Atlas Corp (ATCO) 2022 Q2 法說會逐字稿

Welcome to the Atlas Corp. Second Quarter 2022 Earnings Conference Call. I would like to remind everyone that this conference call is being recorded today, August 10, 2022.

歡迎參加 Atlas Corp. 2022 年第二季財報電話會議。我想提醒大家，這次電話會議是在今天 2022 年 8 月 10 日錄製的。

I'd now like to turn the call over to Ashton King, Manager of Investor Relations.

我現在想將電話轉給投資者關係經理 Ashton King。

Good morning, everyone, and thank you for joining us today to discuss Atlas Corp.'s second quarter 2022 earnings report. We issued our earnings release yesterday evening after market close. We will refer to our quarterly earnings release, accompanying earnings presentation and earnings supplemental workbook today in this conference, which all can be found on the Investors tab on our website, atlascorporation.com.

大家早安，感謝您今天加入我們討論 Atlas Corp. 的 2022 年第二季財報。我們昨天晚上收盤後發布了收益報告。今天，我們將在本次會議上參考我們的季度收益發布、隨附的收益演示和收益補充工作手冊，所有這些都可以在我們網站 atlascorporation.com 的「投資者」標籤上找到。

I would like to remind you today that our discussion contains forward-looking statements, and I draw your attention to the disclaimer on Slide 2 in the accompanying earnings presentation. Please note that we report non-GAAP measures, which we believe provide investors a clear understanding of the performance of our business.

今天我想提醒您，我們的討論包含前瞻性陳述，我提請您注意隨附收益簡報中投影片 2 上的免責聲明。請注意，我們報告的是非公認會計準則衡量標準，我們相信這些衡量標準可以讓投資者清楚地了解我們的業務表現。

The earnings release contains supplemental financial tables and information pertaining to our quarterly earnings report and includes definitions of non-GAAP financial measures and reconciliations of such non-GAAP measures to the most closely comparable U.S. GAAP measures. These definitions may also be found in the appendixes at the back of the earnings presentation, which we may refer to in our call discussion and can be found on our website.

收益發布包含與我們的季度收益報告相關的補充財務表格和信息，並包括非公認會計原則財務指標的定義以及此類非公認會計原則指標與最接近的美國公認會計原則指標的調節。這些定義也可以在收益報告後面的附錄中找到，我們可以在電話討論中參考，也可以在我們的網站上找到。

Please turn to Slide 3. On the call with me are Bing Chen, President and CEO of Atlas Corp. and Graham Talbot, Chief Financial Officer of Atlas Corp. Joining us on the call during the Q&A session is Seaspan's Chief Commercial Officer, Peter Curtis; and Seaspan's Chief Operating Officer, Torsten Pedersen. Following our prepared remarks, we will open up the forum to a question-and-answer session.

請參閱投影片 3。以及 Seaspan 的首席營運長 Torsten Pedersen。在我們準備好的發言之後，我們將在論壇上進行問答環節。

With that, I am pleased to now turn the call over to Atlas Corp.'s CEO, Bing Chen.

現在，我很高興將電話轉給 Atlas Corp. 的執行長 Bing Chen。

Thank you, Ashton, and good morning, everyone. Thank you for joining our call. To begin, I would like to quickly cover the Take Private proposal that was received by our Board of Directors on August 4, 2022. We cannot comment on the proposal. For more information concerning the proposal, please refer to our public filings.

謝謝你，阿什頓，大家早安。感謝您加入我們的通話。首先，我想快速介紹一下我們的董事會於 2022 年 8 月 4 日收到的私有化提案。有關該提案的更多信息，請參閱我們的公開文件。

As stated in our filings, the company does not intend to provide updates on the proposed transaction until appropriate or required. In the meantime, management is absolutely focused on business as usual and continuing to successfully execute on our strategy.

正如我們在文件中所述，在適當或需要之前，該公司不打算提供擬議交易的最新資訊。同時，管理層絕對專注於一切如常，並繼續成功執行我們的策略。

Today, my comments will focus on key developments at Seaspan and APR during the second quarter, and then I will hand it over to Graham Talbot to present our Q2, 2022 results and provide a financial update.

今天，我的評論將重點放在 Seaspan 和 APR 第二季度的主要發展，然後我將把它交給 Graham Talbot 介紹我們 2022 年第二季度的業績並提供財務更新。

Please turn to Slide 4. I would like to start by reviewing the major developments at Seaspan. We continued delivering strong quarterly results driven by healthy industry fundamentals and further development of our long-term strategic partnerships. We continued taking advantage of current market conditions by recycling capital through strategic vessel divestments.

請看幻燈片 4。在健康的行業基本面和進一步發展長期戰略合作夥伴關係的推動下，我們繼續交付強勁的季度業績。我們繼續利用當前的市場狀況，透過策略性船舶撤資來回收資本。

In the second quarter, we sold 9 Panamax vessels that were no longer aligned with our long-term fleet strategy and continue seeking opportunities to optimize our fleet portfolio to meet the needs of our customers.

第二季度，我們出售了 9 艘不再符合我們長期船隊策略的巴拿馬型船舶，並繼續尋找機會優化我們的船隊組合，以滿足客戶的需求。

In response to our customers' demand, we leveraged our fully integrated platform to continue driving quality growth, executing agreements to build 4 7,700 TEU dual-fuel LNG newbuilds that are subject to closing conditions.

為了滿足客戶的需求，我們利用完全整合的平台繼續推動品質成長，簽署了建造 4 艘 7,700 TEU 雙燃料液化天然氣新船的協議，這些新船須符合成交條件。

If completed, these vessels will commence 18-year charter with a leading global liner, contributing nearly $1 billion of future gross contracted cash flows. Including these 4 vessels, Seaspan now has 29 dual-fuel LNG newbuilds in its portfolio.

如果完工，這些船舶將開始與一家全球領先的班輪公司簽訂為期 18 年的租賃合同，為未來合約現金流總額貢獻近 10 億美元。包括這 4 艘船舶在內，Seaspan 目前擁有 29 艘雙燃料液化天然氣新船。

Leveraging our creative customer solutions, we forward-fixed 3 vessels in the second quarter. In the third quarter, we forward-fixed another 14 vessels with leading global liners. These forward fixtures contribute over $1.3 billion to our total current gross contracted cash flow balance of $18.9 billion, not including the 4 newbuilds I previously mentioned. This leads to our fleet being 100% contracted to the remainder of 2022, 99.6% for 2023 and 96.9% for 2024 on a TEU basis.

憑藉我們富有創意的客戶解決方案，我們在第二季度預訂了 3 艘船舶。第三季度，我們又預租了14艘全球領先的班輪船。這些遠期固定資產為我們目前 189 億美元的總合約現金流餘額貢獻了超過 13 億美元，其中不包括我之前提到的 4 艘新船。這導致我們的船隊在 2022 年剩餘時間內 100% 簽約，2023 年 99.6% 簽約，2024 年 96.9% 簽約（按 TEU 計算）。

We also continued diligent execution of our newbuilds. In the second quarter, we delivered 4th and 5th 12,200 TEU newbuild vessels, which commenced 18-year charter with another leading global liner upon delivery. These deliveries mark Seaspan completing the full newbuild order of 5, 12,200 TEU vessels, which we received from a customer in late 2020.

我們也繼續勤勉地執行我們的新船。第二季度，我們交付了第4艘和第5艘12,200 TEU新建船舶，交付後與另一家全球領先的班輪公司開始了為期18年的租約。這些交付標誌著 Seaspan 完成了我們於 2020 年底從客戶收到的 5 艘 12,200 TEU 船舶的全部新建訂單。

In June, we also delivered our 1st and 2nd 11,800 TEU vessels, which commenced a 5-year charter with another, leading global liners upon delivery. With a running total of 117 newbuilds since our IPO in 2005, materially de-risking execution, we are working diligently to deliver our newbuild program on time and on budget despite the challenges presented by the pandemic.

6 月，我們還交付了第一艘和第二艘 11,800 TEU 船舶，並在交付後與另一艘全球領先的班輪公司簽訂了為期 5 年的租船合約。自 2005 年首次公開募股以來，我們已累積建造了 117 艘新船，大大降低了執行風險，儘管面臨疫情帶來的挑戰，我們仍在努力按時、按預算交付新船計劃。

During the second quarter, we maintained a strong vessel utilization rate of 98.3%. We also achieved a historically low lost time injury frequency of 0.26 as we continued to focus on the safety of our people. Together with our highly differentiated business model and consistent commitment to operational excellence, these successes drove our continued strong quarterly performance.

第二季度，我們維持了98.3%的強勁船舶利用率。由於我們繼續關注員工的安全，我們也實現了 0.26 的歷史最低損失工時傷害頻率。加上我們高度差異化的業務模式和對卓越營運的一貫承諾，這些成功推動了我們持續強勁的季度業績。

Please turn to Slide 5. Now let's review some key developments at APR. In the second quarter, APR entered into a contract with a Mexico-based counterparty providing the dry lease of 4 turbines with a capacity of 120 megawatts. In May, APR's new 44-month Brazil contract commenced followed by the IID contract in June.

請參閱投影片 5。第二季度，APR與一家墨西哥對手方簽訂合同，提供4台容量為120兆瓦的渦輪機的干租。 5 月，APR 新的 44 個月巴西合約開始，隨後 IID 合約於 6 月開始。

The extension of APR's Brazil contract from a 12-month to 44 months is evidence of our strategy to migrate the business to long-term contracted cash flow. As mentioned last quarter, APR completed its 5-year contract in Argentina earlier this year. As of today, demobilization of the turbine is substantially complete.

APR 的巴西合約從 12 個月延長至 44 個月，證明了我們將業務轉向長期合約現金流的策略。正如上季度提到的，APR 今年早些時候完成了在阿根廷的 5 年期合約。截至今天，渦輪機的退役工作已基本完成。

The turbines previously at our Zappalorto plant were deployed in APR's new dry lease contract, and we are working diligently to redeploy the remaining Matheu turbines. Upon successful full-size demobilization of the Matheu plant, we will receive the remaining indemnification proceeds set out in APR purchase agreement.

先前在我們扎帕洛托工廠的渦輪機已在 APR 的新幹租合約中部署，我們正在努力重新部署剩餘的馬修渦輪機。在馬修工廠成功全面復員後，我們將收到 APR 購買協議中規定的剩餘賠償收益。

Similar to Seaspan's strong safety culture, APR achieved a perfect lost time injury rate of 0 for the last 12 months. Alongside the strong market conditions for grid stability, we continue to transform the business by strengthening APR's business development team, developing creative customer solutions and remaining focused on transitioning the company to long-term power opportunities with predictable cash flows.

與 Seaspan 強大的安全文化類似，APR 在過去 12 個月內實現了完美的 0 誤工工傷率。除了電網穩定的強勁市場條件外，我們還透過加強 APR 的業務開發團隊、開發創造性的客戶解決方案以及繼續專注於將公司轉變為具有可預測現金流的長期電力機會來繼續實現業務轉型。

Thank you for your time today.

感謝您今天抽出時間。

I will now turn the call over to our CFO, Graham Talbot.

我現在將把電話轉給我們的財務長格雷厄姆·塔爾博特。

Thanks, Bing. Good morning, everyone, and thank you for joining us today. Please turn to Slide 6. So in Q2, 2022, we maintained our strong operational and financial results, reflecting our team's continued high performance. During the quarter, Atlas achieved the following performance relative to Q2, 2021, revenue growth of 4.9% to $413.3 million, adjusted EBITDA growth of 2.6% to $279.5 million and FFO growth of 4.2% to $201.7 million.

謝謝，賓。大家早安，感謝您今天加入我們。請參閱投影片 6。與 2021 年第二季度相比，Atlas 在本季實現了以下業績：營收成長 4.9% 至 4.133 億美元，調整後 EBITDA 成長 2.6% 至 2.795 億美元，FFO 成長 4.2% 至 2.017 億美元。

At the end of the quarter, we had liquidity of $1.1 billion. I'm proud of the team's performance during the ongoing operational challenges caused by the COVID pandemic and supply chain disruptions. Our consistently strong performance demonstrates the resilience of our platform that provides through-cycle returns to all stakeholders and maintains our industry-leading utilization rate of 98.3% in the quarter.

截至本季末，我們的流動資金為 11 億美元。我對該團隊在新冠疫情和供應鏈中斷造成的持續營運挑戰中的表現感到自豪。我們持續強勁的業績證明了我們平台的彈性，為所有利益相關者提供了整個週期的回報，並在本季度保持了行業領先的 98.3% 的利用率。

At this time, we can confirm our revenue, EBITDA and interest expense is tracking well to the guidance we issued during our Investor Day presentation. However, for net earnings, we had included a profit on sale of vessels in our guidance of approximately $60 million, as shown in the footnotes of that presentation.

目前，我們可以確認我們的收入、息稅折舊攤銷前利潤 (EBITDA) 和利息支出與我們在投資者日演示期間發布的指導情況吻合良好。然而，就淨利潤而言，我們在指導中納入了約 6000 萬美元的船舶銷售利潤，如該演示文稿的腳註所示。

Although we have divested 10 Panamax vessels since the beginning of the year, the composition of that divestment portfolio was different than originally planned due to market conditions. Year-to-date, the divestments have resulted in a cumulative book loss of approximately $10 million.

儘管自今年年初以來我們已剝離了 10 艘巴拿馬型船舶，但由於市場狀況，剝離投資組合的組成與原計劃有所不同。今年迄今為止，撤資已導致累計帳面損失約 1,000 萬美元。

Please turn to Slide 7. During the second quarter, we continued our focus on strengthening and optimizing our balance sheet. Due to the age, design and predictive future demand, we completed the sale of 9 4,250 TEU vessels in the second quarter, generating approximately $224 million in cash proceeds. Year-to-date, we have sold 10 vessels with gross proceeds of $257 million.

請參閱投影片 7。由於船齡、設計和預測的未來需求，我們在第二季完成了 9 艘 4,250 TEU 船舶的銷售，產生了約 2.24 億美元的現金收益。年初至今，我們已出售 10 艘船舶，總收益達 2.57 億美元。

Going forward, we'll continue to look for opportunities to optimize our fleet and recycle capital through vessel divestment.

展望未來，我們將繼續尋找機會優化我們的船隊並透過船舶撤資回收資本。

Our strategic shareholder, Fairfax exercised warrants to purchase 25 million common shares of Atlas in April. This resulted in cash proceeds of over $200 million, which will be used to repay outstanding debt and for other general corporate purposes. This is yet another demonstration of our shareholders' continued confidence in our platform.

我們的策略股東 Fairfax 於 4 月行使認股權證購買了 Atlas 2,500 萬股普通股。由此產生的現金收益超過 2 億美元，將用於償還未償債務和其他一般公司用途。這再次證明了我們的股東對我們平台的持續信心。

A key element in the advancement of our capital structure is continuing to develop relationships with a global base of institutional investors. In this regard, we closed a $500 million sustainability-linked U.S. private placement of non-amortizing notes with an 11.6-year weighted average maturity and a 5.3% weighted average fixed interest rate. Proceeds of the transaction will be directed to paydown existing debt and fund quality growth opportunities.

改善我們資本結構的關鍵因素是繼續發展與全球機構投資者的關係。在這方面，我們完成了一筆 5 億美元的與永續發展相關的美國私募非攤銷票據，加權平均期限為 11.6 年，加權平均固定利率為 5.3%。交易收益將用於償還現有債務並為優質成長機會提供資金。

We're also continuing to monitor our interest rate exposures with the aim of aligning our fixed revenue and interest rate exposure. Seaspan is well positioned in the current inflationary and rising interest rate environment, with approximately 70% of Seaspan's debt on fixed rates as of quarter end.

我們也繼續監控我們的利率風險，以調整我們的固定收入和利率風險。 Seaspan 在當前通貨膨脹和利率上升的環境中處於有利地位，截至季度末，Seaspan 約 70% 的債務為固定利率。

Alongside locking in a significant amount of fixed rate debt to fund our newbuilds in 2021, securing $500 million of additional long-dated debt in the second quarter and entering into a $500 million long-term floating fixed rate swap in the first quarter, we'll continue to proactively manage our exposure. Going forward, we'll continue to assess opportunities to strengthen and simplify our balance sheet as we progress towards our goal of an investment-grade credit rating.

除了鎖定大量固定利率債務為 2021 年新建項目提供資金、在第二季度額外追加 5 億美元長期債務，並在第一季簽訂 5 億美元長期浮動固定利率互換協議外，我們還我們將繼續主動管理我們的風險敞口。展望未來，隨著我們朝著投資等級信用評等的目標邁進，我們將繼續評估加強和簡化資產負債表的機會。

Please turn to Slide 8. I'd like to summarize our strong quarterly performance by leaving you with 5 key takeaways. Number one, Atlas continued to deliver solid financial results in the second quarter with strong performance across all metrics and $18.9 billion of high-quality long-term gross contracted cash flows, ensuring through-cycle performance amid a normalizing industry environment.

請參閱投影片 8。首先，Atlas 在第二季度繼續交付穩健的財務業績，所有指標均表現強勁，優質長期合約現金流總額達 189 億美元，確保了行業環境正常化的整個週期業績。

Number two, we remain focused on quality growth through disciplined capital allocation by optimizing our vessel portfolio through strategic divestments and in-demand newbuild orders.

第二，我們仍然專注於透過嚴格的資本配置來實現品質成長，透過策略性撤資和按需新建訂單來優化我們的船舶組合。

Number three, APR is enriching its platform by strengthening its business development team, redeploying assets out of Argentina and focusing on securing long-term power opportunities that generate predictable contracted cash flows.

第三，APR 正在透過加強業務開發團隊、將資產重新部署出阿根廷以及專注於確保產生可預測的合約現金流的長期電力機會來豐富其平台。

Number four, we continue to diligently execute on the construction and delivery of our newbuild vessels for our customers. To-date, we've delivered 7 new builds, all ahead of schedule. The remaining vessels are progressing as planned with 4 deliveries scheduled for the remainder of 2022.

第四，我們繼續努力為客戶建造和交付新船。到目前為止，我們已經交付了 7 個新版本，全部提前完成。其餘船舶正在按計劃進行，其中 4 艘計劃於 2022 年剩餘時間交付。

Number five, we're continuing to strengthen our balance sheet in line with our target of achieving an investment-grade credit rating in addition to proactively managing our interest rate position.

第五，除了積極管理我們的利率狀況外，我們還將繼續加強我們的資產負債表，以實現我們實現投資等級信用評級的目標。

Thank you for your interest today. Operator, we would now like to open the line to questions. Thank you.

感謝您今天的關注。接線員，我們現在要開始提問。謝謝。

(Operator Instructions) Our first question comes from Liam Burke with B. Riley.

（操作員說明）我們的第一個問題來自 Liam Burke 和 B. Riley。

You highlighted on your press release recharters 4 vessels in the second quarter and then quite a few in the third quarter. Could you give us some color as to vis-a-vis the current charters and the recharters, whether you benefited in duration or rate or both?

您在新聞稿中強調了第二季轉租了 4 艘船舶，然後在第三季轉租了相當多的船舶。您能否給我們一些關於當前包機和轉包機的信息，您是否在期限或費率或兩者上受益？

Liam, it's Peter here. Look, I'd just point everybody to our fully integrated operating platform, not only in terms of the design of vessels and suitability -- for customers through our newbuild program, but also what we do to existing vessels to ensure their relevance within our customers' fleets. So these forward fixings have been a mixture of both with the existing customer and moving vessels from one customer to the other.

利亞姆，我是彼得。聽著，我只是向大家介紹我們完全整合的操作平台，不僅在船舶設計和適用性方面——透過我們的新建計劃為客戶提供服務，而且還包括我們對現有船舶所做的工作，以確保它們在我們的客戶中的相關性' 艦隊。因此，這些遠期固定是與現有客戶和將船舶從一個客戶轉移到另一個客戶的混合。

By and large, they are combined with a program of modifications: some small, some not so small. And also by and large, with an agreement for customers to either fund the modifications or for a share of the funding into the modifications, which is part and parcel of our operating ethos. So we partner with them, and we take a longer-term view with them. And this is what -- this is how we realize transactions such as this.

總的來說，它們與一系列修改結合在一起：有些很小，有些則不那麼小。總的來說，我們與客戶達成協議，要麼為修改提供資金，要麼為修改提供部分資金，這是我們經營精神的一部分。因此，我們與他們合作，並與他們一起著眼長遠。這就是我們實現此類交易的方式。

Sorry, Peter, didn't mean to cut you off. But Liam, I just wanted to add that, broadly speaking, these charters were scheduled to finish between '23 and '25 and post the forward fixing that pushes these out to 2026 to 2032.

抱歉，彼得，我不是故意要打斷你的話。但利亞姆，我只是想補充一點，從廣義上講，這些憲章計劃在 23 年至 25 年之間完成，並發布將其推遲到 2026 年至 2032 年的前瞻性修正。

So as we've discussed previously, our forward fixing program is to keep extending the life of our charters into longer-term contracted cash flows. And also at the moment, given where the market is to make sure that we push our charters out through this period when we've got quite a bit of new capacity coming into the market.

因此，正如我們之前討論的那樣，我們的遠期修復計劃是繼續將我們的包機期限延長為長期合約現金流。而且目前，考慮到市場的情況，我們要確保我們在這段時期內推遲我們的包機，因為我們有相當多的新產能進入市場。

On the fleet renewal program, you've been very specific as to what vessel classes you want to continue to invest in. If I look at your fleet at the lower end, the 4,000 TEU class have been one that you've been divesting pretty steadily. How about vessels that are smaller in that class? Are you comfortable owning them or is that something you'd look at divesting?

在船隊更新計劃中，您對於想要繼續投資的船舶類別非常具體。該級別中較小的船隻怎麼樣？您是否願意擁有它們，或者您會考慮剝離它們？

I'm happy to take that question, Liam, but anyone else can jump in. I think it's not so much about the size. I think it's more about how it relates to our business model. So we don't mind earning some smaller vessels in that category because we had customer demand there. But by definition, those vessels are normally on shorter-term contracts. And as you're well aware, our business model is very much geared towards longer-term contracts.

我很高興回答這個問題，利亞姆，但其他任何人都可以插話。我認為更多的是它與我們的商業模式的關係。因此，我們不介意在該類別中獲得一些較小的船隻，因為我們在那裡有客戶需求。但根據定義，這些船舶通常簽訂的是短期合約。如您所知，我們的業務模式非常適合長期合約。

So the shorter end of the fleet is not normally the dominant area where we focus. But if there are opportunities that we identify with those smaller vessels and customer demand, we do enter into them, but it's not our core area of focus.

因此，機隊較短的一端通常不是我們關注的主要區域。但是，如果我們認為這些小型船舶和客戶需求有機會，我們確實會參與其中，但這不是我們關注的核心領域。

Yes, just to add with Graham is saying, from our side really, it's driven by the customer needs and also the vessel itself in terms of efficiency. So those are the 2 main criteria for us to determine our overall fleet strategy.

是的，格雷厄姆補充說，從我們的角度來看，實際上，它是由客戶需求以及船舶本身的效率所驅動的。因此，這是我們確定整體機隊策略的兩個主要標準。

Yes and just to be clear Liam, I'm referring here to smaller than our 4,250s that we were discussing earlier. And we're very selectively, as you point out, exiting some of those, both to generate cash flow, but more importantly, to sort of high grade the fleet over the longer term.

是的，Liam 需要澄清的是，我在這裡指的是比我們之前討論的 4,250 更小的型號。正如您所指出的，我們非常有選擇性地退出其中一些項目，既是為了產生現金流，但更重要的是，從長遠來看，是為了提高船隊的等級。

(Operator Instructions) Our next question comes from Kenneth Hoexter with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Kenneth Hoexter。

This is [Adam Murkowski] on for Ken Hoexter. Maybe being the newbuilds that you mentioned, they seem to be coming in ahead of schedule. Maybe you could just -- could you speak to yard capacity and what you're seeing on that end?

我是肯‧霍克斯特 (Ken Hoexter) 的 [亞當‧默科斯基 (Adam Murkowski)]。也許是你提到的新船，它們似乎比計劃提前到來。也許你可以——你能談談院子的容量以及你在這方面看到的情況嗎？

Yes, the newbuild so far what we have delivered is total 7 as I mentioned earlier, 5 is 12,000, and the other 2 is 11,800. These are the vessels, I think it was able to -- we were able to -- working very closely with the shipyard overcoming those logistics challenges given the shipyard lockdown. And I think this is actually 1 of the key strength of Seaspan's the platform that we are able to -- we have the know-how, we have the team, our people that's able to achieve these kind of outcome.

是的，正如我之前提到的，到目前為止，我們已經交付的新船總共是 7 艘，其中 5 艘是 12,000 艘，另外 2 艘是 11,800 艘。我認為這些船隻能夠——我們能夠——與造船廠密切合作，克服造船廠封鎖帶來的物流挑戰。我認為這其實是 Seaspan 平台的關鍵優勢之一——我們擁有專業知識、團隊和員工，能夠實現這些成果。

Going forward, on one hand, we have received the force majeure notice from our 4 Chinese shipyard for reasons of China lockdown. But we have rejected, those force majeure, and we are -- our team currently are working very diligently yard-by-yard, vessel-by-vessel and in finding the ways to help to improve and mitigate any potential impacts to those deliveries.

展望未來，一方面，由於中國封鎖的原因，我們收到了來自我們第四家中國造船廠的不可抗力通知。但我們拒絕了這些不可抗力，我們的團隊目前正在逐船、逐船地努力工作，尋找幫助改善和減輕對這些交付的任何潛在影響的方法。

And I think that this is what I said earlier in the presentation that we are working diligently to ensure that we are able to continue delivering this newbuild on time and on budget. That is our intention.

我認為這就是我之前在演講中所說的，我們正在努力工作，以確保我們能夠繼續按時、按預算交付這個新建築。這就是我們的意圖。

Got it. And then maybe just following up on the vessel sales, you mentioned you sold 9 in the quarter. Maybe just get a sense of vessel pricing in the market right now, kind of where it's trending. Is it maybe exceeding or maybe under-pacing if you will, some of your expectations on that correct?

知道了。然後也許只是跟進船舶銷售情況，您提到您在本季度售出了 9 艘。也許只是了解目前市場上的船舶定價，以及它的趨勢。如果你願意的話，它可能會超過或可能低於你的預期，這是正確的嗎？

Yes, generally, as I think the vessel S&P pricing is also correlated to the freight prices. It's just a matter of timing. So as we all know that the freight rate has started decreasing from its peak, it was October 2021. However, the magnitude of the increase in the steel, I think it will gradual and still far, far more higher than the pre-COVID level.

是的，一般來說，我認為船舶標準普爾定價也與運費價格相關。這只是時間問題。眾所周知，運費已經從2021年10月的峰值開始下降。

So in general, and I think the -- with the newbuild that's gradually coming in, which including our own ships and also broadly the market, including our liner customers, so from a supply side, I think the newbuild just started coming in. From the demand side, I believe that the -- with the improvement in large part of the world in terms of the logistics and also the port congestions, there's some level of alleviation on the congestion side that actually helps on the demand side.

因此，總的來說，我認為，隨著新造船逐漸進入，其中包括我們自己的船舶以及廣泛的市場，包括我們的班輪客戶，因此從供應方面來看，我認為新造船剛剛開始進入。需求方面，我相信，隨著世界大部分地區的物流和港口擁堵情況得到改善，擁堵方面的一定程度的緩解實際上對需求方面有所幫助。

So therefore, I think that in terms of the newbuild coming in and with the second hand vessels trading, the speed, the pace has slowing down. That's the broader market I'm talking about now versus maybe 6 months or 9 months before. Specifically with regarding to our 9 vessel sales, as Graham has pointed out earlier, really, we have -- looking at the vessel-by-vessel, situation-by-situation that we make those decisions to sell those vessels.

因此，我認為就新造船的進入和二手船的交易而言，速度已經放緩。這就是我現在談論的更廣闊的市場，而不是 6 個月或 9 個月前。特別是關於我們的 9 艘船舶銷售，正如格雷厄姆早些時候指出的那樣，我們實際上是根據每艘船舶、具體情況來做出出售這些船舶的決定。

As you can -- as you know that the value of the vessel is not the vessel itself. The value of the vessel is the vessel itself plus the attached charter value and plus the future expected charter rate. So that for us, we actually -- in the initial forecast, as what Graham mentioned earlier, the forecast, the total number of vessels that we're looking at on a total basis. Today, we have so far, only divested 11 of them so that is why we have whatever the numbers that we have -- has been reported.

盡你所能——正如你所知，容器的價值不是容器本身。船舶的價值是船舶本身加上所附的租船價值，再加上未來預期的租船費率。所以對我們來說，我們實際上 - 在最初的預測中，正如格雷厄姆之前提到的，預測是我們在總體基礎上關注的船隻總數。今天，到目前為止，我們只剝離了其中的 11 個，這就是為什麼我們擁有已報告的所有數字。

Our next question comes from Ben Nolan with Stifel.

我們的下一個問題來自本·諾蘭和史蒂菲爾。

I had a couple. First, appreciating that you're limited on what you can say with respect to the transaction. I was just curious sort of what the catalyst was or is in terms of why now, what's the motivation for thinking about going private and not asking about sort of time lines or anything else? I'm just sort of where you're thinking about it?

我有一對。首先，要認識到您對交易的發言權是有限的。我只是好奇催化劑是什麼或是什麼，為什麼現在，考慮私有化而不問時間表或其他任何事情的動機是什麼？我只是你在想的地方？

This is Bing. As the press release by the company, our Board received an unsolicited offer and a special committee of independent Directors has been formed. The process is within the special committee that is supported by the special committee appointed financial and legal advisors. So that to ensure that they follow the proper procedures.

這是必應。正如公司新聞稿所述，我們的董事會收到了主動要約，並且已經成立了獨立董事特別委員會。此流程由特別委員會負責，並由特別委員會指定的財務和法律顧問的支持。以便確保他們遵循正確的程序。

As for the management of the company, I hope that you can understand that we cannot discuss at this point or speculate on any offers or the special committee's process. What we can do instead is really that our team are very much focused on managing our business as usual. So I think that's what -- from a management standpoint, this is what we can share with you at this point.

至於公司管理層，我希望你能理解，我們現在不能討論或猜測任何報價或特別委員會的流程。相反，我們真正能做的是，我們的團隊非常專注於像往常一樣管理我們的業務。所以我認為，從管理的角度來看，這就是我們現在可以與您分享的內容。

Okay that's helpful. So then going to normal course of business things, Graham -- you alluded to it, but just in terms of the guidance that you had expected a $60 million gain on the sale of some of those assets, and now it's a small loss. Is it just an accounting thing as I look at it, it seems like if anything, the value of those assets, just the market value of those assets is roughly twice of what you're getting for it. I would have thought that if anything, the game would be going higher?

好的，這很有幫助。那麼，回到正常的商業過程，格雷厄姆——你提到了這一點，但就指導而言，你預計出售其中一些資產將獲得 6000 萬美元的收益，但現在這是一個小損失。在我看來，這只是一個會計問題嗎？我以為如果有的話，比賽會變得更高嗎？

Yes, so really it's an accounting issue to do with the book values of the vessels that we've transacted, and it actually relates back to 3 specific vessels in the transaction portfolio. There's one we were actually negotiating the sale of when we were compiling the forecast for the year, and that was at a fairly mature stage, but that transaction ended up not going through.

是的，這實際上是一個與我們交易的船舶帳面價值有關的會計問題，它實際上與交易組合中的 3 艘特定船舶有關。當我們編制今年的預測時，我們實際上正在就出售其中一項進行談判，當時已經處於相當成熟的階段，但該交易最終沒有完成。

And we're still working on marketing that vessel, and that actually carries quite a high profit on book sale. And there were 2 others that we did sell, which weren't originally in the portfolio that actually had a book loss so these, as you're aware, accounting losses against the depreciated write-down book values that we had carried in our books. So the cash flow is still generated and everything else works in terms of the economic assessment.

我們仍在努力行銷該船，這實際上在圖書銷售方面帶來了相當高的利潤。我們確實出售了另外 2 個項目，它們最初並不在實際存在賬面損失的投資組合中，因此，如您所知，這些是針對我們賬簿中的折舊減記賬面價值的會計損失。因此，現金流仍然產生，其他一切都在經濟評估方面發揮作用。

But I just wanted to be fully transparent about what the assumptions were that were included in the footnotes to the long-term guidance and where we are tracking midyear. Obviously, we've still got a way to go, but those sort of made people aware of what the position is as at this point in time.

但我只是想完全透明地了解長期指導腳註中包含的假設以及我們在年中跟踪的情況。顯然，我們還有很長的路要走，但這讓人們意識到目前的情況。

Okay that color is helpful. I appreciate it. And then last for me, there is the little footnote or the caveat to the 4 7,000 TEU ships that you have recently agreed to build in charter that it's somehow not finalized. I was hoping that you could maybe just sort of walk through where that stands and if and when you expect it to be formalized or what exactly is happening in that situation?

好吧，這個顏色很有幫助。我很感激。最後對我來說，有一個小腳註或警告，即你們最近同意在包租中建造的 4 艘 7,000 TEU 船舶，不知何故尚未最終確定。我希望你能大概了解一下它的情況，以及你是否期望它正式化以及何時正式化，或者在這種情況下到底發生了什麼？

Ben, it's Peter here. On that one, a little bit of an atypical thing on the contractors that is subject to the provision of refund guarantees, which protect instalments, so for the furnishing of refund guarantees for the contract to be valid. So until such time, the contract is not yet valid. So we wait on the Korean entity that would provide such a refund guarantee on these builds.

本，我是彼得。就這一點而言，承包商需要提供退款保證，這有點不典型，這可以保護分期付款，因此提供退款保證才能使合約有效。因此，在此之前，合約尚未生效。因此，我們等待韓國實體為這些版本提供退款保證。

That concludes today's question-and-answer session. I'd like to turn the call back to Bing Chen for closing remarks.

今天的問答環節到此結束。我想將電話轉回陳冰，讓他致閉幕詞。

Well, thank you, everyone, for joining the call I appreciate your time. And as we said, the business is continued as usual. That the team are focusing on conducting our day-to-day business. And if there's any questions, please again, follow-up questions, follow-up with our Investor Relations with both Will and Ashton. So thanks again, and have a great day.

好的，謝謝大家參加這通通話，非常感謝您抽出時間。正如我們所說，業務照常進行。團隊專注於開展我們的日常業務。如果有任何問題，請再次提出後續問題，跟進我們與威爾和阿什頓的投資者關係。再次感謝，祝您有美好的一天。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。