Ardmore Shipping Corp (ASC) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ardmore Shipping's first quarter 2026 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, www.ardmoreshipping.com. (Operator Instructions) A replay of the conference call will be accessible any time during the next two weeks by dialing 1 (888) 660-6345 or 1 (646) 517-4150, and entering passcode 89653.

各位女士、先生，早安，歡迎參加 Ardmore Shipping 2026 年第一季財報電話會議。今天的電話會議將進行錄音，並可於公司網站投資人關係專區（www.ardmoreshipping.com）收聽音訊網路直播並取得簡報。（接線員指示）電話會議重播將於未來兩週內隨時提供，請撥打 1 (888) 660-6345 或 1 (646) 517-4150，並輸入密碼 89653。

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

現在，我將把電話交給 Ardmore Shipping 執行長 Gernot Ruppelt。請開始。

Good morning, and welcome to Ardmore Shipping's First Quarter 2026 Earnings Call. First, let me ask our President, Bart Kelleher, to discuss forward-looking statements.

各位早安，歡迎參加 Ardmore Shipping 2026 年第一季財報電話會議。首先，請容我請我們的總裁 Bart Kelleher 說明前瞻性陳述。

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 2026 earnings release, which is available on our website.

謝謝你，Gernot。請看第 2 頁投影片。提醒各位，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所預期者有重大差異。有關可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於 2026 年第一季財報新聞稿中，該新聞稿可於我們網站取得。

And now I will turn the call back over to Gernot.

現在我把電話交回給 Gernot。

Thank you, Bart. Let me outline the format of today's call, which you can see here on slide 3. First, I'll give you a brief overview of our first quarter highlights and cover key strategic and capital allocation actions we have taken since our last call. I will then hand over to Bart, who will cover the market outlook and update you on our financial and operating performance. Thereafter, I will conclude the presentation before opening up the call for questions.

謝謝你，Bart。我先概述今天電話會議的流程，各位可在第 3 頁投影片看到。首先，我將簡要回顧第一季重點，並說明自上次電話會議以來我們採取的關鍵策略與資本配置行動。接著我會交給 Bart，他將說明市場展望，並更新我們的財務與營運表現。之後，我將在開放提問前做結語。

But before we discuss our earnings, I'd like to take a moment to acknowledge the major disruption in the Middle East and the significant impact this has had on the maritime industry, in particular, on seafarers and their families. While Ardmore has not had any ships in the region since the beginning of the conflict, we express our solidarity with those currently living through this period of hardship and distress. And we continue to engage with and actively support industry organizations, such as The Mission to Seafarers, INTERTANKO and other industry partners who have been playing a vital role in working with the people directly affected by these recent events.

不過在討論財報之前，我想先花一點時間提及中東地區的重大動盪，以及其對海運產業造成的顯著影響，特別是對海員及其家屬。雖然自衝突爆發以來 Ardmore 並無船舶在該區域營運，我們仍向目前正經歷艱困與煎熬的人們表達聲援。我們也持續與並積極支持產業組織，例如 The Mission to Seafarers、INTERTANKO 及其他產業夥伴；這些單位在協助直接受近期事件影響的人們方面，扮演了至關重要的角色。

Now turning to slide 4 for earnings highlights. In addition to last week's activity update and TCE guidance, we report today adjusted earnings of $23.6 million or $0.58 per share. We are declaring a dividend of $0.39 per share, in line with our recently updated dividend policy of paying out two thirds of adjusted earnings effective Q1. Disruption in the Middle East is adding further tightness to an already firm market. Our Q1 TCE performance reflects these market conditions and momentum is accelerating into the second quarter.

接著請看第 4 頁投影片的財報重點。除上週的營運更新與 TCE 指引外，我們今天公布調整後盈餘為 2,360 萬美元，或每股 0.58 美元。我們宣布每股股利 0.39 美元，符合我們近期更新的股利政策：自第一季起，將調整後盈餘的三分之二作為配發比例。中東地區的動盪使原本已偏緊的市場更加吃緊。我們第一季的 TCE 表現反映了這些市場狀況，而動能正加速延續至第二季。

Our MR tankers earned $33,700 per day for the first quarter and $52,100 per day so far in the second quarter with 55% booked. Our chemical tankers earned $22,300 per day for the first quarter and $32,500 per day so far in the second quarter with 65% booked. MR spot rates are, therefore, at levels nearly 5x our operating cash breakeven of $10,800 per day. And as we'll discuss in the next slide, we are executing on a clear and deliberate long-term strategy, targeted fleet investment, while simultaneously increasing the return of capital to shareholders in a meaningful manner.

我們的 MR 成品油輪第一季日均收益為 33,700 美元；第二季迄今為止日均 52,100 美元，且已鎖定 55%。我們的化學品油輪第一季日均收益為 22,300 美元；第二季迄今為止日均 32,500 美元，且已鎖定 65%。因此，MR 現貨運價水準約為我們每日 10,800 美元營運現金損益兩平點的近 5 倍。並且如我們在下一頁投影片將討論的，我們正執行一項清晰且審慎的長期策略：有目標地投資船隊，同時以具實質意義的方式提高對股東的資本回饋。

Moving to slide 5. Here, we highlight three significant updates since our last call. First, we have ordered two highly efficient and versatile Handysize tankers at Wuhu Shipyard at a price of $44.9 million per vessel. This price includes a $3 million upgrade package to make the vessels fully IMO2 capable, as well as advanced MarineLine tank coatings. In addition, we are commissioning further performance and safety upgrades.

請看第 5 頁投影片。在此我們重點說明自上次電話會議以來的三項重大更新。第一，我們已在蕪湖造船廠訂造兩艘高效率且用途多元的 Handysize 油輪，每艘價格為 4,490 萬美元。此價格包含 300 萬美元的升級套件，使船舶具備完整 IMO2 規格能力，並配備先進的 MarineLine 船艙塗層。此外，我們也正在推動進一步的性能與安全升級。

Deliveries are scheduled from late 2028, and we have the option to acquire two additional vessels on the same terms. Second, we are doubling our quarterly dividend payout ratio to two thirds of adjusted earnings. 2025 was a heavy CapEx year, which entailed an extensive dry docking program and significant vessel efficiency and commercial upgrades.

交船時程預計自 2028 年下半年起，我們並擁有以相同條件再購兩艘的選擇權。第二，我們將季度股利配發比率加倍至調整後盈餘的三分之二。2025 年是資本支出（CapEx）較重的一年，包含大規模的坞修計畫，以及顯著的船舶效率與商業面升級。

This is now behind us. Importantly, we also invested over $100 million in three vessel acquisitions that have substantially increased in value since, arguably by about 30% to 35% on a like-for-like basis. And as always, dynamic in our approach to capital allocation, we increased our percentage dividend payout effective this quarter. We have also agreed the opportunistic sale of a 2014-built MR tanker for $35.5 million.

目前這些已告一段落。更重要的是，我們也投入逾 1 億美元收購三艘船舶，而其價值此後已大幅上升；若以同型同規格比較，增值幅度可說約為 30% 至 35%。一如既往，我們在資本配置上採取動態作法，因此自本季起提高股利配發比例。我們也已同意把握時機出售一艘 2014 年建造的 MR 成品油輪，售價為 3,550 萬美元。

At the time of agreement, the delivery window was about three months forward, allowing us to continue participating in the strong market with delivery to the buyer expected in June 2026. We believe this is an attractive transaction, not least in conjunction with the previous newbuilding announcement and in context of the aforementioned acquisitions.

在達成協議時，交船窗口約在三個月之後，使我們得以在此期間持續參與強勁市場；預計於 2026 年 6 月交付買方。我們認為這是一筆具吸引力的交易，尤其是結合先前的新造船公告，並放在上述收購案的脈絡下來看更是如此。

Overall, these decisions reflect our disciplined through-the-cycle approach to value creation, growing the business in a thoughtful way, investing in high-quality assets that match our strategy and unique organizational capabilities, all while enabling meaningful distribution of capital to shareholders.

整體而言，這些決策反映我們在景氣循環各階段皆保持紀律的價值創造方法：以審慎方式擴大業務、投資符合我們策略與獨特組織能力的高品質資產，同時也讓股東能獲得具實質意義的資本分配。

Moving to slide 6 for a bit more detail on the newbuildings just mentioned. The vessels will be handysize product and chemical tankers built to full IMO2 specifications with MarineLine coatings. These upgrades will enable us to trade across a wide cargo slate from mainstream oil products to edible oils, renewable fuels and complex commodity chemicals.

接著請看第 6 頁投影片，進一步說明剛才提到的新造船。這些船舶將為 Handysize 成品油與化學品油輪，依完整 IMO2 規格建造，並採用 MarineLine 塗層。這些升級將使我們能在更廣泛的貨種組合中營運，從主流油品到食用油、再生燃料，以及複雜的大宗商品化學品。

As a reminder, we upgraded our existing chemical fleet last year with MarineLine coatings, and we are capturing significant benefits through access to premium cargo options and shortened cleaning times.

提醒各位，我們去年已為現有化學品船隊升級採用 MarineLine 塗層，並透過取得高溢價貨載選項及縮短清洗時間，獲得顯著效益。

We have undertaken an extensive review of shipyards in China, Korea and Japan, and we believe Wuhu offers a compelling combination of high construction quality and value. In terms of funding, we have ample capacity under our existing revolving credit facilities and access to a wide range of alternative sources.

我們已對中國、韓國與日本的造船廠進行廣泛評估，並認為蕪湖在建造品質與性價比方面提供了極具吸引力的組合。在資金方面，我們在既有循環信用額度下仍有充足額度，並可取得多元的替代資金來源。

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

接下來，我想把電話交給 Bart。

Thanks, Gernot. Turning to the market, starting with slide 8 and some significant shifts in trade flows. This slide illustrates the rerouting of refined product cargoes as a result of the conflict in the Middle East. Shortages in the East are being filled long haul from the Atlantic Basin. Flows from the U.S., Europe and West Africa are replacing lost Middle East volumes with voyage lengths roughly doubling.

謝謝你，Gernot。接著談市場部分，從第 8 頁投影片與貿易流向的一些重大變化開始。本頁投影片說明因中東衝突而導致的成品油貨載改道情況。東方地區的供給缺口正由大西洋盆地的長航程運輸來補足。來自美國、歐洲與西非的流向正在取代流失的中東運量，航程長度約增加一倍。

As Gernot mentioned, unfortunately, there are approximately 130 product tankers currently trapped in the Middle East Gulf. This is having an impact on the available vessel supply. In addition, the recent Jones Act waiver is further supporting U.S. bicoastal trade flows.

如 Gernot 所提到的，不幸的是，目前約有 130 艘成品油輪被困在中東波斯灣。這正在影響可用船舶供給。此外，近期的《瓊斯法案》（Jones Act）豁免也進一步支撐美國東西兩岸間的貿易流向。

Moving to slide 9 for more detail on current market drivers. The effective closure of the Strait of Hormuz is disrupting approximately 15% of the global oil product flows and 30% of crude flows. As a result, refining margins in the Atlantic have reached their highest level since the pandemic recovery, creating notable arbitrage. Asian refineries have needed to reduce throughput with replacement products sourced via long-haul imports from the Atlantic, boosting U.S. exports. Vessels bouncing back to the Atlantic Basin had a further layer of fleet inefficiency, tightening effective supply.

接著看第 9 頁投影片，以更詳細說明目前市場的驅動因素。荷姆茲海峽實質關閉，正擾亂約 15% 的全球成品油流量以及 30% 的原油流量。因此，大西洋地區的煉油利差已達到疫情復甦以來的最高水準，形成顯著的套利機會。亞洲煉油廠不得不降低開工率，並以自大西洋長航程進口的替代產品補足，帶動美國出口增加。船舶回流大西洋盆地亦增加了船隊運用效率下降的一層因素，使有效供給更為吃緊。

This run-up in the Atlantic market has resulted in a lack of vessels in the East, accelerating rates in the Pacific in recent weeks. Product inventories have been significantly drawn down. Looking ahead, a substantial post-conflict restocking requirement should support elevated trading activity for an extended period, all while damaged refining capacity may take several years to restore with replacement volumes continuing to move on long-haul voyages.

大西洋市場的這波上漲導致東方市場船舶短缺，並在近幾週推升太平洋航線運價。成品油庫存已大幅去化。展望未來，衝突後可觀的補庫需求應可在較長期間支撐較高的交易活動；同時，受損的煉油產能可能需要數年才能恢復，替代供給量仍將持續以長航程運輸。

Turning to slide 10. Looking beyond the immediate disruption and focusing on the longer-term fundamentals. Energy security is front and center, supporting long-term demand forecast. Meanwhile, refining capacity continues to shift east with closures in Europe and the U.S. adding to ton-mile demand. While the markets understandably pay attention to the situation in the Middle East, these fundamentals are driving the market over the long term.

接著看第 10 頁投影片。先不看眼前的擾動，聚焦於較長期的基本面。能源安全成為核心議題，支撐長期需求預測。同時，煉油產能持續東移，歐洲與美國的關廠進一步增加噸海里需求。市場可以理解地關注中東局勢，但長期而言，正是這些基本面在驅動市場。

Moving to slide 11 for the supply side. The chart on the left depicts how the MR fleet has continued to age during this century, while the current order book represents just 15% of the fleet. The Handysize segment is a connected market. But if we look at the Handy order book in isolation, it stands at just 5% against an average fleet age of 18 years.

接著看第 11 頁投影片，談供給面。左側圖表顯示，本世紀以來 MR 船隊持續老化，而目前手持訂單僅約占船隊的 15%。Handysize 船型屬於相互連動的市場。但若單獨看 Handy 的手持訂單，僅約 5%，而船隊平均船齡為 18 年。

The chart on the right highlights the same story from a different angle. Within the next 5 years, half of the global MR fleet will be over 20 years old and approaching the scrapping window. As a reminder, even if these vessels are not initially scrapped as a result of strong market conditions, their utilization levels notably decline.

右側圖表從另一個角度呈現相同的故事。在未來 5 年內，全球 MR 船隊有一半將超過 20 年船齡，並接近拆船窗口期。提醒一下，即使在強勁市況下這些船舶一開始未必會被拆解，其使用率也會明顯下降。

Turning to slide 13 and our capital allocation summary. As outlined in our late April press release and commentary today, we have been active across all pillars of our capital allocation policy. And this slide further highlights the numerous actions taken in recent quarters. We're dynamically investing in the business while returning capital to shareholders, including the doubling of our dividend payout ratio to two thirds of adjusted earnings.

接著看第 13 頁投影片與我們的資本配置摘要。如同我們 4 月下旬的新聞稿以及今天的說明所述，我們已在資本配置政策的各個支柱上積極行動。本頁也進一步凸顯近幾季所採取的多項措施。我們在動態投資業務的同時也回饋股東，包括將股利配發率提高一倍至調整後盈餘的三分之二。

Moving to slide 14, where we detail our financial position. As always, Ardmore remains focused on optimizing TCE performance, closely managing costs and preserving a strong balance sheet. Our low cash breakeven level of $11,700 per day or $10,800 per day, excluding dry dock CapEx, gives us financial flexibility. Considering forward new build CapEx, which we can fund through our existing credit facilities or other alternatives, overall pro forma leverage remains at a modest level.

接著看第 14 頁投影片，我們在此詳述財務狀況。一如既往，Ardmore 仍專注於最佳化 TCE 表現、嚴格控管成本並維持強健的資產負債表。我們的低現金損益兩平水準為每日 11,700 美元；若排除進塢維修資本支出（dry dock CapEx），則為每日 10,800 美元，提供我們財務彈性。考量未來新造船資本支出（new build CapEx），我們可透過既有授信額度或其他替代方案籌資，整體備考槓桿仍維持在溫和水準。

Turning to slide 15 for financial highlights. Ardmore is well positioned with strong operating leverage. Every $10,000 per day increase in TCE rates translates to an additional nearly $2 per share in annual earnings. For the first quarter, we are reporting adjusted EBITDAR of $37.3 million and as noted earlier, earnings per share of $0.58. We continue to frame EBITDAR as an important comparable valuation metric against our IFRS reporting peers. A full reconciliation is in the appendix alongside our second quarter guidance figures.

接著看第 15 頁投影片的財務重點。Ardmore 具備強勁的營運槓桿。TCE 日租每增加 10,000 美元，年化每股盈餘將增加接近 2 美元。第一季我們報告調整後 EBITDAR 為 3,730 萬美元，且如先前所述，每股盈餘為 0.58 美元。我們持續將 EBITDAR 視為與採用 IFRS 報導的同業相比的重要可比估值指標。完整調節表在附錄中，並與我們第二季指引數據一併提供。

Moving to slide 16 for fleet operations. As a reminder, we have limited dry docking activity through 2027. Existing fleet capital expenditure is expected to decline significantly to approximately $8 million this year versus $30 million last year. We have our refreshed fleet on the water capturing the current market.

接著看第 16 頁投影片的船隊營運。提醒一下，我們到 2027 年為止的進塢維修活動相當有限。既有船隊資本支出預期今年將大幅下降至約 800 萬美元，相較去年為 3,000 萬美元。我們更新後的船隊已在海上營運，正把握目前市場。

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

以上，我很高興把電話交回給 Gernot，並期待在最後回答各位的問題。

Great. Thank you, Bart. Moving to slide 18. Allow me to summarize. On top of compelling long-term fundamentals, product markets continue to experience significant near-term disruption driving ton-mile demand as is reflected in our TCE performance on this slide. Commodity dislocation and product supply gaps, urgent inventory restocking needs as well as continued structural demand growth point to sustained strength. Ardmore continues to progress through a disciplined, deliberate and dynamic approach to capital allocation.

很好。謝謝你，Bart。接著看第 18 頁投影片。請容我做個總結。除了具吸引力的長期基本面之外，成品油市場在短期內仍面臨顯著擾動，推升噸海里需求，這也反映在本頁投影片的 TCE 表現上。大宗商品錯位與成品供給缺口、急迫的庫存補充需求，以及持續的結構性需求成長，皆指向強勢可望延續。Ardmore 持續以嚴謹、審慎且動態的方式推進資本配置。

We have made targeted investments in the fleet over the past years through value-focused newbuilding and secondhand acquisitions as well as upgrades to the existing fleet, all while increasing shareholder returns and maintaining responsible debt levels.

過去幾年，我們透過以價值為導向的新造船與二手船收購，以及對既有船隊的升級，對船隊進行了具針對性的投資；同時提高股東回報並維持負責任的負債水準。

As always, our investment decisions are guided by the company's strategy, strong corporate governance and a long-term value approach. We now welcome your questions.

一如既往，我們的投資決策以公司策略、健全的公司治理以及長期價值取向為指引。現在歡迎各位提問。

(Operator Instructions) Jon Chappell, Evercore.

(接線員指示) Jon Chappell，Evercore。

I'll start with the dividend policy. I know you've spoken about it a little bit in the prepared remarks, but just trying to understand the timing and the thought process behind it. Again, I understand you've sold the vessel, you have far less capital commitments as it relates to fleet maintenance this year. But is this kind of a sign that investing in this part of the cycle where asset values where they are, just doesn't offer the same type of returns that you think a doubling of the capital return policy to the investors provides?

我先從股利政策開始。我知道你們在事先準備的講稿中已稍微談到，但我想更了解其時點與背後的思考。我也理解你們已出售船舶，而且今年與船隊維護相關的資本承諾少了很多。但這是否代表在本輪週期、在目前資產價值水準下投資，所能提供的報酬不如你們認為把資本回饋政策加倍、回饋給投資人來得好？

Yes. Great question, Jon. I think we really want to look at dividend policy as a subset of returning capital to shareholders as part of our capital allocation policy, which we've been quite consistent with. If you go back to end of 2024, of course, we saw some opportunity in our stock price, and we did some buybacks, continue to pay dividends all throughout. But last year, we also saw some really interesting opportunities to reinvest in the fleet through the acquisitions we've mentioned, some really interesting retrofits, paid down the pref on top of the interesting refi, and we're able to also pay back some debt.

是的。很好的問題，Jon。我認為我們希望把股利政策視為資本配置政策的一部分，也就是回饋股東資本的其中一個子集合，而我們在這方面一直相當一致。如果回到 2024 年底，當然，我們看到股價上有一些機會，因此進行了部分庫藏股回購，同時也一路持續配發股利。但去年我們也看到一些非常有趣的機會，可以透過我們提到的收購案、一些很有吸引力的改裝（retrofits）來再投資船隊；在有利的再融資（refi）之上也償還了優先股（pref），並且也能償還部分債務。

So I think for us, this is really a way to reshift and rebalance, acknowledging, of course, that half of debt prices have moved up, but also not in any way, I think, taking away from this kind of rebalanced approach to capital allocation that you really need to see across quarters and across the whole game, which will continue to balance thoughtful and measured reinvestment in the fleet with returning capital to shareholders while maintaining healthy debt levels.

因此我認為，對我們而言，這其實是一種重新調整與再平衡的方式；我們當然也認知到二手船價格已上升，但同時我不認為這會削弱這種再平衡的資本配置方法。你需要以跨季度、放在整個長期經營的角度來看；我們將持續在審慎且有節制地再投資船隊、回饋股東資本，以及維持健康負債水準之間取得平衡。

Okay. That makes sense. And then as it relates to fleet strategy, I know you have a couple of time charter outs right now. It feels like in the larger crude asset classes, time charter rates have spiked to all-time record highs, and there seems to be a pretty decent amount of liquidity, especially in the VEs. Is there a similar thing transpiring in the MR and chem market? And if there is, what's your appetite to kind of lock in at some of these really elevated rates with guaranteed cash flows versus maintaining that optionality in the spot market that you speak to?

好的。這很有道理。接著就船隊策略而言，我知道你們目前有幾艘船是以期租方式租出。感覺在較大型的原油資產類別中，期租租金已飆升至歷史新高，而且似乎有相當不錯的流動性，尤其是在 VEs。在 MR 與化學品市場也有類似情況正在發生嗎？如果有的話，相較於你所提到在現貨市場保留選擇權，你們對於在這些非常高的租金水準下鎖定、以保證現金流的方式承作期租，你們的意願有多大？

So time charter rates have definitely reacted and moved up significantly. We have not executed on those time charters in the past quarter because we don't quite feel that the value proposition is maybe as pronounced as you would see in crude tankers.

期租租金確實已經反應並大幅上升。我們在過去一季沒有去執行那些期租安排，因為我們覺得其價值主張可能不像原油油輪那麼明顯。

And sometimes these things take some time to build just to the nature of the timing and the rhythm of the time charter markets. But we'll continue to monitor that. We, of course, do take note that a lot of the time charter interest right now is coming from oil majors, refiners and major traders, including some long-term interest, and we think that's really encouraging. And we have in the past, opportunistically engaged in time charters out and time charters in. But for now, we've been monitoring, and we're looking at it with great interest, of course.

而且有時候這些事情需要一些時間醞釀，這也與期租市場的時點與節奏特性有關。但我們會持續監控。當然，我們也注意到目前很多期租需求來自石油巨頭、煉油商與大型貿易商，其中也包含一些長期需求，我們認為這非常令人鼓舞。過去我們也曾在合適時機進行期租租出與期租租入。但就目前而言，我們一直在觀察，並且當然以高度興趣在評估。

(Operator Instructions) Omar Nokta, Clarksons Securities.

(接線員指示) Omar Nokta，Clarksons Securities。

Clearly, nice quarter, and it looks like definitely more to come. I just want to ask, you've got the MRs, which are historically and continue to be your biggest footprint. You've also got the chemical tankers or the handy chemical tankers. Can you just talk a little bit about those segments and how they performed in this market given the Hormuz disruption just in terms of the 37 and the 25 deadweight that you have? Are those capturing similar earnings together? Or would you say there's a detachment where the 37s are closer to the MRs and the 25s are separate? Any color you can give on how those are traded?

很明顯，這一季表現不錯，而且看起來後面還會有更多動能。我想問的是，你們擁有 MR，歷來也是目前仍是你們最大的布局。你們也有化學品油輪，或稱靈便型化學品油輪。能否談談這些區隔在這個市場中的表現，尤其是在荷姆茲（Hormuz）受干擾的情況下，就你們擁有的 37 與 25 載重噸船型而言？它們是否捕捉到相近的獲利水準？或者你會說存在分化：37 更接近 MR，而 25 則是另一個市場？能否補充一些它們的交易方式與情況？

Yes. I think this is actually a great question and maybe something we didn't highlight enough. For us, the order we committed to, these are handysize tankers that cover the full range of liquid products, which includes chemicals, but this is really all about creating trading options for these ships and for the company.

是的。我認為這其實是個很好的問題，也可能是我們沒有強調得夠多的地方。就我們而言，我們所承諾下單的這些船是靈便型油輪，涵蓋全範圍的液體產品，其中包含化學品；但這主要是為了替這些船、也替公司創造交易選項。

It's not some fundamental philosophical leaning deeper into chemicals. For us, it's always been enabling the full range of oil products, which, of course, includes jet fuel and naphtha and all the other road fuels that are in extremely high demand. And equally then alternative cargoes, emerging cargoes because we think this offers really interesting long-term strategic perspectives for the business. And in the near term, it already offers substantial triangulation opportunities.

這並不是在理念上更深度地偏向化學品。對我們來說，一直以來都是要能承運全範圍的油品，當然包括航空燃油、石腦油，以及其他需求極高的道路燃料。同時也包括替代貨種、新興貨種，因為我們認為這能為業務帶來非常有意思的長期策略視角。而在短期內，它也已經提供了可觀的三角航線（triangulation）機會。

So these ships that we have ordered and the way we're approaching our existing chemical tankers too, these ships are fully conversant in both markets. And we will basically continue to follow the money and just benefit from this added optionality.

因此，無論是我們已下單的這些船，或是我們對既有化學品油輪的經營方式，這些船在兩個市場都能完全勝任。我們基本上會持續「追隨資金流向」，並受益於這種額外的選擇權。

So right now, even our 25,000 toners that you mentioned, which make up the majority of our existing chemical fleet, half the size of an MR, and typically, under sort of normalized market conditions, they would probably trade 90% in non-CPP cargoes, but we have been redirecting those ships where they now trade almost exclusively CPP because that's where the money is. So really, for us, about trading options, not trading obligations, and continuing to be very versatile players across the full spectrum of products and nonproduct cargoes.

所以目前，即便是你提到的 25,000 噸級船型（占我們既有化學品船隊的大多數），其尺寸約為 MR 的一半；在較為正常化的市場條件下，它們可能有 90% 會跑非 CPP 貨種，但我們已將這些船重新導向，現在幾乎只跑 CPP，因為那裡的收益最好。因此對我們而言，重點是交易選項，而不是交易義務；並且持續在產品與非產品貨種的全光譜中，成為非常靈活多變的參與者。

Okay. That's quite detailed and helpful. And I guess then just as you place those orders and you look to be something that you're looking to be a bit more opportunistic on as you see an opportunity there, as we kind of think about then your footprint going forward, not necessarily saying you're going to potentially deemphasize MRs because clearly, that's your main market, but should we kind of think about you potentially pivoting into maybe expanding more within that business or maybe bringing them both together in size over the long term?

了解。這很詳細也很有幫助。那我想接著問，當你們下這些訂單、並在看到機會時更具機會主義地把握時，從你們未來的布局來看——我不是說你們會弱化 MR，因為很明顯那是你們的主力市場——但我們是否應該把你們視為可能會轉向在該業務中擴張更多，或是長期而言讓兩者在船型尺寸上更趨於整合？

Yes. I think very important, the way we treat these ships already is in a very integrated fashion where we don't have a separated sort of product or separated chemical part of the business, very much the relationships, cargo flows, market insights are used in a very integrated fashion. So for us, it's really just continued progress along this product and chemical space.

是的。我認為非常重要的一點是，我們目前對這些船的管理方式已經是高度整合的；我們並沒有把業務切成獨立的成品油部門或獨立的化學品部門，而是把關係網、貨物流向、市場洞察以非常整合的方式運用。因此對我們而言，這就是在成品油與化學品這個領域持續推進。

For us, we felt like these ships really are terrific strategic fit given our current and our forward strategy. We will continue to follow all sources of deal flow, of course, as we have in the past. It felt that last year, there was a much stronger value in secondhand MRs where we saw values drop by arguably 20%, 25% on the back of concerns on tariffs and what that could mean for the global economy, liberation day and the likes.

對我們來說，我們覺得這些船在策略上與我們目前及未來的策略非常契合。當然，我們也會像過去一樣，持續追蹤所有交易來源（deal flow）。去年我們覺得二手 MR 的價值更為突出，因為在關稅疑慮及其對全球經濟可能造成影響、所謂的「解放日」等因素之下，估值大概下跌了 20% 到 25%。

And we then acted very decisively on MRs. And of course, that was money well spent, given the fact that they are under money by 30%, 35%. And we now saw the value proposition much clearer on these very forward-looking, very versatile fuel-efficient assets. If you compare the price between the 12-year-old MR we just sold to the newbuildings, we're committing to the delta on a like-for-like basis is less than $10 million.

因此我們在 MR 上採取了非常果斷的行動。而且事後看來，這筆錢花得很值得，因為它們目前的收益能力（under money）高出約 30% 到 35%。而我們現在也更清楚地看到這些非常前瞻、非常多用途且燃油效率高的資產的價值主張。如果把我們剛賣掉的那艘 12 年船齡 MR 的價格，與我們承諾的新造船價格相比，按同類可比（like-for-like）來看，我們所承擔的價差（delta）不到 1,000 萬美元。

So again, it is a combination of strategic fit on one hand, which is products, products with full versatility and flexibility to trade into more complex cargoes, but of course, there's a strategic fit and then there's opportunity and just relative value and being opportunistic at times when we have that -- when the market gives us that chance.

所以再說一次，這是一方面的策略契合——也就是成品油、以及具備完全多用途與彈性、可承運更複雜貨種的成品油——但當然，除了策略契合之外，還有機會與相對價值；當市場給我們機會時，我們就會把握並採取機會主義的行動。

Ladies and gentlemen, there are no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

各位女士先生，目前沒有進一步的提問。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。