Cool Company Ltd (CLCO) 2024 Q2 法說會逐字稿

Good day, and welcome to the Cool Company Limited 1H 2024 results presentation. (Operator Instructions) Please note today's call may be recorded, and I'll be standing by if you should need any assistance.

美好的一天，歡迎來到 Cool Company Limited 2024 年上半年業績發表會。（操作員說明）請注意，今天的通話可能會被錄音，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Richard Tyrrell, Chief Executive Officer. Please go ahead.

現在我很高興將會議交給執行長理查德·泰雷爾 (Richard Tyrrell)。請繼續。

Thank you, Todd, and good morning to those in the US. Good afternoon to those in Europe and further East. Welcome to CoolCo's second quarter 2024 results presentation.

謝謝你，托德，祝美國的人們早安。歐洲和東部地區的人們下午好。歡迎觀賞 CoolCo 2024 年第二季業績發表會。

Please turn to slide 3, CoolCo at a glance. Let me start with a summary of the headline numbers for the second quarter and our expectations for the third quarter. We will get into more detail as we move through the presentation, but I would like to highlight the following.

請翻投投影片 3，CoolCo 一目了然。讓我先總結第二季的整體數據以及我們對第三季的預期。我們將在演示過程中了解更多細節，但我想強調以下內容。

Average TCE of 78,400 per day is up from 77,200 in the first quarter. That's above our peers, and this is expected to increase for the third quarter because of the existing fleet being fully chartered. John will provide further guidance later in the presentation.

平均每日 TCE 為 78,400，高於第一季的 77,200。這高於我們的同行，並且由於現有機隊已全部包租，預計第三季這一數字將有所增加。約翰將在稍後的演示中提供進一步的指導。

Revenue was in line with guidance despite our first dry-dock of this cycle being drawn out and is being off-hire for longer than I would have liked. Revenue would have been higher had this not been the case. And I'm pleased to say that the two dry-docks since the end of the quarter have gone more smoothly with both already being completed ahead of schedule and budget.

儘管我們這個週期的第一個乾船塢被延長並且停租的時間比我希望的要長，但收入仍符合指導方針。如果不是這種情況，收入會更高。我很高興地說，自本季末以來，兩個乾船塢進展得更加順利，都已提前完成並按預算完成。

Dividend is maintained at $0.41 per share. Backlog remains strong with our one open vessels since the end of the quarter having been chartered for 12 months to an energy major. The first of our new builds will be delivered and ready for business at the end of October, while the second remains on schedule for delivery to GAIL in the first quarter of 2025. The ING market has had a quiet summer. For the winter season, new supply and tender activity in the long-term market is very much expected to liven things up going forward.

股息維持每股 0.41 美元。自本季末以來，我們的一艘開放船舶已租給一家能源巨頭 12 個月，積壓依然強勁。我們的第一個新建築將於 10 月底交付並準備投入使用，而第二個建築仍按計劃於 2025 年第一季交付給 GAIL。ING 市場經歷了一個平靜的夏天。對於冬季，長期市場的新供應和招標活動預計將活躍未來的局勢。

Turning to Page 4, we summarized the quarter. Our harvesting contracted cash flows from charters, while dry docking and securing employment for open vessels. The harvesting amount is $78,400 per day, which is our TCE, and that's driven by a full quarter contribution from the Kool Kelvin and the Kool Husky vessels that started on new term charters in the first quarter. And this drove operating revenue in line with guidance of $83.4 million.

翻到第四頁，我們總結了該季度。我們透過租船收穫合約現金流，同時進塢並確保開放船舶的就業。每天的收穫量為 78,400 美元，這是我們的 TCE，這是由 Kool Kelvin 和 Kool Husky 船舶在第一季開始新租期的整個季度貢獻推動的。這使得營業收入達到了 8,340 萬美元的預期。

I touched on our 14 plus 2-year charter with GAIL, on the charter of the Kool Blizzard already. As a result of the charter on the Kool Blizzard, we no longer have exposure to spot linked charters. The Kool Blizzard made $55,000 per day in the first half of the year, and we'll make around $10,000 a day more on this new 12-month charter deal that it did in the first half.

我已經談到了我們與 GAIL 的 14 年多 2 年的章程，以及 Kool Blizzard 的章程。由於庫爾暴雪包機，我們不再接觸現貨連結包機。今年上半年，Kool Blizzard 每天的收入為 55,000 美元，透過這項新的 12 個月包租協議，我們每天將比它上半年多賺 10,000 美元左右。

The charts at the bottom of the page continue to trend well. Our average rate of $78,400 per day shows the benefit of having a diversified portfolio of charters, the level at which this stabilizes is important to us since it is the TCE on our existing fleet combined with the higher level that we aim to achieve in our new builds that underpins the strength and long-term dividend capacity of our business.

頁面底部的圖表繼續保持良好的趨勢。我們每天78,400 美元的平均費率顯示了擁有多元化包機組合的好處，這種穩定的水平對我們來說很重要，因為它是我們現有機隊的TCE 與我們目標在新機隊中實現的更高水準相結合。

The adjusted EBITDA chart in the center is affected in a way that TCE isn't by the scheduled off-hire days during the quarter, which were related to the dry dock. This applied in the second quarter, as we noted by the icon, and will continue to apply to varying degrees until the end of the dry dock period in the middle of 2025.

中間調整後的 EBITDA 圖表受到 TCE 影響的方式是不受本季計畫停租日的影響，而該停租日與乾船塢相關。正如我們透過圖標指出的那樣，這適用於第二季度，並將繼續不同程度地適用，直到 2025 年中期乾船塢期結束。

Offsetting this will be the contribution of the newbuilds from the fourth quarter of 2024 and the first quarter of 2025. Embedded within EBITDA is a cost performance, and that's something which is quite pleasing and is something that John will cover later in the presentation.

2024 年第四季和 2025 年第一季新建船舶的貢獻將抵銷此影響。EBITDA 中包含了成本效益，這是非常令人高興的，約翰將在稍後的演示中介紹這一點。

Lastly, we have a backlog that saw a big increase on the announcement of the GAIL charter ahead of the last quarter's results. As a reminder, the average term across our portfolio of charters is just under five years with the longest extending all the way to 2039, excluding the option; or 2041, including the option.

最後，我們的積壓訂單在上個季度結果公佈之前宣布 GAIL 章程後大幅增加。提醒一下，我們的包機組合的平均期限不到五年，最長的期限一直延伸到 2039 年（不包括選擇權）；或 2041，包括該選項。

In the next few slides, if you turn to page 5, we have something of a health check for the LNG sector, both in the near and longer term and what it means for shipping. Simply put, a huge amount of new liquefaction is coming online in North America and a great deal of that cargo is going increasingly long haul to Asia.

在接下來的幾張投影片中，如果您翻到第 5 頁，我們將對液化天然氣產業進行一些健康檢查，包括近期和長期以及它對航運的意義。簡而言之，大量新液化貨物正在北美上線，其中大量貨物正越來越長地運往亞洲。

Additional good news is that the LNG price, as indicated by JKM and TTF remained strong compared to Henry Hub, which is good for margins. And it doesn't just apply to the US volumes, it applies to pretty much all the sources of LNG globally. And as I say, what is good for our customers, it's also good for us.

另一個好消息是，JKM 和 TTF 表示，與 Henry Hub 相比，液化天然氣價格仍然強勁，這對利潤率有利。它不僅適用於美國的產量，也適用於全球幾乎所有液化天然氣來源。正如我所說，對我們的客戶有利的事情，對我們也有好處。

Europe was the story with a war and three warm winters. Fundamentally, this isn't actually great for shipping because of the lower ton miles, but all bets are off in a crisis as we saw. And there's always upside for shipping from a cold winter in Europe, especially if combined with the loss of Russian pipeline gas, which still flows through Ukraine.

歐洲經歷了一場戰爭和三個溫暖的冬天。從根本上說，這實際上對航運來說並不好，因為噸英里較低，但正如我們所看到的，在危機中所有的賭注都將落空。歐洲寒冷的冬季對航運業來說總是有好處的，特別是如果再加上仍然流經烏克蘭的俄羅斯管道天然氣的損失。

The volatility could easily return. But in the meantime, it is stable LNG prices that have set the tone for the market. And as a result, much of the LNG has headed east. The middle chart shows us Europe is down, and there's very strong appetite from the Asia Pacific region, which, of course, is good news for shipping, given the greater shipping distances.

波動性很容易捲土重來。但同時，穩定的液化天然氣價格為市場定下了基調。結果，大部分液化天然氣流向東方。中間的圖表顯示歐洲正在下滑，而亞太地區的需求非常強勁，這對航運來說當然是個好消息，因為航運距離更長。

The effect is magnified by growth in US production and canal limitations. The chart on the right shows how ton miles are set to increase by 14% between 2023 and 2025 according to Clarksons Research. It also compares the growth of the fleet. The growth of the fleet is set to be -- set to grow 21% over this period, but it's not something to fear when you have the underutilized steam turbine fleet to balance the market.

美國產量的成長和運河的限制加劇了這種影響。右圖顯示了根據 Clarksons Research 的數據，2023 年至 2025 年間，噸英里數將增加 14%。它也比較了機隊的成長。在此期間，機隊的成長預計將成長 21%，但當您擁有未充分利用的汽輪機隊來平衡市場時，這並不值得擔心。

According to the chart, only 40 steam turbine vessels going warm would balance the market, something that's easy to envisage. Going warm is significant because the cost of cooling down before putting vessels into operation effectively takes them out of the picture.

根據圖表，只要 40 艘汽輪機船舶變暖就能平衡市場，這是很容易想像的。變暖非常重要，因為在船舶投入運營之前的冷卻成本實際上使它們被排除在外。

The capacity of the steam turbine fleet expressed in 170,000 cubic meter equivalent terms is around 200 vessels and removing 40 would mean retiring those built in 2003 or earlier. These ships are now over 20 years old and most will be of charter, making it easy to see how these balance the markets first through and utilization before eventual scrapping.

以 170,000 立方米當量計算的汽輪機船隊容量約為 200 艘船舶，移除 40 艘船舶將意味著 2003 年或更早建造的船舶退役。這些船舶現在已有 20 多年的船齡，大多數都是包租的，因此很容易看出這些船舶在最終報廢之前如何首先平衡市場和利用率。

Taking the analysis further, the chart on page 6 shows that even with the known project delays, LNG supply coming in 2025 is considerable. That's the blue line. This translates into the upward sloping funnel that represents growth in shipping demand through 2025 that we've looked at previously and goes beyond.

進一步分析，第 6 頁的圖表顯示，即使有已知的工程延誤，2025 年的液化天然氣供應量仍相當可觀。那就是藍線。這轉化為向上傾斜的漏斗，代表我們之前研究過並超越的到 2025 年航運需求的成長。

We are projecting a 75% growth in LNG supply from 2023 to 2030, a level that is within the range of the latest projections from Shell, BP, ExxonMobil and so forth. The chart shows where the LNG supply is coming from. The green area is the ramp-up from Australia that is already behind us. The blue area shows how the Middle East and Africa will maintain market share through the North Field expansion in Qatar.

我們預計 2023 年至 2030 年液化天然氣供應量將成長 75%，這一水準在殼牌、英國石油公司、埃克森美孚等公司的最新預測範圍內。此圖表顯示了液化天然氣供應的來源。綠色區域是來自澳洲的斜坡，已經在我們身後。藍色區域顯示中東和非洲將如何透過卡達北部油田的擴建來維持市場份額。

Much of this year's new supply was due to come from Russia, but that isn't large in the scheme of things. And lastly, it's the gray area that we see the North American supply coming through. This is a highly meaningful development for the industry given the longer shipping distances involved in getting US LNG to market.

今年的大部分新供應將來自俄羅斯，但從計劃上看這並不大。最後，我們看到北美供應處於灰色地帶。鑑於美國液化天然氣進入市場所需的運輸距離更長，這對該行業來說是一個非常有意義的發展。

North American supply getting to 40% globally is indicated here by 2030 and that's going to be big news for shipping. The market has responded with new ships, but nearly all of those ordered are already committed, leaving very few available for those yet to cover their volumes, although seeking to transition away from older tonnage.

預計到 2030 年，北美供應量將佔全球供應量的 40%，這對航運業來說將是一個重大消息。市場已推出新船來應對，但幾乎所有訂購的船舶都已交付使用，儘管正在尋求從舊噸位過渡，但可供尚未滿足其數量的船舶所剩無幾。

The top end of the funnel shows shipping demand should new volumes ship predominantly in Asia, the bottom edge of the funnel is a scenario where new volumes shipped predominantly to Europe. With Europe adequately supplied, new production will travel long haul to the east and under this scenario, as a considerable announced yet uncovered demand for shipping towards the end of the decade.

漏斗的頂端顯示了新卷主要運往亞洲的運輸需求，漏斗的底部邊緣則顯示新卷主要運往歐洲的情況。在歐洲供應充足的情況下，新的產量將長途運輸到東部，在這種情況下，因為到本世紀末將有大量已公佈但尚未發現的航運需求。

If you please turn to slide 5, we'll come back to today and an update to our familiar charts of current rates. The LNG carrier market has been subdued over the summer, although spot rates have started to gain ground heading into the seasonally stronger winter period. Term rates, however, have remained relatively soft compared to the exceptional 2022 to 2023 levels.

如果您請翻到投影片 5，我們將回到今天並更新我們熟悉的當前匯率圖表。液化天然氣運輸船市場在夏季一直低迷，儘管即期運價在進入季節性較強的冬季期間已開始上漲。然而，與 2022 年至 2023 年的異常水準相比，期限利率仍然相對疲軟。

In the near term, seasonal upside is expected soon even though it may be tempered this year by fleet growth delivering at a balance of new volumes that only really ramp up next year. The central short-term question is when will seasonal strength arrive to the market. We hedged our bets with the vessel that recently came open and fixed it, as you can see on the right-hand chart.

短期內，預計季節性上漲很快，儘管今年可能會因機隊成長而受到新銷量平衡的影響，而新銷量只會在明年真正增加。短期的核心問題是季節性強勢何時出現在市場。我們用最近開放並修復的船隻對沖我們的賭注，如右圖所示。

With this particular fixture, we had a brighter patch in the market, and it also came with benefits around the location and timing of the vessels dry dock, which are up significant value. September is often the month as people return from the summer. And this year, with a number of charters being relatively short shipping, there's a good chance that, that serves as a catalyst for activity. As the charts apply only to our TFDE vessels, what matters most for us is how the yellow line looks towards the end of the year, when the Kool Glacier becomes open for chartering.

有了這個特殊的固定裝置，我們在市場上有了一片光明，而且它也帶來了船舶乾船塢的位置和時間安排方面的好處，這些都顯著增加了價值。九月通常是人們從夏天歸來的月份。今年，由於許多租船的運輸時間相對較短，這很有可能成為活動的催化劑。由於圖表僅適用於我們的 TFDE 船舶，對我們來說最重要的是黃線在年底庫爾冰川開放出租時的樣子。

I'll talk about the prospects for our two-stroke opening, illustrated by the green shift here on the next slide. On page 7, we cover our plans for the Kool Tiger which is our last remaining two stroke that is open and is currently being marketed.

我將討論我們的二衝程開放的前景，下一張投影片中的綠色移位說明了這一點。在第 7 頁，我們介紹了 Kool Tiger 的計劃，這是我們最後開放的、目前正在銷售的兩衝程。

As a second generation two stroke, it is around $5,000 a day, more efficient than first-generation two-stroke designs and that makes it highly attractive to charters. The timing of this delivery provides us with an opportunity to combine long-term charters with a range of start-up dates with a shorter-term charter at an attractive winter rate providing interim employment.

作為第二代二衝程發動機，每天的費用約為 5,000 美元，比第一代二衝程設計效率更高，這使其對包機極具吸引力。此次交付的時間為我們提供了一個機會，將具有一系列啟動日期的長期包機與以有吸引力的冬季價格提供臨時就業的短期包機結合起來。

We are competing in several processes that are formal RFPs in nature and, in addition, have a growing pool of leads as delivery nears. There is strong interest from charterers both seeking to match their forthcoming volumes with shipping and those planning to release older steam tonnage.

我們正在幾個流程中進行競爭，這些流程本質上是正式的 RFP，此外，隨著交付的臨近，我們的潛在客戶數量也在增加。租船人都表現出了濃厚的興趣，他們既希望將其即將到來的運量與航運相匹配，又計劃釋放舊的蒸汽噸位。

Charter has increasingly recognized that new build costs are not likely to come down anytime soon and interest in longer-term shipping extends to volumes that are planned all the way through 2027. The Kool Tiger is a particular advantage for 2025 requirements, where there are a few, if any competing ships available.

Charter 越來越意識到，新建成本不太可能很快下降，而且對長期運輸的興趣延伸到了計劃到 2027 年的運輸量。Kool Tiger 對於 2025 年的要求具有特殊優勢，因為當時有幾艘（如果有的話）競爭艦艇可用。

As we have mentioned in the past, essentially all of the modern vessels currently participating in spot market are sublets intended to service specific new projects that will be coming online and thus are not able to compete for longer-term business.

正如我們過去所提到的，目前參與現貨市場的所有現代船舶基本上都是轉租，旨在為即將上線的特定新項目提供服務，因此無法競爭長期業務。

Our targets is to achieve multi-month rates illustrated here, along with a longer-term charter broadly comparable to our deal on the sister ship, the GAIL Segar, subject to adjustments based on charter duration.

我們的目標是實現此處所示的個多月費率，以及與我們在姊妹船 GAIL Segar 上的交易大致相當的長期包機，但會根據包機期限進行調整。

Over to you, John, for a more detailed look at the quarter.

約翰，請您更詳細地了解本季的情況。

Thanks, Richard. So I'll provide you with the financial overview for the second quarter of '24. Turning to slide 9. In our earnings release earlier today, we reported total operating revenues of $83.4 million, which aligns with guidance provided previously and is slightly above consensus estimates.

謝謝，理查。因此，我將為您提供 2024 年第二季的財務概覽。轉到投影片 9。在今天稍早發布的財報中，我們報告了總營業收入為 8,340 萬美元，這與先前提供的指導一致，略高於市場普遍預期。

Time and voyage charter revenues for the quarter were $76.4 million, resulting in an average time charter equipment rate, a TCE rate of $78,400 per day across our fleet of 11 vessels. As Richard highlighted, this represents an increase from the TCE rate of $77,200 in the prior quarter.

本季期租和航次租船收入為 7,640 萬美元，我們的 11 艘船隊的平均期租設備費率為每天 78,400 美元。正如 Richard 所強調的，這比上一季 77,200 美元的 TCE 費率有所增加。

The TCE revenues is a slight decrease compared to last quarter of $78.7 million, primarily due to one vessel being in dry dock and a lower floating rate on another vessel which has since transitioned to the one-year fixed charter. This decrease was partially offset by two vessels securing higher TCE rates during the second quarter.

與上一季的7870 萬美元相比，TCE 收入略有下降，主要是由於一艘船位於乾船塢，而另一艘船的浮動費率較低，該船已轉變為一年固定租船合同。這一下降被兩艘船舶在第二季度獲得更高的 TCE 費率所部分抵消。

Operating revenues also include the noncash amortization of net intangible contract assets and liabilities amounting to $4.5 million and it also includes third-party vessel management revenues of $2.5 million for the quarter.

營運收入還包括淨無形合約資產和負債的非現金攤銷，金額為 450 萬美元，還包括本季 250 萬美元的第三方船舶管理收入。

As previously disclosed, the scaled down third-party vessel management operations, reduced the revenues associated with that business, but it also reduced certain associated fleet management costs. We expect to be even a bit lower on the admin cost side, which includes the fleet management cost going forward to reflect that we're now left with third -- sorry, with three third-party vessels under management.

如同先前所揭露的，第三方船舶管理業務規模的縮小，減少了與該業務相關的收入，但也減少了某些相關的船隊管理成本。我們預計管理成本方面會更低一些，其中包括未來的船隊管理成本，以反映我們現在剩下第三艘船——抱歉，管理著三艘第三方船舶。

Adjusted EBITDA for the second quarter was $55.7 million compared to $58.5 million during the first quarter. This decrease was mainly due to lower TCE revenues though it was partly mitigated by our cost management initiatives. Adjusted EBITDA is calculated by excluding the noncash amortization of intangibles from our operating revenues. As a result, adjusted EBITDA this quarter was $4.5 million lower than what unadjusted EBITDA would have been.

第二季調整後 EBITDA 為 5,570 萬美元，而第一季調整後 EBITDA 為 5,850 萬美元。這一下降主要是由於 TCE 收入下降，儘管我們的成本管理措施在一定程度上緩解了這一下降。調整後 EBITDA 的計算方法是從我們的營業收入中排除無形資產的非現金攤提。因此，本季調整後 EBITDA 比未調整 EBITDA 低 450 萬美元。

Vessel operating expenses for the quarter were $17,000 per day per vessel, trending lower towards pre '23 levels and below our fourth quarter rolling average. The 2023 numbers were highly impacted by stocking up of four vessels that were acquired without any inventory during the fourth quarter of '22.

本季的船舶營運費用為每艘船每天 17,000 美元，趨於低於 23 年之前的水平，並低於我們第四季的滾動平均值。2023 年的數字受到四艘船舶庫存的嚴重影響，這些船舶是在 2022 年第四季購買的，沒有任何庫存。

This slide also provides selected guidance. Q3 revenues are impacted by the completion of two dry docks during the quarter and another dry dock start-up in mid-September, with expected completion in late-October.

該幻燈片還提供了選定的指導。第三季收入受到兩個乾船塢在本季度竣工以及另一個乾船塢於 9 月中旬啟動（預計於 10 月下旬竣工）的影響。

The exact timing of this third dry dock may shift based on cargo delivery schedules and the charterers' needs. However, overall for Q3, we expect a moderate increase in the TCE rates and also in the time and voyage charter revenues compared to the second quarter.

第三個乾船塢的確切時間可能會根據貨物交付時間表和承租人的需求而變化。然而，總體而言，第三季度，我們預計 TCE 費率以及期租和航次租船收入與第二季度相比將略有增長。

Turning to slide 10. Operating income for the second quarter was $41.4 million, a $2.7 million decrease from the $44.1 million during the prior quarter. This was primarily related to the revenue reasons mentioned earlier and partially offset by the positive impact of our cost management efforts, which were initiated in the beginning of this year. These efforts have yielded good results so far in terms of our administrative expenses, which include third-party fleet management cost.

轉到投影片 10。第二季營業收入為 4,140 萬美元，比上一季的 4,410 萬美元減少 270 萬美元。這主要與前面提到的收入原因有關，並被我們今年年初啟動的成本管理工作的正面影響所部分抵銷。到目前為止，這些努力在我們的管理費用（包括第三方車隊管理成本）方面取得了良好的結果。

Overall, the cost savings versus Q1 of around $2 million also demonstrating operational efficiencies across key areas. The operating margin relative to operating revenues was approximately 50%, the same level as in Q1.

總體而言，與第一季相比節省了約 200 萬美元的成本，也證明了關鍵領域的營運效率。營業利潤率相對於營業收入約 50%，與第一季持平。

Net income for the second quarter was $26.1 million, down from $36.6 million in the first quarter with the majority of the decrease relating to reduced unrealized gains on our mark-to-market interest rate swaps amounting to $7.2 million.

第二季的淨利潤為 2,610 萬美元，低於第一季的 3,660 萬美元，其中大部分下降與按市值計價的利率掉期未實現收益減少有關，金額為 720 萬美元。

Turning to slide 11 on the dividends. On a cumulative basis, since the inception of our dividend policy, we've paid out approximately 70% of our net income. Adjusted for the nonrecurring gain related to the sale of the Seal vessel during the first quarter of last year.

轉向關於股息的幻燈片 11。從累積來看，自股利政策實施以來，我們已支付了約 70% 的淨收入。根據去年第一季出售 Seal 船相關的非經常性收益進行調整。

The Board has approved a dividend payout of $0.41 per share with an ex-dividend date of September 6 for the New York Stock Exchange and September 9 for the OSE and the record date on September 9. The dividend will be distributed to the DTC registered shareholders on or around September 16 and the Norwegian registered shareholders on or around September 20.

董事會已批准派發每股 0.41 美元的股息，紐約證券交易所的除息日為 9 月 6 日，OSE 的除息日為 9 月 9 日，記錄日為 9 月 9 日。股息將於9月16日左右向DTC註冊股東派發，並於9月20日左右向挪威註冊股東發放。

Turning to slide 12 on the backlog. As reported during the last earnings call, our backlog includes the newbuild charter with GAIL India. It now totals $1.8 billion, including all extension options, which is equivalent to approximately 62 years of backlog or an average of 4.8 years per vessel considering all 13 vessels in our fleet.

前往關於待辦事項的投影片 12。如同上次財報電話會議所報導的，我們的積壓訂單包括與 GAIL India 的新建包機。現在總計 18 億美元，包括所有延期選項，相當於大約 62 年的積壓，或考慮到我們船隊中的所有 13 艘船，每艘船平均積壓 4.8 年。

The average TCE rate for our entire backlog is approximately $79,000 per day per vessel assuming all options are exercised to the maximum extent. The average TCE rate on our firm backlog, though, is even higher at $84,000 per day.

假設所有選擇權都得到最大程度的行使，我們整個積壓訂單的平均 TCE 費率約為每艘船每天 79,000 美元。不過，我們公司積壓訂單的平均 TCE 率甚至更高，達到每天 84,000 美元。

The chart on the right shows the breakdown of the backlog over the next several years. It also shows you a consensus revenues for the second half of '24 and the full year '25, and it shows you that they're substantially covered by our committed backlog.

右圖顯示了未來幾年積壓訂單的細目。它還向您展示了 24 年下半年和 25 年全年的共識收入，並且向您展示了我們承諾的積壓訂單基本上涵蓋了這些收入。

Turning to slide 13. As of June 30, our cash and cash equivalents totaled approximately $84 million, down from $106 million in the previous quarter mainly due to the semiannual debt amortization on our ING facility, which was paid in May, which has a $20 million swing impact from quarter-to-quarter.

轉到投影片 13。截至6 月30 日，我們的現金和現金等價物總計約為8,400 萬美元，低於上一季的1.06 億美元，主要是由於ING 貸款的半年度債務攤銷，該貸款於5 月份支付，較上一季產生了2,000 萬美元的波動影響-到季度。

Currently, our available liquidity position stands at a solid position of approximately $200 million, which is based on the June 30 cash plus the available predelivery liquidity of $77 million under our newbuild financing and $40 million under the recently announced upsize of the ING facility, both of which we have yet to draw.

目前，我們的可用流動性頭寸約為2 億美元，這是基於6 月30 日的現金加上我們新建融資項下的7,700 萬美元的可用交付前流動性和最近宣布的ING 融資規模擴大項下的4,000 萬美元。

We structured the upside with an option for a delayed drawdown to continue to benefit from the low interest rates on the existing sale and leaseback facility. With the two newbuilds added to our fleet during Q4, we obviously expect these vessels to generate or the company to generate additional free cash flow to equity going forward.

我們透過延遲提款選項來建立上行空間，以繼續受益於現有售後回租設施的低利率。隨著我們船隊在第四季度新增兩艘新船，我們顯然預計這些船舶或公司將在未來產生額外的股本自由現金流。

Turning to slide 14 on the debt structure. This slide represents our gross and net debt positions as of June as well as on a pro forma basis, assuming the new builds have been delivered, and we would have drawn all available debt as of June 30. We believe we have a well-balanced debt structure, no debt maturities until Q1 '27 while maintaining a healthy hedge ratio, which has generated substantial swap gains, both realized and unrealized.

轉向關於債務結構的幻燈片 14。這張投影片代表了我們截至 6 月以及預計的總債務頭寸和淨債務頭寸，假設新建築已經交付，並且我們將在 6 月 30 日提取所有可用債務。我們相信，我們擁有均衡的債務結構，在 27 年第一季之前沒有債務到期，同時保持健康的對沖比率，這產生了可觀的已實現和未實現的掉期收益。

While we recognize that unrealized gains may decrease if interest rates drop, on the other hand, this presents us with a near-term opportunity to lock in additional swaps at lower rates, given where the market is heading.

雖然我們認識到，如果利率下降，未實現收益可能會減少，但另一方面，鑑於市場走向，這為我們提供了一個短期機會以較低利率鎖定額外掉期。

This concludes my part. I'll hand the call back over to Richard. Thank you.

我的部分到此結束。我會把電話轉回理查。謝謝。

Thank you, John. Just turning to page 15. I won't go through this point by point. But before ending, I'd like to use the opportunity to draw attention to our ESG report for 2023 that has been published since the last time we spoke. It's a good read, and I recommend you take a look.

謝謝你，約翰。剛翻到第15頁。我不會逐點討論這一點。但在結束之前，我想藉此機會提請大家注意我們上次發言以來發布的 2023 年 ESG 報告。這是一本很好的書，我建議你看一下。

We reduced our AER to 7.49% for 2023 that's about 23% below 2019 levels, and it puts us on track to reach our 35% reduction target across the fleet by 2030. So making good headway there, and we will have the early results from the Husky, which is being upgraded from the middle of September through to the end of October to report next time we speak.

我們將 2023 年的 AER 降低至 7.49%，比 2019 年的水平低約 23%，這使我們預計在 2030 年實現整個機隊降低 35% 的目標。因此，我們在這方面取得了良好進展，我們將獲得哈士奇的早期結果，該設備將從 9 月中旬到 10 月底進行升級，以便在我們下次發言時報告。

So maybe on that note, I'll wrap up the formal part of the presentation. And Todd, if we could please open up to questions.

因此，也許在這一點上，我將結束簡報的正式部分。托德，如果可以的話，請提出問題。

(Operator Instructions) Alexander Bidwell, Webber Research & Advisory.

（操作員說明）Alexander Bidwell，韋伯研究與諮詢。

So starting off with the uncommitted new build, could you provide a little bit of additional color on the current market sentiment for the vessel, what sort of appetite are you seeing in terms of contract length, options, et cetera?

因此，從未承諾的新建造開始，您能否就該船當前的市場情緒提供一些額外的信息，您在合約期限、選項等方面看到什麼樣的胃口？

The market is a market that is a little bit split between those people, who are looking to enter into something long term. And those who are more playing the sort of short-term weakness in the market and the reason why we've stressed the formal age with the processes that we're involved in that they typically, in fact, almost always end up in a deal being done.

市場是一個在那些希望進入長期領域的人之間存在一點分歧的市場。那些更多地利用市場短期疲軟的人，以及我們強調我們所參與的流程的正式年齡的原因，事實上，他們通常幾乎總是最終達成協議正在完成。

And obviously, we're quite optimistic about at least one of those coming our way. So that's the long term -- that's the way the long-term charters are thinking. Short-term charters, let's talk about delays here and there. And of course, they're figuring they can put up decisions and maybe a stat that's driving what I would call a slightly soft summer.

顯然，我們對至少其中一個非常樂觀。這就是長期——這就是長期章程的思考方式。短期包機，我們來談談這裡那裡的延誤。當然，他們認為他們可以做出決定，也許還有一個統計數據可以推動我所說的略顯疲軟的夏天。

Alright. And I guess following up on that a little bit more. So the upgraded TFDEs that you guys are working to execute over the next several quarters here. How do you see those upgrades impacting the desirability of those vessels against modern two-strokes?

好吧。我想對此還要進一步跟進。因此，你們正在努力在接下來的幾個季度執行升級後的 TFDE。您如何看待這些升級對這些船舶對抗現代二衝程船舶的需求的影響？

Well, there's two things to consider in relation to the upgrades. One is how much additional value add we can achieve. And the other is how attractive they are versus other vessels. And as I think we've highlighted when we did the deal on the Husky, and it's actually we've done a very similar deal on the Blizzard, we will get to share in the upside with the charterer.

嗯，關於升級有兩件事需要考慮。一是我們能夠實現多少附加價值。另一個是它們相對於其他船隻的吸引力。正如我認為我們在完成哈士奇號交易時所強調的那樣，實際上我們已經在暴雪號上完成了非常相似的交易，我們將與承租人分享收益。

How much that ends up being will depend on how well these vessels end are performing and to some extent how the charters choose to run them. But we do see a good few thousand dollars of upside there above what might expect to get to a normal -- for a normal TFDE vessel.

最終的結果將取決於這些船舶的最終表現如何，以及在某種程度上，租船公司選擇如何運作它們。但我們確實看到，對於一艘普通的 TFDE 船舶來說，這比正常情況下的預期要高出數千美元。

When it comes to attractiveness versus other ships. And maybe this is something we have to think about in respect of these vessels a little bit further out. But the analogy would be steam vessels today. They're simply not being picked up. They're not being utilized. They're going warm as I referenced. And that's not a good position to be in. And of course, the quality tonnage always gets picked up first and to the extent that you can leapfrog ahead of the competition, it puts you in a better position.

當談到與其他船舶相比的吸引力時。也許這是我們必須對這些船隻進一步思考的問題。但類比是今天的蒸氣船。他們根本就沒有被接走。它們沒有被利用。正如我所提到的，它們正在變暖。這可不是一個好的處境。當然，質量噸位總是首先獲得的，如果您能夠在競爭中超越，它會讓您處於更好的位置。

Alright. And if I could squeeze just one more in here. So just taking a quick look at the Panama Canal, how do you see the long-term slot allocation program and the reservoir expansion projects impacting global shipping routes? Do you think it could bring an element of normalization to these elongated ton miles that we've seen over the past few quarters?

好吧。如果我能再在這裡擠一粒就好了。那麼，快速瀏覽巴拿馬運河，您如何看待長期艙位分配計畫和水庫擴建計畫對全球航線的影響？您認為這是否可以使我們在過去幾季看到的這些延長的噸英里數變得正常化？

I do see more vessels going through the Panama Canal in due course as long as it's able to take them. I think this year, there's always a bit of a delay factor because people figure out that shipping schedules well ahead of time. So I would see a bit of optimization going forward. However, the market has been able to accommodate the longer routings.

我確實看到更多的船隻在適當的時候通過巴拿馬運河，只要巴拿馬運河能夠容納它們。我認為今年總是存在一些延遲因素，因為人們提前知道了運輸時間表。所以我會看到未來的一些優化。然而，市場已經能夠容納更長的航線。

People are sailing a little bit slower maybe than what they have in the past. They're getting savings on the fuel consumption and environmental benefits from doing so. There's still uncertainty over how many ships the Panama Canal can really take. So bottom line, there will be a bit of a normalization, but not that much.

人們的航行速度可能比過去慢了一點。這樣做可以節省燃料消耗並帶來環境效益。巴拿馬運河到底能通過多少艘船隻仍存在不確定性。所以最重要的是，將會有一定程度的正常化，但不會太多。

Liam Burke, B. Riley.

利亞姆·伯克，B.萊利。

Richard, you secured the spot vessel on a 12-month charter with an energy major, how much interest is there out there to secure that same vessel on a multiyear charter? Or do you see just rolling that 12 month over?

理查德，您與一家能源巨頭簽訂了為期 12 個月的現貨船租約，那麼有多少人有興趣以多年期租約獲得同一艘船？或者您認為只是將這 12 個月延長嗎？

That depends on the rate level you can achieve. We firmly believe in higher rates going forward. What you might be able to achieve in the market today for a longer-term charter. So we're always going to try to balance that between maintaining optionality on those higher rates and ensuring we have good coverage across the fleet. And on this particular occasion, we felt that the right balance is to go through this 12-month deal at the sort of level that's indicated in the past.

這取決於您可以達到的速率水平。我們堅信未來利率會更高。對於長期包機，您可能能夠在當今市場上實現什麼目標。因此，我們總是會嘗試在保持較高費率的選擇性和確保我們在整個機隊中擁有良好的覆蓋範圍之間取得平衡。在這個特殊的場合，我們認為正確的平衡是以過去所示的水平完成這項為期 12 個月的協議。

I hope I have this right, if not, correct me, the TCE rate per vessel on your backlog is $84,000. And I guess my question is -- I'm sorry.

我希望我的說法是正確的，如果沒有，請糾正我，你們積壓的每艘船的 TCE 費率是 84,000 美元。我想我的問題是──對不起。

Sorry, yeah, on the firm backlog, if you include all the options, it's slightly below $80,000 per day, yeah.

抱歉，是的，在公司積壓訂單上，如果算上所有選項，每天的費用略低於 80,000 美元，是的。

`$80,00. Okay. Great. What I'm asking is, on the new build on the 14-year charter, is that -- how does that balance off your average backlog TCE per vessel?

`$80,00。好的。偉大的。我要問的是，在 14 年租約的基礎上，如何平衡每艘船的平均積壓 TCE？

For the other vessels only you mean, excluding the new builds?

您指的只是其他船隻，不包括新建造的船隻？

No, I mean the newbuild. Yeah.

不，我指的是新建的。是的。

The newbuild drag things out. It is a 14-year deal, and it's on sort of 1 ship out of 13. So I haven't got the math (multiple speakers) but it's going to -- it does have a certainly helpful impact on the overall picture for sure.

新建築把事情拖了後腿。這是一項為期 14 年的協議，並涉及 13 艘船中的 1 艘。所以我還沒有得到數學（多個發言者），但它會——它確實對整體情況產生肯定有幫助的影響。

Yeah. I think just on the top of my head here -- from the top of my head, on the firm backlog, you're still roughly $80 million on all the other vessels, excluding the new builds on a firm backlog basis.

是的。我想，就在我的腦海中——從我的腦海中，在確定的積壓訂單上，所有其他船舶的費用仍然約為 8000 萬美元，不包括在確定的積壓訂單基礎上的新建造項目。

That's relative pace to time.

這是與時間的相對速度。

Frode Morkedal, Clarksons Securities.

弗羅德‧莫基達爾 (Frode Morkedal)，克拉克森證券公司。

Yeah, with the [65,000] charter, I guess you don't have much spot exposure in the near term. But I wanted to check what's your view on the spot market anyway. You mentioned the winter season, maybe contango, floating storage, what's your outlook in the next few months?

是的，有了 [65,000] 包機，我想您在短期內不會有太多現貨曝光。但無論如何，我想了解您對現貨市場的看法。您提到了冬季，也許是期貨溢價、浮式儲存，您對未來幾個月的前景有何看法？

I think you can go one or two ways and I think both of them are quite favorable for shipping. We sort of talked a little bit about this in the presentation, but we have a sort of market where people are relaxing a little bit about their shipping requirements. And of course, sentiment is a big factor, but sentiment is something that can quickly change, and it would do if we had a cold winter. And of course, that's something that would mean that storage comes into play, which is maybe one scenario.

我認為你可以採取一兩種方式，而且我認為這兩種方式都對運輸非常有利。我們在演示中對此進行了一些討論，但我們有一個市場，人們對他們的運輸要求有所放鬆。當然，情緒是一個重要因素，但情緒是可以很快改變的，如果我們有一個寒冷的冬天，情緒就會改變。當然，這意味著存儲將發揮作用，這可能是一種情況。

The other scenario is that as we've seen today, the volumes head East. And to some extent, that will be because maybe you have a cold winter in the East. But it will also because the volumes will go to these emerging markets where we're seeing a lot of growth such as India, Thailand and so on and so forth. So that is the scenario where maybe things are not volatile, but because of the distances involved, it's equally positive for shipping.

另一種情況是，正如我們今天所看到的，銷量向東移動。在某種程度上，這是因為東方的冬天可能很冷。但這也是因為銷售量將流向印度、泰國等新興市場，我們在這些市場上看到了很大的成長。因此，在這種情況下，情況可能不會波動，但由於涉及距離，這對運輸同樣有利。

I guess, also the Suez Canal will enter the scenario here, right? I mean one -- first question, is it net positive or a negative, do you think? One thing is, obviously, you had the ton-mile effect, but you also had mix arbitrage spreads more challenging, right? The reroute. So what's your view beyond that, first off?

我想，蘇伊士運河也會進入這裡的場景吧？我的意思是，第一個問題，你認為它是淨正面還是負面？有一件事是，顯然，你有噸英里效應，但你也有更具挑戰性的混合套利價差，對吧？改道。那麼首先您對此有何看法？

I mean if things stay relatively stable, it won't necessarily be a traders market. But it will be a market where those who have LNG volumes are going to be making decent spreads, just simply because of the price of whether it would be Henry Hub or whatever the sources and the kind of prevailing prices that we're seeing in the end markets. And yeah, we've seen that even as things have stabilized in the results of the -- particularly the big players, which have been really quite good.

我的意思是，如果事情保持相對穩定，那不一定是交易者市場。但這將是一個擁有液化天然氣產量的人將獲得可觀價差的市場，僅僅是因為價格是亨利中心還是任何來源以及我們在液化天然氣中看到的普遍價格。是的，我們已經看到，即使事情已經穩定下來——尤其是大公司的結果，它們確實非常好。

So yeah, I mean maybe the closure of the Suez Canal in particular, that impacts the arbitrage trade. But I don't think it impacts the overall shipping demand that much. The distance to India, if you have to go around the Cape of Good Hope is a bit further, and that's probably the most affected market. The distance to Asia or China, [JK], Amazon is not a great deal further, and maybe doesn't -- is not so impacted.

是的，我的意思是蘇伊士運河的關閉尤其會影響套利交易。但我認為這對整體運輸需求影響不大。如果要繞行好望角的話，到印度的距離會遠一些，這可能是受影響最嚴重的市場。[JK]，亞馬遜到亞洲或中國的距離並沒有太遠，也許沒有——沒有受到太大影響。

And then on the Kool Tiger, I mean, it seems like you on page 8 talk about the multi-month being 95,000, little bit high, I guess, but you also said you think the long-term charter rate could be the same, right? Can you talk about that? What's your confidence in that number really?

然後在 Kool Tiger 上，我的意思是，您在第 8 頁上似乎談到了一個多月租金為 95,000，我想有點高，但您也說您認為長期包機費率可能是相同的，正確的？你能談談嗎？您對這個數字到底有多少信心？

I mean we -- let's take the long-term rates first. And we obviously know what the lap time was because we did it with the GAIL [SEGA] and we did that deal on a 14-year basis. We don't -- I think things have moved materially from those kinds of levels.

我的意思是我們——讓我們先考慮長期利率。我們顯然知道單圈時間是多少，因為我們用 GAIL [SEGA] 做到了這一點，並且我們以 14 年為基礎進行了這項交易。我們不——我認為事情已經從這些水平發生了實質性的變化。

And there's going to be a little bit of a delta based upon the duration of the contracts, a little bit higher, something that's a bit shorter. I'm not sure whether there's anything longer out there, but the opposite would also apply if there were. So that's kind of the area we are in for the longer-term charter.

根據合約的期限，將會有一點點的增量，高一點，短一點。我不確定那裡是否還有更長的東西，但如果有的話，相反的情況也適用。這就是我們長期包機的領域。

And the shorter-term charters will depend a lot on the winter market, but I don't think it's unreasonable to assume 95,000. So I mean, for us, our plan is to try and put those two things together, which obviously would be a great, great result.

短期包機很大程度上取決於冬季市場，但我認為假設 95,000 架並非不合理。所以我的意思是，對我們來說，我們的計劃是嘗試將這兩件事結合在一起，這顯然將是一個非常非常好的結果。

So you first go into the wage market? Or do you intend to -- or do you hope to get the long-term charter quite soon?

那你會先進入薪資市場嗎？或者您打算——或者您希望很快獲得長期特許權嗎？

Well, ideally, you'd get the long-term first. So when you know exactly how long you had available to charter the vessel into the voyage market or -- it's not voyage market technically, but the short-term charter book.

嗯，理想情況下，你會先獲得長期的利益。因此，當您確切知道您可以將船舶租入航次市場的時間有多長時，或者從技術上講，這不是航次市場，而是短期租船合約。

(Operator Instructions) [Peter Hagen, ABG].

（操作員說明）[Peter Hagen，ABG]。

A quick question on the steam turbine ships. So with read about a dark fleet now coming into the LNG space as well as we've seen in the tankers, Russian interests are now accumulating in older ships. To what extent do you think that is going to stand in the way of those ships sort of exiting the markets?

關於蒸汽渦輪機船的一個簡單問題。因此，隨著有關黑暗艦隊現在進入液化天然氣領域以及我們在油輪中看到的消息，俄羅斯的興趣現在正在老舊船舶上累積。您認為這會在多大程度上阻礙這些船舶退出市場？

I think it's only going to apply to a small handful of ships. People kind of asked the same thing about how many ships are going to go and become -- go and become [SAUs]. And at the end of the day, we're talking about a small handful of ships.

我認為它只適用於一小部分船舶。人們問了同樣的問題，即有多少艘船將去並成為——去並成為[SAU]。歸根結底，我們談論的是一小部分船隻。

In the case of those ships, if there are in some kind of dark fleet, there's no way they're coming back, and neither are we sort of using our fleet to lift the Russian volumes. So for the market that we're focused on, they just become irrelevant. And that they're out of contention for those liftings and the margin is helpful for us.

就這些船隻而言，如果存在某種黑暗艦隊，它們就不可能回來，而且我們也不會利用我們的艦隊來提升俄羅斯的產量。因此，對於我們關注的市場，它們就變得無關緊要了。而且他們在這些提升方面沒有競爭，而且利潤對我們很有幫助。

And in terms of the Kool Tiger, you're talking about the twp processes, formal processes that you're participating in as we speak. Could you say something about the sort of charter, the type of charter, which is asking in those two tenders for ships? Is it sort of base -- two US-based projects or are there more Indian charters behind those?

就 Kool Tiger 而言，您正在談論 twp 流程，即我們所說的您正在參與的正式流程。您能否介紹一下這兩次船舶招標中要求的租船類型？這是一個基地——兩個美國項目，還是背後有更多的印度特許狀？

I'd say, they're more -- well, clearly longer term and more sort of utility, more sort of demand-side customers as opposed to supply-side customers. Does that sort of help?

我想說，他們是──嗯，顯然是更長期、更實用、更多是需求方客戶，而不是供應方客戶。這樣有幫助嗎？

Yeah, that helps a lot, actually. So I would say that would bring down the counterparty risk in those length of deals. And just then finally from me, you paid $0.41 now for -- well, is it four, five quarters? Is that asset number now? Or would you sort of make other considerations if you were to go up or down from those $0.40 -- $0.41, I'm sorry?

是的，實際上這很有幫助。所以我想說，這將降低這些交易期限內的交易對手風險。就在那時，我終於告訴你，你現在付了 0.41 美元——嗯，是四、五個季度嗎？現在是資產編號嗎？或者，如果您要從 0.40 美元到 0.41 美元上漲或下跌，抱歉，您會做出其他考慮嗎？

Peter, this is John. We felt very comfortable with the quarter two dividend. Historically, we've paid out roughly 70% of net income, close to 80% of free cash flow to equity after some refinancing in June last year. And as we always state, going forward, the dividends will depend on many factors, including fixtures for the open vessels and the general -- how the LNG markets develops during the winter season. Obviously, in the near term, we have the dry docks, but these have performed very well so far. So that's as much as we can say at this point. Hopefully, that answers your question.

彼得，這是約翰。我們對第二季的股息感到非常滿意。從歷史上看，去年 6 月進行了一些再融資後，我們已經將大約 70% 的淨利潤、接近 80% 的自由現金流支付給了股權。正如我們一直所說的那樣，展望未來，股息將取決於許多因素，包括開放船舶的固定裝置以及冬季液化天然氣市場的整體發展。顯然，在短期內，我們擁有乾船塢，但到目前為止，這些船塢表現得非常好。目前我們能說的就這麼多了。希望這能回答您的問題。

At this time, I show no further questions in queue. I will turn the call back to Mr. Tyrrell for closing remarks.

此時，我在隊列中沒有顯示任何其他問題。我將把電話轉回給泰瑞爾先生，要他致閉幕詞。

Well, thanks, everybody, for joining. Let me just wish all those in the US, a great Labor Day weekend. And I look forward to speaking next time.

好的，謝謝大家的加入。讓我祝福所有在美國的人度過一個愉快的勞動節週末。我期待下次發言。

This does conclude today's call. We thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。