Cool Company Ltd (CLCO) 2024 Q4 法說會逐字稿

Hello and thank you for standing by. I would like to welcome everyone to the Cool Company Limited's Q4 2024 business update.

您好，感謝您的支持。歡迎大家關注 Cool Company Limited 2024 年第四季業務更新。

I would now like to turn the call over to our CEO, Richard Tyrrell. Please go ahead.

現在我想將電話轉給我們的執行長理查德·泰瑞爾 (Richard Tyrrell)。請繼續。

Hello and welcome to CoolCo presentation of the fourth quarter, 2024.

您好，歡迎參加 CoolCo 2024 年第四季的示範。

Thank you, [Justin], for the introduction.

謝謝[賈斯汀]的介紹。

Please turn to page three, CoolCo at a glance. The quarter was decent even though the chartering market for new business is another story. From a rate perspective, winter was canceled this year and we're contending with the lowest rates we have ever seen on our two spot market vessels. We have a reasonably well spaced portfolio of charters and over $1 billion in firm backlog.

請翻到第三頁，一目了然的CoolCo。儘管新業務的租船市場情況不同，但本季表現還不錯。從運費角度來看，今年冬季取消了，我們正在應對兩艘現貨市場船隻有史以來的最低運費。我們擁有分佈合理的包機組合和超過 10 億美元的固定訂單量。

But this does not take away our exposure to vessels that come open over time. While rates languish as below economic break even on open days, we have decided not to declare a dividend. Instead of predicting the timing of when markets normalize and risk getting it wrong, not declaring a dividend at this time provides the combined benefits of financial flexibility and creating capacity for opportunistic growth. We have a good track record in this area. It's the kind of market where opportunities are likely to come along.

但這並不能消除我們對隨著時間的推移而打開的血管的暴露。儘管在開放日利率低於經濟損益平衡點，但我們決定不宣布派發股息。與其預測市場何時恢復正常並承擔出錯的風險，不如在此時不宣布派發股息，這樣既能帶來財務靈活性，又能創造機會性增長的能力。我們在該領域有著良好的業績記錄。這是一個充滿機會的市場。

For the quarter, revenue was up slightly, and the hard work of our chartering team enables us to guide towards similar levels for the first quarter, 2025. We're going to get into the drivers of this market and when conditions are likely to normalize in the presentation. While we've often talked about how the market would rebalance in theory, this quarter, we have some real data to show how it's happening in practice.

本季度收入略有增長，我們租船團隊的辛勤工作使我們能夠在 2025 年第一季達到類似的水平。我們將在演示中深入探討這個市場的驅動因素以及何時情況可能會恢復正常。雖然我們經常談論市場在理論上如何重新平衡，但本季我們有一些真實的數據來顯示它在實踐中是如何發生的。

Turning to page three and the quarterly highlights. Our portfolio of charters has provided solid support in the face of a rapidly deteriorating market. We see the impact of this market on our TCE after the cool Tiger delivered in October and undertook a positioning voyage to the Atlantic basin before being faced with the stock market rates that prevail. The same applied on the glacier after it delivered later in the quarter, re-delivered later in the quarter, I should say.

翻到第三頁，查看季度亮點。面對迅速惡化的市場，我們的租船組合提供了堅實的支援。在「酷虎號」於 10 月交付並在面臨普遍的股市利率之前進行了前往大西洋盆地的定位航行之後，我們看到了這個市場對我們的 TCE 的影響。同樣的情況也發生在冰川上，在本季度晚些時候冰川交付之後，我應該說，它在本季度晚些時候再次交付。

The positioning voyage also had an impact on fleet utilization, and we shall see the same in the first quarter because of the positioning voyage on the GAIL Sagar. However, in stark contrast, the Sagar has delivered onto its 14-year charter and has recently lifted its first cargo from [Cove Point]. As mentioned, revenue increased for the quarter to $84.6 million. Primarily because of fewer dry-dock days. Adjusted EBITDA also increased modestly to $55.3 million. The backlog remains strong at $1.7 billion of which over $1 billion is firm.

此次定位航行也對船隊利用率產生了影響，由於 GAIL Sagar 的定位航行，我們將在第一季看到相同的情況。然而，與此形成鮮明對比的是，Sagar 號已經履行了其 14 年的租約，並且最近從[海灣角]。如上所述，本季營收增加至 8,460 萬美元。主要是因為乾船塢天數減少。調整後的 EBITDA 也小幅增加至 5,530 萬美元。積壓訂單仍保持強勁，達到 17 億美元，其中超過 10 億美元為確定金額。

Turning to page four. And we see the picture of the current market. It's a market that requires agility, differentiated vessels, and strong customer relationships. Rates are well below break even. It's not unusual for them to be low at this time of year,but what was unusual is the complete lack of a winter market. This year's winter blew through the floor of anything we have seen for many years.

翻到第四頁。我們看到了當前市場的狀況。這個市場需要敏捷性、差異化的船隻以及牢固的客戶關係。利率遠低於損益兩平點。每年的這個時候，市場價格低廉並不罕見，但不同尋常的是，冬季市場卻完全沒有出現。今年的冬天是我們多年來所未見過的最糟糕的冬天。

The Tiger and the Glacier have been exposed to this market, but we've managed to keep them employed, achieving 92% utilization in the fourth quarter, and we expect to beat this in the first quarter of 2025. Sustained high LNG prices in Europe, the resulting trading patterns, and the delivery of new vessels have put significant downward pressure on the near-term chartering market.

Tiger 和 Glacier 已經進入了這個市場，但我們設法讓它們繼續投入使用，第四季度的利用率達到了 92%，我們預計 2025 年第一季的利用率將超過這一水平。歐洲液化天然氣價格持續高企、由此產生的交易模式以及新船的交付給近期租船市場帶來了巨大的下行壓力。

Adding to this pressure has been the number of sublets in the market. These are vessels that are delivered ahead of the projects for which they are intended, and they're typically chartered out into the market without much consideration of rate, something that is negative for sentiment. With headline rates at these levels, longer term deals are few and far between.

市場上轉租數量的增加也加劇了這種壓力。這些船舶是在預定專案開始前交付的，而且通常在沒有太多考慮租金的情況下被租入市場，這對市場情緒是不利的。在總體利率處於這種水平的情況下，長期交易很少見。

The spread between spot levels and the levels required to commit a vessel on a term basis are simply too great. CoolCo is seeking to bridge such conditions through a combination of spot, short term, and floating rate deals. John has a breakdown of our backlog on one of his slides.

現貨水準與按期限交付船舶所需的水準之間的差距實在太大了。CoolCo 正在尋求透過現貨、短期和浮動利率交易的組合來解決這些問題。約翰在他的一張幻燈片上對我們的積壓工作進行了分類。

In the next slides we have our observations from the market. Turning to page five, we see a list of new supply in 2025. Well, that was the case until Costa Azul announced the delay of a few months earlier this week, and you see that now slipping until 2026. While this story of delays is getting old, but it does mean that precision around timing is important when thinking about the shipping market. The most significant near-term projects we see in the markets are Venture Global.

在接下來的幻燈片中我們將展示我們對市場的觀察。翻到第五頁，我們看到了2025年新增供應的清單。嗯，情況確實如此，直到本週早些時候 Costa Azul 宣布將延期幾個月，現在你會看到這個時間推遲到了 2026 年。雖然這個延誤的故事已經過時了，但它確實意味著在考慮航運市場時，時間的精確性非常重要。我們在市場上看到的最重要的近期項目是 Venture Global。

The first Calcasieu Pass moves to commercial operations in April, and while the plant has been operating for some time, it's only now that the vessels that were originally intended for lifting its cargos will be doing so. Removing such vessels from the sub-let market is going to help, and the pattern will be repeated as more projects come online.

第一個卡爾克蘇通道核電廠將於四月投入商業運營，雖然該核電廠已經運行了一段時間，但直到現在，原本用於起吊貨物的船隻才開始投入運作。將此類船舶從轉租市場中移除將會有所幫助，而且隨著更多項目的上線，這種模式將會重複。

Plaquemines is the other venture global project that will be a major contributor over the coming months. It's up and running, and I think they're up to around 15 cargos so far. Corpus Christi stage three trains one to four. It's coming on stream steadily over the course of 2025.

普拉克明是另一個將在未來幾個月做出重大貢獻的全球創投項目。它已啟動並運行，我認為到目前為止他們已經裝載了大約 15 批貨物。科珀斯克里斯蒂第三站列車一至四號。它將在 2025 年期間穩步投入營運。

LNG Canada is a big project for the middle of the year. At the back end we have a handful of projects including the first of the Qatar North Field expansion projects potentially. Because a number of these projects only start at the back end of the year, 10-mile development is only expected to be 4% in 2025.

LNG Canada 是年中的一個重要項目。在後端，我們有少數項目，其中可能包括卡達北部油田擴建項目的第一個項目。由於許多項目只是在年底才啟動，預計 2025 年 10 英里的開發率僅為 4%。

But 2026 is a different story where we see the full benefits of annual production flowing into the 17% expected growth. Shell, one of CoolCo's customers, published its 2025 LNG outlook earlier this week and commented on seeing 600 million tons per annum of demand by 2030, increasing to up to 700 million tons per annum of demand by 2040.

但 2026 年情況就不同了，我們將看到年產量的全部好處流入 17% 的預期成長。殼牌是 CoolCo 的客戶之一，該公司本週稍早發布了 2025 年液化天然氣展望，並表示預計到 2030 年每年需求量將達到 6 億噸，到 2040 年每年需求量將增加 7 億噸。

This demand will ultimately be a huge opportunity for CoolCo. Shell also had a list of the delay factors that we're all too conscious of geopolitical tensions, regulatory hurdles, startup risks, civil unrest, labor shortages, and supply chain bottle bottlenecks. None of these I'm going away. And the industry needs to become better at factoring them into their fleet plans. However, it is very reassuring to see Shell's 2040 projection and how it is aligned with our long-term view of the LNG market.

這種需求最終將為CoolCo帶來巨大的機會。殼牌也列出了我們都非常清楚的地緣政治緊張局勢、監管障礙、新創風險、國內騷亂、勞動力短缺和供應鏈瓶頸等延遲因素。這些我都不會離開。業界需要更好地將它們納入其船隊計劃中。然而，看到殼牌的 2040 年預測以及它與我們對液化天然氣市場的長期看法相一致，我們感到非常欣慰。

Page six looks at the developments in idling and new belts. I have long said that steam turbine vessels leaving the fleet will eventually balance the market, and we're starting to see it in the data. The chart on the left hand side of the page shows how closely idle vessels are correlated with vessels reaching 20 years in age.

第六頁介紹了空轉和新皮帶的發展。我一直說，退出船隊的蒸汽渦輪機船最終將平衡市場，我們也開始在數據中看到這一點。頁面左側的圖表顯示了閒置船舶與船齡達到 20 年的船舶之間的密切相關性。

What's happening here is that vessels are rolling off their initial contracts and immediately being idled rather than dried up. All are now warm stacked. At best, and unlikely to play an active role in the market going forward.

現在的情況是，船隻正在履行其最初的合約並立即閒置，而不是枯竭。現在所有都已溫暖堆放。充其量，也不太可能在未來的市場中發揮積極作用。

The number of vessels reaching 20 years in age is set to increase over the coming year and these vessels are not being scheduled to lift cargos. This is enabling the customers to specify larger cargos for which our TFTE vessels are the ship of choice.

預計未來一年船齡達到 20 年的船舶數量將會增加，而且這些船舶沒有計劃起運貨物。這使得客戶能夠指定運輸更大的貨物，而我們的 TFTE 船就是他們的首選船。

CoolCo vessels are particularly attractive because of their size. And also, the upgrades that were in the course of progressing. These specifications make them ideal replacement vessels for the steam turbine vessels that are leaving the fleet, leaving us well positioned to take over such business.

CoolCo 船隻因其尺寸而特別具有吸引力。此外，升級還在進行中。這些規格使它們成為即將退出船隊的蒸汽渦輪機船的理想替代船，使我們能夠很好地接管此類業務。

Just as steam turbine vessels reach retirement, new build orders have all but dried up. This is only natural in the current rate environment and obviously a good thing for vessels that are already on the water when thinking about the years ahead.

隨著蒸汽渦輪機船舶退役，新船訂單也幾乎枯竭。在當前的費率環境下，這是很自然的，而且從未來幾年來看，對於已經在水上航行的船隻來說，這顯然是一件好事。

Moving to page eight, we have some other factors, that are, explained the part of the other things that are impacting the market and here we think about how changes could improve matters. The swift onset of poor market conditions could be quickly reversed, and let's think about how. Well, firstly, increased LNG supply, resulting in lower prices will create demand in the price sensitive markets, especially Asian markets which are more distant and therefore require more shipping.

翻到第八頁，我們還有一些其他因素，解釋了影響市場的其他因素，在這裡我們思考如何透過改變來改善情況。迅速出現的糟糕市場狀況可以迅速扭轉，讓我們思考如何扭轉。首先，液化天然氣供應增加，導致價格下降，從而在價格敏感的市場中創造需求，特別是距離較遠、因此需要更多運輸的亞洲市場。

Geopolitics. Can have an impact too. China at the moment takes only 5% of US LNG volumes and that clearly needs to adjust as trade rebalances. The return of limited Russian gas to Europe would result in less demand in Europe and would see US LNG traveling further.

地緣政治。也會產生影響。目前，中國僅消耗了美國液化天然氣總量的 5%，隨著貿易重新平衡，這一狀況顯然需要調整。有限的俄羅斯天然氣返回歐洲將導致歐洲的需求減少，並導緻美國液化天然氣的運輸距離進一步擴大。

So again, something that's positive for shipping. Floating storage could increase as a result of contango trades. Reappearing, and that's in a market where seasonality now can apply not just in the winter, but also in the summer. I think overall, it's going to increasingly become the case that LNG shipping is a highly leveraged option on the trading dynamics connected to the increased LNG supply.

所以，這對航運業來說又是好事。由於正價差交易，浮動儲存量可能會增加。再次出現，這是一個季節性不僅適用於冬季，也適用於夏季的市場。我認為總體而言，隨著液化天然氣供應增加，液化天然氣運輸將越來越成為高槓桿選擇。

The top right chart shows how TTF prices in Europe are dragging up LNG prices to levels that make it less attractive to the price sensitive markets. It also shows how the forward curve is flat and has very little money in it for traders and the more normalized conditions, volatility in this curve results in ships having option value and being used more for storage.

右上角的圖表顯示了歐洲的TTF價格如何拉高液化天然氣價格，使其對價格敏感的市場吸引力下降。它還顯示了遠期曲線如何平坦，對於交易者來說，利潤非常少，並且在更正常的條件下，該曲線的波動導致船舶具有期權價值，並且更多地用於存儲。

And the chart below bears this out. It shows how this last winter, it wasn't so much the case, and vessels used for storage was 10 to 15 fewer than what we typically see at that time of year. This added to the market softness and it's something that we'll monitor going forward.

下面的圖表證實了這一點。這表明，去年冬天的情況並非如此，用於儲存的船隻比我們通常看到的每年那個時候的船隻少了 10 到 15 艘。這加劇了市場疲軟，我們將持續關注這種情況。

I'm moving to page nine, and this is where I comment on the dividend not being declared. And here's why. Well, it's fundamentally while rates languish at below break even on open days. Our firm backlog of more than $1 billion across the fleet is reasonably well spaced, but this doesn't take away our exposure to vessels that come open over time. Instead of predicting the timing of when markets normalized and risk getting it wrong, we've not declared a dividend.

我現在翻到第九頁，在這裡我對未宣布股息作出評論。原因如下。嗯，從根本上來說，這是因為在開放日期間利率徘徊在盈虧平衡點以下。我們整個船隊的積壓訂單超過 10 億美元，分佈合理，但這並不會消除我們對隨時間推移而開放的船舶的風險敞口。我們沒有宣布派發股息，而是預測市場何時恢復正常並冒著出錯的風險。

This increases our runway in the event of delays to more normalized markets and provides capacity for opportunistic growth. The chart on the right-hand side includes our breakeven levels for reference. They of course reduce over time as debt is repaid and interest falls.

當市場更加正常化時，這將增加我們的跑道，並為機會性成長提供能力。右側的圖表包括我們的損益平衡水平，以供參考。當然，隨著債務的償還和利息的下降，它們會隨著時間的推移而減少。

We took this decision from a position of strength. We have more than $1 billion in firm backlog. We have $288 million of liquidity at the end of 2024. We're reporting strong operating results, and we have no refinancings until mid 2029.

我們做出這項決定是基於我們自身的實力。我們擁有超過 10 億美元的待交付訂單。截至 2024 年底，我們的流動資金為 2.88 億美元。我們報告了強勁的營運業績，並且直到 2029 年中期我們都不會再融資。

From here, John will take the quarter in more detail.

從這裡開始，約翰將更詳細地介紹本季的情況。

Thanks, Richard. So I'll run you through the fourth quarter, turning to slide 10.

謝謝，理查。我將帶您回顧第四季度，翻到第 10 張投影片。

In our, earnings release earlier today, we reported TCE revenues of $80.8 million, exceeding the guidance provided during our third quarter earnings call. This also marks an increase from the prior quarters $77.7 million in TCE revenues, primarily driven by a reduction in dry dock days.

在我們今天稍早發布的收益報告中，我們報告了 TCE 收入為 8,080 萬美元，超過了我們第三季財報電話會議上提供的預期。這也標誌著 TCE 收入較上一季的 7,770 萬美元增加，主要原因是乾船塢天數的減少。

Time and voyage chart of revenues generated an average TCE rate of 73,900 per day across the fleet of 12 vessels in Q4. This compares to 81,600 in Q3, mainly the result of the new build vessel entering our fleet in mid-October, which operated in the stock market, and one vessel finishing her contract during the quarter and also operating in the stock market.

第四季度，12 艘船舶組成的船隊的平均 TCE 費率為每天 73,900。相比之下，第三季度的數量為 81,600 艘，主要是因為 10 月中旬新建船舶加入我們的船隊，該船舶在股票市場運營，並且有一艘船舶在本季度完成了合同，並且也在股票市場運營。

Total operating revenues of $84.6 million surpassed both consensus estimates and Q3 levels. These figures include $3.1 million in non-cash amortization of net intangible contract assets and liabilities. Along with around $$700,000 in third party vessel management fees.

總營業收入 8,460 萬美元，超過了普遍預期和第三季的水準。這些數字包括 310 萬美元的非現金淨無形合約資產和負債攤銷。以及約70萬美元的第三方船舶管理費。

Adjusted EBITDA for Q4 reached $55.3 million, up from $53.7million in Q3, reflecting the increase in operating revenues. To note, Adjusted EBITDA does not take into account the $3.1 million in non-cash amortization that I mentioned previously vessel operating expenses averaged 17,000 per day per vessel during the quarter. It decreases from Q3 and slightly lower than the full year average in '24s.

第四季調整後 EBITDA 達到 5,530 萬美元，高於第三季的 5,370 萬美元，反映了營業收入的成長。需要注意的是，調整後的 EBITDA 並未考慮我之前提到的 310 萬美元的非現金攤銷，本季每艘船的船舶營運費用平均為每天 17,000 美元。從第三季開始有所下降，略低於 24 年全年平均值。

Moving to slide 11, where we show the bridge from Q3 to Q4, for both operating income and net income. Q4's operating income was $83 $ 38.5 million, sorry, slightly lower than the $38.9 million in the previous quarter. This was driven by higher TCE revenues, offset by higher OECs due to the addition of the Kool Tiger new build and its positioning expenses.

轉到投影片 11，我們展示了從第三季到第四季的過渡，包括營業收入和淨收入。Q4的營業收入為833850萬美元，抱歉，比上一季的3890萬美元略有下降。這是由更高的 TCE 收入推動的，但被 Kool Tiger 新建項目及其定位費用導致的更高 OEC 所抵消。

The operating margin remains strong at 46% of operating revenues. Net income for the quarter was $29.4 million, up from 8.1 in Q3. This increase was primarily due to a $23.5 million swing in net unrealized gains. On market-to-market interest rate swaps.

營業利益率仍維持強勁，佔營業收入的46%。本季淨收入為 2,940 萬美元，高於第三季的 810 萬美元。這一增長主要是由於淨未實現收益變動 2,350 萬美元所致。關於市場對市場的利率互換。

Turning to slide 12. As of December 31, our backlog exceeded $1.7 billion, including all extension options. This equates to approximately 61 years of backlog for an average of 4.7 years per vessel across the entire fleet of 13 vessels. The average TCE rate of our firm backlog of approximately $1 billion is above $82,000 per day. The chart on the left illustrates our backlog distribution over the next two years, where near term coverage of consensus revenues remains robust, approximately 86% in '25s and 65% in '26s.

翻到第 12 張投影片。截至 12 月 31 日，我們的積壓訂單已超過 17 億美元，其中包括所有延期選項。這相當於整艘船隊 13 艘船的積壓訂單量約為 61 年，平均每艘船積壓訂單量為 4.7 年。我們公司約 10 億美元的積壓訂單的平均 TCE 率超過每天 82,000 美元。左側的圖表顯示了我們未來兩年的積壓訂單分佈情況，其中近期對一致收入的覆蓋率依然強勁，25 年約為 86%，26 年約為 65%。

Turning to slide 13, where we show illustrative operating revenues. It highlights the potential upside for '25s and '26s revenues under the different rate scenarios. Assuming an underlying rate of $20,000 per day for open TFDE days and an additional $20,000 per day premium for two stroke vessels. The revenue opportunity is significant. If TFD spot rates were to rise to $70,000 per day. The outside potential exceeds $60 million in '25s and $100 million in '26s.

翻到第 13 張投影片，我們展示了說明性的營業收入。它凸顯了不同利率情境下 25 年期和 26 年期收入的​​潛在上升空間。假設開放 TFDE 天數的基本費率為每天 20,000 美元，且兩衝程船舶的額外保費為每天 20,000 美元。收入機會十分巨大。如果 TFD 現貨價格上漲至每天 70,000 美元。外部潛力在 25 年代超過 6000 萬美元，在 26 年代超過 1 億美元。

To emphasize, these are not projections of rates for the respective years, but an exercise meant to show the company's performance in different hypothetical scenarios. Also note that the low end of 20,000 per day for open TFDE vessels, as Richard has mentioned as well, is an extremely depressed level in any historical context. While such increases do not materialize overnight, it does underscore the increased earnings potential under improved market conditions.

需要強調的是，這些不是對各年份的利率預測，而是為了展示公司在不同假設情境下的表現。還要注意的是，正如理查德所提到的，開放式 TFDE 船隻每天 20,000 艘的低端在任何歷史背景下都是極其低迷的水平。儘管這種成長不會在一夜之間實現，但它確實凸顯了市場條件改善下獲利潛力的增加。

Turning to slide 14. In today's market environment, we are pleased to maintain a robust balance sheet with strong liquidity, no debt maturities until mid '29s. Over the past year we effectively restructured. Most of our debt through refinancing and also covenant harmonizations reinforcing our financial flexibility. The unwavering support from our lending partners has been instrumental in this process, positioning as well for the future.

翻到第 14 張投影片。在當今的市場環境下，我們很高興能夠保持強勁的資產負債表和強大的流動性，直到 1929 年代中期都沒有債務到期。在過去的一年裡，我們進行了有效的重組。我們的大部分債務都透過再融資和契約協調來增強我們的財務靈活性。我們的貸款合作夥伴的堅定支持在這一過程中發揮了重要作用，也為未來做好了準備。

As of December 31st, cash and cash equivalents to that approximately $165 million, up from $142 million in the previous quarter. Largely due to the drawdowns on the various financings. Adjusted EBITDA Mostly offset by debt service in in the fourth quarter but note that our debt services in each of the second quarter in the fourth quarter of each year includes semi-annual debt repayments. So these two quarters always show a higher debt service amount.

截至12月31日，現金及現金等價物約為1.65億美元，高於上一季的1.42億美元。主要是由於各種融資的提取。調整後的 EBITDA 大部分都被第四季度的債務償還所抵消，但請注意，我們每年第四季度的第二季度的債務償還包括半年債務償還。因此這兩季的債務償還總是較高。

In addition to the cash, we retained $123 million in underdrawn capacity under the RRCF that we secured in December last year. And in addition to not have any debt maturities until '29s, our average interest rate is well below 6% and 70% 77% of our debt either hatched or fixed on a net debt basis.

除了現金之外，我們還保留了去年 12 月獲得的 RRCF 下的 1.23 億美元未提取額度。除了在 1929 年代之前沒有任何債務到期之外，我們的平均利率遠低於 6%，並且 70% 至 77% 的債務都是在淨債務基礎上孵化或固定的。

To recap the the presentation on slide 15. In summary, we had strong revenues and operating results reflecting strong chartering performance. The company delivered an Adjusted EBITDA margin of 65% and an operating margin of 46%. Our fleet remains well positioned, with the majority of open days secured under the $1.7 billion backlogs. Dollar she is in good shape and should allow for opportunistic growth.

回顧投影片 15 上的簡報。總而言之，我們的營收和經營業績強勁，反映了強勁的租船業績。該公司調整後的 EBITDA 利潤率為 65%，營業利潤率為 46%。我們的船隊依然處於有利地位，在 17 億美元的積壓訂單中，大部分開放日都得到了保障。美元狀況良好，應該可以獲得機會性增長。

On the strategic front, our asset purchases in previous years show our disciplined asset management approach to drive value creation. Given the current depressed spot rates. Which remain below economic break even and even operating costs, we maintain a prudent long-term focus.

在策略方面，我們前幾年的資產購買表明我們採取了嚴謹的資產管理方法來推動價值創造。鑑於目前現貨價格低迷。在維持低於經濟收支平衡甚至營運成本的前提下，我們保持審慎的長期關注。

Should rates improve meaningfully from these levels, free cash flow should become available to shareholders again. So, we have the financial overview concluded.

如果利率從這些水準大幅提高，股東將能夠再次獲得自由現金流。因此，我們已經完成了財務概覽。

Richard, I'm handing it over back to you for some closing comments.

理查德，我把麥克風交還給你，請你發表一些結束語。

Thanks, John. The one thing I'd like to just emphasize that is the significant upside once that rates, start to improve and normalize and with that, Justin, please can you open up the line just correctly.

謝謝，約翰。我想強調的一點是，一旦利率開始改善和正常化，就會出現顯著的上升空間，賈斯汀，請你正確地打開這條線。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

And for our first question, this comes from the line of Frode Morkedal from Clarksons Securities. The line is open.

我們的第一個問題來自克拉克森證券公司的 Frode Morkedal。線路已開通。

Hey guys, on the dividends since I'm first out there. I know that you mentioned, of course, it's taken from a position of strength and it's prudent to cut the dividend, which makes totally sense. But he also mentioned in the slides on page nine that you've considered the runway in the event of delays, right? So maybe you could talk about that consideration given. What do you have in terms of backlog and the balance sheets you have? What's, how would you consider the runway?

嘿夥計們，這是我第一次談論股息。我知道您提到過，當然，這是從實力角度考慮的，削減股息是明智之舉，這是完全合理的。但他在第九頁的幻燈片中也提到，你們已經考慮過延誤情況下的跑道問題，對嗎？所以也許您可以談談所考慮的問題。就積壓訂單和資產負債表而言，您有哪些情況？什麼，您如何看待跑道？

Sure, yeah, obviously the runway is something that we've felt the need for as rates have come down and, we felt the need for a longer runway and hence the decision that we took. And of course, what we typically do is, look at where we have, significant refinancing needs which, in our case are way out in 2029 and. Yeah, we have a balance sheet which can basically accommodate whatever the market throws at us between now and then. Now our expectation is that things will get better way in advance of then, but, if they don't, then, we can accommodate it.

當然，是的，顯然，隨著費率下降，我們覺得需要跑道，我們覺得需要更長的跑道，因此我們做出了這個決定。當然，我們通常會做的是，看看我們有哪些重大的再融資需求，就我們的情況而言，這些需求要到 2029 年才能實現。是的，我們的資產負債表基本上可以適應現在到那時市場為我們帶來的一切變化。現在我們的期望是，事情會提前好轉，但如果沒有，那麼我們也可以適應。

About the CapEx you've had in terms of upgrades and stuff like that, how's that looking from now on?

關於您在升級等方面的資本支出，從現在來看情況如何？

It's looking very good for a couple of reasons, and it's only something that's actually been incurred on one vessel so far, which is now back on the water. The other vessels are going in and out of the yard over the next. A few weeks and months, but on the vessel that we upgraded, we have been making upside of in excess of $5000 a day, and that means under the terms of its contract, the total upside has been over $10,000 a day, and we've been sharing that with the [Chatra].

由於多種原因，情況看起來非常好，而且到目前為止，只有一艘船實際上發生了這種情況，現在船隻已經回到了水面上。其他船隻將在下一班進出船廠。幾週和幾個月的時間，但在我們升級的船上，我們每天的收益超過 5000 美元，這意味著根據合約條款，每天的總收益超過 10,000 美元，我們一直在與[查特拉]。

So, there's real money, in those, in those upgrades, and I think, almost more importantly in this market, it makes the vessels that much more attractive, to charters, and it helps with the employment of the vessels. So, either way, we're getting good value out of those upgrades.

所以，這些升級確實能帶來實實在在的利潤，而且我認為，在這個市場上，更重要的是，它使船舶對租船者更有吸引力，也有助於船舶的使用。所以，無論哪種方式，我們都可以從這些升級中獲得良好的價值。

Okay. On the market, I noticed, the lay-up slide you had on Steam, but how's the, how would you consider the TFTE, economical decision to, either lay up or idle lait? What's the layout cost today if you want, or somebody in the industry wanted to lay up ownership.

好的。在市場上，我注意到，您在 Steam 上有上架投影片，但是您如何看待 TFTE，是上架還是閒置的經濟決策？如果您願意的話，今天的佈局成本是多少，或者業內有人想放棄所有權。

Yeah, it's, it depends whether it's a sort of cold stack or warm stacking, I guess in drilling, terms. You save a bit of money if you're got a warm stack, because you can reduce the number of crew on board and you also need less consumables. So, there is a, something of a saving there.

是的，這取決於它是冷堆疊還是熱堆疊，我想就鑽孔而言。如果您擁有溫暖的堆棧，您可以節省一些錢，因為您可以減少船上的船員數量，並且需要的消耗品也更少。因此，這確實是一種節省。

Does that answer the question or are you thinking about it slightly differently?

這是否回答了問題，或者您對此有稍微不同的看法？

No, I guess you haven't really considered doing that, I guess.

不，我猜你還沒有真正考慮過這樣做。

It seems like people are trying to keep the ship cool, right? And then hoping for a turnaround, but at some point, I guess people need to consider idling a ship for a while.

看起來人們正在努力讓船保持涼爽，對嗎？然後希望出現轉機，但到了某個時候，我想人們需要考慮讓船閒置一段時間。

Yeah, I think that what you referred to the is like the first step. The first step is at what point do people say we're not going to take heel and allow the ship to warm up and we haven't reached that stage on any of our ships, but we know others that have, and the issue with that and what makes people very reluctant to do it, is that, to get a ship back online again costs about $50 million because you need to get it cold and you can do the math at these kinds of rates, you need a jolly long contract, in order to amortize that kind of amount of, that kind of expense.

是的，我認為您提到的就像是第一步。第一步是，人們會說我們不會放棄並讓船預熱，而且我們的任何一艘船都沒有達到這個階段，但我們知道其他船已經達到了這個階段，而這個問題以及讓人們非常不願意這樣做的原因是，讓一艘船重新上線的成本約為 5000 萬美元，因為你需要讓它冷卻下來，你可以按照這樣的費率進行計算，你需要一個相當的成本，成本。

So, we are seeing a lot of vessels which have gone warm, and that flies across almost all, asset, types. So that's kind of the first step. And the next step is actually laying up a property where you go to an anchorage and then, you finally get to the step where things literally get mothballed and, nothing, or nothing of, nothing other than the older steamships are in that kind of position.

因此，我們看到很多船隻已經變暖，而且幾乎涵蓋了所有資產類型。這就是第一步。下一步實際上是安置一處房產，然後前往停泊地，最後到達將物品封存的階段，除了老式輪船之外，沒有其他任何東西處於這種位置。

Okay, that's cool. Great color.

好的，很酷。顏色很棒。

Final question I had, it's not scrapping. Why haven't we seen more scrapping of the old steamers yet?

我的最後一個問題是，這不是廢棄。為什麼我們還沒有看到更多老式輪船被拆解？

I tend to look at idling more than scrapping, because I just think there's a backlog building and, whether they're idling or scrapping that they are, they're effectively out of the market for all intents and purposes.

我更傾向於考慮閒置而不是報廢，因為我認為存在積壓訂單，無論它們是閒置還是報廢，從各方面來看，它們實際上都已經退出了市場。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Our next question comes from the line of Liam Burke from B. Riley. The line's open.

我們的下一個問題來自 B. Riley 的 Liam Burke。線路已開通。

Thank you. Hi, Richard. How are you today?

謝謝。你好，理查德。你今天怎麼樣？

Fine, thanks, Liam. How are you doing?

很好，謝謝，利亞姆。你好嗎？

I'm doing fine, thank you. I think it's, I mean, pretty much consensus that 2027, the supply of LNG carriers are going to be awfully tight. Some people are speculating there'll even be a shortage.

我很好，謝謝你。我認為，大家普遍認為，到 2027 年，液化天然氣運輸船的供應將變得非常緊張。有些人猜測甚至會出現短缺。

In your prepared comments, you said that charters, there, I mean, there's very little discussion on any kind of long-term charter.

在您準備好的評論中，您說那裡有章程，我的意思是，關於任何類型的長期章程的討論都很少。

Understanding that, a year and a half from now, possibly, there's going to be a tightness of supply. Why is, why aren't there more discussions about this, or charters trying to grab assets while they can.

了解到這一點，一年半後，可能會出現供應緊張的情況。為什麼，為什麼沒有對此進行更多的討論，或者為什麼憲章沒有盡力攫取資產。

Well, I, at the moment the bid ask spread is quite large, and I was talking a little bit about our runway. I mean I think the actual charters, they view themselves as having a bit of runway as well, before they have to worry too much. So that they are there, and. they've been sitting on their hands. We're seeing a few signs they might be starting to, I don't know, want to wriggle their hands free, but it's very early stages as of now.

嗯，目前買賣價差相當大，我稍微談了一下我們的跑道。我的意思是，我認為實際的包機也認為自己擁有一些跑道，然後他們需要擔心太多。所以他們就在那裡，並且。他們一直無所作為。我們看到一些跡象，他們可能開始想要解放雙手，但目前還處於早期階段。

But I think fundamentally for these guys, a longer-term deal. Is going to be still in the high 80s and it's very difficult to take up to your management a deal at that kind of level when you know they're looking at the press and they're seeing the stock market at levels that it is today.

但我認為從根本上來說，對這些人來說，這是一份長期合約。股價仍將保持在 80 多美元，當你知道管理層正在關注媒體，並且看到股市處於今天的水平時，很難向管理層提出這種水平的交易。

Okay, you also mentioned the current state of the spot market, which, I mean, it's pretty indescribable at this point, is creating opportunities for assets coming online. Have you seen an attractive pipeline and how would you manage balance? Attractive asset values with having to own this vessel through, an unpredictable period of tough times.

好的，您還提到了現貨市場的現狀，我的意思是，目前這個狀況很難描述，它為資產上線創造了機會。您是否見過有吸引力的管道？您將如何管理平衡？由於擁有這艘船需要經歷一段不可預測的艱難時期，因此資產價值具有吸引力。

Yeah, and that's the balance you have to get right, obviously, if you want to go down that path. It's exactly the way you got to think about it. the, and then the added sort of complicating factor in the LNG space is that there isn't the liquid market for these assets. So, it's not like your dry bulk and tank and tankers where, deals happening, day in day out and you've got reference points. So, we'll obviously we, we've got in our mind, what prices make sense for what kind of vessels.

是的，如果你想走這條路，顯然你必須要掌握好平衡。這正是你要思考的方式。然後，液化天然氣領域又增加了一個複雜因素，那就是這些資產沒有流動市場。因此，它不像乾散貨、油罐和油輪那樣，交易日復一日地發生，而且你有參考點。所以，我們顯然會在心裡考慮，什麼樣的船適合什麼樣的價格。

Well, we'll have to see if we get into sort of a landing zone for a deal. But obviously in this kind of market, it's quite possible that we that that that we do and if we find the right kind of deal, it'll be a nice opportunity to grow the business and, create some more value.

好吧，我們必須看看我們是否能進入達成交易的著陸區。但顯然在這種市場中，我們很有可能做到這一點，如果我們找到合適的交易，這將是一個發展業務和創造更多價值的好機會。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Our next question comes from the line of Clement Mullins from Value Investors Edge. The line's open.

我們的下一個問題來自 Value Investors Edge 的 Clement Mullins。線路已開通。

Good afternoon. Thank you for taking my questions. Most has already been covered, but I wanted to follow up. Hey, most has already been covered, but I wanted to follow up on Frode's question on the dividend as well as on Liam's last question.

午安.感謝您回答我的問題。大部分內容已經講過了，但我想繼續跟進。嘿，大部分內容已經講過了，但我想跟進 Frode 關於股息的問題以及 Liam 的最後一個問題。

You mentioned that part of the reasoning for cutting the dividend was also to set you up to potentially acquire some vessels on the road, and could you give us some more commentary about how you currently view the trade-off between potential growth, let's say, and repurchases.

您提到削減股息的原因之一也是為了讓您可能收購一些在路上的船隻，您能否給我們更多評論，說明您目前如何看待潛在增長與回購之間的權衡。

It's a good question, and you know there's sort of three things that you've got to consider. You've got the growth, and then you've got distribution via repurchases and then your distribution via by a dividend. We have very much left the, repurchase program in place, so yeah, we do believe that there's value to be created there and of course that is something that you can move on quite quickly when the time is right and ultimately, I think it's what any sort of growth opportunity is going to be measured against.

這是個好問題，你知道有三件事你必須考慮。你實現了成長，然後透過回購實現了分配，然後透過股息實現了分配。我們基本上保留了回購計劃，所以是的，我們確實相信那裡有可以創造的價值，當然，當時機成熟時，你可以很快地繼續前進，最終，我認為這是衡量任何增長機會的標準。

Makes sense. Thanks for the color.

有道理。謝謝你的顏色。

You also mentioned that vessels used for storage this year have been kind of lower than in previous years, and I was wondering on top of the lower volatility in the TTF, have you seen any other large drivers for the trend?

您還提到，今年用於存儲的船隻數量比前幾年有所減少，我想知道，除了 TTF 波動性較低之外，您是否還看到過其他推動這一趨勢的重要因素？

No, but I think it is very much a, well, I mean, it is the very flat curve that that's driving that that trend. Now why we now, why have we got a flat curve? Well, there's a few reasons. I mean, I think we've gone from a market which was very much focused on the winter season.

不，但我認為這在很大程度上是一條平坦的曲線，推動了這一趨勢。那為什麼我們現在得到的是一條平坦的曲線呢？嗯，有幾個原因。我的意思是，我認為我們已經脫離了非常關注冬季的市場。

Now you have a bit more of a winter season and the summer season, that's because the air conditioning demand in, more emerging LNG markets, which in itself doesn't make the sort of contango go away, because you've still got the shoulder periods in between.

現在冬季和夏季的時間更長一些，這是因為新興液化天然氣市場對空調的需求增加，但這本身並不會消除期貨溢價，因為中間仍有平頂期。

But I think what has created some of the issue, this year is that it's the refilling of storage, in Europe and. That has sort of elevated, the price of the LNG in periods where maybe you wouldn't normally have expected it to be quite so high, which of course is, taken away that contango that the traders like to like to like to trade around.

但我認為，今年造成部分問題的原因是歐洲等國的庫存補充。這在某種程度上提高了液化天然氣的價格，而通常情況下，人們可能不會想到它的價格會這麼高，當然，這也消除了交易商喜歡交易的期貨溢價。

Yeah, that makes sense. I'll turn it over. Thank you for taking my questions.

是的，這很有道理。我把它翻過來。感謝您回答我的問題。

Thank you very much, Clement.

非常感謝，克萊門特。

Thank you.

謝謝。

And your next question comes from the line of Nils Thompson from Fin Lee Securities. The line's open.

您的下一個問題來自 Fin Lee Securities 的 Nils Thompson。線路已開通。

Good afternoon, guys, hi there, just quickly on Kool Tiger, and I guess it ties a bit into the other questions, but, is it the most likely outcome that you're going to enter some sort of an index deal and then at a fixed rate, at a later stage this decade and or are you looking at other sort of setups and if you know it's the index with fixed at what point do you think that charters are willing to commit on fixed charter rates so much is it '27s, is it '28s? Where do you see sort of the demand for that?

大家下午好，大家好，我快速地問一下 Kool Tiger 的問題，我想這與其他問題有點聯繫，但是，最有可能的結果是您將在本世紀後期達成某種指數交易，然後以固定利率進行交易嗎？或者您正在考慮其他類型的設定？如果您知道它是固定的指數，您認為租船人何時願意承諾固定租船費率，是 27 還是 28？您認為這種需求在哪裡？

Yeah, I think, that, having a floating type deal is a good way to bridge, any evaluation disconnects between owners and the charters, so we could well, go down that route. Yeah, we do think there's quite a lot of demand for '27s and certainly 2028, for longer term, business, but that's the kind of business where people charters are still sitting on their hands.

是的，我認為，達成浮動協議是一種很好的彌合船東和租船人之間評估差距的方法，所以我們可以沿著這條路走下去。是的，我們確實認為對 27 年和 2028 年的長期業務有相當大的需求，但這類業務是人們租船時仍無所作為的。

They don't feel they need to lock that in, quite yet, but of course, a vessel is eligible for that business and, maybe something which combines that kind of deal with something floating in in the, in the short term is something that I could definitely for see, and then you've got this other category of who actually do have near term demand but of course they're wanting to use their bargaining power at the moment to try and get a very good deal.

他們不認為他們需要完全鎖定這一點，但當然，一艘船是有資格從事這項業務的，也許將這種交易與短期浮動結合起來的東西是我肯定可以預見的，然後你還有另一類人，他們確實有短期需求，但他們當然想利用他們目前的議價能力來嘗試達成非常好的交易。

So, our job is to try and, flush them out a little bit and maybe call that bluff, but, when you've got a market of other owners looking to. Looking to compete for business, like that, it takes, real discipline on the part of the market to actually win those businesses at a half decent rate.

所以，我們的工作就是嘗試，稍微驅逐他們，也許可以揭穿他們的虛張聲勢，但是，當你有一個其他業主在尋求的市場時。要想在這樣的市場中競爭，就需要市場方面有真正的紀律，才能以相當不錯的速度贏得這些業務。

Yeah, that's a good call. Thanks.

是的，這是個很好的決定。謝謝。

Thank you. And seeing as there are no more questions in the queue, that concludes our question-and-answer session.

謝謝。鑑於隊列中沒有其他問題，我們的問答環節就此結束。

I will now turn the call back over to our CEO, Richard Tyrrell, for closing remarks.

現在我將把電話轉回給我們的執行長理查德·泰瑞爾 (Richard Tyrrell) 作最後發言。

Thank you, Justin, and thank you for everybody who's dialed into the call and for those who asked some excellent questions. For those who will be in Norway next week, I'll be at the DMB conference to see you there. And then for those which are those who are attending Capital Link at the end of March in New York, I'll be I'll be there also. So, hopefully we'll see a few people at those events and if not, catch you next time.

謝謝你，賈斯汀，也感謝所有撥入電話的人以及那些提出一些非常好的問題的人。對於下週將在挪威的朋友們，我將在 DMB 會議上與你們見面。對於那些將於 3 月底參加紐約 Capital Link 的人，我也會去那裡。因此，希望我們能在這些活動中見到一些人，如果沒有，下次再見。

Thank you.

謝謝。

The meeting has now concluded.

會議現已結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。