Ardmore Shipping Corp (ASC) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's First Quarter 2025 Earnings Conference Call. Today's call is being recorded, and an audio webcast and presentation are available in the Investor Relations section of the company's website, ardmoreshipping.com. (Operator Instructions) A replay of the conference call will be accessible anytime during the next two weeks by dialing 1(888) 660-6345 or 1(646) 517-4150 and entering passcode 70822.

女士們、先生們，早安，歡迎參加 Ardmore Shipping 2025 年第一季財報電話會議。今天的電話會議已被錄音，您可以在公司網站 ardmoreshipping.com 的投資者關係部分找到音訊網路廣播和簡報。 (操作員指示) 在接下來的兩週內，您可以隨時撥打 1(888) 660-6345 或 1(646) 517-4150 並輸入密碼 70822 來收聽電話會議的重播。

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

現在，我將把電話轉給 Ardmore Shipping 執行長 Gernot Ruppelt。

Good morning, and welcome to Ardmore Shipping's First Quarter 2025 Earnings Call. First, let me ask our President and CFO, Bart Kelleher, to discuss forward-looking statements.

早安，歡迎參加 Ardmore Shipping 2025 年第一季財報電話會議。首先，我請我們的總裁兼財務長 Bart Kelleher 討論前瞻性陳述。

Thanks, Gernot. Turning to slide 2. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause the actual results to differ materially from those in the forward-looking statements is contained in the first quarter 2025 earnings release, which is available on our website.

謝謝，Gernot。翻到幻燈片 2。請容許我提醒您，我們今天的討論包含前瞻性陳述。實際結果可能與前瞻性陳述中的預測有重大差異。有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的更多信息，包含在 2025 年第一季度收益報告中，該報告可在我們的網站上查閱。

And now I'll turn the call back over to Gernot.

現在我將把電話轉回給 Gernot。

Thank you, Bart. Let me first outline the format of today's call, which you can see here on slide 3. I'll start by discussing our first quarter highlights and our capital allocation policy. I will then hand the call over to Bart, who will cover the market outlook and provide an update on our financial and operational performance. Thereafter, I will conclude the presentation before opening up the call for questions.

謝謝你，巴特。首先讓我概述一下今天電話會議的形式，您可以在投影片 3 上看到。我將首先討論我們第一季的亮點和資本配置政策。然後，我將把電話交給巴特，他將介紹市場前景並提供我們財務和營運績效的最新情況。隨後，我將結束演講，然後開始提問。

However, before we jump into the presentation, I want to pause for just a moment and acknowledge that since we convened with many of you during our Investor Day about three months ago, we all have witnessed an exceptionally busy new cycle and lived through volatile equity markets.

然而，在我們開始演講之前，我想暫停一下，承認自從大約三個月前我們在投資者日與你們中的許多人會面以來，我們都見證了一個異常繁忙的新周期，並經歷了動蕩的股票市場。

There is much debate and speculation about what this means in terms of economic impact. Therefore, we want to highlight three key points about Ardmore and our industry at the start of this call, and we will cover this in greater detail during the presentation.

關於這將對經濟產生什麼影響，存在著許多爭論和猜測。因此，我們想在本次電話會議開始時強調有關阿德莫爾和我們行業的三個關鍵點，我們將在演示過程中更詳細地介紹這些要點。

For one, Ardmore's balance sheet and our low breakeven make us more robust than ever across a wide range of economic scenarios. Secondly, although broader markets experienced turmoil, product freight markets have remained resilient. Already strong refining margins should be further supported by OPEC oil production increases and the global tanker fleet, is the oldest in decades.

首先，阿德莫爾的資產負債表和較低的損益平衡使我們在各種經濟情勢下都比以往更加穩健。其次，儘管大盤經歷了動盪，但產品貨運市場依然保持韌性。歐佩克石油產量增加和全球油輪船隊規模達到數十年來的最高水平，將進一步支撐本已強勁的煉油利潤率。

Third, our fleet composition, our lean operating platform and our capital structure are the result of deliberate strategic choices, always guided by industry-leading governance and a balanced approach to allocating capital through the cycle.

第三，我們的船隊組成、精益營運平台和資本結構都是深思熟慮的策略選擇的結果，始終以行業領先的治理和在整個週期內平衡配置資本的方法為指導。

And with that, we return to our usual format and direct your attention to slide 4. We are pleased to announce our first quarter results, delivering adjusted earnings of $5.6 million or $0.14 per share. Overall, market fundamentals remain constructive despite macro headwinds with positive supply side dynamics. Meanwhile, our financial strength allows us to dynamically execute on our capital allocation policy.

接下來，我們恢復正常格式，並請大家注意投影片 4。我們很高興地宣布第一季業績，調整後收益為 560 萬美元，即每股 0.14 美元。整體而言，儘管面臨宏觀阻力和正面的供應面，市場基本面依然保持良好。同時，我們的財務實力使我們能夠動態地執行我們的資本配置政策。

Today, we declared another quarterly cash dividend, consistent with our policy of paying out one-third of adjusted earnings. Furthermore, we are continuing to invest in our fleet. We have upgraded the tank coatings on our chemical tankers to further expand revenue opportunities by increasing cargo flexibility. Last quarter, we delivered MR earnings of $20,900 per day, and we remain focused on tight cost management with a low cash breakeven level of $11,500 per day.

今天，我們宣布再次派發季度現金股息，這與我們支付調整後收益三分之一的政策一致。此外，我們也持續投資我們的船隊。我們升級了化學品油輪的油箱塗層，以透過提高貨物靈活性來進一步擴大收入機會。上個季度，我們的 MR 收益為每天 20,900 美元，我們仍然專注於嚴格的成本管理，現金損益平衡水平較低，為每天 11,500 美元。

Moving to slide 5. Our TCE performance reflects continued strength, define typical seasonal norms. Rates remain significantly above our cash breakeven level. Our MRs earned $20,900 per day for the first quarter and $22,100 per day so far in the second quarter with 50% booked. Meanwhile, all chemical tankers are experiencing a significant step-up, having earned $15,000 per day for the first quarter and earning $19,500 per day for the second quarter with 60% booked.

移至投影片 5。我們的 TCE 表現體現出持續的強勁勢頭，定義了典型的季節性規範。利率仍遠高於我們的現金損益兩平水準。我們的 MR 在第一季每天的收入為 20,900 美元，在第二季迄今為止每天的收入為 22,100 美元，預訂率為 50%。同時，所有化學品油輪的收益都大幅增加，第一季的日收益為 15,000 美元，第二季的日收益為 19,500 美元，預訂率為 60%。

Turning to slide 6, where we discuss our long-standing capital allocation policy, which reflects our strategic through-the-cycle approach. We are committed to dynamically balancing the return of cash to shareholders with reinvestment in our fleet in order to enable sustainable value creation through the cycle. In the first quarter, we declared our 10th consecutive dividend since the reinitiation of our dividend policy in 2022.

轉到投影片 6，我們討論了我們長期以來的資本配置政策，它反映了我們貫穿整個週期的策略方法。我們致力於動態平衡股東現金回報與船隊再投資，以實現整個週期的可持續價值創造。第一季度，我們宣布了自 2022 年重新啟動股利政策以來連續第 10 次派息。

We continue to invest in efficiency projects across our fleet, achieving low payback periods and IRRs ranging from 20% to over 100%. We upgraded the coatings on four of our chemical tankers with the remaining two to be completed this quarter. This aligns with Ardmore's trading strategy. It offers the flexibility to move deeper into the premium end of the cargo slate, boosting earnings accordingly. And while we always track and evaluate potential transactions, we have taken the opportunity to significantly reduce our debt levels over the past years.

我們持續投資於船隊的效率項目，實現了較低的投資回收期和從 20% 到 100% 以上的內部收益率。我們對四艘化學品船的塗層進行了升級，其餘兩艘將於本季完成。這與阿德莫爾的交易策略一致。它提供了靈活性，可以更深入地進入高端貨運業務，從而相應地提高收益。雖然我們始終追蹤和評估潛在交易，但我們在過去幾年中已抓住機會大幅降低債務水準。

With that, I'd like to hand it over to Bart.

說完這些，我想把它交給巴特。

Thanks, Gernot. Turning now to the market outlook and supply dynamics, starting with slide 8. Here, we contrast an aging MR fleet and its natural replacement needs with the current order book. The chart on the left illustrates changes in the MR fleet over time. Currently, there is an exceptionally old fleet. Actually, it's the oldest fleet since the turn of the century with an average age of over 14 years.

謝謝，Gernot。現在轉向市場前景和供應動態，從幻燈片 8 開始。在這裡，我們將老化的 MR 船隊及其自然更換需求與當前訂單進行比較。左側的圖表顯示了 MR 船隊隨時間的變化。目前，我們的船隊非常老舊。事實上，這是本世紀初以來最古老的船隊，平均船齡超過14年。

Now moving to the chart on the right. More than half of this fleet will be over 20 years old in scrapping candidates within the next five years. In contrast, the current order book delivering over the same time period represents only 14% of the fleet. So the aging fleet is nearly 4 times the current order book. In addition, the pace of ordering has meaningfully decelerated since mid-2024. In fact, only four MR orders were placed in the first quarter of this year.

現在轉到右側的圖表。未來五年內，這批船舶中有一半以上的船齡將超過20年，將被淘汰。相比之下，同一時期交付的當前訂單僅佔船隊的 14%。因此，老化船隊數量幾乎是目前訂單量的4倍。此外，自2024年中期以來，訂購速度已明顯放緩。事實上，今年第一季僅下了四份 MR 訂單。

Turning to slide 9. The pie charts on the left further depict the aging MR fleet. As mentioned in the previous slide, more than 50% of the fleet will be over 20 years old within the next five years. These older vessels trade at significantly lower utilization levels. The chart on the right highlights how they are typically empty over half of the time. While we do expect an increase in scrapping regardless of this, the aging fleet will reduce effective supply even without actual vessel removals.

翻到第 9 張投影片。左側的圓餅圖進一步描繪了老化的 MR 車隊。正如上一張幻燈片中提到的，未來五年內，超過 50% 的船隊船齡將超過 20 年。這些老舊船舶的利用率明顯較低。右側的圖表突出顯示了它們通常在一半以上的時間內都是空的。儘管我們確實預計拆船數量無論如何都會增加，但即使沒有實際的船舶拆除，老化的船隊也會減少有效供應。

Moving to slide 10. Both the US trade representative proposal to impose fees on Chinese vessels and the further expansion of Western sanctions are limiting supply. The USTR proposal is practically halting ordering activity in China and could impose a significant cost burden on Chinese tankers. Fortunately, in this evolving situation, this is not a concern for Ardmore. Our Korea and Japan-built fleet continues to perform well and has full trading flexibility.

移至投影片 10。美國貿易代表提議對中國船隻徵收費用以及西方制裁的進一步擴張都在限制供應。美國貿易代表辦公室的提議實際上正在叫停中國的訂購活動，並可能給中國油輪帶來沉重的成本負擔。幸運的是，在這種不斷變化的情況下，阿德莫爾並不需要擔心這個問題。我們在韓國和日本建造的船隊繼續表現良好，並具有充分的貿易靈活性。

In parallel, the additional step-ups in sanctions are also benefiting the compliant fleet. The sanctioned fleet has increased by 80% since the start of the year. Over 2,000 tankers are currently either sanctioned and/or operating in the dark fleet. These vessels are not properly insured, no longer available for compliant trades and would have difficulty ever returning to the mainstream fleet.

同時，進一步加強制裁力度也使合規船隊受益。自今年年初以來，受制裁的船隊規模增加了 80%。目前有超過 2,000 艘油輪受到製裁或在黑暗船隊中運作。這些船隻沒有適當的保險，不再適用於合規貿易，很難重返主流船隊。

The Aframax segment is most impacted, encouraging more LR2 product tankers to enter the crude trade. These supply side dynamics are reinforcing a two-tier market, where Ardmore and our fully compliant fleet stand to benefit.

阿芙拉型油輪板塊受到的影響最大，促使更多 LR2 成品油輪進入原油貿易。這些供應方面的動態正在強化兩級市場，阿德莫爾和我們完全合規的船隊將從中受益。

Moving to slide 11, where we address demand fundamentals in greater detail. While US tariffs and countermeasures have created uncertainty across the wider macro economy, underlying tanker demand fundamentals remain supportive. As shown in the chart on the upper right, refinery margins have been rising. Meanwhile, OPEC+ is set to ratchet up production starting this month.

轉到第 11 張投影片，我們將更詳細地討論需求基本面。儘管美國的關稅和反制措施為整個宏觀經濟帶來了不確定性，但油輪需求基本面仍具有支撐作用。如右上圖所示，煉油廠利潤率一直在上升。同時，OPEC+將從本月開始加大產量。

Looking ahead, market projections indicate continued demand growth for oil products to meet global mobility and energy security needs. It's also important to note that global oil consumption has historically been more resilient through economic cycles than other areas of the economy. In addition, dislocation of oil refineries remains an enduring trend.

展望未來，市場預測表明，為滿足全球流動性和能源安全需求，石油產品的需求將持續成長。值得注意的是，從歷史上看，全球石油消費在經濟週期中比經濟的其他領域更具彈性。此外，煉油廠遷移仍是持續趨勢。

Refining and petrochemical production has been shifting east, which combined with closures in the West continues to drive incremental ton miles.

煉油和石化生產一直在向東部轉移，再加上西部的關閉，繼續推動噸英里數的增加。

Now moving to slide 13 and turning our attention to Ardmore's operating and financial performance. The company continues to build upon its financial strength. Once again, the chart on the bottom left highlights our focus on successfully reducing our cash breakeven level to $11,500 per day. In fact, it's actually $10,500 per day when excluding pro forma CapEx. This has been achieved in an elevated interest rate environment, driven by effective cost control, lower debt levels and access to revolving credit facilities.

現在轉到第 13 張投影片，將我們的注意力轉向阿德莫爾的營運和財務表現。該公司繼續增強其財務實力。左下角的圖表再次強調了我們專注於成功將現金損益平衡水準降低至每天 11,500 美元。事實上，如果不包括備考資本支出，則實際成本為每天 10,500 美元。這一成績是在高利率環境下取得的，得益於有效的成本控制、較低的債務水平和循環信貸便利。

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

像往常一樣，阿德莫爾仍然專注於優化績效、嚴格管理成本和維持強勁的資產負債表。

Turning to slide 14 for financial highlights. For the first quarter, we reported EBITDAR of $18.5 million, and as mentioned earlier, earnings per share of $0.14. We continue to frame EBITDAR as an important comparable valuation metric against our IFRS reporting peers. And full reconciliation details can be found in the appendix on slide 25. Also, please refer to slide 26 in the appendix for our second quarter guidance numbers.

請翻到第 14 張投影片查看財務亮點。第一季度，我們報告的 EBITDAR 為 1850 萬美元，如前所述，每股收益為 0.14 美元。我們繼續將 EBITDAR 作為與 IFRS 報告同業進行比較的重要可比較估值指標。完整的對帳詳情可在第 25 張投影片的附錄中找到。另外，請參閱附錄中的第 26 張投影片，以了解我們第二季的指導資料。

Moving to slide 15 for fleet operations. We nimbly executed on some opportunistic chartering trade, including locking in a $2 million time charter in outspread over 12 months, while also fixing two seasonal time charter outs to cover the summer period at an average rate of $22,000 per day. As you can see from the chart on the right, we're making great progress on our required dry dockings. We're almost done with most of this work and will have minimal dockings from mid-2025 onwards, boosting revenue days and enhancing earnings power.

移至投影片 15，了解艦隊運作。我們靈活地執行了一些機會性租船貿易，包括鎖定一份為期 12 個月、價值 200 萬美元的定期租船合同，同時還確定了​​兩份涵蓋夏季的季節性定期租船合同，平均租金為每天 22,000 美元。從右側圖表可以看出，我們在所需的乾船塢方面取得了巨大進展。我們的大部分工作已基本完成，從 2025 年中期開始，停靠次數將降至最低，從而增加收入天數並增強盈利能力。

Capital expenditures for the fleet in 2025 are currently forecasted approximately $35 million. This includes $15 million of elective CapEx related to tank coatings and efficiency upgrades.

目前預計 2025 年船隊的資本支出約為 3,500 萬美元。其中包括與油箱塗層和效率升級相關的 1500 萬美元可選資本支出。

As Gernot already mentioned, we are upgrading tank coatings on all of our chemical vessels to increase cargo versatility and further expand revenue opportunities with an expected return of conservatively over 20%.

正如 Gernot 已經提到的，我們正在升級所有化學品船的油箱塗層，以提高貨物的多功能性並進一步擴大收入機會，預計回報率保守估計將超過 20%。

As we shared in greater detail at our Investor Day earlier this year, we continue realizing benefits from our investments in AI and digitalization tools, supporting commercial and operational execution. And as the new EU fuel regulations effectively pass-through voyage expenses have come into force, they are creating opportunities to further optimize fleet deployment and drive TCE levels.

正如我們在今年稍早的投資者日上更詳細地分享的那樣，我們繼續從對人工智慧和數位化工具的投資中獲得收益，支持商業和營運執行。隨著歐盟新燃料法規有效地轉嫁航程費用，它們正在創造進一步優化船隊部署和提高 TCE 水平的機會。

Moving to slide 16, where we highlight the power of our strong operating leverage. To frame this in a simple manner, for every $10,000 per day increase in TCE, we would make an additional $2.30 in EPS. That's a boost of nearly $100 million in free cash flow generation. Our modern high-quality fleet is well positioned to take full advantage of this earnings power.

轉到第 16 張投影片，我們重點介紹了強大的經營槓桿的力量。簡單來說，TCE 每天每增加 10,000 美元，我們的 EPS 就會增加 2.30 美元。這意味著自由現金流的產生增加了近 1 億美元。我們現代化的高品質船隊能夠充分利用這項獲利能力。

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

說完這些，我很高興將電話交還給 Gernot，並期待最後回答任何問題。

Great. Thank you, Bart. Moving to slide 18. Allow me to summarize three key points: Ardmore has a robust balance sheet, a strong operating platform and a modern, highly efficient fleet, all built in Korea and Japan. Freight markets have shown resilience and our TCEs have remained significantly above our cash breakeven of $11,500 per day.

偉大的。謝謝你，巴特。移至幻燈片 18。請容許我總結三個要點：阿德莫爾擁有穩健的資產負債表、強大的營運平台和現代化、高效的船隊，全部在韓國和日本建造。貨運市場表現出韌性，我們的 TCE 仍遠高於每天 11,500 美元的現金損益平衡點。

And finally, Ardmore's deliberate and sensible strategic choices have been well matched to the business cycle and are underpinned by industry-leading corporate governance.

最後，阿德莫爾深思熟慮、明智的策略選擇與商業週期完美契合，並以領先業界的公司治理為基礎。

Now before I open up the call to questions, I would like to briefly draw your attention to internal leadership progression at Ardmore that we referenced this morning in our earnings release. For one, we have announced the long-planned and well-deserved retirement of our COO, Mark Cameron, which will be effective January 1.

現在，在我開始提問之前，我想簡要地提請大家注意我們今天早上在收益報告中提到的阿德莫爾的內部領導力發展情況。首先，我們宣布了首席營運長馬克·卡梅倫 (Mark Cameron) 計劃已久且當之無愧的退休決定，該決定將於 1 月 1 日生效。

Mark has been with Ardmore since its inception in 2010 and has been instrumental in developing our technical management and operations platform, contributing countless strategic achievements for Ardmore. We are grateful for Mark's many years of service and wish him the very best.

馬克自 2010 年阿德莫爾成立以來就一直在那裡工作，在開發我們的技術管理和營運平台方面發揮了重要作用，為阿德莫爾貢獻了無數戰略成就。我們感謝馬克多年的服務並祝他一切順利。

Following a structured transition process, Mark will be succeeded by Robert Gaina, currently our SVP commercial. Robert has been with Ardmore for 10 years in multiple leadership and commercial roles. He previously sailed as Master Mariner on the Ardmore fleet before coming ashore in 2015 and in the years following, completed an executive MBA from Erasmus University in Rotterdam.

經過結構化的過渡流程後，現任我們商業高級副總裁的羅伯特·蓋納 (Robert Gaina) 將接替馬克的職位。羅伯特已在阿德莫爾工作 10 年，擔任多個領導和商業職位。他曾在阿德莫爾艦隊擔任船長，後來於 2015 年登陸，並在隨後的幾年裡獲得了鹿特丹伊拉斯姆斯大學的工商管理碩士學位。

In his new role, Robert will hold the responsibilities of the existing COO role and the previous CCO role, thereby combining under one leadership umbrella, our integrated business activities across chartering, commercial operations and fleet management.

在新的職位上，羅伯特將兼任現任營運長和前任首席商務官，從而將我們在租船、商業營運和船隊管理方面的綜合業務活動整合在一個領導框架下。

And finally, we are pleased to announce the completion of our CFO process announced during last year's leadership transition at Ardmore and Bart stepping up as President. Effective July 1, John Russell, presently Ardmore's Finance Director, will take on the broader responsibility of CFO working closely with Bart.

最後，我們很高興地宣布，我們在去年阿德莫爾領導層過渡期間宣布的財務長流程已經完成，巴特將出任總裁。自 7 月 1 日起，現任 Ardmore 財務總監的 John Russell 將承擔起財務長的更大責任，並與 Bart 密切合作。

John has served Ardmore for seven years and has been involved with Ardmore's leadership team on all finance matters. He is a chartered accountant and holds multiple degrees in finance. We are pleased that, once again, Ardmore was able to promote from within as we continue to develop talent in-house and build on our strong dynamic company culture.

約翰已在阿德莫爾服務了七年，並參與了阿德莫爾領導團隊的所有財務事務。他是一名特許會計師，擁有多個金融學位。我們非常高興，阿德莫​​爾能夠再次從內部提拔人才，因為我們將繼續在內部培養人才，並建立我們強大而充滿活力的公司文化。

And with that, we now welcome your questions.

現在，我們歡迎您提問。

(Operator Instructions) Jon Chappell, Evercore ISI.

（操作員指示）Jon Chappell，Evercore ISI。

Gernot or Bart, fleet update question as it relates to some of the announcements you made today. So on that $2 million spread time charter in, time charter out, I'm assuming that's the Matterhorn extending that contract for a year. Are there any other opportunities above and beyond that with the time charter in fleet? I know that the other three expire this summer. Do they have options and as you contemplate exercising potentially those options, do you see other spread opportunities like that?

Gernot 或 Bart，船隊更新問題與您今天發布的一些公告有關。因此，根據這份價值 200 萬美元的分期租船合同，我假設 Matterhorn 會將該合約延長一年。除了定期租船之外，還有其他機會嗎？我知道另外三份合約將於今年夏天到期。他們是否有選擇？當您考慮行使這些選擇權時，您是否看到其他類似的利差機會？

Yes, Jon, thanks for the question. Probably not going to be able to go into a whole level of detail here because some of those are commercially sensitive, but we are constantly in touch with opportunities on both charter in and charter out, as you will have seen also in some of those seasonal charters out. And it is a fragmented market where we will hopefully find other opportunities to create interesting spreads by putting together different pieces in creative ways.

是的，喬恩，謝謝你的提問。我們可能無法在這裡詳細介紹，因為其中一些是商業敏感性的，但我們一直在關注租入和租出的機會，正如您在一些季節性租出中看到的那樣。這是一個分散的市場，我們希望能夠找到其他機會，透過以創造性的方式將不同的部分組合在一起，創造出有趣的傳播效果。

On the other chartered in ships, currently, no options as such, but we've developed a really good and long-standing operating relationship with the head owner, and we're certainly always find -- try to find a way to continue those relationships.

另一方面，目前沒有租船的選擇，但我們與船主建立了良好且長期的營運關係，而且我們當然總是在尋找——嘗試找到一種方法來延續這些關係。

Just a follow-up. Obviously, a lot of uncertainty, as you touched on at the beginning, asset values have been a little bit volatile. I think there's a lot of question marks about not just the macro, but also some of the geopolitical events that have been supportive to the industry over the last three years. In that type of uncertain backdrop, are you seeing more opportunity for fleet expansion or modernization, whether it's through traditional acquisitions or whether it's through other type of time charter in arrangements?

只是後續行動。顯然，存在著許多不確定性，正如您一開始提到的那樣，資產價值有點不穩定。我認為，不僅宏觀層面存在著許多疑問，而且過去三年來對該行業起到支撐作用的一些地緣政治事件也存在著許多疑問。在這種不確定的背景下，您是否看到了更多擴大船隊或實現現代化的機會，無論是透過傳統的收購還是透過其他類型的定期租船安排？

Certainly something we're always tracking and monitoring, Jon, and we are connected through a wide range of sources of deal flow with business that's available in the market, but we've also built a good track record on vessel acquisitions and time charters where we have direct exposure to various counterparties.

當然，喬恩，這是我們一直在追蹤和監控的事情，我們透過廣泛的交易流來源與市場上的企業建立了聯繫，但我們也在船舶收購和定期租船方面建立了良好的記錄，我們可以直接接觸各種交易對手。

So far, we have felt it was more prudent to hold off because, of course, every transaction needs to be evaluated with appropriate rigor and discipline. There is a correction taking place on asset values, and this is something we're tracking closely. But so far, we haven't felt it was the right time to move ahead.

到目前為止，我們認為推遲交易是更謹慎的做法，因為當然，每筆交易都需要經過適當的嚴格和紀律的評估。資產價值正在發生調整，我們正在密切關注這種情況。但到目前為止，我們還沒有感覺到現在正是繼續前進的正確時機。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員指示）奧馬爾·諾克塔（Omar Nokta），傑富瑞（Jefferies）。

Gernot and Bart, just a couple of questions. Maybe just first on the management changes. Just a quick kind of mention of that. Obviously, there's been a lot of movement. And as you mentioned, it seems like a pretty deep bullpen you're working with at Ardmore promoting from within. Just wanted to get a sense from you if you're anticipating any changes strategically or how the businesses run going forward with the updated, say, management setup.

Gernot 和 Bart，我有幾個問題。也許首先要討論的是管理階層的變化。只是簡單提一下這一點。顯然，已經發生了很多變化。正如您所提到的，您在阿德莫爾工作的牛棚似乎很有實力，可以從內部進行推廣。只是想了解一下，您是否預計在策略上會發生任何變化，或者在管理設定更新後，企業將如何運作。

Omar, thank you for that question. It gives me a chance to just elaborate here a little bit more. With regard to Mark, strong contributor and has been there since the inception of the company in 2010, has been a hugely important contributor to Ardmore's performance and is also really strongly recognized in the industry and somebody who will surely be missed.

奧馬爾，謝謝你的提問。這讓我有機會在這裡進一步闡述。至於馬克，他是一位強大的貢獻者，自 2010 年公司成立以來一直在公司工作，對阿德莫爾的業績做出了極其重要的貢獻，並且在業界獲得了很高的認可，我們一定會想念他。

We have built incredible amount of talent internally, always giving people a chance to progress and kind of step up and step in. And I think that's really part of the Ardmore culture and it's been kind of part of what you can see throughout the organization. Even though, of course, there are some of those opportunities then for people to progress, I'd like to think there's also a lot of continuity around Ardmore's strategy, around Ardmore's governance, around our values and our approach to performance.

我們內部培養了大量人才，並始終給予人們進步和晉升的機會。我認為這確實是阿德莫爾文化的一部分，也是整個組織中可以看到的一部分。當然，儘管人們仍然有一些進步的機會，但我認為阿德莫爾的策略、治理、價值觀和績效方法也具有很大的連續性。

So these things might evolve, of course, with what the market determines and where the opportunity lies, but the foundational principles very much remain the same, even though people, of course, step up into different leadership ranks. So in a way, the greater sum of things at Ardmore is greater than any individual.

當然，這些事情可能會隨著市場決定因素和機會所在而發展，但基本原則仍然是一樣的，儘管人們當然會晉升到不同的領導階層。因此從某種程度上來說，阿德莫爾的整體大於任何個體。

Okay. And maybe just more on the market. You mentioned, I think, Bart, you were talking about asset values. I believe it was Bart mentioning the values have come off a bit. I guess there's been a sort of a jolt of optimism in the sector overall with OPEC bringing production back. Clearly, there's a view that that's going to be very supportive to the large crude tankers. But how do you think that filters its way into the MR market and product tankers, I guess, in general?

好的。或許只是市場上有更多這樣的產品。我認為，巴特，您提到過資產價值。我相信巴特提到價值觀已經下降。我想，隨著石油輸出國組織恢復生產，整個產業都出現了一種樂觀情緒。顯然，有人認為這將對大型原油油輪提供很大的支持。但您認為，總體而言，這會如何影響 MR 市場和成品油輪市場？

Yes. Look, overall, I think it's really important to remember that even though there has been this uncertainty and volatility in broader markets, we referenced at the start of the call that TCEs find their footing at the levels that we're reporting for the first quarter and guiding for the second quarter, which I believe is positive and if anything, moving against the seasonal trends.

是的。看起來，總的來說，我認為真正重要的是要記住，儘管更廣泛的市場存在不確定性和波動性，但我們在電話會議開始時提到，TCE 在我們報告的第一季度和第二季度的指導水平上站穩了腳跟，我認為這是積極的，如果有的話，這是逆季節性趨勢而行。

OPEC, of course, production increases, there's an impact on crude tankers, but also an impact on refining margins, which you have seen even week-on-week have jumped again and already at strong levels. And of course, with that, refiners have a stronger incentive to produce to refine cargoes. And with that, of course, there should be incremental need to transport those cargoes as well.

當然，歐佩克的產量增加，不僅對原油運輸船產生了影響，而且對煉油利潤也產生了影響，你已經看到煉油利潤甚至逐週再次躍升，並且已經達到強勁水平。當然，這樣一來，煉油廠就有更強的動力去生產煉油貨物。當然，隨之而來的是運輸這些貨物的需求也應該會增加。

So that bodes favorably on top of the supply story that we highlighted in the call. But again, [all the speed] in decades, an order book less than a third of prior peaks and at the same time, the fleet that's aging out is 3 times the order book. So very compelling in that sense.

因此，這對於我們在電話會議中強調的供應情況來說是一個利好。但幾十年來，（所有速度）的訂單量都不到之前峰值的三分之一，同時，老化的船隊數量是訂單量的三倍。從這個意義上來說非常引人注目。

As far as market opportunities and pricing of assets is concerned, we are tracking sort of a correction in secondhand values. And as I had mentioned earlier, so far, we are monitoring. But it is a really fragmented market. A lot of players with a wide range of motivations to sell or to buy, and I think there will always be an opportunity with that. And we believe also some of the broad uncertainty that we have registered here at the start of the year is also floating through in some of the price ideas that are out there rightfully.

就市場機會和資產定價而言，我們正在追蹤二手價值的某種調整。正如我之前提到的，到目前為止，我們還在進行監控。但這確實是一個分散的市場。很多球員都有各種各樣的動機想要出售或購買，我認為總是會有機會的。我們也認為，我們在年初發現的一些廣泛的不確定性也合理地體現在一些價格觀念中。

Thank you for all the questions. And since there are no further questions at this time, this concludes today's call. Thank you for participating. You may now disconnect.

謝謝大家的提問。由於目前沒有其他問題，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。