Cool Company Ltd (CLCO) 2024 Q3 法說會逐字稿

Good day, and welcome to the Cool Company Limited third-quarter 2024 Business Update Call. (Operator Instructions) Please note today's call will be recorded. (Operator Instructions) It is now my pleasure to turn the call over to Richard Tyrrell, Chief Executive Officer. Please go ahead.

您好，歡迎參加 Cool Company Limited 2024 年第三季業務更新電話會議。（操作員說明）請注意，今天的通話將會被錄音。（操作員指示）現在我很高興將電話轉給執行長 Richard Tyrrell。請繼續。

Good morning and good afternoon. Thank you, Todd, for the introduction. As many of you will have seen in our press release today, we've made important decisions concerning dividends and buybacks. These, along with the refinancing of our largest facility on more attractive terms are intended to ensure that we can seize opportunities in the current market from a position of strength. I'll be focusing on the current market drivers and how we see them developing in my pages; however, before delving into those, we have a quarter to report and page 3 has the key figures.

早安，下午好。謝謝托德的介紹。正如你們許多人在今天的新聞稿中看到的那樣，我們已經做出了有關股息和回購的重要決定。這些，加上我們最大的設施以更具吸引力的條款進行再融資，旨在確保我們能夠以優勢地位抓住當前市場的機會。我將在我的頁面中重點關注當前的市場驅動因素以及我們如何看待它們的發展；然而，在深入研究這些之前，我們需要報告一個季度，第 3 頁有關鍵數據。

Our contracted fleet and efficient dry dockings enabled us to reach the upper end of revenue guidance for the third quarter. This was supported by and will continue to be supported by our $1.7 billion backlog as of the end of the period. Revenue reached $82.4 million and adjusted EBITDA came in at $53.7 million.

我們的合約船隊和高效的乾船塢使我們能夠達到第三季收入指導的上限。截至本期末，我們的 17 億美元積壓訂單已經並將繼續支持這一點。營收達 8,240 萬美元，調整後 EBITDA 為 5,370 萬美元。

Net income was $8.1 million after the impact of an unrealized $15.5 million negative mark on our interest rate swaps as highlighted in the footnote. Dividend has been reduced to $0.15 per share, while we added a $40 million share buyback program to offer an alternative channel for returning capital to shareholders.

正如腳註中所強調的，在我們的利率掉期未實現的 1550 萬美元負標記的影響之後，淨利潤為 810 萬美元。股利已減少至每股 0.15 美元，同時我們增加了 4,000 萬美元的股票回購計劃，為股東返還資本提供替代管道。

Unfortunately, following the quarter's end, we experienced a disappointing start to the winter season due to several factors, which I'll discuss shortly. Much more positively, we have commercial bank approval for refinancing our $570 million facility. Our new facility includes a revolving credit component providing up to $120 million in additional borrowing capacity, all at a 20 basis point cost saving.

不幸的是，在本季結束後，由於多種因素，我們在冬季的開局令人失望，我很快就會討論這些因素。更積極的是，我們已獲得商業銀行批准為我們的 5.7 億美元融資進行再融資。我們的新設施包括循環信貸部分，可提供高達 1.2 億美元的額外借貸能力，同時節省 20 個基點的成本。

The maturity of the new facility has been extended from 2027 to late 2029 with 2 options to extend. John is going to provide more details, but this refinancing significantly enhances our flexibility to respond to market conditions and seize emerging opportunities.

新設施的期限已從 2027 年延長至 2029 年末，有 2 個延長選項。約翰將提供更多細節，但這次再融資大大增強了我們應對市場狀況和抓住新興機會的靈活性。

Turning to page 4. And again, we highlight the $1.7 billion backlog. And you can see how this has been growing over time from the chart in the right-hand corner of the page. The slight pick-up in TCE was related to a full quarter's contribution from a vessel that moved to a higher rate in Q2, so it wasn't so long ago that we saw vessels moving to higher rates. The middle chart shows the effect on liquidity of the current dry docking cycle and its effect on EBITDA.

翻到第 4 頁。我們再次強調 17 億美元的積壓。您可以從頁面右上角的圖表中看到這個數字是如何隨著時間的推移而增長的。TCE 的小幅回升與第二季船舶的整個季度的貢獻有關，該船舶在第二季度轉向更高的費率，因此不久前我們看到船舶轉向更高的費率。中間的圖表顯示了目前乾塢週期對流動性的影響及其對 EBITDA 的影響。

Of course, we're up higher for periods in dry docks. This is maybe a smaller factor in our variable dividend policy parameters that are now expanded to include the share repurchase program as a capital return alternative. The Kool Tiger delivered from the shipyard in October and repositioned to the Atlantic Basin for spot market employment, while long-term employment is pursued.

當然，我們在幹船塢期間的表現會更高。這可能是我們可變股息政策參數中的一個較小因素，這些參數現在已擴大到包括股票回購計劃作為資本回報替代方案。Kool Tiger 於 10 月從造船廠交付，並重新定位到大西洋盆地以進行現貨市場使用，同時尋求長期使用。

The Kool Glacier also delivered -- redelivered at the end of the quarter, and it is today trading in the spot market. I've mentioned the refinancing, dividend and buyback program already. Together, these are part of a strategic move aimed at maximizing value for shareholders during what we foresee could be a volatile but opportunity risk-rich LNG shipping market.

庫爾冰川也已交付——在本季末重新交付，目前在現貨市場進行交易。我已經提到過再融資、股息和回購計劃。總之，這些都是策略性舉措的一部分，旨在在我們預期液化天然氣運輸市場可能波動但機會風險豐富的情況下實現股東價值最大化。

The prognosis for LNG remains strong in the medium to long term. LNG remains the transition fuel of choice with well-established geopolitical credentials that are highly supportive of future development. It is expected that the moratorium on new LNG export projects in the US will soon be relaxed, resulting in material additional shipping demand towards the end of this decade.

從中長期來看，液化天然氣的預測仍然強勁。液化天然氣仍然是過渡燃料的選擇，具有良好的地緣政治信譽，對未來的發展具有高度支持。預計美國新液化天然氣出口項目的暫停將很快放寬，導致本世紀末的航運需求大幅增加。

Please turn to page 3. By design, our backlog from our 10 vessels and 1 newbuild vessel that are on charters limit our exposure, but there's no getting away from how disappointing rates have been coming into this winter. The spot chart on the right shows how rates have gone below a floor not seen since 2018. This is meaning that no 12-month deals are getting done, the bid-ask spread between the charterers and the owners is too great. There are examples of longer-term deals being done on newbuilds at rates rumored to be in the high 80s; however, the premium for early delivery is gone, as you would expect, given near-term rates.

請翻到第3頁。按照設計，我們的 10 艘船舶和 1 艘新造船舶的積壓訂單限制了我們的風險敞口，但今年冬天的運價令人失望，這是不可避免的。右側的現貨圖顯示了利率如何跌破 2018 年以來的最低水準。這意味著沒有任何 12 個月的交易達成，租船人和船東之間的買賣價差太大。有傳言稱，新造船的長期交易價格高達 80 多美元。然而，正如您所期望的，鑑於近期利率，提前交付的溢價已經消失。

Sentiment has played a part, and this often reverses quickly. Trades that require additional shipping can also swiftly return, not that we're expecting a vintage winter. Both the Tiger and Glacier have been delivered and redelivered into this market and will operate in the spot market until the term market improves. Tiger is positioned in the Atlantic Basin and Glacier is positioned in the Pacific Basin until its dry dock in February, where it stands to be upgraded to LNGe specs and where the off-hire won't come at the usual cost as rates currently stand.

情緒起了一定作用，而且這種情況往往很快就會逆轉。需要額外運輸的交易也可以迅速返回，而不是我們期待一個復古的冬天。Tiger 和 Glacier 均已交付並重新交付到該市場，並將在現貨市場運營，直到期限市場改善。Tiger 位於大西洋盆地，Glacier 位於太平洋盆地，直到 2 月進入乾船塢，在那裡它將升級到 LNGe 規格，並且不會以目前費率的通常成本停租。

Turning to Page 4. And here, I know that everybody is keen to understand the short-term market, and this is how we see it. A disconnect has opened up between the LNG and LNG shipping markets in the short term. LNG markets have been reasonably strong if you own the molecules. The blue line is the TTF, European gas price. And the orange line is JKM, the LNG price in the East.

翻到第 4 頁。在這裡，我知道每個人都渴望了解短期市場，這就是我們的看法。短期內，液化天然氣和液化天然氣運輸市場之間已經出現脫節。如果你擁有這些分子，液化天然氣市場就會相當強大。藍線是TTF，歐洲天然氣價格。橘色線是JKM，東部的液化天然氣價格。

At today's LNG price, the cargo is worth almost $50 million and the spread versus Henry Hub at $2 per MMBtu is large. The supply of LNG has hardly increased over the year, which partly explains the strong pricing and highly favorable LNG value chain economics. However, what is good for the resource holders is neither good for the traders who thrive on volatility nor shipping.

以今天的液化天然氣價格計算，這批貨物價值近 5000 萬美元，與亨利港每 MMBtu 2 美元的價差很大。全年液化天然氣供應幾乎沒有增加，這在一定程度上解釋了強勁的定價和非常有利的液化天然氣價值鏈經濟效益。然而，對資源持有者有利的事情對依靠波動性和運輸而繁榮的交易者來說並不好。

We can see in the chart just how flat the LNG prices have been over the past few months, and we see this continuing in the forwards. At flat prices, there's no contango between periods to support floating storage, something that would typically tie up around 30 ships at this time of year. LNG prices at the front end of the curve in Europe initially held up because of unscheduled maintenance to Norwegian gas production at the start of the season and, subsequently, because of uncertainty over the remaining gas still entering Europe via Ukraine through a transit agreement that finishes at the end of the year. These factors meant that onshore gas storage in Europe never quite reached full capacity, helping to support near-term pricing and flattening the curve.

我們可以從圖表中看到過去幾個月液化天然氣價格的持平程度，並且我們認為這種情況在未來會持續下去。以固定價格計算，不同時期之間不存在期貨溢價來支援浮動存儲，而每年這個時候通常會佔用大約 30 艘船。歐洲曲線前端的液化天然氣價格最初保持堅挺，是因為挪威天然氣生產在季節開始時進行了計劃外的維護，隨後，由於剩餘天然氣仍通過烏克蘭通過運輸協議進入歐洲的不確定性，該協議已完成年底。這些因素意味著歐洲的陸上天然氣儲存從未完全達到滿載，這有助於支撐近期定價並平整曲線。

Cold weather in Europe over the past week or so has resulted in a steepening of the curve in anticipation of a colder winter, and we've seen a few cargoes getting diverted. This is a bit of a double-edged sword for shipping since while disruption and trading opportunities are generally positive, the distances to Europe are shorter and what we really need is colder weather in the East. Fundamentals are also having an impact on the market. The bars show the newbuilds delivering every month this year.

過去一周左右歐洲的寒冷天氣導致冬季寒冷的預期導致曲線變陡，我們已經看到一些貨物被轉移。這對航運業來說是一把雙刃劍，因為雖然幹擾和貿易機會總體上是積極的，但到歐洲的距離更短，我們真正需要的是東部更冷的天氣。基本面也對市場產生影響。這些條形圖顯示了今年每個月交付的新船。

And as you can see, the high number in September really kicked off this period of indigestion. These vessels are mainly matched to new LNG supply, something that the green curve shows is yet to come. In the meantime, these ships are unwelcome competition for us in the market. Fortunately, new supply and the exit of steam turbine ships is set to restore the balance to the market as we shall see.

正如你所看到的，9月的高數字確實拉開了這段消化不良時期的序幕。這些船舶主要與新的液化天然氣供應相匹配，綠色曲線表明這一點尚未到來。同時，這些船舶對我們來說是市場上不受歡迎的競爭。幸運的是，正如我們將看到的，新的供應和蒸汽渦輪機船舶的退出將恢復市場的平衡。

Turning to page 7. We show how we expect the conditions to steadily improve over 2025. The chart is a continuation of what we saw on the previous page and there's a high level of visibility around the ramp-up, especially in the first half of the year. Corpus Christi, LNG Canada, Plaquemines, and Tortue amount to 34 million tonnes per annum. Then towards the end of the year, we have additional projects arriving. Many of the ships that delivered early in 2024 are targeted at the projects you see in the first half on the chart.

翻到第7頁。我們展示了我們預計 2025 年情況將如何穩定改善。這張圖表是我們在上一頁看到的內容的延續，並且有關成長的可見度很高，尤其是在今年上半年。Corpus Christi、LNG Canada、Plaquemines 和 Tortue 的年產量達 3,400 萬噸。然後到年底，我們還會有更多項目到來。許多 2024 年初交付的船舶都是針對您在圖表上半部分看到的項目。

Many of the ships you see on this chart will serve the projects listed at the end of the year. Almost 1/3 of the ships delivering in 2025 will be chartered to Qatar Energy and are targeted at replacing their steam turbine fleet and huge North field expansion, of which the 7.8 million tonnes per annum is only the first train. This is relevant because it reduces the number of ships that we see ourselves competing against while waiting for LNG projects to come online.

您在此圖表中看到的許多船舶將服務於年底列出的項目。2025年交付的船舶中，將有近1/3租給卡達能源公司，目標是更換其汽輪機船隊和大規模的北部油田擴建，其中每年780萬噸的產能只是第一批。這是相關的，因為它減少了我們在等待液化天然氣項目上線時與之競爭的船舶數量。

In summary, we're expecting rates to steadily improve in the first half of 2025 as projects deliver. Additionally, page 8 shows what will be meaningful demand for modern shipping from the retirement of the steam-turbine fleet. TradeWinds reported 4 ships were scrapped by SK a few weeks ago, many of the sale and the transition is really happening. 92 of the 233 steam-turbine vessels currently on the water are greater than 20 years old, and this number will increase by 20 to 30 vessels per year between now and the end of the decade.

總而言之，我們預計隨著專案的交付，費率將在 2025 年上半年穩步提高。此外，第 8 頁顯示了蒸汽輪機船隊退役後對現代航運的有意義的需求。TradeWinds 報道稱，幾週前 SK 報廢了 4 艘船，其中許多出售和過渡確實正在發生。目前水面上的 233 艘蒸汽渦輪機船舶中有 92 艘的船齡超過 20 年，從現在到本十年末，這一數字每年將以 20 至 30 艘的速度增加。

The 20-year anniversary is significant because it's when many of the ships come off their initial charters and need expensive dry docks. Charterers can lay up a steam turbine, take a newer vessel and save overall in this market.

20 週年紀念日意義重大，因為此時許多船舶都結束了最初的租約，需要昂貴的乾船塢。承租人可以閒置蒸汽渦輪機，購買更新的船舶，從而在這個市場上節省整體成本。

Because of things like scheduling, the switch between steam turbines and newer tonnage doesn't happen overnight, but give it six months, and we'll see it. The cost disadvantage of steam-turbine vessels put them into negative territory at current rates. And once the ship warms up, it becomes prohibitively expensive to cool down. This is akin to a shipping version of musical chairs where new ships arrive and older ships leave the market every round.

由於調度等因素，蒸汽渦輪機和新噸位之間的轉換不會在一夜之間發生，但給它六個月的時間，我們就會看到它。蒸汽渦輪機船舶的成本劣勢使其以目前的價格陷入負值。一旦船舶變暖，冷卻的成本就變得異常昂貴。這類似於音樂椅的航運版本，每一輪都有新船到達，舊船離開市場。

Additionally, gas sales agreements require larger vessels. Smaller vessels have higher unit freight cost, steam-turbine vessels have speed restrictions under CII environmental regulations and expensive dry docks that can cost up to $10 million. The chart shows that there's well over 100 opportunities to take over from steam-turbine vessels in the next couple of years, and this market is a major focus for CoolCo.

此外，天然氣銷售協議需要更大的船隻。較小的船舶具有較高的單位貨運成本，蒸汽渦輪機船舶受到 CII 環境法規的速度限制，並且昂貴的乾船塢成本高達 1000 萬美元。這張圖表顯示，未來幾年將有超過 100 個取代蒸汽渦輪機船舶的機會，而這個市場是 CoolCo 的主要關注點。

Before I wrap up my section, I will say that I hope I've explained how we see the market and how it will develop in the short term, which I know is a key investor focus. For those focused on the longer term, I will add that we see regulation, politics and geopolitics favoring LNG with over 100 million tonnes per annum of possible projects by the end of the decade, looking increasingly probable.

在結束我的部分之前，我要說的是，我希望我已經解釋了我們如何看待市場以及它在短期內將如何發展，我知道這是投資者的主要關注點。對於那些關注更長期的人，我要補充一點，我們看到監管、政治和地緣政治有利於液化天然氣，到本十年末，可能的項目每年將超過 1 億噸，而且可能性越來越大。

The current market indigestion will result in opportunities for CoolCo that we intend to seize from a position of strength. This is the reason for securing the flexible financing, reducing the dividend and introducing a buyback program that will enable us to create significant value through buying back shares when trading significantly below NAV.

目前的市場消化不良將為CoolCo帶來機會，我們打算憑藉實力抓住這個機會。這就是確保靈活融資、減少股息和引入回購計劃的原因，這將使我們能夠在交易價格大幅低於資產淨值時透過回購股票來創造巨大價值。

John, over to you.

約翰，交給你了。

Thank you, Richard. I'll provide the financial overview for the third quarter. Turning to slide 9. In our earnings release earlier today, we reported TCE revenues of $77.7 million, slightly exceeding the guidance provided during our August second quarter earnings call. This represents an increase from last quarter's $76.4 million, primarily driven by vessel transitioning to a one-year fixed charter at almost double the previous rate. This was partially offset by three vessels undergoing dry dock during the third quarter. Time and voyage charter revenues yielded an average TCE rate of $81,600 per day across our fleet of 11 vessels on the water, up from $78,400 in Q2.

謝謝你，理查。我將提供第三季的財務概況。轉到投影片 9。在今天稍早發布的財報中，我們報告 TCE 收入為 7,770 萬美元，略高於 8 月第二季財報電話會議期間提供的指引。這比上季度的 7,640 萬美元有所增加，主要是由於船舶以幾乎是之前兩倍的速度過渡到一年期固定租船。第三季有三艘船舶進入乾船塢，部分抵銷了這一影響。我們的 11 艘水上船隊的期租和航次租船收入產生的平均 TCE 費率為每天 81,600 美元，高於第二季的 78,400 美元。

Overall operating revenues exceeded consensus estimates, but were approximately $1 million lower than the prior quarter. Operating revenues also included $3.9 million in non-cash amortization of net intangible contract assets and liabilities as well as around $800,000 in third-party vessel management revenues. As previously disclosed, the scaled down third-party vessel management operations reduced our revenues, but also lowered the related fleet management costs.

整體營業收入超出了市場普遍預期，但比上一季減少了約 100 萬美元。營運收入還包括淨無形合約資產和負債的 390 萬美元非現金攤銷以及約 80 萬美元的第三方船舶管理收入。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我們的收入，但也降低了相關的船隊管理成本。

Adjusted EBITDA for the second quarter -- for the third quarter was $53.7 million compared to $55.7 million during the second quarter. This decrease was mainly due to lower operating revenues and note that adjusted EBITDA is calculated by excluding this $3.9 million in revenue amortization.

第二季調整後 EBITDA 為 5,370 萬美元，而第二季為 5,570 萬美元。這一下降主要是由於營業收入下降，並請注意調整後的 EBITDA 是透過排除這 390 萬美元的收入攤銷來計算的。

Vessel operating expenses averaged $17,700 per day per vessel during the quarter, slightly higher than Q2, but generally consistent with 2023 levels. Regarding dry docking, all our TFDE vessels were initially acquired around 2014, '15, resulting in a concentrated dry dock cycle over a two-year period. Ideally, the schedule would have been more evenly distributed with two dry docks annually, but that's not the case.

本季船舶營運費用平均每艘船每天 17,700 美元，略高於第二季度，但總體與 2023 年水準一致。關於乾船塢，我們所有的 TFDE 船舶最初都是在 2014 年'15 年左右購買的，導致乾船塢週期集中在兩年內。理想情況下，時間表應該更均勻地分配，每年有兩個乾船塢，但事實並非如此。

So we now have 7 dry docks remaining, 6 in '25 and 1 in '26, impacting free cash flow to equity by some off-hire time and the associated dry dock costs. Looking ahead, Q4 revenues reflect the completion of 1 dry dock in late October, no other dry dock starts during this quarter, and the renewal of 1 vessel contract in November, albeit at a low spot rate.

因此，我們現在還剩下 7 個乾船塢，其中 6 個是 25 年的，1 個是 26 年的，由於一些停租時間和相關的乾船塢成本影響了股本的自由現金流。展望未來，第四季度的收入反映了 10 月下旬建成的 1 個乾船塢，本季度沒有其他乾船塢開工，以及 11 月續簽了 1 艘船舶合同，儘管現貨價格較低。

Turning to slide 10. Operating income for the second quarter was $38.9 million, down $2.5 million from $41.4 million in the prior quarter. The decrease was driven by higher TCE revenues, offset by dry dock impacts and lower third-party revenues. The operating margin remained strong at 47% of operating revenues, though slightly lower than in Q2.

轉到投影片 10。第二季營業收入為 3,890 萬美元，比上一季的 4,140 萬美元減少 250 萬美元。下降的原因是 TCE 收入增加，但被乾船塢影響和第三方收入減少所抵消。營業利潤率仍然強勁，佔營業收入的 47%，但略低於第二季。

Net income for the second quarter was $8.1 million compared to $26.1 million in Q2, with the decline primarily due to a swing of $16.5 million in net unrealized losses on the mark-to-market interest rate swaps that are related to future quarters.

第二季淨利為 810 萬美元，而第二季為 2,610 萬美元，下降的主要原因是與未來季度相關的按市價利率掉期的未實現淨虧損增加了 1,650 萬美元。

Turning to slide 11. Our variable dividend policy states that the company intends to allocate its free cash flow to equity, primarily to the payment of a quarterly dividend after allocations to dry docking and capital expenditures related to improving vessel efficiency. We generally have not excluded CapEx from the free cash flow to equity as these were funded previously.

轉到投影片 11。我們的可變股息政策規定，公司打算將其自由現金流分配給股權，主要用於在分配乾塢和與提高船舶效率相關的資本支出後支付季度股息。我們通常不會將資本支出排除在股權自由現金流之外，因為這些資本支出之前已經獲得了資助。

Today's announcement of the dividend of $0.15 is mainly a reflection of the finishing and our starting of the three dry docks during the quarter and to some extent, the announcement of a buyback program. The dividend payout relative to adjusted net income, which excludes unrealized mark-to-market gains and losses is much lower than in previous quarters. However, the dividend policy looks at free cash flow to equity and dry dock expenses have a significant impact on that by incurring loss of hire and the actual dry dock expenses.

今天宣布派發 0.15 美元的股息主要反映了我們本季三個乾船塢的完工和啟動，在某種程度上也反映了回購計畫的宣布。相對於調整後淨利潤（不包括未實現的按市值計算的損益）的股息支付遠低於前幾個季度。然而，股利政策著眼於股本的自由現金流，而乾船塢費用會產生租金損失和實際幹船費用損失，對其產生重大影響。

The Board approved this dividend payout with an ex-dividend date of November 29 for the OSE and December 2 for the New York Stock Exchange and a record date of December 2. As you have observed in the press release, the Board approved a $40 million buyback program over a period of 24 months. The plan is to buy back shares either through discretionary or nondiscretionary plans or a combination.

董事會批准了此次股息支付，OSE 的除息日為 11 月 29 日，紐約證券交易所的除息日為 12 月 2 日，記錄日為 12 月 2 日。正如您在新聞稿中所看到的，董事會批准了一項為期 24 個月、價值 4000 萬美元的回購計畫。該計劃是透過全權或非全權計劃或組合回購股票。

The details of the repurchases will be disclosed in accordance with our stock exchange obligations. From a valuation perspective, even with the impacts to free cash flow that we mentioned above, the disconnect between our recent market valuation and our own assessment of the company's inherent value is simply too wide not to put a buyback program in place.

回購詳情將根據我們的證券交易所義務予以揭露。從估值角度來看，即使考慮到我們上面提到的對自由現金流的影響，我們最近的市場估值與我們自己對公司內在價值的評估之間的脫節實在太大，以至於無法不實施回購計劃。

Turning to Page 12 on the backlog. Our backlog as of September totaled more than $1.7 billion, including all the extension options, equivalent to around 60 years of backlog or an average of 4.6 per vessel, considering all 13 vessels in our fleet. The average TCE rate for our backlog is approximately $80,000 per day per vessel, assuming all options are exercised to the maximum extent.

轉到積壓工作的第 12 頁。截至 9 月份，我們的積壓訂單總計超過 17 億美元，包括所有延期選項，相當於約 60 年的積壓，或考慮到我們船隊中的所有 13 艘船，平均每艘船有 4.6 艘積壓訂單。假設所有選擇權都得到最大程度的行使，我們積壓訂單的平均 TCE 費率約為每艘船每天 80,000 美元。

The average TCE rate on our firm backlog, though, is even higher at $85,000 per day. The chart on the left shows the breakdown of the backlog over the next two years, where we have substantial coverage in the near term of the consensus revenues, namely 80% in 2020 -- sorry, in '25 alone.

不過，我們公司積壓訂單的平均 TCE 率甚至更高，達到每天 85,000 美元。左邊的圖表顯示了未來兩年積壓訂單的細目，我們在短期內覆蓋了共識收入的大部分，即 2020 年的 80%——抱歉，僅在 25 年。

Turning to slide 13. The chart on the left presents our gross and net debt positions as of September 30 as well as on a pro forma basis, assuming the newbuilds have been delivered and including the funding we received on November 14 for the refinancing of the two sale and leaseback facilities that were scheduled to mature in the first quarter of 2025.

轉到投影片 13。左圖顯示了截至 9 月 30 日以及預計的總債務狀況和淨債務狀況，假設新造船已交付，並包括我們在 11 月 14 日收到的用於兩個售後回租設施再融資的資金計劃於2025 年第一季成熟。

We are delighted to share the excellent news that this week, we successfully secured bank approvals to refinance our existing $570 million bank facility into a reducing revolving credit facility. This demonstrates the confidence and trust our banking partners have placed in us and reflects the strength of our relationships. Their unwavering support and collaboration have been instrumental in this refinancing process.

我們很高興與大家分享一個好消息：本週，我們成功獲得銀行批准，將我們現有的 5.7 億美元銀行融資再融資為減少循環信貸融資。這顯示了我們的銀行夥伴對我們的信心和信任，也反映了我們關係的強度。他們堅定不移的支持和合作在這次再融資過程中發揮了重要作用。

This new facility not only strengthens our financial foundation, but also provides us with enhanced flexibility to seize growth opportunities. This refinancing increases the loan-to-value ratio from the low-50s to the mid-60s and adding approximately $120 million in borrowing capacity. Closing is expected in December. And by then, this will extend the facility by about three years, reduces the margin, pushes the next debt maturity out to 4.5 years from today.

這項新設施不僅增強了我們的財務基礎，還為我們提供了更大的靈活性來抓住成長機會。此次再融資將貸款價值比率從 50 多歲提高到 60 多歲，並增加了約 1.2 億美元的借貸能力。預計 12 月交割。到那時，這將使貸款期限延長約三年，降低保證金，將下一個債務期限從今天推遲到 4.5 年。

And excluding this RRCF, our current average interest rate stands at approximately 5.95%. So after closing of this refinancing, we believe we have a well-balanced debt structure, no debt maturities until the second quarter of 2029, while maintaining a healthy interest rate hedge ratio.

排除此 RRCF，我們目前的平均利率約為 5.95%。因此，在本次再融資結束後，我們相信我們擁有均衡的債務結構，在 2029 年第二季度之前沒有債務到期，同時保持健康的利率對沖比率。

Turning to page 14. As of September, our cash and cash equivalents totaled $142 million, up from $84 million in the previous quarter, mainly due to the drawing of the remaining debt capacity under our newbuild financings, but excluding the final milestone payment for early January for the Kool Panther, which will be known as the GAIL SAGAR.

翻到第14頁。截至9 月份，我們的現金和現金等價物總額為1.42 億美元，高於上一季的8,400 萬美元，主要是由於我們新建融資項下剩餘債務能力的動用，但不包括1 月初Kool Panther 的最終里程碑付款，這將被稱為 GAIL SAGAR。

Currently, our available liquidity position, including the $54 million from the November 14 funding stands at a solid position of approximately $200 million. And in addition, we'll have an additional $120 million of borrowing capacity under the new RRCF.

目前，我們可用的流動性部位（包括 11 月 14 日融資的 5,400 萬美元）約為 2 億美元。此外，根據新的 RRCF，我們將獲得額外 1.2 億美元的借貸能力。

So with the financial overview concluded, I'm handing it back to Richard.

財務概覽結束後，我將其交還給理查德。

Thank you, John. I actually wanted to save as much time as possible for questions. So if we could open up the lines, please, Todd.

謝謝你，約翰。其實我想盡可能節省提問的時間。所以，如果我們可以開放線路，托德，請。

(Operator Instructions)

（操作員說明）

Frode Morkedal with Clarksons Securities.

克拉克森證券公司的弗羅德‧莫基達爾 (Frode Morkedal)。

Yes, you mentioned that you -- that current market conditions could create growth opportunities. Maybe you could elaborate on the type of investments you're anticipating here.

是的，您提到當前的市場狀況可以創造成長機會。也許您可以在這裡詳細說明您預期的投資類型。

Sure. Happy to. We've gone through the past few years of very robust markets. And we've always had an ambition to grow and maybe it's not been so easy to find things that made sense over the past couple of years. But now we're going to go into an environment where we do think things will start to make sense. Of course, we've got to be a little bit careful what we wish for because if asset prices come down, it might make opportunities -- growth opportunities more attractive. But of course, we have to think about our own -- the impact on our own fleet by the same token.

當然。很高興。我們經歷了過去幾年非常強勁的市場。我們一直有成長的雄心，也許在過去幾年找到有意義的事情並不那麼容易。但現在我們將進入一個我們確實認為事情將開始有意義的環境。當然，我們必須對自己的願望更加謹慎，因為如果資產價格下跌，可能會讓機會——成長機會更具吸引力。但當然，我們必須考慮我們自己的問題——同樣地，這對我們自己的艦隊造成的影響。

But our view is that we are strategically very, very well placed to consolidate the market. And we've now put what we need in place to ensure that we can do that when these opportunities come along. The kind of opportunities we're looking at might be asset or might be corporate in nature. And of course, if our share price continues to trade well below NAV, maybe you can throw that in as an opportunity as well and hence, the buyback program.

但我們認為，我們在策略上非常非常有能力鞏固市場。我們現在已經準備好所需的東西，以確保當這些機會出現時我們能夠做到這一點。我們正在尋找的機會可能是資產，也可能是企業性質的。當然，如果我們的股價繼續遠低於資產淨值，也許你也可以將其作為一個機會，從而實施回購計畫。

Okay. And generally speaking, what makes you feel confident that now is a good time to invest?

好的。一般來說，是什麼讓您確信現在是投資的好時機？

The long-term market is looking exceptionally strong. The short term, we view as being more a period of indigestion as these vessels come and -- come in advance of the projects for which they were originally chartered on the one hand and come in advance of when they actually switch out the older vessels in the fleet. One of them is a function of when projects arrive and the other one is a function of just how long it takes for older vessels to get sort of scheduled out of the fleet. So both those things we see as coming and, however, for those who don't have a strong balance sheet, maybe they'll be keen to sell given those dynamics.

長期市場看起來異常強勁。短期來看，我們認為這更像是一段消化不良的時期，因為這些船舶一方面提前於最初租用的項目，另一方面提前於實際更換舊船舶的時間。其中一個是專案到達時間的函數，另一個是舊船需要多長時間才能從船隊中退出的函數。因此，我們認為這兩件事都會發生，但是，對於那些沒有強大資產負債表的人來說，考慮到這些動態，他們可能會熱衷於出售。

You also mentioned that you are trading well below NAV and you have announced the share buyback program, which is good. But are you also open to selling ships in the current market? For example, could you consider selling the new build without a firm contract?

您還提到您的交易價格遠低於資產淨值，並且您已經宣布了股票回購計劃，這很好。但您是否也願意在當前市場上出售船舶？例如，您是否可以考慮在沒有確定合約的情況下出售新建築？

It's a little bit -- we want to buy low, sell high. And of course, we do look at options for selling ships. We have sold ships in the past. And those types of things are not off the table. What kind of ships of ours have the highest value to potential buyers?

有點——我們想低買高賣。當然，我們確實也在考慮出售船舶的選擇。我們過去曾出售過船舶。這些類型的事情並不是不可能的。我們什麼樣的船舶對潛在買家來說價值最高？

Well, if you're excluding those which maybe up to owners you couldn't sell to, then you've got to say the ships that have the potential for converting into an FSRU have a premium value, and we have a few of those. Would we sell a new build? At a certain price, of course; however, our newbuild program is part of our fleet renewal program. And we, if I think, sold a new build, we'd be looking to buy a couple more down the line with the proceeds.

好吧，如果你排除那些可能由你無法出售給船東的船舶，那麼你必須說有潛力轉換成 FSRU 的船舶具有溢價，我們有其中一些。我們會出售新建築嗎？當然，要以一定的價格；然而，我們的新建計劃是我們機隊更新計劃的一部分。如果我認為，我們出售了一棟新建築，我們會尋求用收益購買更多的建築。

Alexander Bidwell with Webber Research.

韋伯研究中心的亞歷山大·比德韋爾。

So with the current softness in the spot market, could you provide a little bit of color on what sort of appetite you're seeing for long-term charters?

因此，鑑於目前現貨市場疲軟，您能否提供一些關於您對長期租船的興趣的資訊？

Right now I'd say there's a bid-ask spread for, I guess, more medium-type charters, which applies to sort of 1 to 3 years. So you're not seeing so many of those deals close. But if you're talking about the real long-term charters like we did with GAIL a few months ago, then it's not a particularly liquid market. But as I mentioned, there is action. And the last done is a 2027 delivery on a long-term basis in the high 80s.

現在我想說的是，我猜，更多中等類型的包機有買賣價差，適用於 1 到 3 年。所以你不會看到這麼多交易達成。但如果你談論的是真正的長期包機，就像我們幾個月前對 GAIL 所做的那樣，那麼它並不是一個流動性特別高的市場。但正如我所提到的，有行動。最後完成的是 2027 年交付，長期目標是 80 年代中期。

All right. Appreciate the color there. And then actually shifting over to the supply-demand side of things. So with the next wave of LNG projects coming online in 2025, 2026, what sort of activity are you seeing on the downstream end to soak up new LNG supplies? Is there any particular region where you're seeing an uptick in interest or import terminals or FSRUs?

好的。欣賞那裡的顏色。然後實際上轉向事物的供需方面。那麼，隨著下一波液化天然氣計畫將於 2025 年、2026 年上線，您認為下游會採取哪些活動來吸收新的液化天然氣供應？您是否發現某個特定地區的進口碼頭或 FSRU 興趣上升？

There are a few projects out there. I don't think they're particularly meaningful in the overall scheme of things because these are the kind of terminals that are going to take a few million tonnes each at most. But there are a handful of projects, FSRU type projects, which look interesting. When it comes to the real big markets, who's going to take the LNG?

那裡有一些項目。我不認為它們在整體計劃中特別有意義，因為這些碼頭最多只能處理數百萬噸。但有一些項目，FSRU 類型的項目，看起來很有趣。真正的大市場，誰會搶走LNG？

Well, this year, Europe has obviously taken a lot less. Asia has taken some of that. And the rest has actually gone to Latin America because of the weather and the need for gas to provide backup when there's not enough hydro.

嗯，今年，歐洲顯然少了很多。亞洲已經取得了一些成果。由於天氣原因以及在水力不足時需要天然氣作為備用，其餘的實際上都流向了拉丁美洲。

So that particular effect has been bad for rates because, of course, Latin America is very, very close to the US and that doesn't involve many ton-miles. However, this is a sort of a cyclical phenomenon. And in general, we see the bulk of the forthcoming volumes going more to Asia than elsewhere, which, of course, is good for shipping because of the distances involved.

因此，這種特殊的影響對利率來說是不利的，因為當然，拉丁美洲離美國非常非常近，而且不涉及很多噸英里。然而，這是一種週期性現象。總的來說，我們看到大部分即將發行的貨物更多地運往亞洲，而不是其他地方，這當然有利於運輸，因為所涉及的距離。

Liam Burke with B. Riley.

利亞姆·伯克 (Liam Burke) 和 B·萊利 (B. Riley)。

Can we get a little more specific on long-term charters on the Kool Tiger and then the second newbuild? You're going to keep them in the spot market, obviously, until you see a contract or a charter agreement that's more in line with expectations on the return you'd get from those investments. But is there any thought about just doing a medium-term charter just to stabilize things? Or is that just off the table?

我們能否更具體地了解「庫爾虎號」和第二艘新船的長期租船情況？顯然，您將把它們保留在現貨市場上，直到您看到更符合您從這些投資中獲得的回報預期的合約或租船協議。但是否有想過僅僅制定一份中期章程來穩定局勢呢？或者這只是不可能的事？

No. I mean, I think there is. If you're going to do a bad charter, you want to do a short one. So I'd say that first. So there will be maybe shorter-term periods of employment pending longer-term employment for the Kool Tiger. That's the only one which is open. By the way, the only of the newbuild vessels, the other ones on the 14-year charter to GAIL once that delivers next year.

不。我的意思是，我認為有。如果你打算做一份糟糕的包機，你就想做一個短的包機。所以我先這麼說。因此，對於酷虎來說，在長期就業之前，可能會有短期就業。這是唯一一個開放的。順便說一句，這是唯一的新建船舶，其他與 GAIL 簽訂 14 年租約的船舶一旦明年交付。

The disappointing thing about the Kool Tiger, of course, is that the benefit of having an early delivery has kind of gone because the charterers in this market they say they can get a ship for a very, very cheap price over the next 12 months or that's what they think.

當然，關於 Kool Tiger 的令人失望的事情是，提前交付的好處已經消失了，因為這個市場的租船人說，他們可以在未來 12 個月內以非常非常便宜的價格獲得一艘船，或者他們就是這麼想的。

So we don't see much, much benefit in that; however, the market for 2027, 2028 delivery based on the recent [present] is still quite strong, as you would expect, given the price of new builds and the need of owners to cover that cost of capital, as you mentioned.

所以我們看不到這有多大的好處；然而，正如您所預料的，考慮到新建建築的價格以及業主需要承擔資金成本，基於最近[目前]的 2027 年、2028 年交付市場仍然相當強勁，正如您所提到的。

That's fair. You touched on the first on-block recycling of four of the old steam-turbines. Do you expect that trend to accelerate and maybe possibly tighten capacity in 2025 as well as new projects coming online?

這很公平。您談到了四台舊蒸汽渦輪機的首次現場回收。您預計這一趨勢會加速，並可能在 2025 年收緊產能以及新項目上線嗎？

Massively. And it will take a few months because a lot of these vessels were scheduled for the cargoes that they're picking up today. But if you're looking 6, 12 months down the line, you're not going to schedule one of these vessels. You're going to schedule a vessel, which is more efficient if it's available at the kind of price it is today. And the result of that is that these older vessels will fall out of the fleet. And as you know, once they fall out of the fleet, they go warm and it's quite expensive to bring them back.

大規模地。這需要幾個月的時間，因為許多船隻都計劃裝載今天要裝運的貨物。但如果您考慮的是 6、12 個月後的情況，您就不會安排其中一艘船。您要安排一艘船，如果您能以今天的價格提供，效率會更高。結果是這些舊船將從艦隊中消失。如您所知，一旦它們脫離艦隊，它們就會變熱，並且將它們帶回來的費用相當昂貴。

And whether they go into the breakers yard immediately or whether they sit idle for a while before being broken up, that will depend on how patient their owners are. But we're seeing it already with those 4 ships going to scrap, many, many more up for sale. It really is only a matter of time.

至於它們是立即進入破碎場還是閒置一段時間再被破碎，這將取決於它們的主人有多大耐心。但我們已經看到這四艘船將被報廢，還有更多的船出售。這確實只是時間問題。

(Operator Instructions)

（操作員說明）

[Peter Hagen] with ABG.

[彼得·哈根] 與 ABG。

A few questions have been answered now, but one perhaps -- a more technical question on the covenants. So now mid-60s, I assume that covenant is relative to a market sort of aligned quote, so -- and if that's true, how many brokers are involved in setting those asset prices?

現在一些問題已經得到解答，但也許有一個——關於契約的技術性問題。所以現在 60 年代中期，我認為契約是相對於市場的一致報價而言的，所以——如果這是真的，有多少經紀人參與設定這些資產價格？

So first of all, when I said mid-60s, I meant close to low 60% LTV. The covenant, however, is a certain percentage of the outstanding debt. So we have quite some room, some headway for that particular loan-to-value covenant. We generally need two brokers. If they're more than 110% at part, then we have 3 brokers and then we take the average. So we have sufficient headroom there, Peter.

首先，當我說 60 年代中期時，我指的是接近 60% 的 LTV。然而，契約是未償債務的一定比例。因此，對於特定的貸款價值契約，我們有相當大的空間和一些進展。我們通常需要兩個經紀人。如果部分超過 110%，那麼我們有 3 個經紀人，然後取平均值。所以我們有足夠的空間，彼得。

So John, the way to think about this, if you take the $570 million facility, that's backed by 5 ships. So you divide $570 million divided by 5, so $110 million and then the covenants at about 1.2 times.

約翰，想想這個問題，如果你採用 5.7 億美元的設施，它有 5 艘船支援。因此，您將 5.7 億美元除以 5，即 1.1 億美元，然後契約約為 1.2 倍。

Yes. But keep in mind, the current -- on this particular facility, the current outstanding amount is, call it, $440 million. This RRCF or the increased borrowing capacity is not going to be drawn until we need it at some point.

是的。但請記住，目前——在這個特定的設施上，目前的未償金額是 4.4 億美元。RRCF 或增加的借貸能力只有在我們需要時才會被提取。

Yes. That's an important point. Those numbers that I put out there were based upon drawing the number.

是的。這是很重要的一點。我在那裡公佈的那些數字是基於抽取的數字。

Yes, exactly.

是的，完全正確。

Understood. Understood. And just then quickly on the scrapping. We haven't mentioned a growing Russian dark fleet. So is there, do you think, a viable option for the steam ships to go into the Russian trade?

明白了。明白了。然後很快就報廢了。我們還沒有提到俄羅斯黑暗艦隊的不斷壯大。那麼，您認為蒸汽船進入俄羅斯貿易有可行的選擇嗎？

People are talking about it. However, you're not seeing a massive number of ships here. I mean, of course, this is a business, which is heavily brokered. So there's always a lot of people talking about a lot of things, but it doesn't really feel to me like it's getting established in the same way that it did on the liquids side. And of the ships, which are sort of known to be owned by parties who are close to Russia or rumored to be close to Russia, they don't feel like they're delivering many cargoes. So will it come? Maybe. But as of yet, it's hard to say with any certainty.

人們正在談論它。然而，你在這裡並沒有看到大量的船隻。我的意思是，當然，這是一項需要大量經紀的業務。所以總是有很多人在談論很多事情，但對我來說，它並沒有像在液體方面那樣以同樣的方式建立起來。眾所周知，這些船隻的所有者是與俄羅斯關係密切或有傳言與俄羅斯關係密切的各方，但他們並不覺得自己正在運送很多貨物。那麼它會來嗎？或許。但到目前為止，還很難確定。

Okay. And just finally on vessel valuations here. So vessel valuations are keeping up, I would say, surprisingly well in light of what we just discussed on the TCE rates. In terms of perhaps if you could shed some light on what you think would be now the price for a new build? And if there are any options out there, what a resale could be done at?

好的。最後是關於船舶估價。因此，我想說，鑑於我們剛剛討論的 TCE 費率，船舶估值保持在令人驚訝的水平。也許您可以透露一下您認為現在新建的價格是多少？如果有任何選擇，可以以什麼價格進行轉售？

Okay. Well, the newbuild market has been relatively quiet as well as you'd expect. One market tends to follow the other. People were getting a little bit sensitive to the price of new builds. And our sense is that it has started to come up a little. But we're not talking about big amounts. We're talking about 5% as opposed to 10% or more. So our feeling is that maybe there's a little bit further to go, but no more than that.

好的。嗯，正如您所期望的那樣，新建市場相對平靜。一個市場往往會追隨另一個市場。人們對新建築的價格變得有點敏感。我們的感覺是它已經開始出現了一些。但我們談論的不是大金額。我們談論的是 5%，而不是 10% 或更多。所以我們的感覺是，也許還有一些路要走，但僅此而已。

The secondhand market, it very much depends on what kind of vessel you're talking about. Of course, if you have a vessel, which is good for some bespoke purpose, then it has quite considerably more value. If you have a vessel, which is a little bit more generic in nature, you might struggle to agree a price on that at the moment because I'm just not sure that the buyers are going to be there at a price that sellers are willing to transact at.

二手市場，很大程度取決於你所談論的船隻類型。當然，如果您擁有一艘適合某些客製化用途的容器，那麼它的價值就會高得多。如果您擁有一艘本質上更通用的船隻，您目前可能很難就其價格達成一致，因為我不確定買家是否會以賣家願意的價格到達那裡進行交易。

At this time, it appears we have no further questions in queue. This will conclude today's Cool Company Limited Third Quarter 2024 Business Update Call. Thank you for your participation. Please disconnect your line, and have a wonderful day.

目前，我們似乎沒有進一步的問題了。今天的 Cool Company Limited 2024 年第三季業務更新電話會議到此結束。感謝您的參與。請斷開您的線路，祝您有美好的一天。