Cool Company Ltd (CLCO) 2023 Q4 法說會逐字稿

Yes, good morning, ladies and gentlemen, and welcome to the Cool Company Limited Q4 2023 Business Update conference call. At this time, all lines are in listen-only mode. (Operator Instructions).

是的，女士們先生們早上好，歡迎參加 Cool Company Limited 2023 年第四季業務更新電話會議。此時，所有線路均處於僅監聽模式。（操作員說明）。

This call is being recorded on Wednesday, February 28, 2024. I would now like to turn the conference over to Richard Tyrrell. Please go ahead.

此電話錄音於 2024 年 2 月 28 日星期三進行。我現在想把會議交給理查泰瑞爾。請繼續。

Thank you, Eric, and good day, everybody. Thank you for joining the CoolCo Q4 2023 results call. Let's get started by turning through the first couple of pages, and taking a look at page 3 -- Cool Company at a glance for the quarter.

謝謝你，埃里克，大家好。感謝您參加 CoolCo 2023 年第四季業績電話會議。讓我們先瀏覽前幾頁，然後看一下第 3 頁——Cool Company 本季概覽。

On the left, we have the headlines. Our time charter equivalent increased to $87,300 per day, a record level that was driven by our contracted revenues and seasonal tailwinds. This fed into higher revenue, higher EBITDA, and higher net income, if you adjust for the mark-to-market losses on interest rate swaps.

左邊是頭條新聞。我們的期租租金等值增至每天 87,300 美元，這是由我們的合約收入和季節性順風推動的創紀錄水平。如果你根據利率掉期的以市價計算的損失進行調整，這會帶來更高的收入、更高的 EBITDA 和更高的淨利潤。

The natural consumption of backlog over the quarter as a result of the passage of time was offset by the announcement of a 12-month charter for one of our open vessels after the end of the quarter. As a result of our strong operational performance, the Board announced a dividend of $0.41 per share for the fourth quarter of 2023. This equates to a dividend yield of 14% at the current share price.

由於時間的推移，本季積壓訂單的自然消耗被本季末後我們宣布的一艘開放船舶的 12 個月租約所抵消。由於我們強勁的營運業績，董事會宣布 2023 年第四季派發每股 0.41 美元的股息。這相當於當前股價的股息殖利率為 14%。

The shares have been under pressure since the end of the quarter because some of the factors you see on the right-hand side of the page. We'll get into these as we go through the presentation. But in summary, the warm winter has resulted in falling gas prices and charter is seeking to sublet any excess capacity in their fleets.

自本季結束以來，由於您在頁面右側看到的一些因素，該股一直面臨壓力。我們將在演示時討論這些內容。但總而言之，暖冬導致天然氣價格下跌，包機公司正在尋求轉租船隊的過剩運力。

These sublets have weighed on rates and resulted in negative sentiment, but we do see them clearing the market and as shipping demand increases with longer shipping distances as we move through the year, we expect rates to bounce back.

這些轉租給費率帶來壓力並導致負面情緒，但我們確實看到它們清理了市場，隨著全年運輸距離的延長，運輸需求增加，我們預計費率將會反彈。

Shipping distances have started to increase because of the distributions in the Panama Canal and the Red Sea. Current LNG prices are expected to spur demand in the more distant markets, so they're even further away than normal because of these disruptions. And this is positive for our modern ships.

由於分佈在巴拿馬運河和紅海，運輸距離已開始增加。目前的液化天然氣價格預計將刺激更遠的市場的需求，因此由於這些幹擾，它們的價格比正常情況更遠。這對我們的現代船舶來說是積極的。

It's not so great for smaller, less-efficient steam turbine vessels, and it's hard to envisage how they stay in the market. This last point, along with the new LNG supply that is now visibly coming, is expected to balance the shipping market.

對於較小、效率較低的蒸汽渦輪機船來說，情況不太好，很難想像它們如何留在市場上。最後一點，加上現在明顯即將到來的新液化天然氣供應，預計將平衡航運市場。

Turning to page 4. As you would expect, we have seen an increase in the rates in the fourth quarter, driven by one vessel trading in the spot market at an opportune time, and another vessel on variable on a variable rate contract. A favorable ballast bonus also played a part in the results.

翻到第 4 頁。正如您所預料的那樣，我們看到第四季度的費率有所上升，這是由於一艘船舶在適當的時間在現貨市場進行交易，而另一艘船舶則在可變費率合約上進行了可變交易。有利的壓載獎金也對結果起到了一定作用。

In addition to this, I am pleased to announce that the increase in revenue has more than flowed into EBITDA because of a solid cost performance. We've had some movements in the fleet between this quarter and the comparison quarter in 2022 with the arrival of the ING vessels in the fourth quarter of 2022, and the disposal of the seal in the first quarter of 2023.

除此之外，我很高興地宣布，由於穩健的性價比，營收的成長已經超過了 EBITDA。本季與 2022 年同期相比，我們的船隊發生了一些變動，ING 船舶於 2022 年第四季抵達，並於 2023 年第一季處置了密封件。

But nonetheless, the results stand out as the highest since CoCo's formation. John will get into the numbers in more detail shortly, but before he does, I wanted to say a few words about the market, and our expectations going forward.

但儘管如此，該結果仍是 CoCo 成立以來的最高成績。約翰很快就會更詳細地介紹這些數據，但在他這樣做之前，我想談談市場以及我們對未來的期望。

Please turn to page 5, where you will see the story of the past three years for 2021 was a cold winter in Asia, and you can just see the LNG prices coming off that peak on the left hand side of the chart. Wind the clock forward and the market rose in anticipation of another cold winter in 2022. And while it didn't really materialize, it shows a tendency of the market to anticipate based on most recent history.

請翻到第 5 頁，您將看到過去三年的故事，2021 年是亞洲的寒冷冬天，您可以看到液化天然氣價格從圖表左側的峰值回落。時鐘撥快，市場因 2022 年又一個寒冬的預期而上漲。雖然它並沒有真正實現，但它顯示了市場根據最近的歷史進行預測的趨勢。

By January 2022, gas prices were falling only to be disrupted by the Ukrainian shock. This worsens during the summer, as Europe scrambled to fill storage, culminating with the sabotage of the Nord Stream gas pipeline that at the time still provided a material amount of supply.

到 2022 年 1 月，天然氣價格不斷下跌，但受到烏克蘭危機的影響。這種情況在夏季變得更糟，因為歐洲爭先恐後地補充儲存，最終導致當時仍在提供大量供應的北溪天然氣管道遭到破壞。

The peak LNG price shown on this chart is almost ten times the low price. To put this into perspective, cargo values have ranged from $30 million to $300 million over this period. I factor that at its highs convinced charter is to maintain additional lengths in the shipping fleet.

此圖表上顯示的液化天然氣峰值價格幾乎是低價的十倍。從這個角度來看，這段時期的貨物價值從 3,000 萬美元到 3 億美元不等。我認為，在其高點時，人們確信租船是為了維持船隊的額外長度。

Gas prices dropped heading into the autumn of 2022 and the winter of 2023, but still remained elevated, something that's prompted price-sensitive markets to focus on coal for the next season. This year or last year, now, 2023, has seen much less volatility in prices, and our expectation is that this will result in increases in LNG shipments to faraway markets, those markets being predominantly in the East.

進入 2022 年秋季和 2023 年冬季，天然氣價格有所下降，但仍保持在高位，這促使對價格敏感的市場在下一季將重點放在煤炭上。今年或去年，即現在，即 2023 年，價格波動要小得多，我們的預期是，這將導致向遙遠市場的液化天然氣運輸量增加，這些市場主要在東方。

Such markets will consume their stockpiles of coal this year and are looking forward to using more environmentally friendly gas in the future.

這些市場今年將消耗其庫存煤炭，並期待未來使用更環保的天然氣。

Turning to page 6, and of course, there has been a recent lack of volatility in the gas markets, and that has created a negative sentiment towards shipping. But even in this market, we were very pleased to announce the charter of the Husky earlier this month.

翻到第 6 頁，當然，最近天然氣市場缺乏波動，這對航運產生了負面情緒。但即使在這個市場上，我們也很高興在本月早些時候宣布了哈士奇的包機。

Husky is on a 12-month charter during which time it will be upgraded to LNGe specs during a dry dock that you can see from the chart. The level of this charter is decent, and it has a nice feature in that we will share the upside from the upgrades with the charterer. Conservatively, these are anticipated to be worth a few thousand dollars a day above and beyond what is shown on the chart.

Husky 的租期為 12 個月，在此期間，它將在乾船塢期間升級到 LNGe 規格，您可以從圖表中看到。該包機的水平不錯，它有一個很好的特點，即我們將與包機人分享升級的好處。保守地說，預計這些產品每天的價值將超出圖表所示的數千美元。

While Husky is coming off a very healthy Ukraine-driven contract, and a lucrative period in the spot market, and the contracted is moving on to a lower level, the decrease is offset by the Calvin that is about start its three year time charter at higher levels than those of which it was previously chartered, as can be seen in the line that is dashed and in turquoise on the right-hand side.

雖然赫斯基即將結束一份非常健康的烏克蘭驅動合同，並且現貨市場處於利潤豐厚的時期，並且合同價格正在轉向較低水平，但下降幅度被卡爾文號所抵消，卡爾文號即將開始其三年期租船合約高於先前特許的水平，如右側綠松石虛線所示。

The next point I'd like to make on this slide is that we expect the market to be improving by the time our next available vessels come available for recharter. We spent quite some efforts, making sure that these vessels don't come available at this time of the year, when rates can be low, and we believe that rates will be significantly better by the time they become available and are rechartered in the second half of this year.

我想在這張投影片上指出的下一點是，我們預計，當我們下一艘可用船舶可供轉租時，市場將會有所改善。我們花了相當大的努力，確保這些船隻在一年中的這個時候不可用，此時費率可能很低，我們相信，當它們可用並在第二年重新租用時，費率會明顯更好今年一半。

The spot chart on the left shows how that is typically the case for TFDE vessels, and we'll provide further support of this case when we go through the next pages. The chart on the right shows how spot rates and the knowledge that a considerable number of new vessels are delivering over the coming years has depressed the term business in a way that was not seen last year.

左側的現貨圖顯示了 TFDE 船舶的典型情況，當我們瀏覽下一頁時，我們將提供對此情況的進一步支援。右圖顯示了現貨價格以及未來幾年將交付大量新船的資訊如何以去年未曾出現過的方式壓低了術語業務。

Liquidity for long-term charters has been hit by the charterers being able to bridge needs with sublets and defer decisions, but there remain enough requirements for me to be confident of fixing our new buildings before delivery.

長期包租的流動性受到承租人能夠透過轉租和推遲決定來滿足需求的打擊，但仍有足夠的要求讓我有信心在交付前修復我們的新建築。

I don't have an announcement for you today, but it will most certainly be enough to be material enough to warrant its own announcement outside the normal results schedule when it happens.

我今天沒有向您發佈公告，但它肯定足以足夠重要，足以保證在正常結果時間表之外發布自己的公告。

Turning to page 7, and here we show how the new supply of LNG will soak up much of the forthcoming shipping. The chart on the left reflects CoolCo's view on forthcoming projects. It totals more than 110 million tonnes per annum of LNG between now and the end of 2026, with shipping needs of approximately two to three vessels per MTPA depending on how much LNG goes to Asia versus the Atlantic.

翻到第 7 頁，我們在這裡展示了新的液化天然氣供應將如何吸收即將到來的運輸的大部分。左圖反映了 CoolCo 對即將推出的專案的看法。從現在到 2026 年底，每年的液化天然氣總量超過 1.1 億噸，每 MTPA 的運輸需求約為兩到三艘船，具體取決於運往亞洲和大西洋的液化天然氣數量。

I won't get into the ins and outs of specific projects, but in general it's fair to say that the projects are led by large and established LNG players, and these are on schedule with Novatek's Atlantic LNG 2 being the only wildcard.

我不會詳細介紹具體項目的細節，但總的來說，可以公平地說，這些項目是由大型、成熟的液化天然氣公司領導的，而且這些項目都按計劃進行，諾瓦泰克的大西洋液化天然氣2 是唯一的通配符。

What is important to appreciate is that most of these incremental volumes will have to go east, given the peak demand in Europe is already behind us. This is very good news for shipping, and we're not concerned about demand. Lower gas prices are a major facilitator, and the key markets are really gearing up to take the products.

重要的是要認識到，鑑於歐洲的需求高峰已經過去，這些增量中的大部分將不得不流向東部。這對航運來說是一個非常好的消息，我們並不擔心需求。較低的天然氣價格是一個主要推動因素，主要市場正在真正準備好接受這些產品。

The table on the right shows some key steps that have been taken in China, India, and Vietnam, Thailand, the Philippines, and Bangladesh. These changes are providing the industry with confidence around the levels of demand, and this is something that's supported by anecdotal evidence from our business development activities.

右表顯示了中國、印度、越南、泰國、菲律賓和孟加拉採取的一些關鍵步驟。這些變化為行業提供了對需求水平的信心，我們的業務發展活動的軼事證據也支持了這一點。

The other part of the equation are the newbuilds and possible retirements, and page 8 provides an update on this picture. You can see a fairly straight line of deliveries over the same period as we plotted on the previous page. And whereas the deliveries' up potentially on a more steady trajectory compared to an S-curve in supply, the overall picture is reasonably well balanced.

等式的另一部分是新船舶和可能的退役船舶，第 8 頁提供了有關此圖的更新。您可以看到我們在上一頁繪製的同一時期內的交付量相當直線。儘管與供應量的 S 曲線相比，交付量可能會沿著更穩定的軌跡增長，但整體情況相當平衡。

Importantly, most of the vessels are fixed known volumes and CoolCo vessels are the first to deliver amongst those still to be fixed. As expressed before, we remain confident on fixing these vessels before delivery.

重要的是，大多數船舶的體積都是固定的，而 CoolCo 船舶是那些仍待修復的船舶中最先交付的。正如之前所表達的，我們仍然有信心在交付前修復這些船隻。

On the other side of the coin, we're expecting many more retirements in the coming years compared to what we've seen previously. A number of our steam turbine vessels received a new lease of life as a result of the high rates seen after the Russian invasion of the Ukraine. However, this is not a trend that we see continuing given the high cost of keeping these vessels on the water in the face of lower rates.

另一方面，與之前相比，我們預計未來幾年將有更多的人退休。由於俄羅斯入侵烏克蘭後的高利率，我們的許多蒸汽渦輪機船舶獲得了新的生命。然而，考慮到在費率較低的情況下讓這些船隻繼續航行的成本很高，我們認為這種趨勢不會持續下去。

Is it worth spending up to $10 million on a dry-dock runoff contract vessel, when spot rates for steam turbine start as low as $25,000 plus per day? We don't see how anyone can make that work. These vessels are typically smaller than newbuilds, but even if they're not replaced on quite a one for one basis, their retirements still amount to a significant additional demand for more modern tonnage.

當蒸汽渦輪機的現貨價格低至每天 25,000 美元以上時，是否值得花費 1000 萬美元購買一艘乾船塢徑流合約船？我們不知道任何人如何能夠做到這一點。這些船舶通常比新建船舶要小，但即使它們沒有一對一的更換，它們的退役仍然相當於對更現代噸位的大量額外需求。

That concludes my market overview, and I'd now like to pass the baton on to John, who will take you through the quarter in more detail.

我的市場概述到此結束，現在我想將接力棒交給約翰，他將帶您更詳細地了解本季。

Thank you, Richard. I will provide a financial overview for the fourth quarter and the full year of '23. So turning to slide 9, in our Q4 earnings release today, we announced a solid fourth quarter withv some metrics reaching record levels in the history of CoolCo.

謝謝你，理查。我將提供 23 年第四季和全年的財務概覽。因此，轉向幻燈片 9，在今天發布的第四季度財報中，我們宣布第四季度業績表現強勁，一些指標達到了 CoolCo 歷史上的創紀錄水平。

Time and voyage charter revenues for the quarter were $89.3 million, resulting in an average time charter equivalent rate of $87,300 per day, across our fleet of 11 vessels -- also a record.

本季定期租船和航次租船收入為 8,930 萬美元，我們由 11 艘船組成的船隊的平均定期租船當量費率達到每天 87,300 美元，這也是創紀錄的。

The improvement versus the last quarter is primarily attributed to higher floating and spot rates during the winter season on two of our vessels. Fourth quarter total operating revenues generated $97.1 million, which is inclusive of non-cash amortization of net intangible liabilities of $4.5 million and $2.3 million from third party vessel management revenues.

與上季相比的改善主要歸因於我們的兩艘船舶在冬季期間的浮動費率和即期費率較高。第四季總營業收入為 9,710 萬美元，其中包括 450 萬美元的無形負債淨額非現金攤提和來自第三方船舶管理收入的 230 萬美元。

This number is above the guidance range provided during our third quarter earnings presentation in late November. This is mainly because of one vessel operating in the spot market that finished off the fourth quarter on the favorable spot phase that was not committed at the time of providing the guidance.

這個數字高於 11 月底我們第三季財報中所提供的指引範圍。這主要是因為一艘在現貨市場運營的船舶在第四季度結束時處於有利的現貨階段，但在提供指導時尚未承諾。

Full year time and voyage charter revenues were $347 million, and full year total operating revenues were $379 million. Operating income for the quarter reached a healthy $55.1 million, an improvement of 14% compared to the third quarter of '23.

全年期租和航次租船收入為 3.47 億美元，全年總營運收入為 3.79 億美元。該季度的營業收入達到了健康的 5,510 萬美元，比 2023 年第三季成長了 14%。

The fourth quarter operating margin relative to the fourth quarter revenues was very strong and reached a level of 57% margin. We're also very pleased to report that our vessel operating expenses for the quarter came in at $16,600 per day per vessel, which was roughly $2000 per day per vessel better than the two previous quarters, mainly due to the timing of main engine overhauls and lower purchasing activities on acquired vessels.

第四季的營業利潤率相對於第四季的收入來說非常強勁，達到了 57% 的水平。我們也非常高興地報告，本季我們的船舶營運費用為每艘船每天 16,600 美元，比前兩個季度每艘船每天約好 2000 美元，這主要是由於主機大修的時間安排和所購船舶的採購活動減少。

Operating income also included $18.9 million in depreciation and amortization, along with $5.4 million in administrative expenses, which includes a combination of third-party fleet management expenses and routine corporate overhead. Adjusted EBITDA for the third quarter of '23 was $69.4 million compared to $62.8 million for the third quarter of '23 -- also a healthy improvement.

營業收入還包括 1,890 萬美元的折舊和攤銷，以及 540 萬美元的管理費用，其中包括第三方車隊管理費用和日常公司管理費用。23 年第三季調整後 EBITDA 為 6,940 萬美元，而 23 年第三季為 6,280 萬美元，這也是一個健康的進步。

Moving on to the next slide, the net income bridge. The net income chart on the left illustrates the transition from Q3 to Q4. Reported net income for the fourth quarter was $22.4 million compared to $39.2 million in the third quarter, primarily reflecting a $23 million unrealized mark-to-market valuation swing on our interest rate swaps.

轉到下一張投影片，淨利潤橋。左側的淨利潤圖顯示了從第三季到第四季的轉變。第四季報告的淨利潤為 2,240 萬美元，而第三季為 3,920 萬美元，主要反映了我們的利率掉期未實現的按市值計價的估值波動為 2,300 萬美元。

This was partially offset by roughly $4 million in higher revenues and the aforementioned OpEx savings. The mark-to-market swing was the result of the significant market interest rates that dropped from the end of Q3 to the end of Q4.

這被約 400 萬美元的收入成長和上述營運支出節省部分抵消。以市價計算的波動是市場利率從第三季末到第四季末大幅下降的結果。

The fourth quarter net income in the chart on the right, adjusts for recurring non-cash elements and equaled $34.2 million -- a record quarter for the company, if one excludes the nonrecurring gain on the sale of the seal vessel during the first quarter of last year.

右圖所示的第四季度淨利潤經過經常性非現金因素調整後達到 3,420 萬美元，如果排除第一季度出售海豹船的非經常性收益，這將是該公司創紀錄的季度。去年。

The non-cash amortization of net intangible assets and liabilities is associated with the revaluation of charter agreements related to the spin-off from Golar and the subsequent acquisitions in late '22. Excluding such non-cash items, the approved dividend of $0.41 per share represents approximately a 64% payout of fourth quarter net income.

淨無形資產和負債的非現金攤銷與與 Golar 分拆以及 22 年末後續收購相關的租船協議的重估有關。不包括此類非現金項目，批准的每股 0.41 美元股息約佔第四季度淨利潤的 64%。

Turning to slide 11, the cash flow bridge for the full year. This chart shows the starting and ending cash, and the cash movements during the entire year. Excluding newbuild CapEx and related borrowings and sale proceeds from the seal, the free cash flow to equity in the circled area was around $84 million.

轉向幻燈片 11，全年現金流橋。此圖表顯示了期初和期末現金以及全年的現金變動。不包括新建資本支出以及相關借款和密封出售收益，圓圈區域的股權自由現金流約為 8,400 萬美元。

We declared a cumulative $88 million in dividends for '23, so we effectively distributed slightly higher in dividends than to free cash flow available to equity holders. Also for the full year, we paid $114 million for the exercise of the newbuild option, and $67 million in subsequent milestone payments to the shipyard totaling $181 million.

我們宣布 23 年累計派發 8,800 萬美元股息，因此我們實際上分配的股息略高於股東可用的自由現金流。同樣在全年，我們為行使新建選項支付了 1.14 億美元，並向造船廠支付了 6,700 萬美元的後續里程碑付款，總計 1.81 億美元。

We also spent $60 million in advance payments for the previously announced LNGe upgrades. In addition, we upsized the $570 million facility by $70 million back in June of last year. And during the fourth quarter, we borrowed $40 million under our newbuild sale-and-leaseback predelivery finance facility, which together with the upsize, adds up to $110 million in new borrowings during the year.

我們還為先前宣布的 LNGe 升級支付了 6000 萬美元的預付款。此外，我們早在去年 6 月就將 5.7 億美元的融資規模擴大了 7,000 萬美元。在第四季度，我們透過新建售後回租交付前融資融資借款了 4,000 萬美元，再加上規模擴大，全年新增借款總計 1.1 億美元。

Turning to slide 12, we are reiterating our dividend policy that we announced back in October 2022. On a quarterly basis, our free cash flow to equity shows a bit of variability due to the semiannual debt repayments on one of our facilities.

轉向投影片 12，我們重申我們在 2022 年 10 月宣布的股利政策。按季度計算，由於我們其中一項設施每半年償還一次債務，我們的股本自由現金流量顯示出一些變化。

However, on a cumulative basis, since inception of our dividend policy, you will see that we paid out slightly higher than our free cash flow to equity. The basis for calculating free cash flow to equity is adjusted EBITDA minus the regular debt service plus interest income. T

然而，從累積的角度來看，自從我們的股利政策實施以來，您會發現我們支付的股本自由現金流略高於我們的股本自由現金流。計算股本自由現金流的基礎是調整後的 EBITDA 減去定期償債加上利息收入。時間

he Board has approved a dividend payout of $0.41 per share with an ex-dividend date that is set for March 8 and the record date of March 11. The dividend will be distributed to DTC-registered shareholders on or around March 18, followed by Norwegian registered shareholders approximately three days later, on or around March 21.

董事會已批准派發每股 0.41 美元的股息，除息日定為 3 月 8 日，記錄日為 3 月 11 日。股息將於 3 月 18 日左右分發給 DTC 註冊股東，大約三天后，即 3 月 21 日左右分發給挪威註冊股東。

Turning to slide 13, on the financing, in this morning's press release, we were very pleased to announce that we have received commitments from several quality commercial banks to refinance our sale and leaseback facility, maturing in the first quarter of 2025 by upsizing the existing $520 million bank facility. Because it's existing sale and leaseback debt has very low interest rates, restructure from the free financing with a delayed drawdown to ensure that we maintain the benefit of this low interest rate through the interim periods.

轉向幻燈片13，關於融資，在今天上午的新聞稿中，我們非常高興地宣布，我們已收到幾家優質商業銀行的承諾，為我們的售後回租融資進行再融資，該融資將通過擴大現有規模 而於2025 年第一季到期。5.2 億美元 銀行貸款。由於其現有的售後回租債務利率非常低，因此透過延遲提取的免費融資進行重組，以確保我們在中期期間保持這種低利率的好處。

Alongside to this upsize, the banks have also committed to make some changes to the financial covenants. The main one being a relaxation of the cash covenant, which will become 4% of total debt. As you can see on the chart, once the upsize is closed, which we expect in March, we have no debt maturities for the next three years.

除了規模擴大之外，銀行也承諾對財務契約進行一些修改。主要的一項是放寬現金契約，現金比例將變成總債務的 4%。正如您在圖表中看到的，一旦擴容完成（我們預計在三月），我們在未來三年內沒有債務到期。

Turning to slide 14. On this slide, we show the split between commercial and current sale and leaseback debts. We have fixed our interest rates for about 85% of our net debt, with an average interest rate well below 6% even on a pro forma basis, which includes the newbuild debt.

轉到投影片 14。在這張投影片上，我們展示了商業債務和目前售後回租債務之間的分割。我們已經固定了約 85% 的淨債務利率，即使在備考基礎上，平均利率也遠低於 6%，其中包括新建債務。

Table at the bottom shows the split between realized and unrealized mark-to-market gains and losses, which on our income statement are combined in one line item. Our cumulative realized swap results since inception of our swap program in July 2022 -- we're well in the money, with $11 million in net gains. So our hedging program has paid off well so far.

底部的表格顯示了已實現和未實現的按市值計價的損益之間的劃分，這些損益在我們的​​損益表中合併在一個行項目中。自 2022 年 7 月互換計畫啟動以來，我們的累計已實現互換結果——我們資金充足，淨收益為 1,100 萬美元。因此，到目前為止，我們的對沖計劃取得了良好的回報。

The unrealized gains as of the end of the year were approximately $5 million. For those modeling CoolCo quarter-to-quarter, please take note of this significant and largely unrealized mark-to-market swing in our quarterly earnings reporting.

截至年底，未實現收益約 500 萬美元。對於那些按季度對 CoolCo 進行建模的人，請注意我們季度收益報告中這一重大且基本上未實現的按市值計算的波動。

So in summary, on this financing slide, no debt maturities until February 27. We're freeing up between $50 million and $100 million in cash as part of the upsize and the amendments, and an interest rate that is substantially fixed and well below 6%.

總而言之，在這張融資幻燈片上，2 月 27 日之前沒有債務到期。作為擴大規模和修訂的一部分，我們將釋放 5,000 萬至 1 億美元的現金，且利率基本上固定且遠低於 6%。

Moving on to the next slide, with an overview of the backlog, this slide highlights the revenues for 2024 -- are committed for approximately 95%, with one open vessel in late July, and another one late November. While this open date percentage will obviously increase over time, the time charter equivalent rate from our backlog is approximately $76,000 per day per vessel.

轉到下一張投影片，概述了積壓訂單，這張投影片突顯了 2024 年的收入——承諾約 95%，其中一艘在 7 月底開放，另一艘在 11 月底開放。雖然這個開放日期百分比會隨著時間的推移而顯著增加，但我們積壓的定期租船等值費率約為每艘船每天 76,000 美元。

And on average, we maintain roughly 4.6 years of backlog per operating vessel, including options. This includes the options exercised to their maximum extent. Of particular significance on the chart to the right, is the cash flow generated by our backlog calculated as contracted revenue backlog minus direct operating expenses, which surpasses our net debt. This underscores a robust level of coverage even before accounting for any future chartering activity related to our open days.

平均而言，我們每艘營運船舶的積壓量約為 4.6 年，其中包括選配。這包括最大限度行使的選擇權。右圖特別重要的是我們的積壓訂單產生的現金流，計算為合約收入積壓減去直接營運費用，這超過了我們的淨債務。這強調了即使在考慮與我們開放日相關的任何未來包機活動之前的強大覆蓋水平。

Turning to slide 16, first half year guidance. On this slide, we reiterate our February 7 selected revenue guidance for the first half of this year. In '24. We anticipate four drydockings, one in the second quarter and three in the third quarter.

轉向投影片 16，上半年指引。在這張投影片中，我們重申了 2 月 7 日選定的今年上半年收入指引。24 年。我們預計將進行四次進塢，其中一次在第二季度，三次在第三季。

Currently, we expect these drydockings to begin and end within development quarter, but the exact dates may change depending on the timing of cargo deliveries and our client needs. These drydockings will result in some unpaid drydocking time.

目前，我們預計這些乾船塢將在開發季度內開始和結束，但具體日期可能會根據貨物交付時間和客戶需求而變化。這些乾船塢將導致一些無薪的乾船塢時間。

As Richard mentioned, the Cool Husky will undergo upgrades with a soft cooler and an air lubrication system to enhance performance and reduce emissions.

正如理查德所提到的，酷哈士奇將進行軟冷卻器和空氣潤滑系統的升級，以提高性能並減少排放。

With the financial overview concluded, I'm handing the call back to Richard.

財務概覽結束後，我將把電話轉回給理查德。

Thanks, John. I think it's time to open up the lines for questions. Eric, if you would please do that for us.

謝謝，約翰。我認為是時候開放提問管道了。艾瑞克，請幫我們做一下。

Thank you. Ladies and gentlemen, we will now begin the question and answer sessions. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）

Frode Morkedal, Clarksons Securities.

弗羅德‧莫基達爾 (Frode Morkedal)，克拉克森證券公司。

Hi guys. Thank you. On this one chart you announced in February, which I assume is the Husky, you showed on this chart. It was a bit hard to read on the line there.

嗨，大家好。謝謝。在你二月宣布的這張圖表上，我認為是哈士奇，你在這張圖表上展示了它。線上閱讀有點困難。

But I guess also on based on the revenue guidance for Q2 you provided, you are able to back out that the charter rate needs to be above $8,000 per day. Are you able to confirm that?

但我想，根據您提供的第二季收入指導，您也可以證明包機費率需要高於每天 8,000 美元。你能證實嗎？

Yes, the chart is accurate, Frode. And your maths is also accurate. Thanks for that question. It's an important clarification because I think a few people have had it at a somewhat lower level.

是的，圖表是準確的，弗洛德。而且你的數學也很準確。謝謝你提出這個問題。這是一個重要的澄清，因為我認為有些人的水平較低。

Yes, it's a really strong charter rate, obviously. And I guess is this charter rate inclusive of the, let's say, the benefit of the [real estate tax] and CapEx later this year?

是的，顯然這是一個非常強勁的包機費率。我想這個包機費率是否包括今年稍後的[房地產稅]和資本支出的好處？

No, that's in addition.

不，那是另外的。

Okay, interesting. I guess more broadly, can you discuss how you are able to share the CapEx with the customer to a higher rate. What is LNG, LNGe investments?

好吧，有趣。我想更廣泛地說，您能否討論如何以更高的比率與客戶分享資本支出。什麼是 LNG、LNGe 投資？

It's not much sharing the CapEx. The CapEx is on us. It's more of a question of how we how we get paid, and in this particular contract, it made sense to share share the upside.

分享資本支出不多。資本支出由我們承擔。問題更多的是我們如何獲得報酬，在這份特定的合約中，分享收益是有意義的。

It will be the first vessel that's had these upgrades. And so there's an inevitable uncertainty around certain elements of the performance and the agreement we come to with with Santos is that we share the improvements.

這將是第一艘進行這些升級的船隻。因此，性能的某些要素不可避免地存在不確定性，我們與桑托斯達成的協議是我們分享這些改進。

And I think that's a very fair agreement, and it also very much aligns us with the charter. So we actually wanted to improve our performance as far as possible. And that's for that benefit. And it's also for our benefit because of this mechanism.

我認為這是一個非常公平的協議，它也非常符合我們的章程。所以我們實際上想盡可能地提高我們的表現。這就是為了這個好處。而因為這個機制，也是為了我們的利益。

Okay. That's great. Thank you.

好的。那太棒了。謝謝。

Thanks for the call, Frode.

感謝您的來電，弗羅德。

Liam Burke, B. Riley.

利亞姆·伯克，B.萊利。

Thank you. Hi, Richard. Hi, John, how are you today?

謝謝。嗨，理查德。嗨，約翰，你今天好嗎？

Good, thanks, Liam. How are you?

很好，謝謝，利亞姆。你好嗎？

I'm fine, thank you. Could we go to detail about your two newbuilds? You're talking out to several charterers, and they're looking at unmet, I guess, I read it right out of your press release, unmet transportation requirements.

我很好，謝謝你。我們可以詳細介紹一下你們的兩艘新船嗎？您正在與幾位承租人交談，我猜他們正在考慮未滿足的運輸要求，我從您的新聞稿中讀到了這一點。

Would that translate into longer time charters or would they be spot market type agreements?

這會轉化為更長的期租合約還是現貨市場類型的協議？

These vessels are going to be more targeted at the long-term market. Now we're relatively agnostic on whether long-term means five years or whether it means fifteen years, I think there's a sort of a rate sensitivity as you go from one end of that scale to the other. But we are very much focused on those kinds of opportunities.

這些船舶將更加瞄準長期市場。現在我們對於長期是否意味著五年還是十五年相對不可知，我認為當你從這一尺度的一端到另一端時，存在一種利率敏感性。但我們非常關注這些機會。

Now within the customer universe for those vessels, we've found that the the traditional customers who will charter vessels through the cycle, they are still there and they have RFP processes which are quite tight quite structured and bviously, we participate in those.

現在，在這些船舶的客戶範圍內，我們發現在整個週期內租船的傳統客戶仍然存在，並且他們的 RFP 流程非常嚴格，結構也很清晰，顯然，我們參與了這些流程。

I think the fact that the market has been a bit softer more broadly has put off some people who have a stated need from doing anything immediately, and some of the more traders or big portfolio players might fall into into into that camp.

我認為，市場在更廣泛的範圍內變得更加疲軟，這一事實已經推遲了一些有明確需求的人立即採取任何行動，而一些更多的交易者或大型投資組合參與者可能會落入這一陣營。

So overall, the level of inquiry is down somewhat because of that. But it is still -- and we are still seeing these inquiries from people who will charter through the cycle, and they basically view it as winning some and leaving some.

整體而言，調查水準因此有所下降。但情況仍然如此——我們仍然看到那些將在整個週期中包機的人提出的詢問，他們基本上認為這是贏得一些並離開一些。

Fair enough. And with the disruption in both the Panama and Suez canals, are you seeing charterers more anxious to grab onto as a carrier assets, or is this just a function of short term supply demand?

很公平。隨著巴拿馬和蘇伊士運河的中斷，您是否看到承租人更渴望抓住作為承運人的資產，或者這只是短期供應需求的函數？

Very much so. We haven't seen a sort of immediate step change, because at least so far in general, the Atlantic volumes have stayed in the Atlantic and the Pacific volumes have stayed in the Pacific. But what we are seeing for next year, or for this coming year, people are looking at the cargoes.

非常如此。我們還沒有看到立即發生的變化，因為至少到目前為止，大西洋的體積一直留在大西洋，而太平洋的體積一直留在太平洋。但我們明年或今年看到的情況是，人們正在關注貨物。

They're looking at the schedules, and they're saying, well, wait a minute. If we have to go around the Cape of Good Hope, we're going to need an extra ship.

他們正在查看時間表，然後說，好吧，等一下。如果我們必須繞過好望角，我們就需要一艘額外的船。

So there are people who are really starting to pay attention to this issue now and it will be positive for demand going forward.

因此，現在有人真正開始關注這個問題，這對未來的需求將是正面的。

Great. Thank you, Richard.

偉大的。謝謝你，理查。

Thanks for the questions, Liam.

謝謝你的提問，利亞姆。

(Operator Instructions).

（操作員說明）。

Mike Webber, Webber Research.

麥克韋伯，韋伯研究中心。

Hey, good morning, guys. How are you?

嘿，早上好，夥計們。你好嗎？

Very well, thanks, Mike, and you?

很好，謝謝，麥克，你呢？

Hi, Mike.

嗨，麥克。

Good, good, I guess. So Richard, just a couple here. I wanted to follow up on the first question on the Husky. And based on your answer, I think I know what the implication is.

好，好，我想。理查德，這裡只有一對夫婦。我想跟進關於哈士奇的第一個問題。根據你的回答，我想我知道這意味著什麼。

But you touched on the [reel ex] now from kind of the alignment between the -- yourselves, the charterer -- but with regards to the ALS system that you guys are upgrading, or introducing to that now later on this year for a trial, how do the economics work associated with that and your charter in terms of potential fuel savings?

但你們現在從你們自己、租船人之間的某種協調中談到了[捲軸前]，但是關於你們正在升級的ALS系統，或者在今年晚些時候引入該系統進行試用，在潛在的燃油節省方面，與此相關的經濟學和您的包機如何發揮作用？

Yes. So the way to think about it is that we have a level of a performance which goes sort of across the speed range. So if you're going below natural boil-off speed, or actually just stationary, then you're going to get a lot of utility out of the relay.

是的。因此，思考這個問題的方法是，我們的表現水準在某種程度上跨越了速度範圍。因此，如果您的速度低於自然蒸發速度，或者實際上只是靜止，那麼您將從繼電器中獲得很多效用。

If you're going faster than the natural boil off speed, you're going to be getting your value -- somewhat less value -- but still a few percentage points out of the out of the ALS.

如果你的速度比自然蒸發速度快，你就會得到你的價值——稍微少一點的價值——但仍然比 ALS 低幾個百分點。

So what we're doing is that we're benchmarking the performance of the vessel before the drydock, and we're benchmarking, or then comparing that, to the performance -- or the actual performance -- of the vessel after the drydock, and calculating the benefits and then sharing it between us.

因此，我們正在做的是，我們在乾塢之前對船舶的性能進行基準測試，然後與乾塢之後的船舶性能（或實際性能）進行基準測試或比較，計算收益，然後在我們之間分享。

Got it. So they're effectively tethered together. Okay. That's helpful.

知道了。所以它們被有效地束縛在一起。好的。這很有幫助。

Just to follow up on the Red Sea. Now, if I think about the dynamics in place now where you've got obviously -- well, I guess maybe first and foremost, right, in terms of the rerouting, we're starting to see now around the Cape of Good Hope. Do you think we've seen the majority of that impact yet, in terms of longer ton miles? Or do you think that's still ahead of us?

只是為了跟進紅海。現在，如果我考慮一下現在的動態，顯然——嗯，我想也許首先也是最重要的，就重新航線而言，我們現在開始看到好望角周圍。您認為我們已經看到了大部分影響（就更長的噸英里而言）嗎？或者您認為這仍然領先於我們嗎？

I think is still ahead of us. And as I mentioned, I think so far in general, LNG has stayed within its basin. So a lot of the LNG out of the US has been tied to the Atlantic Basin, coming into Europe, and within the Pacific Basin, you've got the Australian volumes, going up to Asia, going up to Japan and Korea, China, and those markets.

我認為仍然領先我們。正如我所提到的，我認為到目前為止，液化天然氣總體上仍停留在其盆地內。因此，美國的許多液化天然氣都與大西洋盆地相連，進入歐洲，而在太平洋盆地內，澳洲的產量，流向亞洲，流向日本和韓國、中國，以及那些市場。

Qatari volumes, obviously, there's a bit of a sort of split, some of them go east, and some of them go west, but we haven't seen a lot of LNG switching basins. And the interesting thing about the volumes that are coming, they're going to have to go east, because Europe is kind of full. And all of these volumes coming in the coming out of the Gulf, the primary destination will be will be the East.

卡達的產量顯然存在某種分裂，有些向東，有些向西，但我們還沒有看到很多液化天然氣轉換盆地。有趣的是，即將到來的銷售將不得不流向東方，因為歐洲已經滿了。所有這些貨物都從海灣運來，主要目的地將是東部。

And unfortunately, right now the East is difficult to get to because of these channel issues.

不幸的是，由於這些渠道問題，目前很難到達東部。

Yes, if I think about QP's volumes there, they're obviously, they're expanding with their NAV push, which actually looks on time, if not early, as opposed to most of the stuff in the US, and they're actively marketing some of those volumes as well as of their legacy volumes.

是的，如果我考慮 QP 在那裡的交易量，很明顯，他們正在通過資產淨值推動來擴張，這實際上看起來很準時，如果不是早的話，與美國的大多數東西相反，他們正在積極地行銷其中一些卷及其遺留卷。

Are you starting to see, at least in conversations with potential charterers, any kind of mix shift in terms of who you're talking to there?

至少在與潛在承租人的對話中，您是否開始看到與您交談的對象發生了任何類型的轉變？

And I guess the thought process is shifting towards more of an FOB focus there in terms of people setting up their transportation capacity for longer-term volumes that might be coming online, one to two years from now -- two to three years from now?

我猜想，人們的思考過程正在轉向更多地關注離岸價，即人們為可能上線的長期運輸量設置運輸能力，從現在起一到兩年後——從現在起兩到三年後？

Yes, I mean, we are -- I think this is the reason why we have quite we have quite good visibility on the needs going forward. What we have less control over is sort of the timing of when people feel the need to pull the trigger. So we do have a strong sense of how many ships are going to be needed over time. And that's what gives us the confidence in the newbuilds.

是的，我的意思是，我們 - 我認為這就是為什麼我們對未來的需求有很好的了解的原因。我們無法控制的是人們何時需要扣下板機。因此，我們確實清楚地知道隨著時間的推移將需要多少艘船隻。這就是讓我們對新船充滿信心的原因。

I mean, of course, if you're a kind of charterer who's got a little bit more of a trading mentality right now, you look at the market and you think, well, maybe I can wait until it ticks up for a little while. If you're a charterer who's got a much more conservative approach, and you're seeking to match your volumes -- with what you're shipping with your volumes, then you do what you've always done, which is an RFP type process and done secure your shipment.

我的意思是，當然，如果你是一個現在有更多交易心態的租船人，你看看市場，你會想，好吧，也許我可以等到市場上漲一段時間。如果您是採取更保守的方法的租船人，並且您正在尋求將您的數量與您隨貨量運輸的貨物相匹配，那麼您就可以做您一直在做的事情，即 RFP 類型處理並完成確保您的貨物安全。

Yes. Okay. That makes sense. One more for me and I'll turn it over. We saw newbuild prices inch down in January for the first time in a while. We're still up more than 20%, I think, over the last three years. Just curious on a relative basis, how do you think about returns on newbuild programs here versus, say, where we were a year ago now? I mean, how attractive or unattractive do you might find them?

是的。好的。這就說得通了。再給我一份，我會把它翻過來。一月份我們看到新造船價格一段時間以來首次小幅下跌。我認為，過去三年我們的成長率仍然超過 20%。只是好奇，相對而言，您如何看待這裡新建項目的回報與一年前的情況相比？我的意思是，你會發現他們有多有吸引力或沒有吸引力？

Yes, I mean, I think -- well, the newbuild cost right now, let's start with that. Because that's that's pretty well established, and we've seen a number as high as 270 recently. But I think in reality, with discounts, it's probably more like 260, maybe slightly below that, but the prices are elevated.

是的，我的意思是，我認為——好吧，現在的新建成本，讓我們從這個開始。因為這是相當確定的，而且我們最近看到的數字高達 270。但我認為實際上，有折扣的話，可能更像是260，可能略低於這個數字，但價格卻升高了。

And today's cost of financing, in order to turn a buck on your equity, you need to have a certain rate. So that's a positive thing for us because it kind of anchors things at a decent level.

而今天的融資成本，為了讓你的股本賺錢，你需要有一定的利率。所以這對我們來說是一件積極的事情，因為它可以將事情固定在一個不錯的水平。

I think that rate is about $100,000 a day. Do I think you're necessarily going to kind of get that if you go out into the market tomorrow? I mean, no, not quite. So I think, there's a potential for a bit of a standoff while the bid-offer spread comes together.

我認為這個價格約為每天 10 萬美元。我認為如果你明天進入市場，你一定會得到這個嗎？我的意思是，不，不完全是。所以我認為，當買賣價差匯集在一起時，可能會出現一些僵局。

Okay. That makes sense. And I lied. I've got one more on your balance sheet, but in regards to your facility, the debt maturing in '27. My presumption would be that that was probably the first place you've looked in terms of upsizing in the collateral pool might have been more fully baked into the advance rate on that facility. Is there room to expand that in a similar way that you did the 2029 facility? Or is that sort of more or less tapped?

好的。這就說得通了。我撒謊了。我在你的資產負債表上還有一份，但就你的貸款而言，債務將於 27 年到期。我的假設是，這可能是您在抵押品池擴大規模方面看到的第一個地方，可能已更充分地納入該設施的預付款率中。是否有空間以類似於 2029 年設施的方式進行擴展？或者說這或多或少被利用了？

Yes, no, John's here at the table, so let me pass this on to John.

是的，不，約翰在桌邊，所以讓我把這個轉告給約翰。

I mean, we did consider that one as well. But it had a much shorter maturity than the May '29 one. And that's the main reason we upsized the May '29 facility.

我的意思是，我們也確實考慮過這一點。但它的成熟期比 29 年 5 月的要短得多。這就是我們擴大 29 年 5 月設施規模的主因。

But is there room in the February '27? Yes. As long as we have collateral to it, the banks, I'm sure, are willing to lend. But what's the point, right? It's only three years. So we rather term it out a bit longer, if that actually answers your question.

但 27 年 2 月還有空間嗎？是的。只要我們有抵押品，我相信銀行就願意放款。但這有什麼意義，對吧？這才三年而已。因此，如果這確實回答了您的問題，我們寧願將其期限延長一點。

Yes. Okay. It just seems like a more complicated conversation because you need an extension on it. Okay, that's all I've got. I appreciate the time, guys. Thank you.

是的。好的。這看起來像是一個更複雜的對話，因為你需要對其進行擴展。好吧，這就是我所擁有的一切。我很珍惜這段時光，夥伴們。謝謝。

Thanks for the questions, Mike.

謝謝你的提問，麥克。

I would now like to turn the call back over to Richard Tyrrell for closing remarks. Please go ahead.

我現在想將電話轉回給理查德·泰瑞爾（Richard Tyrrell），讓其致閉幕詞。請繼續。

I think without any further ado, I'd like to thank everybody for joining the call, and I look forward to reporting back with the developments as they come in. Many thanks, Eric.

我想，言歸正傳，我要感謝大家加入這次電話會議，我期待在收到進度後向大家報告。非常感謝，埃里克。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。