combination we have done on one of our chemical tankers essentially reducing all ballast over half a year. These ships are half the size of our MRs, but they are more versatile in terms of carrying non petroleum cargoes and they can then be combined in lucrative ways.

翻到第 34 張投影片，閒置天數和壓載天數，或者你可以說空航程很昂貴，尤其是在這個市場。讓我們來看看我們在一艘化學品油輪上進行的有趣組合，基本上在半年內減少了所有壓載物。這些船舶的尺寸只有我們的MR型船的一半，但它們在運載非石油貨物方面更加靈活，並且可以以有利可圖的方式組合起來。

Starting at the bottom left of the map, in Argentina with a long lead lag into South Korea, followed by China run into Europe, followed by Europe to the US, then from their back to South America. A full circle earning close to $30,000 a day over six month with only negligible ballast and 95% laden days. Again, these ships have half the intake of an MR.

從地圖左下角開始，阿根廷以長距離領先落後進入韓國，隨後經中國進入歐洲，再經歐洲進入美國，最後從他們後面進入南美洲。六個月內，僅使用極少量的壓艙物且滿載天數為 95%，每天可賺取近 30,000 美元。同樣，這些船的進氣量只有 MR 船的一半。

Turning to slide 35, once more, this slide shows what is possible in this market. As Bart, mentioned earlier, we had a large number of dockings this past year. Typically, the way we trade our ships is all about maximizing flexibility and maximizing optionality. When you are positioning for drydock, you're working towards very defined plays and time. Doing this in a sensible way is both an art and the science. In this example, we're looking at a vessel that was opened in Northern Europe early last year.

翻到第 35 張投影片，這張投影片再次展現了這個市場中存在的可能性。正如巴特之前提到的，去年我們進行了大量的對接。通常，我們交易船舶的方式都是為了最大限度地提高靈活性和最大限度地提高可選性。當您定位乾船塢時，您正在按照非常明確的計劃和時間進行工作。以合理的方式做到這一點既是一門藝術，也是一門科學。在這個例子中，我們看到的是一艘去年年初在北歐開通的船隻。

As you can see, we wanted to bring it to China for drydock. We put together a repositioning plan and combined a transatlantic voyage with the US Gulf to South America run. This was followed by a South American export cargo, the proto ship within a stone's throw of our dry dock location. Also here we see a four to one lane to ballast ratio and more importantly, a TCE close to $40,000 a day over four months. These are incredible earnings in their own merit and truly remarkable when you consider these were really repositioning voyages.

正如您所看到的，我們想將它運回中國進行乾船塢維修。我們制定了重新定位計劃，並將跨大西洋航行與美國墨西哥灣至南美洲的航線結合。隨後是一艘出口至南美洲的貨物，其原型船距離我們的乾船塢位置只有一箭之遙。我們也看到車道與道碴之比為四比一，更重要的是，四個月內 TCE 接近每天 4 萬美元。這些收入本身就令人難以置信，當你考慮到這些是真正重新定位的航行時，這確實令人驚訝。

Now the examples I've just shown you were only three examples of a much larger data set, yet we hope to demonstrate to you some of the key themes we have been dealing with commercially. And of course, in aggregate, all this will show up positively in our TCE results.

現在，我剛剛向您展示的範例只是一個更大資料集的三個範例，但我們希望向您展示我們在商業上處理的一些關鍵主題。當然，總的來說，所有這些都會在我們的 TCE 結果中產生積極的影響。

Turning to page 36, here I would like to show you one important way of how we have created additional value on top of a strong market. In this case through a high-performing time charter book and spread plays. Allow me to explain what we're looking at here. The green line is the spot market, the bars in blue are the number of ships we have on time charter out, the bars in gray are the number of ships we have time charter in.

翻到第36頁，在這裡我想向大家展示我們如何在強勁的市場基礎上創造額外價值的一個重要方法。在這種情況下，透過高效的定期租船合約和利差交易。請容許我解釋一下我們在這裡所看到的內容。綠線是現貨市場，藍色長條是我們按期租的船舶數量，灰色長條是我們按期租入的船舶數量。

While the world was still in lockdown during the COVID pandemic, the need for mobility was limited, product tanker markets for weak. During that time, we benefited from strong time charter coverage at one point of two seven ships. At the same time, we started to execute some attractive time charters in with forward optionality.

在新冠疫情期間，全球仍處於封鎖狀態，流動性需求有限，成品油輪市場疲軟。在此期間，我們受益於強大的定期租船覆蓋範圍，其中一度有兩艘船被租走。同時，我們開始執行一些具有遠期選擇權的有吸引力的定期租船合約。

When market started to recover the number of ships we had on time charter increased, the number of ships we had a time charter in increased and we let our time charters out expire. This was near perfect timing as you can see, we pivoted from a more defensive stance in 2022, we pivoted from a more defensive stance in 2021 when times were bad to really opening up our charter portfolio in 2022 to fully capture the market strength that has ensued since.

當市場開始復甦時，我們定期租船的船舶數量增加了，我們定期租船的船舶數量也增加了，並且我們的定期租船合約也到期了。如您所見，這幾乎是完美的時機，我們在 2022 年從更保守的立場轉向了更保守的立場，在 2021 年形勢不好的時候，我們在 2022 年真正開放了我們的包機組合，以充分利用自那以後出現的市場力量。

For another example, this past summer, we extended one of our chartered-in vessels for mint 12, max 18 months in our option. We continue to trade a spot for about half a year to capture the strength of the past winter market. Then we recently locked in for 12 months period to cover the remaining charter period, including the optional period.

再舉一個例子，去年夏天，我們將其中一艘租用的船的租期延長了至少 12 個月，最多可延長 18 個月。我們持續交易現貨約半年，以捕捉過去冬季市場的強勁勢頭。然後我們最近鎖定了 12 個月的期限來涵蓋剩餘的租船期，包括可選期。

The guaranteed profit spread on these 12 months alone was $2.7 million, so on top of the previous high spot earnings. We also want to mention that we hold in the money call options for time charter extension, specifically time charters and in extensions. Those are the cable later this year on three ships for charter periods until mid-2025.

光是這 12 個月的保證利潤就高達 270 萬美元，超過了先前的高現貨收益。我們還想提一下，我們持有定期租船延期的價內看漲期權，特別是定期租船和延期。這些電纜將於今年稍晚在三艘船上鋪設，租賃期至 2025 年中期。

The option rates are at less than half of today's actual spot earnings. Therefore, we believe these options will still be very much in the money by the time they do. At the current market levels these three options will create additional value of $17 million, so do stay tuned. It is important to note that we were able to create these structures in both week and strong markets.

選擇利率還不到今天實際現貨收益的一半。因此，我們相信，到那時這些選擇權仍然會非常有利可圖。在目前的市場水平下，這三個選擇將創造 1700 萬美元的額外價值，敬請關注。值得注意的是，我們能夠在周內和強勁的市場中創建這些結構。

Slide 37, this is the team. Strong markets are great, but you need the right team and the right platform to capture them. A very diverse team as Bart, pointed out, and it's diverse by design because we know that diverse teams create stronger performance, diverse in terms of cultural background, professional background, personality, and diverse along other dimensions. This enables better decision-making and better access to our global markets, hence, better performance.

投影片 37，這是團隊。強大的市場很棒，但你需要合適的團隊和合適的平台來佔領它們。正如巴特所指出的，這是一個非常多元化的團隊，它在設計上就是多元化的，因為我們知道多元化的團隊能夠創造更強的績效，在文化背景、專業背景、個性等方面都呈現多元化，在其他方面也呈現多元化。這使得我們能夠做出更好的決策並更好地進入全球市場，從而獲得更好的表現。

Our trading mantra is rooted in a nimble yet methodical approach to our ever-changing markets. Leveraging both experience factors as well as suite of digital internal tools and AI supported performance optimization systems. We believe that any market for any voice for that matter offers infinite opportunities for incremental performance gains, in our whole system and how we are approaching things philosophically is set up to capture that.

我們的交易理念是，以靈活而有條理的方式應對不斷變化的市場。利用經驗因素以及一系列數位內部工具和人工智慧支援的性能優化系統。我們相信，任何聲音的任何市場都為逐步提高績效提供了無限的機會，在我們的整個系統中，我們處理事物的哲學方式都是為了抓住這一點。

This concludes my section. Thank you, for your attention, and I look forward to answering your questions later. Back to Tony.

我的部分到此結束。謝謝您的關注，我期待稍後回答您的問題。回到托尼。

Thanks, Gernot. That lunch really looks and smells good, all we got was a hand sandwich. Great, well liston we've gone through a lot of detail now. And what I want to do actually is kind of zoom out quite a ways and think a little bit about where we are in the cycle. So forgive the really dumb imagery here, but it's a serious question, I think it's one of the most important questions as investors that you face on looking at the sector.

謝謝，Gernot。那頓午餐看起來和聞起來都很不錯，我們只得到了一個手工三明治。太好了，聽著，我們現在已經討論了很多細節。我實際上想做的是把視野放遠一些，思考我們處於週期的哪個階段。所以請原諒這裡非常愚蠢的圖像，但這是一個嚴肅的問題，我認為這是投資者在觀察該行業時面臨的最重要的問題之一。

So I started in this business in the late 80s, as a banker. And since then, anybody that's been around that long. And I think some of the room have will count it up and think, yes, actually, we've been through six cycles. When I started as a banker, I was -- back when banks actually lent money, and so we were taking real risk and we were looking back a couple of cycles.

因此，我在 80 年代末開始從事這項業務，擔任銀行家。從那時起，任何人都可以存在那麼久。我認為房間裡的一些人會計算一下然後想，是的，實際上我們已經經歷了六個週期。當我開始擔任銀行家時，銀行實際上在藉貸，因此我們承擔著真正的風險，並且回顧了幾個週期。

So altogether, I feel like I've got sort of in my bones about eight cycles. And thinking about where we are today and kind of looking at all that experience, it does feel like there's some patterns that are important. So I think the first pattern is that, of those eight half were relatively in hindsight now fairly short upturns, they felt very important and exciting at the time, but they didn't last long.

所以總的來說，我感覺我已經完成了大約八個週期。思考我們今天所處的位置，並回顧所有的經歷，我們確實感覺到有一些重要的模式。所以我認為第一個模式是，這八分之一現在看來都是相當短暫的上升趨勢，當時感覺非常重要和令人興奮，但並沒有持續很長時間。

But the other four and I would include this within that and we can discuss that in Q&A are fundamentally different, they are longer and more persistent. And they share some common characteristics, so one -- and forgive me, but we're going back to 1957. But the truth is that the dynamics in our business in terms of supply and demand haven't really changed at least since World War 2, maybe even further back.

但是我和其他四個人會把這一點包括在內，我們可以在問答中討論這一點，它們有著根本的不同，它們更長、更持久。它們有一些共同的特徵，所以首先——請原諒，我們要回到 1957 年。但事實是，至少自第二次世界大戰以來，甚至更早，我們業務的供需動態並沒有真正改變。

So the first thing they all have in common is that they were preceded by 10, 11, 12, maybe even 13 years of fundamentally bad markets. And in that period, fleets got older, order book shrunk. Maybe there were some bumps along the way of activity, but fundamentally yard capacity shut down.

因此，它們的第一個共同點是，在它們之前，市場經歷了 10 年、11 年、12 年，甚至 13 年的根本性低迷。在此期間，船隊老化，訂單量減少。也許活動過程中會遇到一些坎坷，但從根本上來說，堆場的產能已經關閉。

So like one was last time we were in a strong market, 2008, 2009, I think shipyard capacity is substantially lower today than it was then. So that's the setup. And then what they all have in common is that some unexpected positive demand that occurs usually geopolitical that kind of lights the fire. And it's usually not just one invented several things that happen.

因此，就像我們上次處於強勁市場（2008 年、2009 年）一樣，我認為今天的造船廠產能比當時要低得多。這就是設定。而它們的共同點是，一些意想不到的正面需求（通常是地緣政治需求）會引發熱潮。而且通常不會只發明一種東西就能發生幾件事。

Now I mean, each of these upturns is different and unique, but there are some similarities. And I don't want to do this now, but if you want Q&A, we can think back to what were the specifics in each of these upturns. But you kind of Ignite this unexpected jump in demand through not just one event, but a series of events. And then it becomes clear that supply is not going to be able to catch up, and that's really the foundation of one of the strong markets. Faith last anywhere from four to six years, and they all in the same way, which is when a really deep economic crisis hits the global economy.

我的意思是，每一次好轉都是不同的、獨特的，但也有一些相似之處。我現在不想這樣做，但如果您想要問答，我們可以回想一下每次好轉的具體情況。但是，你不是透過一個事件，而是透過一系列事件來激發這種意想不到的需求成長。然後很明顯，供應將無法趕上，而這實際上是強勁市場之一的基礎。信念的持續時間為四到六年，而且都是以同樣的方式，也就是當一場真正嚴重的經濟危機襲擊全球經濟時。

So I'm going to leave it at that. I think the questions are, where are we in the cycle. And what is Ardmore doing to position itself, for product different probabilities of outcomes here. So happy to engage in that discussion with you and then anything else.

所以我就不多說了。我認為問題是，我們處於週期的哪個階段。阿德莫爾正在採取什麼措施來定位自己，以生產不同機率的結果？很高興與您進行這次討論，然後討論其他事宜。

And just last thing I want to do though is, thank you all for joining us today, and particularly thanking Curtis are coming up all the way from Florida in spite of the weather and in spite of his gammy leg there, so that's an Irish expression.

我最後想說的是，感謝大家今天加入我們，特別感謝柯蒂斯不顧惡劣的天氣和腿傷，從佛羅裡達遠道而來，這是愛爾蘭人的表達方式。

And happy to open up the floor for questions.

我很高興能接受大家的提問。

1

1

Thank you. Within the chemical and product segments, what percentage of the fleet -- the global fleet can make it around Africa without refuelling?

謝謝。在化學品和產品領域，全球船隊中有多少比例的船隊可以在不加油的情況下繞行非洲？

That's an easy question. Every ship count. However, operationally, they may not want to do that. So in fact, South Africa is becoming bit of a bottleneck. So because if you have to carry more bunkers, you're shutting out cargo and there may be other reasons if I don't know.

這是一個簡單的問題。每艘船都很重要。然而，從操作上來說，他們可能不想這樣做。因此事實上，南非正成為一個瓶頸。因此，如果您必須攜帶更多的燃料，那麼您就無法運送貨物，如果我不知道的話，可能還有其他原因。

So we didn't touch on this, but bunker planning becomes definitely one of those operational elements, you need to be very aware of two essentially make sure you don't -- you bunker where you're intending to bunker not squeezed into a last-minute situation.

因此，我們沒有觸及這一點，但掩體規劃肯定成為那些操作要素之一，您需要非常清楚兩點，基本上確保您不會——您打算在最後一刻將掩體安置在掩體中，而不是擠進最後一刻的情況。

(multiple speakers) I have three questions, but when you said South Africa, do you mean labor in South Africa, are they short of fuel?

（多位發言者）我有三個問題，但是當您說南非時，您是指南非的勞動力嗎？他們是否缺少燃料？

And I think whenever you move away from the main bunkering ports in the main refining regions, you might find yourself exposed to scarcity of bunker supply, higher pricing, infrastructural bottlenecks like parts availability and then potentially longer waiting time. And of course, every time we pay more for bunkers or extend our voyage length without any revenue to put towards it, that has a negative impact on our TCE.

我認為，每當你離開主要煉油地區的主要加油港口時，你可能會發現自己面臨燃料供應短缺、價格上漲、零件供應等基礎設施瓶頸，然後可能還需要更長的等待時間。當然，每次我們支付更多的燃油費或延長航程而沒有任何收入可用時，這都會對我們的 TCE 產生負面影響。

So that's labor shortages, it's just in our pricing and availability of fuel and the infrastructure. And of course, by being very proactive and forward looking in your voyage planning, you can avoid to find yourself in those messy situations. But it's just one of many examples where and I think it's a great example, as the world changes, trade patterns, there's always a lot of things to consider. And in itself, that creates, of course, volatility around some of those bunker supply lines with a further knock-on effect on the entire oil system.

這就是勞動力短缺，只是我們的燃料定價和可用性以及基礎設施的問題。當然，在航行計劃中積極主動和前瞻性，您可以避免陷入這些混亂的境地。但這只是眾多例子之一，我認為這是一個很好的例子，隨著世界的變化，貿易模式的變化，總是有很多事情需要考慮。當然，這本身就會造成一些燃料供應線的波動，並對整個石油系統產生進一步的連鎖反應。

My three original questions are, you mentioned China, please expand on that. Two, the Russian sale refined products to say a middle man in Persia who will sell it to an Indian and change the label and deliver it into the market. And three, when you calculate a return on capital for those environmental savings, what was the price of fuel that you saved? So China and Russia and --

我最初的三個問題是，您提到了中國，請詳細說明一下。二、俄羅斯將精煉產品賣給波斯的中間商，後者再賣給印度人，更改標籤並投放市場。第三，當您計算這些環境節省的資本報酬率時，您節省的燃料價格是多少？因此中國和俄羅斯--

Can you repeat the third question.

你能重複一下第三個問題嗎？

He showed a return on capital of 40% to 140%. So that means you save money to get that 40% to 140%. At what price of fuel did you say it.

他展示了40%至140%的資本回報率。這意味著你省錢就能獲得 40% 到 140% 的收益。您說的燃油價格是多少？

Okay. I think we I think it's $500 a ton, which is kind of where we are relatively the $500 a ton. Which would be like (multiple speakers). But I think to the other two questions were not would you like to --

好的。我認為是每噸 500 美元，這與我們目前的每噸 500 美元的水平相對一致。就像（多位發言者）但我認為另外兩個問題不是你想--

Russia and China?

俄羅斯和中國？

Yes, I think I think there's certainly been some concern around to what extent does it essentially Russian origin crude oil products find their way back into the supply chain in the west. Essentially, if you sell a crude oil from Russia into refineries anywhere in the world, particularly in the East at some point, whether it be refined and blended and find their way back to the refined chain in the West.

是的，我認為人們肯定擔心俄羅斯原油產品在多大程度上會重新進入西方的供應鏈。本質上，如果你將俄羅斯的原油賣到世界任何地方的煉油廠，特別是在東方的煉油廠，無論它是否經過精煉和混合，最終都會回到西方的精煉鏈。

I wish I could give you a definitive answer because of course, we don't track. We don't have the ability to blockchain the oil train in that sense. But I think that's a concern, and I'm not sure anybody has a really good exhausted answer (multiple speakers) yeah.

我希望我能給你一個明確的答案，因為當然，我們不會追蹤。從這個意義上來說，我們沒有能力將石油列車區塊鏈化。但我認為這是一個令人擔憂的問題，而且我不確定是否有人能給出一個非常好的詳盡答案（多位發言者）是的。

You said China is restricting exports.

你說中國正在限制出口。

So there has been, for the earlier part of last year, a significant drop in crude throughputs in China, pretty much on the back of just weaker domestic demand because there has been some kind of currency, in the Chinese economy. And as a part of that, we have seen a general a trend towards declining Chinese exports that being said, we know that a lot of the teapot refineries, independent non-state-owned refineries also operate was the main purpose to export their products overseas.

因此，去年年初，中國的原油吞吐量大幅下降，這主要是因為中國經濟出現某種貨幣波動，導致國內需求疲軟。作為其中的一部分，我們看到中國出口總體呈下降趨勢，我們知道許多茶壺煉油廠、獨立的非國有煉油廠的主要目的也是將產品出口到海外。

And we are now actually seeing towards the later part of last year and into this year. The crude throughput in China is very much on the rise. New export quotas have been issued, now export quotas on a perfect predictor of actual export volumes, but everything points towards a likely increase of Chinese product exports.

我們現在實際上看到的是去年下半年和今年的情況。中國的原油吞吐量正在大幅成長。新的出口配額已經發布，現在出口配額可以完美預測實際出口量，但所有跡像都表明中國產品出口可能會增加。

Thank you.

謝謝。

Since we're here, Tony, you just sort of left the last bit wide-open, you're saying this could be a four to six year bull market where two years and roughly and how does Ardmore respond to that?

東尼，既然我們談到這裡，你剛才對最後一個問題持開放態度，你是說這可能是一個四到六年的牛市，大概是兩年，阿德莫爾對此作何反應？

So I take it to mean that you think this is going to be a longer cycle. Are you thinking about your strategy on that basis any differently than you were say a year ago at this time or what are you looking to do against that backdrop? And again, you never see a cliff coming, right? So how do you prepare for that side of it?

所以我認為你認為這將是一個更長的周期。您是否基於此考慮您的策略與一年前相比有什麼不同，或者在這種背景下您希望做什麼？再說了，你永遠看不到懸崖的出現，對吧？那你要如何為這方面做好準備？

Yes. So I think it was Mark Twain, that said that history doesn't repeat itself, but sometimes it rhymes. So there's no certainty, but there really is some interesting parallels and commonalities at the periods that I mentioned. And I think there's a general view that this feels like it could go on for another couple of years. Nobody knows how it's going to end, but we all do know how it's going to hand. Tell all your portfolios are going to end. So it's good to have another two, three, even four years in it.

是的。所以我認為馬克吐溫說過，歷史不會重演，但有時卻會驚人地相似。所以沒有確定性，但在我提到的時期確實存在一些有趣的相似之處和共同點。我認為人們普遍認為這種情況可能會持續幾年。沒有人知道它會如何結束，但我們都知道它會如何進行。告訴你所有的投資組合即將結束。因此，再堅持兩年、三年甚至四年也是很好的。

It's also interesting when you look at those prior periods, there were spikes within those rates. But there overall is just much, much higher levels, So who knows, but it seems like a really good setup and the geopolitical issues, you're fairly persistent at the moment. So in terms of what are we doing about it, we like where we are. We don't have a fleet replacement problem, not really for five years. Our fleet is highly fuel-efficient, the investment were investment we're making, as Bart described, that Terrific.

有趣的是，當你回顧之前的時期時，你會發現這些比率出現了高峰。但總體而言，水平要高得多，所以誰知道呢，但這似乎是一個非常好的設定和地緣政治問題，你現在相當堅持。因此，就我們目前所採取的措施而言，我們喜歡目前的狀況。我們沒有機隊更換問題，至少五年內不會有。我們的車隊燃油效率很高，正如巴特所描述的，我們的投資非常棒。

We just kind of upgraded the fleet a little bit by selling the 2010 and we weren't planning to, but we just saw the opportunity because in particular value of that ownership had gone up a lot, and we're just intently focused on performance. And so if we see opportunities to grow, we will. We could have engaged in a lot of growth in the last 10 years, and none of you would have liked it, okay.

我們只是透過出售 2010 年車稍微升級了車隊，我們並沒有計劃這麼做，但我們看到了機會，因為那輛車的所有權價值已經大幅上漲，而我們只是專注於性能。所以，如果我們看到成長的機會，我們就會這麼做。過去 10 年裡我們本來可以實現很大的成長，但你們誰也不會喜歡，好嗎？

So we're definitely big enough to play on the global stage, we're nimble. And what that really means is that we're able to really focus on each ship and the voyage and optimizing the voyage and trading it out. But also having optionality in the way you position your fleet, which is difficult. And I think the other thing it's people don't acquire even if you hear it over and over again, it doesn't quite register, but the biggest fleets in our sector are only 5% of the market.

因此，我們絕對有足夠的實力在全球舞台上發揮作用，我們很靈活。這實際上意味著我們能夠真正關注每艘船和航程，並優化航程和進行交易。但在部署艦隊時也具有選擇性，這很困難。我認為另一件事是人們不明白，即使你一遍又一遍地聽到它，它也沒有完全被記住，但我們行業中最大的車隊僅佔市場的 5%。

Okay. So it's a very, very fragmented trading business. And what really matters is how you are able to trade your ships, not necessarily at least on the market side any kind of market cloud. So that's a bit of a ramble, but go ahead and --

好的。因此，這是一個非常非常分散的貿易業務。真正重要的是你如何交易你的船舶，而不一定至少在市場方面是任何類型的市場雲。有點囉嗦，不過繼續吧--

No, I mean, just sort of coming back to it, so is that are you thinking about your position in the way that you approach the market in the same way that you were a year ago at this time? Is that kind of the answer?

不，我的意思是，回到剛才的問題，您是否正在以與一年前相同的方式考慮自己在市場中的地位？那是這樣的答案嗎？

I think a year ago, we were really excited. That we're settling in and getting used to $35,000 a day. So joking aside, I think a year ago, we were thinking right this about the blip, and it's going to be over and when it's over, we're going to be in a much better position financially and we know to do, in terms of acquiring assets. Now it's a little more difficult, but again, we just don't -- we don't feel compelled to do anything other than what we think just makes sense in terms of long-term value. (multiple speakers) Go ahead.

我想一年前，我們真的很興奮。我們正在安頓下來並習慣每天 35,000 美元的收入。所以玩笑歸玩笑，我想一年前，我們就正確地考慮過這個短暫的波動，它將會結束，當它結束時，我們的財務狀況將好得多，而且我們知道在收購資產方面該做什麼。現在情況變得有點困難，但是，我們只是——我們不覺得有必要去做任何我們認為從長期價值來看有意義的事情。（多位發言者）請講。

Do you hedge any of your fuel costs actively? And second, do you lease new ships coming on as they are built rather than purchase some outright?

您是否積極對沖燃料成本？其次，你們是否在新船建造時租賃新船，而不是直接購買？

Do you want to address you and maybe you can address.

你想解決你也許可以解決。

Generally, we don't really hedge. We hedge our fuel needs are there could be certain specific examples that we had a corresponding a long or short exposure on a particular freight element. And if we want to then lock in the corresponding TCE, we could -- in theory back in the field as well, but we generally don't do that, essentially in our [PDR] markets, grade oil markets and such.

一般來說，我們實際上並不進行對沖。我們對沖燃料需求可能存在某些具體的例子，即我們對特定貨運要素有相應的多頭或空頭部位。如果我們想鎖定相應的 TCE，理論上我們也可以回到該領域，但我們通常不會這樣做，主要是在我們的 [PDR] 市場、等級石油市場等。

Then a question on vessels and financing, so I guess what we don't have any newbuilds on order coming in that we could potentially put out leasing structures or drawdown of debt. But the company last year and a half has really focused on the balance sheet as a shifting of debt back to the traditional shipping banks, predominantly European-based and where they've been able to provide us 100% coverage in some cases revolving credit facilities, which gives us tremendous flexibility even within a quarter to manage debt levels and decreased interest expense and so through that delivering, we've been able to pull our breakeven down.

然後是關於船舶和融資的問題，所以我想我們沒有任何新船訂單，我們可能會推出租賃結構或減少債務。但過去一年半，公司真正關注的是資產負債表，將債務轉移回傳統航運銀行，主要是歐洲的銀行，這些銀行在某些情況下可以為我們提供 100% 的循環信貸額度，這為我們提供了巨大的靈活性，即使在一個季度內也能管理債務水平和降低利息支出，因此，透過這種方式，我們能夠降低盈虧平衡點。

If we hadn't done that, it would be probably $3,500 a day to $70,000 a day, it's below $14 today. So I think the key thing for us is always maintaining a really wide network in relationships of financial capital providers. We had significant leasing structures in the past, we still have a few with much more focused on the traditional shipment is today.

如果我們不這樣做，每天的費用可能在 3,500 美元到 70,000 美元之間，而今天的費用低於 14 美元。因此我認為對我們來說關鍵的是始終與金融資本提供者保持非常廣泛的關係網絡。我們過去曾有過重要的租賃結構，現在我們仍然保留了一些，但更加重視傳統的貨運。

And if I could just say if everybody could please make sure you speak into the microphone. I appreciate that we take a moment to get to you. But in general speaking to them and if we could jump the volume on the mike here on the webcast, but it's a bit tough to hear so.

我可以說，請大家對著麥克風講話。我很感激我們能抽出時間來聯繫您。但一般來說，如果我們可以在網路直播中調高麥克風的音量，那麼聽起來會有點困難。

All right, where's the mike.

好的，麥克風在哪裡？

Thank you very much, guys. Tony, you mentioned like the past four, six cycles. One thing that seems a little different this time around is that a lot of the companies have less leverage. If you think back to the kind of those previous cycles, that's been a real scramble to for cash flow and equity issuance. Now it feels like very different and certainly your balance sheet is remarkably healthy. What difference do you think that we'll make on this particular market in terms of the behaviour of owners?

非常感謝你們。東尼，你提到了過去四、六個週期。這次似乎有些不同的是，許多公司的槓桿率都降低了。如果你回想一下之前的周期，你會發現那真的是對現金流和股票發行的爭奪。現在感覺非常不同，而且您的資產負債表顯然非常健康。您認為就業主行為而言，我們會對這個特定市場做出什麼改變？

Question I'm trying to think like the last strong market we had was in the early two thousands. So people were very busy ordering ships at that point for incredible prices and when it all came off to a lot of carnage. So it feels like companies are a lot more sensible now. They may also being held back by considerations around the energy transition, alternative fuels, et cetera. So if you look at the dry bulk sector, they've been at this longer now and there's been remarkable restraint in ordering over there. So I think it's just a different mindset. Previous results of social media could be.

問題我試著想想，我們上一次經歷的強勁市場是在 2000 年代初。因此，當時人們忙著以令人難以置信的價格訂購船隻，但最終卻造成了巨大的損失。所以感覺現在公司已經更明智了。他們可能還會因能源轉型、替代燃料等的考慮而受到阻礙。因此，如果你看一下乾散貨行業，你會發現他們已經在這個領域工作了很長時間，而且在訂購方面一直有明顯的克制。所以我認為這只是一種不同的思考方式。社交媒體的先前結果可能是。

Great, all right. We're reducing the microphone.

太好了，好的。我們正在減少麥克風。

This is an idea question of a new market that may be arising in California, they displaced 53% of the diesel with renewable diesel. So you have every refineries are shutting down or not connected by pipeline. So then with each barrel of gasoline that you produce, you produce a certain amount of diesel, which may not have a home, what type of market could that be for the product tanker industry?

這是一個關於加州可能出現的新市場的想法問題，他們用再生柴油取代了 53% 的柴油。因此，所有煉油廠都關閉了，或者沒有透過管道連接。那麼，每生產一桶汽油，就會產生一定量的柴油，而這些柴油可能沒有銷路，這對成品油油輪產業來說會是個什麼樣的市場呢？

Yes, I think you're touching on a few really interesting points. I mean, one, something we certainly see right now how the conversations are changing with our also petroleum-based customers. Some are just sort of really large and main commodity traders are now quite actively engaging in trading and certainly also more forward-looking discussion on biofuels, renewable aviation fuels, blending components for biofuels and with that just comes more complexity.

是的，我認為您觸及了一些非常有趣的觀點。我的意思是，首先，我們現在確實看到，我們與石油客戶的對話正在改變。一些真正大型的主要商品交易商現在非常積極地參與交易，當然也對生物燃料、可再生航空燃料、生物燃料混合成分進行了更具前瞻性的討論，隨之而來的是更多的複雜性。

As you're saying, we need different components, different feedstocks to generate those biofuel. We need different blending components for that. We need different ships and different onshore capabilities and organizational capabilities to handle those in a first of all, the safe, but most importantly, also an economic way. And the this mismatch that you described where any refinery already today, has a given product slate and of course, you can do things to adjust their product slate, but it will never be perfectly matching a regional market. As a matter of fact, it will continue to change and that creates product overhang that essentially then gets discounted in terms of price and will get exported somewhere else.

正如您所說，我們需要不同的成分、不同的原料來生產這些生質燃料。為此，我們需要不同的混合組件。我們需要不同的船舶、不同的岸上能力和組織能力來首先以安全的方式，但最重要的是以經濟的方式處理這些問題。您所描述的這種不匹配是指當今任何煉油廠都已經有既定的產品結構，當然，您可以採取措施調整其產品結構，但它永遠不會與區域市場完美匹配。事實上，它會繼續變化，並造成產品過剩，從而導致價格折扣並出口到其他地方。

So for us, this is kind of part of this really exciting story where driven through the energy transition needs and some focus on renewable fuels. But also just an increasing complexity. The conversely imagine a world where there was only one fuel that fits everything that moves that would be a far less complex world and probably would be a lot less interesting in terms of tanker demand.

因此，對我們來說，這是一個真正令人興奮的故事的一部分，它透過能源轉型需求和對再生燃料的關注來推動。但複雜性也日益增加。相反，想像一下，如果世界上只有一種燃料適合所有運動物體，那麼這個世界將不再那麼複雜，而且從油輪需求的角度來看，可能也不會那麼有趣。

And as you moving away from that towards more complexity, more product rates that creates different trade lanes and more interesting ways for us to also arbitrage that and yes, but it's very much happening. I mean, some of those conversations two or three years ago just simply didn't take place and just recently we had one of the European refiners approaches and basically ask us for could almost argue like a tutorial like a walk through on some of these newer cargoes and what you observe when shipping those cargoes from an operational and commercial standpoint. And we find that as a nice validation of the reputation we have created in those markets to be well beyond just in diesel and gasoline. Of course, still today is the bulk of what we do, but we can do a lot more than that.

隨著您逐漸擺脫這種困境，走向更加複雜、更多的產品價格，這將創造不同的貿易通道和更有趣的套利方式，是的，但這確實正在發生。我的意思是，兩三年前的一些對話根本就沒有進行，就在最近，我們接到了一家歐洲煉油廠的來電，要求我們進行一些教程，講解一些較新的貨物，以及從運營和商業的角度觀察運輸這些貨物時的情況。我們發現，這很好地證明了我們在這些市場上建立的聲譽遠遠超出了柴油和汽油市場。當然，今天仍然是我們所做的主要工作，但我們可以做的遠不止這些。

All right. I've got one up here and then Chris subsequently.

好的。我在這裡有一個，然後是克里斯。

Thank you. It was also the philosopher Erach leaders who said the only constant in life is change. So maybe if I could ask some questions regarding some ways that are on the horizon. I was looking at your presentation in the routes and is your baseline the Suez Canal blockage? I'm wondering that's just happening right now, when things normalize, how is that going to affect your business when you have to return to your normal routes, how is that going to benefit your competitors and how it's going to affect the financials of revenues for the company, please.

謝謝。哲學家埃拉赫也說過，人生唯一不變的就是變化。所以也許我可以問一些即將出現的方法的問題。我正在看您在路線中的演示，您的基線是蘇伊士運河堵塞嗎？我想知道現在發生的情況，當一切恢復正常時，這將如何影響您的業務，當您不得不恢復正常路線時，這將如何使您的競爭對手受益，以及這將如何影響公司的財務收入。

Yes, I can take a first stab at this. So I think just maybe a comment on timing and the quote that you just mentioned is very much highlighted and various internal and external debates we have and I think it's very much of what are our as I said, our trading mantra is based on. We are in a very changing environment and for us to trade well and as we just have to really embrace that.

是的，我可以先試試看。因此，我認為也許只是對時機的評論，您剛才提到的引言非常突出，並且我們進行了各種內部和外部辯論，我認為這很大程度上就是我們所說的交易口頭禪所基於的。我們處在一個不斷變化的環境中，為了更好地進行貿易，我們必須真正接受這個改變。

I don't think that unfortunately, the situation, the Red Sea is going to solve itself overnight and I believe that even some other factors, like the situation in Russia and Ukraine, even if there was a piece that were to find a peaceful solution to the conflict, I think some of those trades that we see now that have changed as a result of this will be quite sticky.

不幸的是，我不認為紅海局勢會在一夜之間得到解決，我相信，甚至一些其他因素，比如俄羅斯和烏克蘭的局勢，即使有一部分能夠找到和平解決衝突的方法，我認為我們現在看到的一些因此而變化的貿易將會相當棘手。

I don't necessarily foresee the world going back to just how things used to be before then overnight. I think that's a really good and other question and the question we ask ourselves all the time. If we took some of those components out of the equation, where would the market be today? What is the baseline. And that's a tough one to answer. But I think what we certainly shouldn't take as a baseline is 2021, which is COVID.

我並不一定能預見到世界會在一夜之間恢復到之前的狀態。我認為這是一個非常好的問題，也是我們一直在問自己的問題。如果我們把其中一些因素從等式中剔除，那麼今天的市場將會如何？基線是什麼。這是一個很難回答的問題。但我認為我們絕對不應該以 2021 年（即新冠疫情）作為基準。

I think it's really important to remember that just before the world went to this lockdown and subsequent in a terrible tanker market that ensued lot of positive things were actually happening, the fuel switch created a lot of complexity around diesel shortages. Europe is already structurally short diesel. All of a sudden there was a higher demand for marine diesel fuels, low sulphur fuels.

我認為，真正需要記住的是，就在世界進入封鎖狀態並隨後出現糟糕的油輪市場之前，實際上發生了很多積極的事情，燃料轉換給柴油短缺帶來了很多複雜性。歐洲已經出現結構性柴油短缺。突然間，對船用柴油和低硫燃料的需求增加了。

And so there was actually a lot of interesting things happening in the winter of 2019 to 2020 that we're just starting to emerge and then coming out of COVID before the Russian invasion of Ukraine, the market was actually really already on an upswing, which is what we were able to kind of anticipate and predict. We didn't see that -- we didn't see the outbreak of war coming when we open up our time charter portfolio, we saw the world normalizing in terms of its mobility needs. And I think that is already a fairly healthy and substantial baseline and returning back to that, I think would not be a terrible thing at the same time.

因此，2019 年冬季至 2020 年冬季實際上發生了很多有趣的事情，我們才剛開始出現，然後在俄羅斯入侵烏克蘭之前擺脫了 COVID，市場實際上已經處於上升趨勢，這是我們能夠預料和預測的。我們沒有預見到——當我們開放定期租船組合時，我們沒有預見到戰爭的爆發，我們看到世界在流動性需求方面正在正常化。我認為這已經是一個相當健康和實質的基線，回到這個水平，我認為同時也不是一件可怕的事情。

How quickly would that happen considering the stickiness of new trades, new trading relationships, new trade patterns and the relatively cheap cost of freight still and the overall profit margin on what it takes to move a product from A to B. I think we'll stay in this elevated environment for a while .

考慮到新貿易的黏性、新的貿易關係、新的貿易模式，以及相對便宜的運費成本，以及將產品從 A 地運送到 B 地所需的整體利潤率，這種情況會多快發生？我認為我們會在這種高漲的環境中維持一段時間。。

When it comes to your dividends, the dividend yield right now is a little bit high. How are you going to sustain your dividends in the future as well as by new fleet, modernize your fleet in the future.

說到股息，目前的股息殖利率有點高。您將如何在未來維持您的股息以及如何透過新船隊和未來現代化您的船隊來維持您的股息和現代化船隊。

But I think it come back to our capital allocation policy. When you think about average debt has been in place for a number of years before the current market increase and if we think that the policy has always been one where in past is to maintain this lead to moderate less modest leverage, always be looking for potential accredited growth and the ability to return capital to shareholders. And then in this upturn, we have the ability to actually do that simultaneously. So that was the key partner, reinstituting the dividend being one-third of adjusted earnings starting with Q4 2022 . I think when we think about capital allocation broadly, we still have runway to further invest in the current fleet to make that more efficient. We have further runway to reduce leverage.

但我認為這又回到了我們的資本配置政策。當您考慮到在當前市場上漲之前平均債務已經存在多年，並且我們認為過去的政策一直是保持這種適度槓桿率，始終尋找潛在的合格增長和向股東返還資本的能力。在這種好轉的情況下，我們有能力同時做到這一點。因此，這是關鍵的合作夥伴，從​​ 2022 年第四季開始重新將股利定為調整後收益的三分之一。我認為，當我們廣泛考慮資本配置時，我們仍然有足夠的空間進一步投資現有機隊，以提高其效率。我們還有進一步降低槓桿的空間。

Yes and then, we are always very prudent about the current market conditions that need of the underlying business and also the fleets longevity although balancing the important aspect of returning capital to shareholders. But I think we feel that we have a guidepost that we take a dynamic approach based on the conditions at the time.

是的，我們始終對目前的市場狀況非常謹慎，既需要基礎業務，也需要船隊的壽命，同時也要平衡向股東返還資本的重要面向。但我認為我們有一個指導方針，即根據當時的情況採取動態的方法。

And my final question -- Thank you. My final question is about interest rates the company came around when interest rates were near zero, now we're having higher for longer normalized interest rates. Can you talk about your debt and how you're going to again sustain the dividends invest and operate in the higher cost of capital environment. Thank you.

我的最後一個問題——謝謝。我的最後一個問題是關於利率的，當利率接近零時，公司的利率就出現了變化，而現在我們的長期正常利率更高。您能談談您的債務以及您將如何在更高的資本成本環境中再次維持股息投資和營運嗎？謝謝。

Sure. And that's one where the company really took a very deliberate approach a year and a half ago and we shifted and got revolving bank capacity from the traditional European lenders as we bought back and exercise purchase options on the lease vessels. So that actually was one where coming into a stronger market in knowing that we could actually manage the debt levels within the quarters to keep it lower as interest rates were increasing.

當然。一年半前，公司採取了非常謹慎的做法，透過回購和行使租賃船舶的購買選擇權，我們從傳統的歐洲貸款機構獲得了循環銀行貸款能力。因此，當我們進入一個更強勁的市場時，我們知道，我們實際上可以在季度內管理債務水平，以便在利率上升的情況下將其保持在較低水平。

And then we've been very deliberate as we've had this increase in earnings that a key part of that has been to deliver. So we're now at breakeven of $13,900 per day. If we hadn't delivered in these rising interest rates environments, we would be north of $17,000 per day. And now I think we have that luxury position with the much lower debt level that we can fund it with a range of different higher for longer scenarios, but it doesn't impact our ability to actually execute our capital allocation policy in all four parameters.

然後，我們非常謹慎地實現了獲利的成長，其中一個關鍵部分就是實現獲利的成長。因此，我們現在的損益平衡點是每天 13,900 美元。如果我們沒有在利率上升的環境下實現這一目標，那麼我們每天的收入將超過 17,000 美元。現在，我認為我們擁有的奢侈品地位具有低得多的債務水平，我們可以透過一系列不同的長期更高的方案為其提供資金，但這並不影響我們在所有四個參數中實際執行資本配置政策的能力。

Great. So we're going Chris next. I would ask again, though, if everyone could please make a point at front table as well to speak directly into the microphones. They're having some difficulty on the webcast, we can raise the volume on the mike, that all goes.

偉大的。接下來我們找克里斯。不過，我想再次詢問一下，是否每個人都可以在前桌直接對著麥克風講話。他們在網路直播中遇到了一些困難，我們可以提高麥克風的音量，這樣就沒問題了。

Yes. Thanks, guys. Let me just follow up on that question with regards to the debt levels, and leverage. Assuming the market continues to remain strong for the next coming years, are you happy with the current leverage ratio? How low could that go? And what's the ultimate bottoming, let's say, of the cash breakeven level in your minds that you could get to?

是的。謝謝大家。讓我繼續回答有關債務水平和槓桿率的問題。假設市場在未來幾年繼續保持強勁，您對當前的槓桿率滿意嗎？那能降到多低呢？那麼，在您看來，現金損益平衡水準的最終底線是多少？

Sure. Thanks Chris. I think I mean dynamic situation I think the way that we think about it is yes, we're looking at the market today. There's the full range of scenarios of how it could evolve and develop, but again it comes back to having the capital allocation policy in that guidepost, like the current leverage levels, it really increased the quality of earnings, lower the breakeven.

當然。謝謝克里斯。我認為我的意思是動態情況，我認為我們思考它的方式是，是的，我們正在關註今天的市場。關於它如何演變和發展的情景有很多種，但它又回到了資本配置政策的指導方針上，就像當前的槓桿水平一樣，它確實提高了盈利質量，降低了盈虧平衡點。

I think we still have some runway on the breakeven I mean, certainly we tackled the interest expense side of it very, very tight when it comes to cost management internally on both the OpEx front and the SG&A front and I think we just have to remind ourselves that we were very early managing the balance sheet and getting the and arranging the revolving credit facilities. I think we have actually some further ability to work with our banks to get even more revolving facility as opposed to term. So that's something that we're working on as well.

我認為我們在盈虧平衡方面仍然有一定的空間，我的意思是，當涉及到營運支出和銷售、一般及行政費用方面的內部成本管理時，我們當然非常非常嚴格地處理了利息支出方面的問題，我想我們必須提醒自己，我們很早就開始管理資產負債表並獲得和安排循環信貸額度。我認為我們實際上有進一步的能力與我們的銀行合作，以獲得更多的循環信貸額度而不是定期信貸額度。這也是我們正在努力的事情。

And look, I mean, we take a longer-term approach through the cycle. So you don't know exactly how it may play out , but it's important to de-lever and you have your dry powder available should a cycle play out or interesting opportunities emerge and we think that we can then plan to flag for future forward value. But I think it is just very much a conversation the team has on the daily basis.

瞧，我的意思是，我們在整個週期中採取了更長期的方法。因此，您無法確切知道最終結果會如何，但重要的是降低槓桿率，並且當週期結束或出現有趣的機會時，您就有可用的乾粉，我們認為我們可以計劃標記未來的遠期價值。但我認為這只是團隊日常的對話。

Actually just in the intro, I'm going to I mean, feel free, but I'm going to have a couple of these from the webcast. So please do keep sending those in at Ardmore@ IGBIR.com. I'll try not to take care of them, but just on scrubbers, how are you thinking about that? Why does it make sense now it didn't make comment that broadly, first of all as (inaudible) with that.

實際上，只是在介紹中，我的意思是，請隨意，但我將從網路廣播中獲取其中幾個。因此請繼續將這些資訊發送至 Ardmore@IGBIR.com。我會盡量不去照顧它們，但只照顧洗滌器，你怎麼看待這個？為什麼現在沒有做出如此廣泛的評論，首先是因為（聽不清楚）。

Let me start with that. Yes, we've now begun to install scrubbers on our ships. These scrubbers are lower costs, better technology, they're modular and they -- the installation time is a fraction of the traditional scrubber installation. So we're very pleased with those investments, in particular that can be upgraded to carbon capture. So it fits really well into our business model.

讓我從那開始。是的，我們現在已經開始在我們的船上安裝洗滌器。這些洗滌器成本更低、技術更先進、模組化，安裝時間只是傳統洗滌器安裝時間的一小部分。因此，我們對這些投資感到非常滿意，特別是可以升級為碳捕獲的投資。所以它非常適合我們的商業模式。

Why didn't we do scrubbers three, four years ago? We were in a very financially strained situation at the time everybody was and the cost of the capital needed to do those installations would have been very high. We in fact, instead of doing scrubbers, we bought a ship at a really good price and I did calculate what the scrubber spread would have had to have been to equal the returns we got on the ship that we just sold and it's $6,000 a day. So that -- so but every company has their own specific set of conditions and decision points and we're comfortable with the decision we made back then and we're really happy with what we're doing now.

為什麼我們三、四年前沒有安裝洗滌器？當時，我們的財務狀況非常緊張，而進行這些安裝所需的資金成本非常高。事實上，我們沒有安裝洗滌器，而是以非常優惠的價格購買了一艘船，我確實計算了洗滌器價差應該是多少才能等於我們剛剛賣掉的那艘船的回報，那就是每天 6,000 美元。所以 — — 但每家公司都有自己特定的條件和決策點，我們對當時所做的決定感到滿意，對現在所做的事情感到非常滿意。

Thank you. Just wanted to Tony follow up on, I think Ben's line of questioning early on in the Q&A about strategy and he was asking you about how you thought of things today versus a year ago. Wanted to ask given you've went through the different choke points that we've been seeing in a lot of the disruption, the Black Sea, the Baltic, Panama canal, Red Sea recently.

謝謝。只是想讓托尼跟進一下，我認為本在問答環節早些時候就提出了關於戰略的問題，他問你與一年前相比，你對今天的事情有何看法。鑑於您最近經歷了我們經常看到的發生交通中斷的不同瓶頸，例如黑海、波羅的海、巴拿馬運河和紅海，我想問一下。

And given what's been going on geopolitically recently, has that at all changed how you are thinking about strategy as it caused you to pivot or think about capital allocation differently or just strategy differently given what's going on right now in the Red Sea?

鑑於最近發生的地緣政治事件，這是否改變了您對戰略的看法，因為它導致您根據紅海目前發生的情況以不同的方式調整或思考資本配置，或者只是以不同的方式製定戰略？

Good questions. Hard to answer. So I don't think it's really affecting our strategic thinking. Our thinking there has been mostly operational and safety related. So it was very clear when shooting every one of our ships was attacked and we were very lucky and getting away without being hit. Others haven't been so lucky.

好問題。很難回答。所以我不認為這真的影響我們的戰略思維。我們的想法主要與營運和安全有關。因此，很明顯，在射擊時我們的每艘船都遭到了攻擊，我們非常幸運，沒有被擊中。其他人就沒有這麼幸運了。

So it was an easy decision to avoid the Red sea, let's see what happens unfold and how that solves itself, how long that takes and how long it takes for ships to return to that route.

因此，避開紅海是一個很容易的決定，讓我們看看會發生什麼以及如何解決，需要多長時間以及船隻需要多長時間才能返回該航線。

Just generally, I think geopolitically, it's just these events as long as you're kind of smart and safety conscious of the way you operate, they just add to aggregate [tumblr demand] and they just missed the market. And then it's just a matter of very tactically, which is kind of what kind of this team do looking to basically maximize returns and that by the volatile market.

總的來說，我認為從地緣政治角度來看，只要你在運作方式上足夠聰明且有安全意識，這些事件就只會增加總體 [tumblr 需求]，而它們只是錯過了市場。然後這只是一個戰術問題，也就是這個團隊應該做什麼來尋求在動盪的市場中最大化回報。

Yes, maybe just the only point I can add is that you asked about strategy, I'm not sure being agile, really qualifies a strategy probably doesn't. But I think it's just part of more of who we are part of our DNA. And if you then just consider that there will always be these kind of events, high-impact events that you have to adjust to very quickly, I think that is just a testament that as an organization in terms of our balance sheet in terms of our capabilities financially, but also just in terms of how we approach things strategically at every level of the company, just to preserve that culture that somebody told me a year ago that we're going to be going around the Cape by the end of the end of last year probably would have caught the present crazy yet here we are right.

是的，也許我唯一能補充的一點是，你問到了策略，我不確定敏捷是否真的符合策略的要求，可能不符合。但我認為這只是我們 DNA 的一部分。如果你再考慮到總是會有這類事件發生，那些你必須迅速做出調整的、影響深遠的事件，我認為這不僅證明了我們作為一個組織在資產負債表方面、在財務能力方面，而且也證明了我們如何在公司的各個層面戰略性地處理事情，只是為了保持這種文化，有人在一年前告訴我，我們將在去年年底繞過好角，這可能會引起了現在一年前的瘋狂

And I think who's say that we won't see something completely different in a year from now. So again, not really strategy, but I think agility both continue to play a really big role in terms of how our more approaches things.

我想誰能保證一年後我們不會看到完全不同的東西呢？所以，再說一次，這並不是真正的策略，但我認為敏捷性在我們如何處理事情方面繼續發揮著非常重要的作用。

Thank you.

謝謝。

Yes, thank you for your time today. You were very explicit in sharing their mindset and how you view the market. Can you give us any insight about how our customers view this market and if there is any discrepancy in how shipowners forecast the next few years versus charters?

是的，感謝您今天抽出時間。您非常明確地分享了他們的想法以及您對市場的看法。您能否向我們介紹我們的客戶如何看待這個市場，以及船東對未來幾年的預測與租船情況是否有差異？

Where your discussions about long-term charter stand have you seen any more appetite, increased appetite for charters to take longer position than what we have seen so far.

您關於長期租船的討論進度如何？您是否看到了比我們目前看到的更多的、對租船採取更長期立場的興趣？

Yes. So it is a great, great point and might just respond with a little anecdote. I was in Singapore during the last APEC conference, which I believe was around sometime in the fall. So we were in a strong market and freight was pretty high and I sat in with the room, which was really more sort of the refining side of the business. I think it was one of the only ship owners that really came from the western side to attend and they took a survey in terms of what the room was considering the biggest risk for them at the moment. And the top three on top of that was upside volatility in freight.

是的。所以這是一個非常好的觀點，也許可以用一個小故事來回應。上屆亞太經合組織會議期間我去了新加坡，我記得那次會議大概是在秋天的某個時候。因此，我們處於一個強勁的市場，運費相當高，我坐在房間裡，這實際上更像是業務的煉油方面。我認為他們是唯一真正從西方趕來參加會議的船東之一，並且他們就與會者認為目前對他們來說最大的風險進行了調查。而前三名的是貨運量的上行波動。

So I think from a customer standpoint, there's still really strong concern that freight might move up further given everything that's what's happening here and time charter markets have adjusted as a result of this. And I guess I am really surprised by how positively surprised by and how there is a much more latter way of approaching some of these security situations is rather let's see where we have been able to renegotiate.

因此，我認為從客戶的角度來看，考慮到目前發生的一切，人們仍然非常擔心運費可能會進一步上漲，而且定期租船市場也因此進行了調整。我想，我真正感到驚訝的是，我們竟然能以如此積極的方式處理這些安全局勢，而是看看我們能夠在哪裡重新談判。

Fairly amicably for these cape routing options at no detrimental commercial impact and I think that's a positive surprise and I think probably also indicative of how strong demand or how inelastic demand is at the moment. Again, Europe is structurally so short at the moment that these products just have to move and even though you price in an increase that essentially offsets 30%, 40% up to 70% on the voyage distances. That is not leading to a point where those cargo movements get choked off of anything they continue to move quite strong volumes. That answers your question. Thank you.

這些好望角路線選擇相當友好，不會對商業產生不利影響，我認為這是一個積極的驚喜，我認為可能也表明了目前的需求有多強勁或需求有多缺乏彈性。再說，目前歐洲的結構性短缺使得這些產品必須運輸，即使價格上漲，基本上可以抵銷 30%、40% 甚至 70% 的航程距離損失。這不會導致貨物運輸受到任何阻礙，貨物運輸量仍然相當大。這回答了你的問題。謝謝。

So we have one here and then, Chris, you had a follow-up and then we'll come back to the top table.

所以我們在這裡有一個，然後，克里斯，你有一個後續行動，然後我們將回到頂層桌。

Yes hi. Thanks for all this. Maybe just to hear what your strategic thinking is on the dividend versus a buyback and how you guys thought about it in the beginning starting last year, Q4 2022 and knowing where the strength is today. Obviously, I think 2019, you guys had about 30% to 35% in the stock today, you're about 42%. So I'm just going to hear some of your thinking on that and why you thought the dividend was the best route.

是的，你好。謝謝你們。也許只是想聽聽您對股息與回購的策略性思考，以及您從去年開始、2022 年第四季對此是如何考慮的，並且知道目前的優勢在哪裡。顯然，我認為 2019 年，你們的股票現在大約佔 30% 到 35%，大約是 42%。所以我只是想聽聽你對此的一些想法，以及為什麼你認為股息是最好的途徑。

So I think any one, I think coming back to the capital allocation policy and the fact that with the changing market backdrop and cash flow generation that we could pursue all those priorities together and return of capital to shareholders was an important priority. Then we had waited a long time to be able to actually put into place and I think we studied when we put the capital allocation policy in place, other industrial companies and well outside the shipping sphere and we look to and felt that a level that was one-third of earnings in a cyclical business where you're going to have fluctuations will seasonally and cyclically was actually quite significant within the industrial relevance here.

所以我認為，任何人，我認為回到資本配置政策，以及隨著市場背景和現金流產生的變化，我們可以同時追求所有這些優先事項，而向股東返還資本是一個重要的優先事項。然後，我們等待了很長時間才能夠真正實施，我認為我們在製定資本配置政策時研究了其他工業公司以及航運領域以外的公司，我們觀察並認為，在周期性業務中，收益的三分之一水平實際上對這裡的工業相關性具有相當重要的意義，因為週期性和周期性波動是會出現的。

And then when we think about that in versus, for example, a buyback and when we instituted a policy and kind of thinking today as well. We like the liquidity and the average daily trading volume for our share and the 100% free float and we felt that continuing to promote that while using the dividend is a tool for returning capital to shareholders was appropriate.

然後，當我們考慮這一點時，例如，回購，以及當我們今天制定政策和思考時。我們喜歡我們股票的流動性和日均交易量以及 100% 的自由流通量，我們認為繼續推廣這一點，同時利用股息作為向股東返還資本的工具是合適的。

Appreciate the comments. Thank you.

感謝您的評論。謝謝。

I'd be remiss if I didn't ask about the E1 marine investment. Since you guys look at that, are you thinking more of licensing that technology in the future? Would you manufacture the units for sale to others. How are you looking to monetize that?

如果我不問 E1 海洋投資的話，那我就太失職了。既然你們看到了這一點，你們是否會考慮在未來更多地授權該技術？您會製造這些產品並出售給其他人嗎？您希望如何將其貨幣化？

I'm just going to ask just for the benefit of the wider audience maybe should one read it.

我只是想問一下，為了讓更多的觀眾受益，也許有人應該讀它。

Sure. I'll give you some backdrop. So as a reminder, when back a few years ago at 2021, the company made an investment in Element 1 which has proprietary technology to take methanol and produce pure hydrogen, which then can be used in a wide range of fuel cell applications. And important to remember that that was actually a multifaceted deals that also put $40 million on the balance sheet in the terms of our preferred and that was a time when capital was really needed to bolster the company.

當然。我會給你一些背景資訊。提醒一下，幾年前，也就是 2021 年，該公司對 Element 1 進行了投資，該公司擁有利用甲醇生產純氫的專有技術，純氫可用於廣泛的燃料電池應用。重要的是要記住，這實際上是一項多方面的交易，它還以優先股的形式在資產負債表上投入了 4000 萬美元，而當時公司確實需要資金來支持。

It also coincided with the company's energy transition plan and rollout and so very early and important part of the company's ETP plan and then as we broaden that with examining this full range of technologies that we talked about that we've installed on our vessels Element 1 remains one component to that.

它也與公司的能源轉型計劃和推出相吻合，因此是公司 ETP 計劃中非常早期和重要的部分，然後，隨著我們擴大這一範圍，研究我們討論過的、已安裝在我們船上的全部技術，元素 1 仍然是其中的一個組成部分。

Like other industrial companies where you have proprietary technology and then you're looking to monetize that and achieve value on a global scale, they've been really active now in terms of their scaling, looking at different licenses across geographies and across verticals. So it's actually not just Marine and in fact, some of the other markets are accelerating more rapidly.

與其他擁有專有技術並希望將其貨幣化並在全球範圍內實現價值的工業公司一樣，他們現在在擴展方面非常活躍，正在尋找跨地域和跨垂直行業的不同許可證。因此，實際上不僅僅是海洋市場，其他一些市場也在加速發展。

So everything from aerospace, off-highway, on-highway, charging stations so yes definitely significant progress there. I think we have to remind ourselves from our overall context that was a $10 million investment. So certainly, when we think about our asset base our fleet and our core competency in the fleet, but that happen to be a unique investment that met other criteria for the company.

因此，從航空航太、非公路、公路、充電站等各領域肯定都取得了重大進展。我認為我們必須從整體角度提醒自己，這是一項 1000 萬美元的投資。因此，當然，當我們考慮我們的資產基礎時，我們的船隊和我們在船隊中的核心競爭力，但這恰好是一項符合公司其他標準的獨特投資。

But again, I think our ETP focus today and go forward it's much more on testing and piloting technologies that then we can deploy in our fleet and improve from an operational perspective, but not necessarily making direct equity investments.

但我再次認為，我們今天的 ETP 重點以及未來的重點將更多地放在測試和試行技術上，然後我們可以將這些技術部署到我們的機隊中，並從營運角度進行改進，但不一定進行直接股權投資。

We came to the front table here.

我們來到了這裡的前桌。

Thank you. I too have been wondering and struggling with demand. Every dollar chases away a customer that arises or make it $1,000. How have you seen customers economizing because obviously they want to save money and they're being squeezed too. Okay can you give us some examples?

謝謝。我也一直在思考並努力應對需求。每花費一美元，就會趕走一位新客戶，或讓客戶損失 1,000 美元。您如何看待顧客節省開支，因為他們顯然想省錢，而且他們也受到了擠壓。好的，您能給我們舉一些例子嗎？

Can I just start and then just mentioned that the transport cost is roughly 5% of the delivered cost of fuel. And I think the real question is when oil traders are trading and they're making a spread, what's the impact on their decisions?

我可以先說一下，運輸成本大約佔燃料交付成本的 5%。我認為真正的問題是，當石油交易商進行交易並產生價差時，這會對他們的決策產生什麼影響？

Yes, I think that almost answers the question entirely. I mean, I think as of as of yesterday, the 3-2-1 cracks in the refining margins were stood at roughly $30 a barrel. So I guess they're still making good money both in terms of refining when trading those commodities and again, the fact that even though those higher freight levels are quite sticky, product is still moving and we are down. So we are in peak US Gulf refinery turnaround right now, US Gulf [pad three] rates are down to 77%, which is exceptionally low.

是的，我認為這幾乎完全回答了這個問題。我的意思是，我認為截至昨天，煉油利潤的 3-2-1 裂解價差約為每桶 30 美元。因此，我認為他們在交易這些商品時無論是在煉油方面還是在事實上都賺得盆滿缽滿，儘管較高的運費水平相當棘手，但產品仍在運輸，而我們的價格卻在下降。因此，我們目前正處於美國墨西哥灣煉油廠週轉率的高峰期，美國墨西哥灣[三號油田]的煉油廠已降至 77%，這是一個非常低的水平。

Normal run rates would be 92% to 95% maybe and you know, it's not notable. I mean, US Gulf Raiders as high as mid 30s on certain routes and as low as I think, high 20s. So those are really good rates still. And again, we're not at this point where we're meeting inelastic demand for the transport of those goods and again, at $30 a barrel at crack spreads, I think it's everybody still has a chance to make a lot of money.

正常運作率大概是 92% 到 95%，這並不值得注意。我的意思是，美國海灣襲擊者在某些航線上的最高溫度可達 30 多度，最低溫度我認為可達 20 多度。所以這些利率仍然非常優惠。再說一次，我們現在還沒有滿足運輸這些貨物的非彈性需求，而且，在裂解價差為每桶 30 美元的情況下，我認為每個人仍然有機會賺大錢。

I'm going to take one more from the from the webcast. So I'm going to of the webcast and we'll have more questions here. So this has been closed in a couple of different ways and then from in the room addressed this earlier as well. But Tony, as far as you said, that you close the presentation by saying that cycles inevitably end, I guess through line to the various questions I'm getting is what do you do in the interim to make it worthwhile? What's the point if at all eventually and how do you get there without it. I mean, that was the bigger value (multiple speakers) How do you start the next cycle not at square one.

我將從網路廣播中再選取一個。因此我將參加網路直播，我們將在這裡提出更多問題。因此，這個問題已經透過幾種不同的方式解決了，並且之前在房間裡也已經解決了這個問題。但是托尼，正如你所說，你在演講結束時說週期不可避免地會結束，我想我收到的各種問題的線索是，你在此期間做了什麼來讓它變得有價值？最終這有什麼意義？如果沒有它，你又該如何達成目標？我的意思是，這有更大的價值（多個發言者）你如何開始下一個循環而不是從頭開始。

Okay. So if I understand the question, the end of the cycle is not the end of Ardmore Shipping. In fact, I get really excited in downturns because that's where you build for the future and make your money. You make your money when you buy. And if you asked me a year ago, what were we thinking? Well, that's we're going to be in a great position to build up the fleet right with cheap assets.

好的。所以如果我理解這個問題的話，週期的結束並不意味著阿德莫爾航運的終結。事實上，在經濟低迷時期我感到非常興奮，因為那時你可以為未來做準備並賺錢。當你購買時你就賺錢了。如果你一年前問我，我們在想什麼？好吧，我們將處於一個有利的位置，可以用廉價的資產來建立艦隊。

So I think from an investor standpoint, it's really important to understand this concept of potentially if we're in a long cycle, how long it's going to last for us, we're playing the infinite game, okay? And we're going to keep playing it and our objective is to build a great platform perform every day but build long-term value by making really good decisions on capital allocation.

因此，我認為從投資者的角度來看，理解這個概念非常重要，如果我們處於一個長期週期，它將持續多久，我們正在玩無限遊戲，好嗎？我們將繼續努力，我們的目標是建立一個偉大的平台，每天發揮作用，並透過在資本配置方面做出真正正確的決策來創造長期價值。

Yes. Hi, Tony. Tim. As I look at everything you've talked about today has been a lot of focus on demand, a lot of questions around demand, but you're in a business where the supply that matters and also interestingly, I think the variables determining future supply are much more predictable. So I want to focus on those variables.

是的。你好，托尼。提姆。我認為您今天談論的所有內容都集中在需求上，很多問題都與需求有關，但您所處的行業中，供應至關重要，而且有趣的是，我認為決定未來供應的變數更容易預測。所以我想關注這些變數。

First one is a year ago, I think you mentioned that the order book was particularly light because of uncertainty about what the environmental requirements of future vessels are going to have to be, given that they have such a long life, that's a big variable. So an update on that would be helpful.

首先是一年前，我想您提到訂單特別少，因為不確定未來船舶的環境要求是什麼，考慮到它們的壽命很長，這是一個很大的變數。因此對此進行更新將會很有幫助。

Second thing is I look at a lot of other assets and equipment that moves around and in every category, I can think of the useful life has been increasing. And so why might that be the case or might not be the case in your industry? Then you also mentioned today just a lack of capacity production capacity, how serious is that? And then my final question is what would it take you to order a new ship?

第二件事是，我查看了許多其他流動的資產和設備，我認為每個類別的使用壽命都在增加。那麼為什麼在你的行業中可能會出現這種情況或可能不會出現這種情況呢？那您今天也提到剛才產能不足，這個情況有多嚴重？我的最後一個問題是，訂購一艘新船需要什麼？

Okay. I'll try to answer that questions. So I think the question on fuel is an interesting one. There are ships. A lot of ships have been ordered that are methanol dual-fuel, nothing ammonia yet because the technology is not protected, but they're all either in sectors that are very, very front-facing to retail type customers.

好的。我會盡力回答這些問題。所以我認為燃料問題很有趣。有船。目前已訂購了許多使用甲醇雙燃料的船舶，但尚未訂購使用氨燃料的船舶，因為該技術尚未受到保護，但它們都位於面向零售客戶的領域。

So car carriers, container ships, et cetera, or they are more bulk type businesses where a customer is prepared to give them a long-term time charter to kind of make it worth their while because it is a substantial increase in costs. So that is happening. Nobody is building dual-fuel ships spot for spot trading because the market won't pay for it. So that's not happening yet.

因此，對於汽車運輸船、貨櫃船等，或者更散裝類型的企業，客戶願意給予他們長期租船合同，以使其值得，因為這會大幅增加成本。事實就是這樣的。沒有人建造雙燃料船進行現貨交易，因為市場不會為此買單。所以這還沒有發生。

The ships are being built with engines that can be upgraded. So the incremental cost now is not that much, but they can be retrofitted. So that is happening, but there still is a lot of uncertainty. So I think that definitely has a component of holding people back. Let me ask answer the last question first, and I'm trying to remember the ones in between. So would we order ships?

這些船舶正在建造可升級的引擎。因此，現在增加的成本並不多，但它們可以進行改造。這確實正在發生，但仍然存在許多不確定性。所以我認為這肯定會對人們的發展造成阻礙。讓我先回答最後一個問題，然後我試著記住中間的問題。那我們會訂購船嗎？

Yes, possibly. It depends on when they deliver price if they're really connected to a project if there are other strategic advantages to doing it. So it's a -- I guess it was a question around shipyard capacity. You know, the Clarkson’s tracks this, but I think the yard capacity from 2008 to today is down at least 50%, and it did not disappear in 2008, it took a while yards to keep building and over populating with fleet and the yards going bankrupt and et cetera.

是的，有可能。這取決於他們何時交付價格，他們是否真的與某個專案相關，以及做這件事是否有其他策略優勢。所以這是一個——我猜這是一個關於造船廠產能的問題。你知道，克拉克森跟踪了這一點，但我認為從 2008 年到今天，船廠的產能至少下降了 50%，而且這種下降並沒有在 2008 年消失，而是船廠花了一段時間才繼續建造，導致船隊過剩，最終導致船廠破產等等。

So there are I think there's yard capacity there for orderly renewal and replacement. I think there is this wave of older ships that is not addressed and that's still to come, but it's potentially big issue. So I think I've missed at least two questions there.

所以我認為那裡有足夠的容量來進行有序的更新和更換。我認為，這波老舊船舶問題尚未解決，而且未來將繼續出現，但這可能是一個大問題。所以我認為我至少錯過了兩個問題。

(Inaudible)

（聽不清楚）

Oh yes, that's a good one because I get really frustrated with like dishwashers and things like that. So there's a long answer. But the short answer, maybe we'll do here, which is that I think in terms of the structural technology shifts and the way they've been built and the way that the steel has been coded, et cetera, hasn't really changed. And I think that means that for our ships, they're going to last 20 to 25 years. And I don't think there's any initiative there should be, to be honest, that should help our economics all that much, but we should find ways to extend the life to build ships that have a longer life anticipated life by way of modularity, upgrades, may be better treatment of steel, et cetera.

哦，是的，這很好，因為我對洗碗機和類似的東西感到非常沮喪。所以答案很長。但簡短的回答是，也許我們會在這裡這樣做，我認為就結構技術轉變以及它們的建造方式和鋼材編碼方式等而言，並沒有真正改變。我認為這意味著我們的船舶的使用壽命為 20 至 25 年。並且坦白說，我認為不應該有任何舉措對我們的經濟有太大幫助，但我們應該找到延長壽命的方法，透過模組化、升級、更好地處理鋼材等方式建造預期壽命更長的船舶。

But am I missing anything in terms of shifting to construction technology that's ?

但我是否忽略了轉向建築技術方面的一些事情？

Maybe also just that I think the cycle matters in terms of the useful life and I think that side of it separate from the technology and so just we were studying the product tanker fleet and you see this large component of the fleet 40% that the next five years is going to be over that the age of 20 that if a cycle plays out, those are natural scrapping candidates. But if the market remains strong, the owners trying to keep the incremental and yes.

也許只是我認為週期對於使用壽命很重要，我認為這方面與技術無關，所以我們正在研究成品油輪船隊，你會看到這支船隊的很大一部分 40% 在未來五年內將超過 20 年的船齡，如果一個週期結束，這些船隊自然是報廢的候選者。但如果市場保持強勁，業主就會試圖保持增量，這是可以的。

Yes, we'll go very fast. The other thing also to keep in mind is those older ships are really, really inefficient. I mean, they might burn eight tons a day more than the newer ships did right.

是的，我們會走得很快。還要記住的另一件事是那些老船確實非常低效。我的意思是，它們可能每天比新型船隻燃燒八噸燃料。

Tony, I'll get there again. You asked me before we started something along the lines that you really wanted me to give you the singer or something like that ?

東尼，我會再來的。在我們開始之前你問過我，你​​真的想讓我給你歌手或類似的東西？

I was only joking.

我只是在開玩笑。

Yes, I know. You said it, the key to making money in shipping our cyclical businesses buying low. I would argue the key is selling high. We're kind of high now.

是的，我知道。您說得對，航運是我們週期性業務中賺錢的關鍵，低價買入。我認為關鍵在於高價出售。我們現在有點興奮。

Right, good question. And it's not his anger, it's logical. Why don't we just sell half the fleet? Well, we do run a really high-quality platform that needs a certain amount of scale to be able to generate the returns it does and we think it's got a lot of future value as well. We don't need to sell ships for investors to be able to sell their position, right? So we're not in a position where we need to sell down ships and distribute capital. That's my own view. Okay.

對，好問題。這不是他的憤怒，這是合乎邏輯的。我們為什麼不賣掉一半的車隊呢？嗯，我們確實經營著一個非常高品質的平台，它需要一定的規模才能產生回報，而且我們認為它也具有很大的未來價值。我們不需要出售船隻，投資者就可以出售他們的持股，對嗎？因此，我們不需要出售船舶並分配資本。這是我自己的看法。好的。

We're gradually what we've not done has grown a lot. And again, I want to emphasize we've had plenty of opportunities to buy a lot of ships, but we haven't done that. So I think we're just focused on continuing to improve the performance and the cash flow that we're generating from the kind of scale that we have today and waiting for opportunities. But I think that if we were to scale back through vessel sales now, I think that would impair our ability to deliver value in the future.

我們漸漸地把沒做的事情成長了很多。我想再次強調，我們有很多機會購買大量船隻，但我們還沒有這樣做。因此，我認為我們只是專注於繼續提高我們現有的規模所產生的業績和現金流，並等待機會。但我認為，如果我們現在減少船舶銷售量，這將損害我們未來創造價值的能力。

(Inaudible)

（聽不清楚）

What's that ? Good question. So again, we -- the great thing about having a lot of liquidity and 100% free float is that anytime an investor wants to sell the whole thing, they can sell the whole thing, right and get out, right? So it's -- we don't have to do that for them.

那是什麼？好問題。所以，再說一次，擁有大量流動性和 100% 自由流通股的好處在於，任何時候投資者想要出售全部股份，他們都可以出售全部股份，然後退出，對嗎？所以——我們不必為他們這樣做。

How flexible has the regular ship that you have become over the years in terms of dry cargo versus a wet cargo and can you change the mode of shipment that pretty quickly with newer technology.

多年來，你們的常規船舶在乾貨和濕貨運輸方面有多靈活？能否利用新科技快速改變運輸方式？

So I think we work in a world of liquid bulk. So we -- there are ship types that can switch back and forth dry to wet. But one of the aspects of our ship type in our business in particular is the wide range of liquid bulk cargoes we carry and theoretically, we could you never want to do it, but you can carry crude oil, all the refined products, petrochemicals, inorganics, et cetera.

所以我認為我們生活在一個液體散裝的世界。因此，我們——有可以在乾濕之間切換的船舶類型。但我們業務中船舶類型的一個特點是，我們能夠運輸各種各樣的液體散裝貨物，理論上，我們可能永遠不想這樣做，但你可以運輸原油、所有精煉產品、石化產品、無機物等等。

So I'll actually hand this over to Gernot to answer a little bit because I think one of our underlying components of our strategy is to maximize our trading options by looking at as many different types of cargoes as possible.

因此，我實際上會將這個問題交給 Gernot 來回答，因為我認為我們策略的基本組成部分之一是透過查看盡可能多的不同類型的貨物來最大化我們的貿易選擇。

A follow up on a different subject. What about insurance costs given what's going on in the world today ? How much have they risen or

不同主題的跟進。鑑於當今世界的情況，保險費用如何？它們漲了多少，或者

Our D&O just went down by a lot, but that's kind of a condensed view. But yes, do you want to talk about numbers usually?

我們的 D&O 剛剛下降了很多，但這只是一種概括的觀點。但是是的，你通常想談論數字嗎？

Yes. I mean, with regard to war risk premiums and Red Sea transits to the extent that anybody would still engage in those trades. Obviously, as I showed, we have just negotiated options around the Cape so we don't really need to worry about whereas premiums. But typically those would be a voyage cost and there's either priced in or are absorbed by the charterer. But yes, they have gone up no doubt.

是的。我的意思是，就戰爭風險保費和紅海運輸而言，任何人都會繼續參與這些貿易。顯然，正如我所表明的，我們剛剛好望角周圍的選擇進行了談判，因此我們實際上並不需要擔心保費問題。但通常這些都是航行成本，要麼計入價格，要麼由租船人承擔。但毫無疑問，它們確實上漲了。

But I would say that the standard insurance package that's in OpEx in terms of whole machinery and P&I, that's renewed on typically an annual basis more at regular market levels and remains highly competitive process.

但我想說的是，就整機和保賠險而言，營運支出中的標準保險方案通常每年更新一次，更符合常規市場水平，並且仍然保持高度競爭的流程。

So if the world gets for peaceful with those insurance costs drop and give you a better margin.

因此，如果世界變得和平，保險成本就會下降，並為您帶來更好的利潤。

So it can be more of a voyage expense impact, but in terms of the whole machinery in P&I. I think that's not as much.

因此，它對航程費用的影響可能更大，但就保賠險中的整體機械而言。我認為還不算太糟。

Yes, that market is driven more by kind of non-comp, non-kinetic type of events, big oil spills, catastrophes as best as claims that kind of stuff. And it's just it's amazing how shipping like our slip would be absorbed through reinsurance and shipping absorbed into the whole voids, the world of reinsurance and we got impacted by things that you'd never imagine would impact us that had nothing to do with shipping.

是的，該市場更多地受到非競爭性、非動能類型的事件、大規模漏油事件、災難以及諸如此類的事情的驅動。令人驚訝的是，像我們的船台這樣的航運業務會被再保險吸收，而航運業務又被吸收到整個再保險領域，我們受到了一些你永遠想不到會對我們產生影響的事情的影響，而這些事情與航運無關。

And maybe just to add the way we conduct our business, our track record with the insurance or safety standards and how we've been able to avoid incidents where we would have to call into insurance cover that certainly has an impact in terms of how you can do in terms of relative renewal rates, and that's been quite favorable to the company.

也許只是增加我們開展業務的方式、我們在保險或安全標準方面的記錄，以及我們如何避免必須尋求保險保障的事件，這肯定會對相對續保率產生影響，這對公司來說非常有利。

Okay, I'm seeing no further questions here in the room and we're good on the webcast. So Tony I'll turn it to you if anything you want to say in closing?

好的，我看到會議室裡沒有其他問題了，我們的網路直播進行得很順利。那麼東尼，如果你想在最後說點什麼的話，我就把話題交給你了。

No, just again, thank you all for coming and good questions. If you have worked over some time.

不，再次感謝大家的到來和提出好的問題。如果您已經工作了一段時間。

Thank you.

謝謝。