Ardmore Shipping Corp (ASC) 2024 Q4 法說會逐字稿

All right. Good morning, everyone. You hear me all right? Good. Welcome to Ardmore Shipping's 2025 Investor Day, during which we will also be covering the company's results for the fourth quarter, full year 2024.

好的。大家早安。你聽清楚了嗎？好的。歡迎參加 Ardmore Shipping 2025 年投資者日，在此期間我們也將介紹該公司 2024 年第四季和全年的業績。

I'm Bryan Degnan with IGB Group. Just a few administrative points before we get underway. This event is being recorded and broadly distributed via live webcast, which along with today's slides, it's 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 premarket this morning and is also available on the website.

我是 IGB 集團的 Bryan Degnan。在我們開始之前，只需注意幾個管理要點。活動正在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。

Please turn to slide 2. Later in the event following the prepared remarks, there will be a Q&A session, at which point we will take questions from people with us in the room today. For those joining remotely, please feel -- (technical difficulty)

請翻到投影片 2。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的人們提出的問題。對於那些遠端加入的人，請--（技術難度）

On behalf of the Ardmore Board and senior management team, let me welcome you all to our annual Investor Day luncheon. Last year, in my opening remarks, some of you may remember them, hopefully, you don't. I noted that we lived in interesting times. And in many ways, we still live in interesting times. But there's also been a great number of changes since our last meeting. We're hopefully seeing maybe a more settled situation in the Middle East and possibly as of this morning.

我謹代表阿德莫爾董事會和高階管理團隊歡迎大家參加我們的年度投資者日午餐會。去年，在我的開場白中，有些人可能還記得，但願你們不記得。我注意到我們生活在一個有趣的時代。從許多方面來看，我們仍然生活在一個有趣的時代。但自從我們上次會議以來，也發生了很多變化。我們希望看到中東局勢可能從今天早上開始變得更加穩定。

(technical difficulty) that we must keep our aim constantly focused on the future. As you'll hear this afternoon, Ardmore is focused squarely on the future. We remain committed to performance and progress, to innovation, to our well-articulated capital allocation policy, and to thoughtful and transparent governance.

（技術難度）我們必須始終將我們的目標放在未來。正如您今天下午將聽到的，阿德莫爾正專注於未來。我們始終致力於績效和進步、創新、清晰的資本配置政策以及周到透明的治理。

With that being said, you'll hear a lot about all those topics this afternoon. And I want to thank you again for your continued interest in and your support of Ardmore Shipping. We remain solidly committed to being good stewards of your investment.

話雖如此，今天下午你會聽到很多關於這些主題的討論。我要再次感謝您對阿德莫爾航運的持續關注和支持。我們始終堅定地致力於做好您投資的管理。

And with that, I'll ask Gernot and Bart to come up and join me as they begin their remarks.

接下來，我將請 Gernot 和 Bart 上來和我一起開始他們的演講。

Thank you, Curtis, and welcome, everyone. We're delighted you could join us today as we are pleased to update you on another great year for Ardmore. For those of you who are new in the audience, slide 5 gives you a snapshot of our company today. Ardmore is listed on the New York Stock Exchange and our first-rate governance is a cornerstone of who we are. It guides our values, our business principles and how we make decisions.

謝謝你，柯蒂斯，歡迎大家。我們很高興您今天能加入我們，我們很高興向您介紹阿德莫爾又一個偉大的一年。對於新來的觀眾，第 5 張投影片向您介紹了我們公司目前的概況。阿德莫爾在紐約證券交易所上市，我們一流的治理是我們成功的基石。它指導我們的價值觀、我們的商業原則以及我們如何做出決策。

Our core focus is on product and chemical tankers, which we operate through our globally integrated platform. And our performance-based culture and emphasis on innovation is what consistently drives us to deliver outstanding results.

我們的核心重點是產品和化學品油輪，並透過我們的全球一體化平台進行營運。我們的績效導向文化和對創新的重視始終推動著我們取得卓越的成果。

Moving to slide 6, here's the outline of today's presentation. Bart and I will first guide you through our earnings highlights. We will then pivot to the Investor Day segment of the presentation. Here, we will focus on external market fundamentals before we give you a business update and a look under the hood. And finally, I'll offer some closing thoughts before opening up the meeting for questions.

轉到投影片 6，這是今天簡報的概要。巴特和我將首先向您介紹我們的盈利亮點。然後我們將轉向演示的投資者日部分。在這裡，我們將重點關注外部市場基本面，然後向您介紹業務更新和內部情況。最後，在開始提問之前，我將發表一些總結性的看法。

Turning first to slide 7 for highlights. We are pleased to report another successful year for Ardmore. Adjusted earnings were $120 million or $2.84 per share for the full year and $10.3 million or $0.25 per share for the fourth quarter. Our markets are experiencing continued strength as a result of tight supply and demand fundamentals bolstered by ongoing geopolitical disruption. Meanwhile, Ardmore continues to execute on its long-standing capital allocation policy.

首先翻到投影片 7 看重點。我們很高興地宣布阿德莫爾又迎來了成功的一年。全年調整後收益為 1.2 億美元，即每股 2.84 美元，第四季度調整後收益為 1,030 萬美元，即每股 0.25 美元。由於持續的地緣政治動盪導致供需基本面緊張，我們的市場持續走強。同時，阿德莫爾繼續執行其長期以來的資本配置政策。

We repurchased 4% of our shares during the fourth quarter at an average price of $11.49. And today, we declared another quarterly cash dividend of $0.08 per share, consistent with our policy of paying out 1/3 of adjusted earnings. We also remain committed to tight cost management and have achieved low cash breakeven levels of $11,500 per day. This positions us to benefit strongly from a wide range of market scenarios and across cycles.

我們在第四季以平均 11.49 美元的價格回購了 4% 的股票。今天，我們宣布再次派發每股 0.08 美元的季度現金股息，這與我們支付 1/3 調整後收益的政策一致。我們也繼續致力於嚴格的成本管理，並實現了每天 11,500 美元的低現金損益平衡水準。這使我們能夠從廣泛的市場情景和跨週期中獲得巨大利益。

Moving to slide 8. Our TCE performance reflects continued strength and rates remain significantly above our cash breakeven level. Our MRs earned $22,700 per day for the fourth quarter and $23,400 per day so far in the first quarter with 55% booked. Our six chemical tankers earned $21,400 per day for the fourth quarter and $14,000 per day for the first quarter with 40% booked so far.

移至幻燈片 8。我們的TCE表現體現出持續的強勁勢頭，且利率仍遠高於我們的現金損益兩平水準。我們的 MR 在第四季度每天的收入為 22,700 美元，第一季迄今每天的收入為 23,400 美元，預訂率為 55%。我們的六艘化學品油輪在第四季度每天的收入為 21,400 美元，在第一季每天的收入為 14,000 美元，迄今為止預訂率為 40%。

With this, I'll hand it over to Bart.

這樣，我就把它交給巴特了。

Thanks, Gernot. Moving to slide 9. Here, we detail our continued focus on financial strength. Once again, the chart on the bottom left highlights the significant reduction in our cash breakeven levels, now standing at a low $11,500 per day. We've accomplished this through our effective cost control, lower debt levels, and access to revolving credit facilities.

謝謝，Gernot。移至幻燈片 9。在這裡，我們詳細說明了我們對財務實力的持續關注。左下角的圖表再次突顯了我們的現金損益平衡水準的大幅下降，目前僅為每天 11,500 美元。我們透過有效的成本控制、較低的債務水平和循環信貸額度實現了這一目標。

As we will emphasize today, Ardmore remains focused on optimizing performance closely managing costs and preserving a strong balance sheet.

正如我們今天要強調的那樣，阿德莫爾仍然專注於優化績效、密切管理成本和保持強勁的資產負債表。

Turning to slide 10 for financial highlights. Echoing Gernot, we are pleased to report our continued strong performance with the adjusted earnings of $2.84 per share for the full year and $0.25 per share for the fourth quarter. We're correspondingly reporting strong EBITDAR and continue to frame this as an important comparable valuation metric against our IFRS reporting peers. Full reconciliation of this is presented in the appendix. Also, please refer to our first-quarter guidance numbers in the appendix on slide 45.

請翻到第 10 張投影片查看財務亮點。與 Gernot 的觀點一致，我們很高興地報告，我們繼續保持強勁的業績，全年調整後每股收益為 2.84 美元，第四季度調整後每股收益為 0.25 美元。我們相應地報告了強勁的 EBITDAR，並繼續將其作為與我們的 IFRS 報告同行進行對比的重要可比較估值指標。附錄中提供了對此的完整核對。另外，請參閱第 45 頁附錄中的第一季指引資料。

Thanks, Bart. This concludes the earnings portion of the presentation, and we will now move on to the Investor Day section and begin with an outlook on the market.

謝謝，巴特。演示的收益部分到此結束，我們現在將進入投資者日部分，並從市場展望開始。

Key points: strong long-term fundamentals in products and chemicals and on top of that, geopolitical disruption, sanctions, and regulatory shifts. Starting with slide 12, the demand picture. Global oil demand accelerated in the fourth quarter and further robust growth is projected in 2025. The US economy is proving resilient with solid GDP and jobs growth.

重點：產品和化學品的長期基本面強勁，此外還有地緣政治動盪、制裁和監管變化。從投影片 12 開始，需求圖。全球石油需求在第四季加速成長，預計2025年將進一步強勁成長。美國經濟表現出韌性，國內生產毛額和就業成長穩健。

Meanwhile, the IEA is projecting all supply growth of 1.1 million barrels per day in 2025, even in the absence of OPEC unwinding its voluntary cuts.

同時，即使歐佩克不解除自願減產，國際能源總署也預計2025年全球石油供應量也將成長110萬桶/日。

In the fourth quarter, we saw traders taking a step back. Lower refining margins and uncertainty in broader global markets resulted in a general risk-off approach. There were fewer long-haul cargoes, particularly on East to West runs and overall equity was somewhat muted. But things have started to pick up.

在第四季度，我們看到交易員有所退縮。煉油利潤率較低以及全球市場普遍的不確定性導致人們普遍採取避險策略。長途貨運量減少，特別是東向西的航線，整體股票市場表現較低迷。但情況已經開始好轉。

In contrast to the uncertainty of the fourth quarter and a general wait-and-see attitude, market players are beginning to take positions. Trading firms are arbitraging shift in cargo flows, time charter activity is on the rise. And very notably, refining margins have jumped. And all this should result in a fresh boost to ton mile demand.

與第四季的不確定性和普遍的觀望態度相反，市場參與者開始採取立場。貿易公司正在對貨物流進行套利，定期租船活動正在增加。值得注意的是，煉油利潤率大幅上升。所有這些都將對噸英里需求產生新的推動作用。

Moving to slide 13, where we provide an example of how tariffs create market inefficiencies, adding to overall ton mile demand. As shown on the chart on the lower right, Canada currently accounts for 40% of gasoline deliveries to the US East Coast. If tariffs are introduced on Canadian refined product imports we would expect to see a significant portion of these volumes replaced from elsewhere, most likely Europe and West Africa. Already now, we have witnessed cargo activity in the Atlantic Basin as a direct result.

轉到第 13 張投影片，我們提供了一個例子，說明關稅如何造成市場效率低下，從而增加了整體噸英里需求。如右下角的圖表所示，加拿大目前占美國東岸汽油供應量的 40%。如果對加拿大成品油進口徵收關稅，我們預計其中很大一部分將從其他地方替代，最有可能是歐洲和西非。現在，我們已經直接見證了大西洋盆地的貨運活動。

We can see from the chart on the upper right that voyage distances are 6 times greater for imports from Europe compared to Canada and even longer from West Africa. This is expected to happen in both directions, whereby Canadian barrels would find new export markets that, by definition, are substantially further away. So both imports and exports traveling longer distances.

從右上角的圖表中我們可以看出，從歐洲進口的航程是加拿大進口的航程的6倍，從西非進口的航程甚至更長。預計這將是雙向的，即加拿大石油將找到新的出口市場，而根據定義，這些市場距離要遠得多。因此進口和出口的運輸距離都更長。

It is impossible to overlook the strong parallels to the EU refined product embargo on Russian exports. And as we enter an era, we see additional action taken on trades across numerous cargo routes. It is important to remember that this typically means more trading opportunities, longer waiting times, greater volumes of product on the water. All this fundamentally supports ton mile demand and thereby freight rates.

我們不能忽視這與歐盟對俄羅斯成品油出口實施的禁運有著很大的相似之處。隨著我們進入一個新時代，我們看到許多貨運航線上的貿易都採取了額外的行動。重要的是要記住，這通常意味著更多的交易機會、更長的等待時間、更大的水上產品量。所有這些從根本上支撐了噸英里需求，從而支撐了運費。

On slide 14, we take a step back and review longer-term demand drivers. Dislocation of oil refineries remains an enduring trend. Refining petrochemical production has been shifting east which combined with refinery closures in the West, continues to drive incremental ton miles. Market projections reflect the sustained and increasing demand for refined oil products in order to meet global (technical difficulty)

在第 14 張投影片上，我們回顧一下長期需求驅動因素。煉油廠遷移仍是持續的趨勢。煉油石化生產正在向東部轉移，加上西部煉油廠的關閉，繼續推動噸英里數的增加。市場預測反映出，為了滿足全球需求，對成品油的需求將持續成長。（技術難度）

Our fleet and its replacement needs with the current order book. The chart on the left provides an important visual of the changes in the MR fleet over time. Highlighted in the green quadrant, currently, there is an exceptionally old fleet. In fact, it's the oldest fleet in recent history with an average age of 14 years.

我們的船隊及其替換需求與目前的訂單量有關。左側的圖表提供了 MR 船隊隨時間變化的重要視覺資訊。綠色象限突出顯示的是目前一支極為老舊的艦隊。事實上，這是近代史上最古老的船隊，平均船齡為 14 年。

Now moving to the chart on the right, more than half of the global MR fleet will -- (technical difficulty) so as the Aframax fleet shrinks and creates a shortfall, a portion of these LR2s will naturally operate in the crude trades.

現在轉到右側的圖表，全球超過一半的 MR 船隊將 - （技術難度）因此隨著阿芙拉型油輪船隊的縮減和短缺，這些 LR2 中的一部分自然會在原油貿易中運營。

Turning to slide 16. The pie charts on the left further highlight the rapidly aging MR fleet. And as mentioned, more than 50% of the fleet will be over 20 years old within the 5 years. This aging fleet shows -- (technical difficulty) next month, an additional 155 tankers were sanctioned by OFAC, bringing the total sanction tanker fleet to over 500 vessels and effectively halting further utilization of these ships.

翻到第 16 張投影片。左側的圓餅圖進一步凸顯了 MR 車隊的快速老化。如上所述，未來 5 年內，超過 50% 的船隊船齡將超過 20 年。這艘老化的船隊表明——（技術難題）下個月，另外 155 艘油輪受到 OFAC 的製裁，使受制裁的油輪總數超過 500 艘，並有效地阻止了這些船隻的進一步使用。

Specifically on the product tanker side, approximately 1/4 of the total fleet has been sanctioned and/or has participated in Russia trade. Notably, the Aframax segment has been most impacted with 20% of the fleet now under sanctions. And as you can see in the chart on the right, there's a clear trend line. The LR2s are increasingly shifting into dirty trades widening the supply-demand gap in the clean market.

具體到成品油輪方面，約有四分之一的成品油輪已獲得制裁和/或參與了俄羅斯貿易。值得注意的是，阿芙拉型油輪板塊受到的影響最大，目前有 20% 的船隊受到製裁。正如您在右側圖表中看到的，有一條清晰的趨勢線。LR2 型油輪越來越多地轉向污染油貿易，擴大了清潔油市場的供需缺口。

And please keep in mind, shifting from clean to dirty can be done on an ad hoc basis. But on the other hand, bringing ships back from dirty into refined product trades is costly and requires an extensive tank cleaning and intermediate cargoes. Overall, as the impact of sanctions continues to reverberate through markets, effective supply is reduced significantly, and this benefits top-tier tanker operators such as Ardmore.

請記住，從乾淨到骯髒的轉變可以根據具體情況進行。但另一方面，讓船舶從油污船舶重新投入成品油貿易的成本很高，並且需要大量的油艙清潔和中間貨物運輸。總體而言，隨著制裁的影響持續在市場上迴盪，有效供應大幅減少，這對阿德莫爾等頂級油輪營運商有利。

Moving to slide 18. Here, we highlight the growing complexity of the regulatory landscape. This is actually impacting supply and link to Ardmore's strengths. The company was very well prepared for the recent fuel regulations in Europe. And even though the costs are treated as pass-through voyage expenses, this requires significant planning by our team.

移至幻燈片 18。在此，我們強調監管環境日益複雜化。這實際上影響了阿德莫爾的供應和優勢。該公司對歐洲最近的燃油法規做好了充分的準備。儘管這些費用被視為轉嫁航行費用，但這需要我們的團隊進行大量的規劃。

This regulatory environment also enhances the returns on the energy efficiency investments that we have successfully completed over the past few years. We'll take a look at some concrete examples in the next section. Overall, while regulations can be a burden for some, they benefit companies such as Ardmore, since we are positioned to manage them effectively and capture incremental earnings.

這種監管環境也提高了我們在過去幾年中成功完成的能源效率投資的回報。我們將在下一節中看一些具體的例子。總體而言，雖然法規對某些人來說可能是一種負擔，但它們卻使阿德莫爾這樣的公司受益，因為我們能夠有效地管理它們並獲得增量收益。

Now moving to slide 19. What does all this mean for us? In these volatile markets, we can experience significant jumps in charter rates and earnings. And for example, a $10,000 a day increase in rates is equivalent to an annual increase of about $2.30 in earnings per share and a boost of nearly $100 million in free cash flow generation. Ardmore is very well positioned to harness this market volatility and translate it into earnings upside.

現在翻到第 19 張投影片。這一切對我們意味著什麼？在這些動盪的市場中，我們的租船費率和收益可能會大幅上漲。例如，每天增加 10,000 美元的費率相當於每股收益每年增加約 2.30 美元，自由現金流增加近 1 億美元。阿德莫爾 (Ardmore) 非常有能力利用這種市場波動並將其轉化為獲利成長。

Turning now to the business update starting with an overview of our strategy on slide 21. Ardmore's strategy is clear and well defined. We are a global owner and operator of product and chemical tankers with a particular focus on leveraging opportunities where products and chemicals overlap. This is an important part of Ardmore's competitive advantage. It is one thing to simply buy tankers with chemical capabilities.

現在轉到業務更新，首先從幻燈片 21 上的我們的策略概述開始。阿德莫爾的戰略清晰明確。我們是產品和化學品油輪的全球所有者和營運商，特別注重利用產品和化學品重疊的機會。這是阿德莫爾競爭優勢的重要組成部分。光是購買具有化學能力的油輪是一回事。

Owning steel is easy. But managing and trading these vessels in a safe and efficient way is more complex. It requires unique organizational capabilities that need to be built and developed over time. These more complex markets are harder to penetrate and for us, this is one of the ways we differentiate ourselves as a business.

擁有鋼鐵很容易。但以安全有效的方式管理和交易這些船隻更加複雜。它需要獨特的組織能力，這種能力需要隨著時間的推移而建立和發展。這些更複雜的市場更難滲透，對我們來說，這是我們作為企業脫穎而出的方式之一。

Ardmore features a fully integrated trading platform. Our talented shoreside team strategically covers all our markets 24/7 on our three key locations. They work closely with our dedicated seafaring colleagues onboard our modern fuel-efficient fleet. Thereby, we can transact close to our customers and execute voyages and close partnership with our vessels. All of this, of course, to maximize TCE.

阿德莫爾 (Ardmore) 擁有完全整合的交易平台。我們優秀的岸上團隊在三個主要地點全天候策略性地覆蓋所有市場。他們與我們現代化節能船隊的敬業航海同事密切合作。由此，我們可以與客戶進行密切的交易、執行航行並與我們的船隻建立密切的夥伴關係。當然，這一切都是為了最大限度地提高 TCE。

Inherent within our performance focus is a constant restlessness to innovate and improve. This permeates the entire organization. This is reflected in how we upgrade our vessels physically to reduce fuel cost. It is about how we integrate artificial intelligence to enhance decision-making, how we develop new trades, optimize voyage execution, and experiment with new ideas from large CapEx projects through everyday business processes.

我們對績效的關注中蘊含著不斷創新與改進的熱情。這滲透到了整個組織。這體現在我們如何對船舶進行物理升級以降低燃料成本。它是關於我們如何整合人工智慧來增強決策能力，如何開發新產業，優化航行執行，以及如何透過日常業務流程嘗試來自大型資本支出項目的新想法。

We will show you a few examples shortly. But other than our core values, at Ardmore, everything is always in motion, as we are always looking for ways to develop further. Why? Because we believe this is how we can best position Ardmore for the future, how we remain competitive regardless of market cycles, how we continue building a great company. And to that, ultimately, of course, how we create long-term shareholder value.

我們將很快向您展示幾個範例。但除了我們的核心價值之外，在阿德莫爾，一切都在不斷變化，因為我們一直在尋找進一步發展的方法。為什麼？因為我們相信，這是我們為阿德莫爾的未來做好最佳準備的方式，是我們無論市場週期如何都能保持競爭力的方式，也是我們繼續打造一家偉大公司的方式。當然，最終我們討論的是如何創造長期股東價值。

Slide 22, reintroduces a concept which is core to our belief, performance and progress. The success of this philosophy is reflected in the key metrics highlighted on this slide. Both absolute and relative performance are crucial to us. Shown here, a key metric is our full year TCE of $30,300 per day. We place significant emphasis on hard performance measures. And this is how our team members are collectively measured and incentivized company-wide.

第 22 張投影片重新介紹了我們信念、表現和進步的核心概念。這項理念的成功體現在這張投影片上突出顯示的關鍵指標。絕對錶現和相對錶現對我們來說都至關重要。這裡顯示的一項關鍵指標是我們的全年 TCE 為每天 30,300 美元。我們非常重視硬性績效衡量標準。這就是我們全公司範圍內對團隊成員進行集體評估和激勵的方式。

Cost discipline throughout the cycle and low debt have enabled us to achieve a historically low cash breakeven $11,500 per day, as mentioned before. Strong earnings and low cost combined, this allows us to return a significant level of capital to our shareholders equivalent to 23% of our market cap since the end of 2022.

如同先前所提到的，整個週期的成本控制和低負債使我們實現了歷史最低的每天 11,500 美元的現金損益平衡。強勁的盈利和較低的成本相結合，使我們能夠向股東返還大量資本，自 2022 年底以來相當於我們市值的 23%。

Under the progress banner, innovation mindset is at the center of what we do where every voyage, every decision, and every process of opportunities to do things better. Our seafarers and shore staff work seamlessly together as one team, all that tied together by industry-leading governance.

在進步的旗幟下，創新思維是我們一切工作的核心，每一次航行、每一個決定、每一個過程都充滿了把事情做得更好的機會。我們的海員和岸上工作人員作為一個團隊無縫協作，所有這些都透過業界領先的治理緊密聯繫在一起。

Importantly, for us at Ardmore, the concept of performance and progress has never been about trade-offs where either performance would come at the cost of progress or progress would come at the cost of performance. On the contrary, we believe that one enhances the other. And we're happy to discuss this point further during Q&A, but in essence, we believe that strong governance also enables strong business performance.

重要的是，對於我們阿德莫爾來說，績效和進步的概念從來都不是權衡取捨，要么績效以進步為代價，要么進步以績效為代價。相反，我們相信一個會增強另一個。我們很高興在問答環節進一步討論這一點，但本質上，我們相信強而有力的治理也能帶來強勁的業務績效。

Slide 23 provides some more detail on that last point. Lead by our experienced and extremely versatile Board, we recognize that robust corporate governance is crucial to ensure long-term success. We are honored to be recognized once again as the top-ranked tanker company on the Weber governance scorecard. And we are delighted that our principal approach continues to set the standard within the industry. And for anyone investing in Ardmore, we believe this is equally meaningful.

幻燈片 23 提供了有關最後一點的更多詳細資訊。在我們經驗豐富、極其多才多藝的董事會的領導下，我們認識到強有力的公司治理對於確保長期成功至關重要。我們很榮幸再次被評為韋伯治理記分卡上排名第一的油輪公司。我們很高興我們的主要方法繼續在行業內樹立標準。對於任何在阿德莫爾投資的人來說，我們相信這同樣有意義。

Slide 24. It can't be said often enough. A key part of that governance is our long-standing capital allocation policy. We are committed to utilizing our robust financial position to actively deliver on all of our allocation priorities. In the fourth quarter, we repurchased shares and declared our ninth consecutive dividend.

幻燈片 24。這句話無論怎麼強調都不為過。此治理的關鍵部分是我們長期以來的資本配置政策。我們致力於利用我們強大的財務狀況積極實現我們所有的分配優先事項。第四季度，我們回購了股票並宣布連續第九次派發股利。

We are continuing to reinvest in our business in meaningful ways. We continue to reduce debt and building on our track record of accretive growth. We are developing and evaluating potential transactions in a measured and disciplined way. This policy reflects a sensible, cyclical approach to creating long-term shareholder value.

我們將繼續以有意義的方式對我們的業務進行再投資。我們將繼續減少債務，鞏固我們成長的記錄。我們正在以有節制、有紀律的方式開發和評估潛在交易。該政策體現了創造長期股東價值的合理、週期性方法。

Okay. Let's pivot a little bit. We promised you a look under the hood. And of course, on a day like today, I have to show you some maps. So moving on to slide 25.

好的。讓我們稍微轉變一下。我們承諾讓您深入了解一下。當然，在今天這樣的日子裡，我必須向你們展示一些地圖。請繼續看第 25 張投影片。

We want to show you three real-life examples of how we trade our ships. In this first example, we are looking at a vessel that had to be repositioned from Northern Europe all the way to China for a scheduled drydock. Through a deliberate repositioning plan that played out over five months, our team leveraged a number of creative voyage combinations. Those market access, advanced planning, and tight execution enabled us to deliver the ship literally at the doorstep of the intended dry dock with minimal ballast.

我們想向您展示我們如何交易船舶的三個真實例子。在第一個例子中，我們看到一艘船必須從北歐一路重新定位到中國進行預定的乾船塢。透過為期五個月的周密重新定位計劃，我們的團隊利用了許多創意的航行組合。這些市場准入、提前規劃和嚴密的執行使我們能夠以最少的壓載將船舶交付到預定的乾船塢門口。

Going back to the point that we just made about the strong alignment of our team, we managed to achieve a significant reduction in our dry-docking cost while at the same time, enabling strong on-hire performance by collaborating across functional lines that would traditionally be divided. Bart will later cover our CapEx upgrades. But of course, we need to remember that these intelligent repositioning strategies amplify over a drydocking program.

回到我們剛才提到的關於我們團隊的緊密合作的觀點，我們成功地實現了乾船塢成本的大幅降低，同時，透過跨傳統上劃分的職能線進行協作，實現了強勁的租賃績效。Bart 稍後將介紹我們的資本支出升級。但當然，我們需要記住，這些智慧重新定位策略在幹船塢計畫中會被放大。

Turning to slide 26. Here, you see a year without ballast. The green lines on this map reflect the voyages carrying cargo, and the black lines show when the ship was empty. And when empty, the ship is not earning any money. We are, of course, quite pleased to see how hard it is to find the black line here on this map.

翻到第 26 張投影片。在這裡，你看到了沒有壓艙物的一年。地圖上的綠線表示載貨航行，黑線表示船舶空載的航行。當船空載時，船就賺不到錢。當然，我們很高興看到在這張地圖上找到黑線是多麼困難。

This vessel was laid in for almost the entire 14-month period, resulting in an average TCE of $35,000 per day, well in excess of market earnings over that period. How can we achieve something like this? Well, a bit of luck, but more so, strong team expertise and the right connections, combined with utilizing our digital tools to enable fast and accurate commercial decision-making.

該船幾乎在整個 14 個月期間處於閒置狀態，平均 TCE 為每天 35,000 美元，遠遠超過同期的市場收益。我們怎樣才能實現這樣的目標？嗯，有點運氣，但更重要的是強大的團隊專業知識和正確的人脈，再加上利用我們的數位工具來實現快速準確的商業決策。

Turning to slide 27. Here, we have a visual of how we are leveraging emerging cargo trades beyond oil products on one of our chemical tankers. The voyage combination you see here includes edible oils and used cooking oils for biofuel production among others. We discussed earlier our expertise in carrying nonpetroleum-based cargoes as a deliberate strategy. Through that, we were able to achieve a TCE of over $35,000 per day over a five-month period.

翻到第 27 張投影片。在這裡，我們直觀地展示了我們如何利用一艘化學品油輪進行石油產品以外的新興貨物貿易。您在此處看到的航次組合包括食用油和用於生產生物燃料的廢棄烹飪油等。我們之前討論過我們在運輸非石油貨物方面的專業知識，這是一種深思熟慮的策略。透過這種方式，我們在五個月內實現了每天超過 35,000 美元的 TCE。

This demonstrates the versatility of our chemical tankers, which Bart will cover a bit later when he takes us through the further enhancements with what we're doing to our tank coatings in during the upcoming cycle.

這證明了我們的化學品船的多功能性，Bart 稍後會介紹這一點，屆時他將向我們介紹我們在即將到來的周期中對油箱塗層進行的進一步改進。

Slide 28, how do we achieve these results? Kind of provides a summary of what we just covered. But as a reminder, world-class, fully integrated platform, high-performance culture, and a team that is constantly innovating to deliver premium earnings.

投影片 28，我們如何實現這些結果？對我們剛剛討論的內容進行總結。但需要提醒的是，世界一流的、完全整合的平台、高績效的文化以及不斷創新以提供優質收益的團隊。

Turning to slide 29. This is a snapshot of our global setup, which we discussed before, efficiently covering our key markets in the Americas, in Europe, in the Middle East, and Asia. This enables us to engage a broad and diverse range of high-quality customers. It's important to note that the vast majority of cargoes transacted in the market every day are transported by these blue-chip oil companies and major trading firms. They have extremely stringent regulations in terms of compliance and technical value.

翻到第 29 張投影片。這是我們之前討論過的全球設定的快照，有效涵蓋了我們在美洲、歐洲、中東和亞洲的主要市場。這使我們能夠吸引廣泛而多樣化的高品質客戶。值得注意的是，每天市場上交易的絕大多數貨物都是由這些藍籌石油公司和大型貿易公司運送的。他們在合規性和技術價值方面有極為嚴格的規定。

Ultimately, this is about having lots of trading options for Ardmore.

最終，這將為阿德莫爾帶來大量的交易選擇。

(technical difficulty) and going strong today. The plan is a natural evolution of our strategy, focused on continuing to create value in an ever-evolving market landscape, while reducing emissions along the way. The energy transition will take time. And so this plan is firmly rooted in a commitment to achieve tangible results today that are highly accretive to our performance, while at the same time, strategically positioning Ardmore for the future. In the following slides, we'll highlight some powerful examples.

（技術難度）並且今天進展順利。該計劃是我們策略的自然演變，專注於在不斷變化的市場格局中繼續創造價值，同時減少排放。能源轉型需要時間。因此，該計劃牢牢紮根於實現實際成果的承諾，這些成果將大大提升我們的業績，同時為阿德莫爾的未來做好戰略定位。在下面的幻燈片中，我們將重點介紹一些有力的例子。

Moving to slide 31. We take our drydockings to the next level (technical difficulty) ex of $25 million, including an elective $14 million spend on scrubber insulations and other energy efficiency technologies. For 2025, we forecast CapEx of approximately $30 million to $35 million. And again, a combination of routine drydock maintenance as well as additional high-returning performance upgrades. Also noteworthy, we had very strong on-hire availability for the quarter at nearly 100% as a result of the continued close coordination of our teams at sea and onshore.

移至第 31 張投影片。我們將乾船塢建設提升到一個新的水平（技術難度），耗資超過 2500 萬美元，其中包括在洗滌器絕緣和其他節能技術上花費 1400 萬美元。到 2025 年，我們預測資本支出約為 3,000 萬至 3,500 萬美元。再次，結合常規乾船塢維護以及額外的高回報性能升級。同樣值得注意的是，由於我們海上和陸上團隊的持續密切協調，本季度我們的租賃可用性非常高，接近 100％。

Turning to slide 32, we fully embraced innovation and cast a wide net evaluating and testing potential projects. In fact, we've reviewed over 200 technologies, successfully implementing 20 initiatives while achieving very strong returns, often in some cases, in excess of 100%. So let's look at some specific examples.

翻到第 32 張投影片，我們全力擁抱創新，並廣泛評估和測試潛在項目。事實上，我們已經審查了 200 多項技術，成功實施了 20 項計劃，同時獲得了非常豐厚的回報，在某些情況下甚至超過 100%。讓我們來看一些具體的例子。

Turning now to slide 33. We're upgrading our tank coatings on our chemical fleet to increase cargo versatility and further expand revenue opportunities. The chart on the left illustrates the growing list of cargoes available to us. At the same time, reduced cleaning and turnaround time will increase our asset utilization by approximately 10%. This all aligns on Ardmore's trading strategy to continue to move deeper into the premium end of the cargo slate, boosting earnings accordingly.

現在翻到第 33 張投影片。我們正在升級化學品船隊的油罐塗層，以提高貨物的多功能性並進一步擴大收入機會。左側的圖表顯示了我們可用的貨物清單不斷增加。同時，減少清潔和周轉時間將使我們的資產利用率提高約 10%。這一切都符合阿德莫爾的貿易策略，即繼續深入貨運市場的高端領域，從而相應地提高盈利。

Moving to slide 34. Strongly overlapping with our energy transition plan, we are leveraging a full and growing suite of AI and digitalization tools to enhance our commercial and operating performance.

移至第 34 張投影片。與我們的能源轉型計劃高度重疊，我們正在利用不斷增長的全套人工智慧和數位化工具來提高我們的商業和營運績效。

Let's take a further look on slide 35. We were one of the first ship owners globally to deploy Starlink across our entire fleet. This system has been a game engine connectivity tool. It has enabled our fleet and our shore staff to pilot and implement several new technologies, all driving fleet performance. And well beyond the performance gains, having Starlink onboard has supported morale amongst our seafarers.

讓我們進一步看第 35 張投影片。我們是全球首批在整個船隊部署 Starlink 的船東之一。該系統一直是遊戲引擎的連接工具。它使我們的船隊和岸上工作人員能夠試用和實施多項新技術，從而提高船隊的性能。除了性能提升之外，船上配備 Starlink 還提高了海員的士氣。

It is so powerful how our crew members can connect with their families virtually every night. And from the office, we now officially host true all hands meetings with all of our vessels joining live. This just wasn't technically feasible in the past. And we're just getting started realizing the benefits of this amazing connectivity.

我們的船員幾乎每晚都能與家人聯繫，這真是太棒了。現在，我們在辦公室正式召開真正的全體會議，所有船隻都可以現場參加。這在過去從技術上來說是不可能的。我們才剛開始意識到這種驚人的連結帶來的好處。

With that, I'm going to hand it back over to Gernot. He's going to discuss another exciting multiyear projects that he actually drove with the team.

說完這些，我要把它交還給 Gernot。他將討論他與團隊共同推動的另一個令人興奮的多年期專案。

Thank you, Bart. On to slide 36. Here, we discuss at a high level, one of the many ways we maximize voyage performance. Our largest variable cost is fuel. Through extensive adoption of AI-assisted optimization tools, most prominently DeepSeek AI and Albis, we have substantially reduced this cost.

謝謝你，巴特。翻到第 36 張投影片。在這裡，我們從高層次討論最大化航行表現的眾多方法之一。我們最大的變動成本是燃料。透過廣泛採用人工智慧輔助優化工具，最突出的是 DeepSeek AI 和 Albis，我們大幅降低了這一成本。

We're optimizing speed, hog cleanings, weather routings, voyage execution, and much more. Every voyage contains multiple decision points. Having access to real-time data and then having the ability to execute on-the-spot ensures optimal performance.

我們正在優化速度、豬隻清理、天氣路線、航行執行等等。每次航行都包含多個決策點。能夠存取即時數據並具有現場執行的能力可確保最佳效能。

To provide a bit more context, every time you decide on a voyage speed, you essentially do one of two things. Either you go faster and capture a stronger market or you go slower and thereby save fuel. You make a microeconomic output decision at any point of the voyage. And only with the help of AI can you then ensure that marginal revenue and marginal cost are perfectly balanced at all times.

為了提供更多背景信息，每次決定航行速度時，您基本上都會做兩件事之一。要嘛你開得更快，佔領更強大的市場，要嘛你開得更慢，從而節省燃料。您可以在航行的任何階段做出微觀經濟產出決策。只有在人工智慧的幫助下，你才能確保邊際收益和邊際成本始終保持完美平衡。

Thereby, profit is maximized. The results are speaking for themselves with annual savings well in excess of $5 million and returns well north of 100%, all fully scalable for us.

從而實現利潤最大化。結果不言而喻：每年可節省超過 500 萬美元，回報率遠高於 100%，而且所有這些對我們來說都是完全可擴展的。

Now that we have finished looking under the hood and before I open the floor to questions, let us summarize key points. We continue to see strength in the market and track positive fundamentals. The world around us is changing and in such a fast-changing environment, our strong financial position, as well as our nimble organizational mindset set us up for continued success. Finally, our commitment and focus continue to be our core governance principles in order to build long-term shareholder value.

現在我們已經完成了內部調查，在我開始回答問題之前，讓我們先總結一下要點。我們繼續看到市場的強勁表現並追蹤正面的基本面。我們周圍的世界正在發生變化，在如此快速變化的環境中，我們強大的財務狀況以及靈活的組織思維為我們持續成功奠定了基礎。最後，我們的承諾和重點仍然是我們的核心治理原則，以創造長期股東價值。

Thank you for your attention, and we hereby welcome your questions.

感謝您的關注，歡迎您提出問題。

All right. So thanks, everybody. We are going to open up Q&A now. I appreciate those on the webcast who have sent in questions. Please continue to do so.

好的。謝謝大家。我們現在開始問答環節。我感謝那些在網路直播中提問的人。請繼續這樣做。

I'll be your sort of operator in the room here. So let's go ahead and open up. So start with the one here, please? Thank you.

我將擔任這間房間的接線生。因此，讓我們繼續前進並開放。那麼請從這裡的開始，好嗎？謝謝。

All right. Thanks, Gernot and Bart for the presentation. You guys have obviously stepped into senior roles here just as the world began to shift quite differently. So a lot of things you guys, I'm sure, are discussing and thinking about. Just thinking about the first thing you mentioned -- in just sort of the way this market has evolved.

好的。感謝 Gernot 和 Bart 的演講。顯然，就在世界開始發生巨大變化的時候，你們已經走上了高階職位。我相信你們正在討論和思考很多事情。只要思考一下您提到的第一件事——這個市場是如何演變的。

You mentioned that kind of -- we've seen it, the rates kind of shifted downwards in the fourth quarter, still a very strong result, right, in the 20s. But just in general, you mentioned that things have picked up, and there's been a lot more trading activity, there's volume and just what -- is there a trigger that has caused that? Or is this more a return to normal, and it was really the fourth quarter, that was quiet? Any sense you can give us in terms of like a trigger that caused things to improve?

您提到了這一點——我們已經看到了，利率在第四季度有所下降，但仍然是一個非常強勁的結果，大約在 20 多歲左右。但總的來說，您提到情況已經好轉，交易活動增多，交易量增加，是什麼導致了這種情況？或者這更像是一種回歸正常，第四季確實很平靜？您能告訴我們什麼原因導致事情有所改善嗎？

Yes. I think one we were trying to -- can you hear me? Okay. I think the point we were trying to make was that in a way we went beyond tanker freight and even beyond oil products and the commodities that we carry, where certainly the fourth quarter, there was this overarching theme of what does this all mean? I mean the world was changing in a way, it's always changing, but I think there were just a lot of open-ended questions around what does this mean?

是的。我想我們正在嘗試——你能聽到我說話嗎？好的。我認為我們想要表達的觀點是，在某種程度上，我們的關注點超越了油輪貨運，甚至超越了石油產品和我們運輸的商品，當然，第四季度有一個總體主題：這一切意味著什麼？我的意思是世界在某種程度上正在發生變化，它總是在變化，但我認為有很多開放式的問題圍繞著這意味著什麼？

And I think it was hard for market participants that drive demand to really lean in and take positions and that has shifted. As I said, people are willing to commit to time charters. We see now that we're shifting from this uncertainty to, okay, here's what some of these sanctions could mean to cargo flows, here's what tariffs could mean to cargo flows and traders, all traders who, of course, drive an important portion of demand are really arbitrating those trade flows.

我認為推動需求的市場參與者很難真正傾向於採取立場，而且這種情況已經改變了。正如我所說，人們願意遵守定期租船合約。我們現在看到，我們正在從這種不確定性轉向，好吧，這些制裁可能對貨物流動意味著什麼，這些關稅可能對貨物流動和貿易商意味著什麼，當然，所有推動重要需求的貿易商實際上都在仲裁這些貿易流動。

So in a way, I would look at it, indeed, as a normalization. We're taking a step back, we have a strong oil demand growth forecast. We have this interesting emerging new pattern of cargoes that are coming into the mix that we can arbitrage and some seasonal factors that are falling away.

因此從某種程度上來說，我確實將其視為一種正常化。我們退一步來看，我們對石油需求成長有強勁的預測。我們發現了這種有趣的新貨物模式，我們可以進行套利，而一些季節性因素正在消失。

We have seen upward volatility already in the quarter. And that's at a time when US Gulf refiners actually right now are running at a very low level. We had the cold snap in Houston. And of course, just seasonal maintenance where refineries are -- at the moment running at 80%, where normally, they'd be running at 94%, 95%.

本季度我們已經看到波動性上升。目前，美國墨西哥灣煉油廠的開工率非常低。休斯頓遭遇了寒流。當然，這只是煉油廠的季節性維護——目前的運作率為 80%，而通常情況下，它們的運作率為 94% 或 95%。

So a lot of those factors should be normalizing and you can't overlook at those key long-term demand drivers before you can get to the fact that the [3] is just so exceptionally old in the industry.

因此，很多因素都應該正常化，在認識到 [3] 在行業中已經非常老舊這一事實之前，你不能忽視這些關鍵的長期需求驅動因素。

Are there any specific effects from specific tariffs, whether it is a product or a country, how do you see that shaping up?

特定關稅是否會產生具體影響，無論是針對產品還是國家，您認為其將如何發展？

Yes, great question. And it's almost -- as long as things are shifting, our vessels are, of course, floating so they can break quickly adjust to those arbitrage flows. So if you were to see product imports from, let's say, China to diminish very quickly, you see other refiners in the area. Middle East, Korean refiners stepping in. And whenever you see a shift in trade patterns, that creates this upward volatility in rates, in particular asset classes that provide that optionality, of course, in the time of uncertainty or volatility, your value of option of having an option goes up and in a way by taking a product tanker, you have that option value.

是的，很好的問題。而且幾乎——只要情況發生變化，我們的船隻當然就會漂浮，因此它們可以快速適應這些套利流。因此，如果你發現來自中國的產品進口量迅速減少，你會看到該地區的其他煉油廠。中東、韓國煉油商介入。每當貿易模式發生變化時，都會導致利率向上波動，特別是那些提供可選性的資產類別，當然，在不確定或波動的時期，您擁有期權的價值就會上升，而通過購買成品油輪，您就擁有了期權價值。

All right. For those on the webcast, just a reminder, ardmore@igbir.com. We've got another couple in the room, and then I'm going to speak for the webcast folks.

好的。對於那些參加網路廣播的人，只需提醒一下，ardmore@igbir.com。房間裡還有另一對夫婦，然後我將代表網路直播人員發言。

If you could for the benefit of the people on the webcast --

如果你能為網路直播的人提供一些幫助--

The Red Sea has been very helpful, particularly on the chemical tanker side. If you have any views as to how that's playing out?

紅海提供了很大的幫助，特別是對化學品運輸船而言。您對事情的進展有何看法？

When we talk about the Red Sea, for us, the utmost priority will always be the safety of our seafarers. So that being the overarching objective, we are in contact with security advisers with multiple industry associations and directly with other industry peers and not to try and unpack the situation in the Middle East, we believe that it's still infinitely complex. And as I think we can already see these things don't tend to always move in a straight line.

當我們談論紅海時，對我們來說，最重要的事情永遠是海員的安全。因此，作為首要目標，我們正在與多個行業協會的安全顧問以及其他行業同行直接聯繫，而不是試圖解開中東局勢，我們認為中東局勢仍然極其複雜。我想我們已經看到，這些東西並不總是沿著直線運動。

So for us to consider resuming transit, which we're not, we would really have to look at a sustained and visible and credible normalization of trade flows. And again, looking at other owners very much taking a similar stance.

因此，如果我們考慮恢復過境運輸（我們目前還沒有這樣做），我們就必須真正考慮實現貿易流動的持續、明顯和可信的正常化。再次看看其他業主也採取了類似的立場。

You mentioned volatility. There's a lot of volatility regarding tariffs, the products that you're carrying as well. And I'm just thinking that the end game for the tariffs is to come up with a solution and renegotiation. And it seems like Trump is not that keen on having that many sanctions with certain countries. So I'm wondering if supply comes on when these sanctions start coming off maybe a year or two down the road because volatility is beneficial to you.

您提到了波動性。關稅以及您運送的產品都存在很大的波動。我只是認為關稅問題的最終目的是找到解決方案並重新談判。而且川普似乎並不熱衷於對某些國家實施那麼多製裁。所以我想知道，當這些制裁在一兩年後開始解除時，供應是否會出現，因為波動對你有利。

And once that supply starts coming in and things normalizing, our operating environment normalizing, do you have plans for that projections for overcapacity or supply and redirection?

一旦供應開始流入，一切恢復正常，我們的營運環境恢復正常，您是否有產能過剩或供應和重新定向的預測計畫？

Yes. Great point. For us, we believe the shift of tonnage into gray fleets, shadow fleets, sanction trades is very much a one-way ticket no matter what happens with regard to sanctions. Very often, these ships are maintained to a very poor standard, but often they're owned by entities that are very much in the fringes of what any of our customers would find acceptable and they're very old.

是的。很好的觀點。對我們來說，我們認為，無論制裁情況如何，將噸位轉移到灰色船隊、影子船隊和製裁貿易中都是單程票。這些船舶的保養標準往往很差，但它們的所有者往往遠遠超出了我們的客戶所能接受的範圍，而且它們非常老舊。

So you could argue maybe the economics of being in these sanctions conflicted trades, actually, we are keeping those ships quarter-on-quarter live, you take that away, they don't really have that much to stand on anymore. And we've had recent examples of how some of those shadow fleet tonnage can really create a real peril to human environmental disaster and enter these ships -- tend to swing back into complicit mainstream trades, we believe, is an illusion.

因此，您可能會爭辯說，也許這些制裁的經濟效益與貿易相衝突，實際上，我們讓這些船隻按季度保持活躍，如果您把這一點拿走，他們實際上就沒有什麼可以依靠的了。我們最近看到一些例子表明，一些影子船隊的噸位確實會對人類環境造成真正的威脅，而這些船隻往往會回到同謀的主流貿易中，我們認為，這是一種幻覺。

Ben Nolan from Stifel. I wanted to maybe put two sort of strategic questions together, if I could. The first is you talked about putting MarineLine on the six chemical tankers. (technical difficulty) or how do you envision the company developing over time? What is the identity?

來自 Stifel 的 Ben Nolan。如果可以的話，我想把兩種戰略問題放在一起。首先，您談到了將 MarineLine 安裝在六艘化學品油輪上。 （技術難度）或您如何設想公司未來會發展？身份是什麼？

And then maybe along those lines, I mean, as [Omar] mentioned, you guys have been in the seat for nine months or so, I think, something like that. Looking back, is there anything that you would have done differently? Are there opportunities to buy or sell things that you didn't and kind of wish you did or charter? Or what's the learning process, I suppose, thus far?

然後也許沿著這樣的思路，我的意思是，正如 [Omar] 提到的，你們已經在這個職位上呆了九個月左右，我想，類似這樣的情況。回想起來，您是否會做些不同的事情？是否有機會購買或出售您以前沒有做過或租用過的東西？或者我認為，到目前為止，學習過程是怎麼樣的？

Maybe I'll hand it over to Bart in a second to explain sort of the broader scope around the capital allocation decisions we're making here. But I think strategically very important for us, we almost look at those trades. (technical difficulty)

也許我會馬上把它交給巴特來解釋我們在這裡做出的資本配置決策的更廣泛的範圍。但我認為這對我們來說在戰略上非常重要，我們幾乎關注這些交易。（技術難度）

Through challenging conditions, but when it is -- when there's complexities and there's challenges, that's where you can actually have the incremental earnings and produce strong results. And so I think we've been excited about that. They energize us and I think more exciting times for us to come.

在充滿挑戰的條件下，當存在複雜性和挑戰時，您實際上可以獲得增量收益並產生強勁的成果。所以我認為我們對此感到興奮。他們為我們注入了活力，我相信我們將會迎來更令人興奮的時刻。

And to answer your question or maybe a review of the year that's behind us, we were active, of course, on the full front of capital allocation options where we did an interesting spot deal on the ship, sold our oldest that was approaching her third special survey, that 15-year-old mark. Bought a very new ship at a really strong relative price spread, a ship that's also more fuel-efficient, higher performing, more versatile.

為了回答您的問題，或回顧過去的一年，我們當然積極地利用資本配置選項，我們在船上進行了一項有趣的現貨交易，出售了我們最老的、即將進行第三次特別調查的船隻，也就是 15 歲的船隻。以非常優惠的相對價格購買了一艘非常新的船，這艘船也更省油、性能更高、功能更多。

And then at the same time, we found a number of these incredible upgrade opportunities that give you a guaranteed return no matter what happens in the market. And that's not to say that prefers absent from S&P markets. But again, comparing where we see most value for the capital that we deploy, the decision has been fairly straightforward, and we continue to, in a very dynamic, flexible way and engaging with our Board, continue to value at all options of capital allocation in the future.

同時，我們發現了許多令人難以置信的升級機會，無論市場發生什麼，這些機會都能為您帶來保證的回報。這並不是說標準普爾市場不存在這種偏好。但是，再次比較我們認為所部署資本最有價值的地方，這個決定相當簡單，我們將繼續以非常動態、靈活的方式並與董事會合作，繼續重視未來所有資本配置的選擇。

I think it was really notable and encouraging that you bought back stock. In the fourth quarter, it's something that's been missing in the Ardmore's story forever, I think. But are you willing to -- it's very accretive when you trade below book value below most estimates of net asset value when you buy back stock, and your leverage is quite low. Are you willing to lean into it to the extent that you might buy back in a period if the shares are attractive more than your earnings and let the leverage ratio increase a bit just because it is such a powerful way to create shareholder value?

我認為你回購股票確實是一件值得注意且令人鼓舞的事。我認為，在第四季度，這是阿德莫爾的故事中一直缺少的東西。但你願意嗎——當你回購股票時，以低於帳面價值、低於大多數淨資產價值估計的價格進行交易，這將非常具有增值性，而且你的槓桿率相當低。您是否願意投入大量資金，以至於如果股票的吸引力超過您的收益，您可能會在一段時間內回購，並讓槓桿率略有增加，因為這是創造股東價值的強大方式？

That's a great question. And I think it comes back to this fairly dynamic way to look at all those angles because everything is constantly in motion. I mean when you look at those four big dimensions of capital allocation, there's lots of subsets to them as well. When you look at reinvesting in the business, when you look at what types of debt, and also when you look at returning shareholder value. And of course, markets move, investment opportunities move, technologies moves, and our share price moves as well.

這是一個很好的問題。我認為這又回到了以相當動態的方式看待所有這些角度，因為一切都在不斷移動。我的意思是，當你查看資本配置的這四大維度時，你會發現它們也有很多子集。當您考慮對企業進行再投資時，當您考慮債務類型時，以及當您考慮股東價值回報時。當然，市場在變化，投資機會在變化，技術在變化，我們的股價也在變化。

So as that plays out, it's very much a live discussion rather than kind of like let's make a big statement today. We're committed to the policy philosophically and fundamentally, but the components, of course, are quite variable, and we continue to, again, engage with the Board on what is the best way forward here.

因此，隨著事情的發展，這更像是一場現場討論，而不是像我們今天要發表的重大聲明。我們從哲學和根本上致力於這項政策，但當然，其組成部分是相當多變的，我們將繼續與董事會合作，尋找最好的前進方式。

Take a couple from the webcast here. Okay. Could you talk a bit about challenges of (inaudible) from crude tankers in the product base perhaps potential swing tonnage opportunities in the chemical space?

從這裡的網路廣播中選取幾段。好的。您能否談談（聽不清楚）原油油輪在產品基地面臨的挑戰，或是化學領域潛在的波動噸位機會？

Great question. I mean I think -- to highlight a slide we showed earlier, is really moving the other way right now, where the most prominent and most immediate way to swing between clean and crude trades are LR2s, the order book is pretty much all LR2s, no Aframaxes. And you can see that these swing ships that are actively moving between markets are actually going in the other direction, going dirty. As far as some of those (inaudible) trades, as the book referred to are concerned. We see the occasional clean cargo getting lifted on a new building, but we haven't seen since the last fall and summer ships deliberately cleaning up from a dirty history as a crew tank cleaning up from a dirty history towards clean the shift is going the other way right now.

好問題。我的意思是，我認為——強調我們之前展示的一張幻燈片，現在情況確實在朝著另一個方向發展，在清潔燃料和原油貿易之間轉換的最突出、最直接的方式是 LR2，訂單簿上幾乎都是 LR2，沒有阿芙拉型油輪。你會發現，這些在市場之間積極移動的搖擺船實際上正朝著另一個方向行駛，走向骯髒的道路。就書中提到的一些（聽不清楚）交易而言。我們偶爾會看到乾淨的貨物被吊到新船上，但自去年秋季和夏季以來，我們還沒有看到船舶故意清理骯髒的歷史，因為船員艙正在清理骯髒的歷史，而現在輪班正朝著相反的方向發展。

And of course, that creates -- that doesn't create an amplifier -- tightness in the product space where you have already a supply and demand cap and all the points (inaudible) more sanctions and just the aging of the fleet, there's a lot of short-term amplification of the broader supply tightening.

當然，這會導致（但不會加劇）產品領域的緊張局勢，因為供需已經達到上限，而且所有方面（聽不清楚）都面臨更多製裁，船隊老化，這些都會在短期內對更廣泛的供應緊縮產生很大的放大作用。

Right. AI is a big buzzword. What does that actually do in shipping?

正確的。人工智慧是一個熱門字。這在運輸過程中實際上扮演什麼角色？

Well, look, yes, maybe it is a buzzword to some. But for us, it's a way to improve performance. There is a myriad of ways that you can apply it and drive real, hard financial results. And we've given you a look under the hood, how we can do that today and the space is evolving quickly and as an organization, we're excited by it because that means we can find very, very sensible and easy ways to continue building on that performance. And that's when we talk about lowering your fuel cost, tracking cargo flows, supporting navigation, this should all be baseline type of stuff.

嗯，是的，也許對某些人來說這是一個流行詞。但對我們來說，這是一種提高績效的方法。您可以透過無數種方式來應用它並帶來實際的財務成果。我們已經向您展示了內部情況，我們今天如何做到這一點，而且這個領域正在快速發展，作為一個組織，我們對此感到興奮，因為這意味著我們可以找到非常非常合理和簡單的方法來繼續鞏固這一表現。當我們談論降低燃料成本、追蹤貨物流、支援導航時，這些都應該是基礎類型的東西。

Every company should be doing that today. There's a lot more beyond that, that we're exploring in a very kind of interesting way throughout the organization to make sure we continue to inject those opportunities as we look forward to driving performance. So if you want to call it a buzzword, that's fine. For us, it's real dollars in our pocket.

如今每家公司都應該這麼做。除此之外，我們還在以一種非常有趣的方式在整個組織內進行探索，以確保我們在期待提高績效的同時繼續注入這些機會。所以如果你想稱它為流行語，那很好。對我們來說，這是我們口袋裡的真金白銀。

And maybe I'll just add. I mean it wasn't all that long ago that really the vessels out at sea. We're more islands of data and information and you'd get a daily update in terms of fuel and conditions onboard. And so to have that connectivity in the larger dataset, bringing it shoreside, analyzing it, running it through your systems and it really is about the team and the technology and finding that right fit together.

也許我只是想補充一下。我的意思是，船隻真正出海並不是很久以前的事。我們更像是數據和資訊的孤島，您可以每天獲得船上燃料和狀況的最新資訊。因此，要在更大的數據集中實現這種連接，將其帶到岸上，對其進行分析，在您的系統中運行它，這實際上與團隊和技術以及找到合適的組合有關。

And then being able to communicate back to the vessel, I mean, it's just much greater precision. You're building a culture at sea and at shore that really is focused on efficiency and every ton of fuel save drops directly to the bottom line.

然後能夠與船隻進行通信，我的意思是，它的精度要高得多。您正在建立一種海上和岸上的文化，這種文化真正注重效率，節省的每一噸燃料都會直接影響利潤。

A couple more here. Yes. go, Omar.

這裡還有幾個。是的。加油，奧馬爾。

Just a follow-up, more market related again. Just on the sanctions. I think, Bart, you had talked about in January, the 150 tankers that were sanctioned. Just from your perspective, what inning are we in in terms of the impact of that having on the market?

這只是後續問題，再次與市場相關。僅就制裁而言。巴特，我想你在一月份談到受到製裁的 150 艘油輪。僅從您的角度來看，就其對市場的影響而言，我們處於什麼階段？

Yes. I mean, I guess it as we kind of think this is probably a trend that likely potentially continues to expand. But there's that absolute impact when you have sanctions where you're really taken out of the market. What's more so than when dark fleet, gray fleet and you're still operating your economically incentivized to trade outside of the main global trades. It feels relatively early.

是的。我的意思是，我猜我們認為這可能是一種可能繼續擴大的趨勢。但當你受到製裁時，你肯定會被逐出市場。更重要的是，當你擁有黑色艦隊、灰色艦隊並且仍然在主要全球貿易之外進行經濟激勵貿易時。感覺比較早。

I mean, when you have this step-up, it takes a couple of months, I would say, for voyages to get fixed and to see how different trading patterns may emerge. And then also, what is the mindset of those isolated vessels and in terms of scrap value today versus really high OpEx and really high CapEx to keep them in operation and all of a sudden, they're choked off from that other alternative trade. So I'd say probably early innings, but we're watching closely.

我的意思是，當你有這個步驟時，我想說需要幾個月的時間來修復航行並觀察如何出現不同的貿易模式。然後，這些孤立船隻的心態是怎麼樣的呢？就今天的廢料價值而言，相對於非常高的運營成本和非常高的資本支出，以保持它們繼續運營，突然之間，它們就被其他替代貿易所阻礙了。所以我想說可能是早期階段，但我們正在密切關注。

And then just on that, I mean, I guess it's because we haven't seen a rate spike, right? To give conviction that the sanctions are going to bite, but not the words in your mouth, but just simply looking at the numbers and I think in your slides the share percentages of vessels that have now effectively removed from active trading or at least in the compliant fleet, is that more significant than the impact of Red Sea rerouting or impact of Russia-Ukraine trade dynamics shifting vessel patterns or The Panama Canal when that was closed for a period? Isn't this substantially more significant than anything we've seen in the past three years?

然後就此而言，我的意思是，我猜這是因為我們沒有看到利率飆升，對嗎？為了讓人們相信制裁將產生影響，但不是嘴上說說，而是簡單地看一下數字，我認為在您的幻燈片中，已經有效退出活躍貿易或至少退出合規船隊的船隻所佔百分比，這是否比紅海改道的影響或俄羅斯與烏克蘭貿易動態改變船隻模式的影響或巴拿馬運河關閉一段時間的影響更為重要？這不比我們過去三年所見的任何事都更重要嗎？

I mean, a lot of dynamic marketplace activity going on. I'm just smiling because you're seated with Hollier, Head of Global Chartering. So you guys do have discussion over lunch. But I think that for us, it comes back -- to you have all these different shocks that come into the marketplace, having the team trading globally, staying nimble, and trying to actually take advantage of that at the margin. That's the $11,500 a day breakeven, a real range of potential earnings levels that we can capture with that local even. But Gernot?

我的意思是，很多動態的市場活動正在進行中。我之所以會微笑，是因為你和全球租船主管霍利爾坐在一起。所以你們確實在午餐時進行了討論。但我認為，對我們來說，一切都回歸到了——面對市場上出現的各種衝擊，團隊需要在全球範圍內進行交易，保持靈活，並試圖真正利用這些衝擊。這就是每天 11,500 美元的損益平衡點，也是我們透過本地活動可以獲得的潛在收益水準的實際範圍。但是 Gernot 呢？

And to your point, looking back at past examples when sanctions have been implemented of course, there's always a market today. It takes some time for that to really reverberate as voyages are completed and find themselves just back again in a market with 20% of supply removed, that is quite impactful. And so yes, I believe there is a lot of -- it's a real wild card but in a positive sense.

正如您所說，回顧過去實施制裁的例子，當然，今天總是有市場。要真正產生影響需要一些時間，因為航行結束後，市場又會減少 20% 的供應，這是非常有影響力的。是的，我相信有很多——這是一個真正的未知數，但從積極的意義上來說。

Yes, you just brushed on the AI story, and I mean, that's what people are looking at for the future is how to make yourself more productive by leveraging technology. How big is your technology team? And do you plan to invest in that? Now that you're working with Starlink, it does seem that the company has a treasure trove of information. Are you considering monetizing some your information, your data into an AI product for another vertical? I'm just thinking out loud here.

是的，你剛剛談到了人工智慧的故事，我的意思是，人們對未來的關注點是如何利用科技來提高自己的工作效率。你們的技術團隊有多大？您打算投資這個嗎？既然您現在正在與 Starlink 合作，那麼該公司似乎確實擁有大量寶貴的資訊。您是否考慮將您的部分資訊、數據貨幣化，轉化為其他垂直領域的 AI 產品？我只是在這裡大聲思考。

Great questions. And I think that kind of leads you back to some very fundamental questions you have to ask yourself as a company strategically and at the Board level around, what is your AI strategy? Do you want to be a developer of AI solutions? Do you want to be an investor in AI solutions? Or do you want to be really good at adopting whatever is the latest development on that forefront?

很好的問題。我認為這會讓你回到一些非常基本的問題，作為一家公司，你必須從策略和董事會層面問自己，你的人工智慧策略是什麼？您想成為人工智慧解決方案的開發人員嗎？您想成為人工智慧解決方案的投資者嗎？或者您真的想善於採用該領域最前沿的最新發展成果？

And we made a choice for us that it's the former. The first two options don't necessarily conform with our core strategy or our strength. But I could probably talk about this for an hour because I'm quite passionate about the topic because it has become surreal, whereby even processes that have always been part of what we do and how we do things. 15 years ago, we were some first to roll out onboard telemetry on our ships to collect all this data. How do our ships behave in different sea states, different currents, different RPMs depending on how much you drive up your engine?

我們做出了前者的選擇。前兩個選擇不一定符合我們的核心策略，也不一定符合我們的優勢。但我可能可以談論這個主題一個小時，因為我對這個主題非常感興趣，因為它已經變得超現實，甚至那些一直是我們所做的事情和我們做事方式的一部分的過程。 15 年前，我們率先在船上採用機載遙測技術來收集所有這些數據。我們的船舶在不同的海況、不同的水流、不同的轉速下會如何表現（取決於引擎的轉速）？

So we actually have the benefit of sitting on a vast field of data where a lot of other companies are just beginning that journey now. I would argue we're probably 15 years ahead of that. And anybody who understands AI knows how important actually the data aspect is collecting that data to begin with. But now we're using new tools to actually help us process this data on a real-time basis so we can make faster, better, more accurate decisions with that data. And happy to talk about this offline, but it applies to so many different parts of the business.

因此，我們實際上擁有龐大數據領域的優勢，而許多其他公司現在才剛開始這趟旅程。我認為我們可能領先了 15 年。任何了解人工智慧的人都知道，數據收集實際上有多重要。但現在我們正在使用新工具來幫助我們即時處理這些數據，以便我們能夠利用這些數據做出更快、更好、更準確的決策。我很高興在線下談論這個問題，但它適用於業務的許多不同部分。

Organizationally, we have a real commitment to that where we actually have a small but very impactful innovation team, two people, one person coming from a technical background, actually a seafaring background. The other person coming from a data background, having worked for one of the blue-chip technology firms. And between those, there's a lot of strength, but you cannot put this into a department. You cannot put innovation into a corner in a company. You have to bring this right into the center at every level, you need to have people think about what am I doing today?

從組織上來說，我們對此有著真正的承諾，我們實際上有一個規模雖小但影響力很大的創新團隊，由兩個人組成，其中一個人具有技術背景，實際上是航海背景。另一個人有數據背景，曾在藍籌科技公司工作。其中，有很多力量，但你不能把它放到一個部門裡。你不能把創新放在公司的角落。你必須把這一點帶到各個層面的中心，你需要讓人們思考我今天在做什麼？

How could I do this better? And if something stands in my way, can we not leverage some of those new technologies to overcome this, make it personal, make it fun and be very open to (inaudible) fermentation. And I think that's how you bring (technical difficulty)

我怎樣才能做得更好？如果有什麼阻礙了我，我們能否利用一些新技術來克服這個問題，使其個性化，使其有趣，並且對（聽不清楚）發酵持非常開放的態度。我認為這就是你帶來（技術難度）

As opposed to a few years ago, there was E1 Marine and really more structural big chips, like what kind of fuel is my engine going to use. Is that indicative of sort of where you're at at the moment? We're not really thinking as much about whether we're going to be using methanol or ammonia -- (technical difficulty)

與幾年前相比，現在有了 E1 Marine 和更多結構性大晶片，例如我的引擎將使用哪種燃料。這是否顯示了您目前的狀況？我們並沒有真正考慮是否要使用甲醇或氨--（技術難度）

Technologies that you can put on board on your existing fleet and you're building that knowledge base for when the right time comes, what does that vessel of the future look like? And you have this institutional knowledge that's much greater.

您可以在現有船隊上採用的技術，以及在適當時機到來時建立的知識庫，未來的船舶會是什麼樣子？而且你擁有更豐富的機構知識。

And can I just add to this. I mean, this is where it really comes back to performance and progress where they need to enable each other and no initiative towards a future fuel can exist in isolation. It needs to tie right back to performance. And in terms of the discovery process where we talk to all sorts of new technologies and track different prices and caloric values for different fuel types. That's all underway.

我可以補充一下嗎？我的意思是，這實際上又回到了性能和進步的問題上，它們需要相互支持，任何針對未來燃料的舉措都不能孤立存在。它需要與性能緊密結合。在發現過程中，我們討論各種新技術並追蹤不同燃料類型的不同價格和熱值。一切正在進行中。

We want to be very much patched into what's going on. Of course, when it comes to deploying capital, this has to be done with the rigor and the discipline, how we would look at buying a new ship or doing anything else. Is this truly accretive to performance? And what are the risk factors here? And I think that's ultimately where we see with the upgrades that we've done, no-brainer guaranteed returns, and we walked in that direction.

我們希望能夠充分了解正在發生的事情。當然，在部署資本時，我們必須嚴格遵守紀律，就像購買新船或做其他任何事情一樣。這真的能提高績效嗎？這裡的風險因素是什麼？我認為，我們最終會看到，透過我們所做的升級，我們毫無疑問地會獲得保證的回報，而我們也正朝著這個方向前進。

And then last thing for me. So given all of the unknowable, really, things that are in the market, do you have a view or any conviction around asset prices? Do you feel like that there's substantial risk or opportunity at current levels?

對我來說這是最後一件事。那麼，考慮到市場上所有不可知的因素，您對資產價格有什麼看法或信念嗎？您是否認為目前水準有重大風險或機會？

There's probably always both a risk and opportunity, probably somehow belong together as well. We do see definitely movement in S&P markets. There are some a lot of things actually that emerge around resales around options that are looking to be converted. And we're engaging with all sources of the flow to make sure that just like on technology, we know exactly what's out there, how it's priced, and what angles we can take, and then we run it through a process is just worth it? Is it worth it today?

風險和機會可能總是並存的，而且可能以某種方式同時存在。我們確實看到標準普爾市場確實出現了波動。實際上，圍繞著希望轉換的選項的轉售，出現了很多事情。我們正在與所有流量來源進行合作，以確保就像技術一樣，我們確切地知道那裡有什麼，它是如何定價的，以及我們可以採取哪些角度，然後我們通過一個流程來運行它是否值得？今天值得嗎？

Wonder what the circumstances. So I think compared to maybe last year in the summer, there definitely seems to be a lot more movement. And of course, it is a fragmented market where there's a lot of different participants with different views on needs and motivations and we're standing by to explore those.

不知道是什麼情況。因此我認為與去年夏天相比，現在的活動肯定要多得多。當然，這是一個分散的市場，有許多不同的參與者，他們對需求和動機有不同的看法，我們隨時準備好探索這些問題。

I get one from the webcast, then we'll continue just after. So I'm going to try to summarize this. So you've put money into the existing fleet improvements into the technologies you talked about AI. How much more of that is there to do? And why isn't everybody doing it, if it's so great?

我從網路廣播中了解到了這一點，然後我們馬上繼續。因此我將嘗試總結這一點。所以，您已經將資金投入現有車隊的改進中，並投入您談到的人工智慧技術。還有多少事情要做？如果這樣做真的很棒，為什麼不是每個人都這樣做呢？

I mean the latter point of your question, I can't really speak to that how other companies conduct their business. For us, that frontier is constantly moving because the technology is not standing still. As long as the technology develops, whether it's on AI or onboard technology, there's always going to be opportunity for us to develop and we have an organization that always wants to shift that boundary backwards. So unless anybody believes that technologically, we have now as a humankind eclipsed. And this is how far we've come.

我的意思是，關於你問題的後一點，我真的無法談論其他公司如何開展業務。對我們來說，這個前沿不斷在移動，因為科技不會停滯不前。只要技術不斷發展，無論是人工智慧還是車載技術，我們總會有發展的機會，而且我們有一個始終希望突破這一界限的組織。因此，除非有人相信從技術上來說我們人類已經衰落了。這就是我們所取得的進展。

I think there's going to be infinite opportunities for us to continue optimizing and developing performance gains.

我認為我們將有無限的機會來繼續優化和提高效能。

And I think just think about it, a ship is really a floating city. It has every system that a city would have and then it's in motion on the ocean point A to B. And so much has been done in other industries where we're just shipping away at that in the shipping industry. So a very long runway.

我想只要想想，船其實就是一座漂浮的城市。它擁有城市所需的所有系統，並且可以在海上從 A 點移動到 B 點。在其他行業中我們已經做了很多，而我們只是在航運業中運輸。跑道很長。

I have a two-parter. So first, I was wondering, what is the TCE spread between your worst performing ship in your fleet and your best performing ship? And the second question is, what kind of considerations go into a decision to add a ship to the fleet? Like how do you think about the economies of scale of the business as well as the marginal contribution or constraints that you have in adding a ship?

我有兩個部分。所以首先，我想知道，你們船隊中表現最差的船舶和表現最好的船舶之間的 TCE 差額是多少？第二個問題是，決定增加一艘艦艇時要考慮哪些因素？例如，您如何看待企業的規模經濟以及增加船舶的邊際貢獻或限制？

Great question. I mean the spread between sort of best performing ships, of course, that moves sort of -- you can normalize that for just general characteristics of the ships. But over the course of a quarter, a year, of course, it depends on timing positions and various things. It could be very close. It could be several thousand dollars a day.

好問題。我的意思是，性能最佳的船舶之間的差距當然是會變化的——你可以根據船舶的一般特徵將其標準化。但在一個季度或一年的時間裡，這當然取決於時間和各種因素。可能非常接近。每天可能要花費數千美元。

We feel like we've built a really good company. We have a really good performance record, and we've demonstrated that time and time again. We feel like we're delivering that performance given the current scale we have today, and we're very proud of that. Would we like to use that great platform and the great -- a great performance track record and multiply that over a wider asset base? In theory, of course.

我們感覺我們已經建立了一個非常好的公司。我們擁有非常好的業績記錄，並且我們已經一次又一次地證明了這一點。我們覺得，以我們目前的規模，我們已經取得了這樣的成績，我們對此感到非常自豪。我們是否願意利用這個偉大的平台和出色的業績記錄，並將其擴展到更廣泛的資產基礎？理論上當然如此。

And then it comes right back to timing and conditions and what vessels will be looking at. And the thresholds, of course, are always that we want to continue to use our capital in smart ways that they are truly accretive, but also we have built a really strong high-quality fleet, and not every shows the same and it needs to bet our high technical and operational standards and ideally make us more versatile than desperate response.

然後又回到時間和條件以及船隻將要觀察什麼的問題。當然，門檻始終是我們希望繼續以真正增值的方式使用我們的資本，但同時我們也建立了一支真正強大的高質量艦隊，並不是每艘艦隊都表現相同，它需要押注我們的高技術和運營標準，理想情況下，讓我們比絕望的反應更加靈活。

Any last call in the room? All right. I think we are we're done for the day.

房間裡還有什麼最後的通話嗎？好的。我想我們今天的工作就完成了。

Thanks, everybody, for joining us. We're going to be around for a bit longer here if anybody has questions. As mentioned at the top, there are others from the Ardmore team in the crowd amongst you. Feel free to pass through them. That's why they're here for your benefit.

感謝大家加入我們。如果有人有疑問，我們會在這裡多待一段時間。如同上面提到的，你們當中還有其他來自阿德莫爾隊的人。請隨意瀏覽它們。這就是他們來這裡是為了您的利益的原因。

So, yes. Thanks very much.

是的。非常感謝。

Thank you, Bryan, and thank you, once again, everybody.

謝謝你，布萊恩，再次感謝大家。