CMB.TECH NV (CMBT) 2024 Q2 法說會逐字稿

Welcome to this Q2 2024 earnings release. I'm joined here today by our CFO, Ludovic Saverys. My name is Alexander Saverys, I'm the CEO of CMB.TECH. And topics of today's call will be a financial highlight first of all of the quarter, also highlighting everything we have done during the quarter and then we will zoom in on all our marine division, division-by-division and give you a market outlook to finish off with the conclusion and Q&A.

歡迎閱讀 2024 年第二季財報發布。今天我們的財務長 Ludovic Saverys 也加入了我的行列。我叫 Alexander Saverys，是 CMB.TECH 的執行長。今天電話會議的主題將首先是本季度的財務亮點，同時也強調我們在本季度所做的一切，然後我們將逐個部門地放大我們所有的海事部門，並向您提供市場前景以結論和問答結束。

If you've seen the press release this morning, you have seen that the heading was transformation in full swing, and it means our company is in full transformation. We had an incredibly busy second quarter, ratifying the name change from Euronav to CMB.TECH. The ticker symbol has already changed. The real name change will take place on October 1.

如果您看過今天早上的新聞稿，您將看到標題是“全面轉型”，這意味著我們公司正在全面轉型。我們的第二季非常忙碌，批准了從 Euronav 更名為 CMB.TECH。股票代碼已經改變。實名變更將於10月1日進行。

But meanwhile, doing a lot of business, adding a contract backlog to our already large contract backlog. We have older new vessels. We have sold older tankers. We have taken delivery of many, many ships. And last but not least, we have also concluded our partnership with Anglo Eastern. So a lot to talk about, and I would like to hand over to Ludovic for the financials.

但同時，我們做了很多業務，在我們已經很大的合約積壓中增加了合約積壓。我們有舊的新船。我們已經賣了舊油輪。我們已經接收了很多很多的船隻。最後但並非最不重要的一點是，我們也結束了與 Anglo Eastern 的合作關係。有很多東西可以談，我想把財務問題交給 Ludovic。

Thanks, Alexander. Focusing on the Q2 figures. We are happy to announce that we had another strong quarter with a net profit of $184 million, this brings the half-year profits to close to $680 million. Taking the last 12 months, we will conclude this $1.2 billion profit if we start from Q3 until today.

謝謝，亞歷山大。重點關注第二季的數據。我們很高興地宣布，我們又一個強勁的季度實現淨利潤 1.84 億美元，這使得半年利潤接近 6.8 億美元。從過去 12 個月來看，如果從第三季開始直到今天，我們將得出 12 億美元的利潤。

Adjusted for capital gains, there have been quite a lot of capital gains. As you all know, from the Q2 profits ends at roughly $70 million. Apart from these strong operational results, we were also happy to pay a dividend of $4.57. I declare another dividend, the $1.15 in Q2 that was paid in early Q3, bringing the total dividends and distribution for the half year $5.72.

經資本利得調整後，資本利得相當可觀。眾所周知，第二季的利潤約為 7000 萬美元。除了這些強勁的營運業績之外，我們還很高興支付 4.57 美元的股息。我宣布另一筆股息，即第二季的 1.15 美元，在第三季初支付，使得半年的股息和分配總額為 5.72 美元。

We ended the month of June with $420 million in liquidity. The contract backlog that Alex has mentioned stands today at roughly $2.1 billion of contracted revenue, forward revenue, whereas the outstanding CapEx from end of Q2 stand at $2.7 billion, it is roughly $900 million every 12 months going forward.

截至 6 月份，我們的流動資金為 4.2 億美元。Alex 提到的合約積壓目前約為 21 億美元的合約收入、遠期收入，而第二季末的未償資本支出為 27 億美元，未來每 12 個月約為 9 億美元。

And last but not least, in the first half year, we concluded a share buyback program of 8 million shares for roughly [$126 million]. Continuing on that, as Alexender mentioned, we had a delivery in Q2 and the last couple of weeks of seven newbuilding vessels, that is a continuation of the large newbuilding program we have.

最後但並非最不重要的一點是，上半年我們完成了約 800 萬股的股票回購計畫。[1.26 億美元]。繼續說下去，正如亞歷山大所提到的，我們在第二季和最後幾週交付了七艘新造船，這是我們大型新造船計畫的延續。

We sold the CMA CGM Baikal, which is the container vessel upon delivery. We were able to successfully complete the sale of Euronav Ship Management to Anglo Eastern, and that was concluded in Q2, bringing a extra ordinary profits of $20 million. The successful completion of the three VLCCs that were earlier announced got concluded in Q2 as well, bringing the capital gain of $79 million.

我們出售了CMA CGM Baikal，這是交貨時的貨櫃船。我們成功地將 Euronav Ship Management 出售給 Anglo Eastern，並於第二季完成，帶來了 2,000 萬美元的額外利潤。早先宣布的三艘VLCC也在第二季順利完工，帶來了7,900萬美元的資本利得。

(inaudible) is another VLCC we sold. So the MOA has been signed, the delivery will happen in Q1 2025 with a nice a profit as well.

（聽不清楚）是我們出售的另一艘 VLCC。目前MOA已經簽署，預計2025年第一季交付，利潤也不錯。

On the new business, we've added one more from CSOV to our Elevation Series, the future-proof Elevation Series, which is number six in the series and another two hydrogen powered CTVs. Previously announced as well, we have signed a collaboration agreement with Damen Shipyards for building four hydrogen powered tugboats.

在新業務中，我們在 Elevation 系列中又增加了一款 CSOV 車型，即面向未來的 Elevation 系列，它是該系列中的第六款車型，另外還有兩款氫動力 CTV。先前我們也宣布，我們已與 Damen Shipyards 簽署了建造四艘氫動力拖船的合作協議。

Continuing to the next slide where we show as previously in earnings calls, what fleet we have today on the water with 30 tankers, six Newcastlemax, four container vessels, actually now since yesterday. 54 work boats, four chemical tankers and three ferries and tugboats.

繼續下一張幻燈片，我們像之前在財報電話會議中一樣展示了我們今天在水面上擁有的船隊，包括 30 艘油輪、六艘 Newcastlemax 船、四艘貨櫃船，實際上從昨天開始。 54艘工作船、4艘化學品船以及3艘渡船和拖船。

On the right side, you can see that this will continue to grow. The total fleet on the water to reach 117 vessels end of this year, 136 and a 25 to come close to 160 vessels end of '26.

在右側，您可以看到它會繼續增長。水面上的船隊總數到今年底達到117艘，到26年底達到136艘和25艘接近160艘。

Zooming in on the P&L figures as previously shown. We want to highlight here without going into too much detail that for Q2, we were profitable in every single segment and that the Q3 quarter to date results are still very positive. Alex will continue similar segment to explain this.

放大損益圖，如前所示。我們想在此強調，但不想透露太多細節，第二季度，我們在每個細分市場都實現了盈利，並且第三季度迄今為止的業績仍然非常積極。Alex 將繼續類似的部分來解釋這一點。

The contract backlog as we've shown and discussed, we've added $161 million of additional long-term contracts on a Suezmax newbuilding, Suezmax on the water and in other chemical tanker, which are for delivery in Q1 '26 is on seven-year charter to Ultratank. These are commitments that a lot of our clients like to work with our future-proof vessels and hopefully we can increase this contract backlog in the months to come.

正如我們已經展示和討論的合同積壓情況，我們已經為蘇伊士型新造船、蘇伊士型水上船和其他化學品船增加了價值1.61 億美元的額外長期合同，這些合同將於26 年第一季度交付，具體日期為7-每年租給 Ultratank。這些是我們的許多客戶喜歡與我們面向未來的船舶合作的承諾，希望我們能夠在未來幾個月內增加合約積壓。

This slide again is to show that while we are building a long-term contract backlog on some modern assets, we're still very much spot exposed. We have still 75% of open days for '24 and it goes to 80% in '25. And even you can see in '26, we ended the year with a total days of 30,000 shipping days where the biggest obviously, spot exposure is in our dry bulk division and also our tanker division.

這張投影片再次表明，雖然我們正在為一些現代資產建立長期合約積壓，但我們仍然面臨很大的現貨風險。24 年我們仍有 75% 的開放日，25 年將達到 80%。甚至你可以看到，在 26 年，我們的總運輸天數達到了 30,000 天，其中最大的現貨暴露明顯是我們的干散貨部門和油輪部門。

I'll pass on the word to Alexander, who can continue to go into the various segments.

我會將這個消息轉達給亞歷山大，他可以繼續討論各個部分。

Yeah. Thanks, Ludovic. Let's start with tankers, still today our biggest division. We have put some numbers on there that you saw in the previous slide but split between the VLCCs and the Suezmaxes. You will see it in the second quarter, we equaled roughly $50,000 a day on the VLCC spot markets close to $50,000 as well on the Suezmax spot market.

是的。謝謝，盧多維奇。讓我們從油輪開始，它仍然是我們最大的部門。我們在那裡放了一些您在上一張幻燈片中看到的數字，但分為 VLCC 和 Suezmax 兩類。你會在第二季度看到這一點，我們在 VLCC 現貨市場上每天的收入約為 50,000 美元，在蘇伊士型油輪現貨市場上也接近 50,000 美元。

And for Q3 to date, we have fixed 61% of RVs at $34,000 and about half of our Suezmaxes at $41,000, which even with the seasonal slowdown that we are seeing this summer are still at very good rates. On the activity, we've mentioned the two new charters that we have signed, one for newbuilding Suezmaxes for five years, one two-year contract on the Fraternity, which is 2009 Suezmax.

到目前為止，第三季度，我們已將 61% 的房車價格定為 34,000 美元，將大約一半的蘇伊士型油輪價格定為 41,000 美元，即使我們今年夏天看到季節性放緩，價格仍然非常好。在活動中，我們提到了我們簽署的兩份新租船合同，一份是關於新造蘇伊士型油輪的為期五年的合同，一份是關於兄弟會的為期兩年的合同，即2009年蘇伊士型油輪。

We have completed the sale of our three N-type and VLCCs in the second quarter with a capital gain of $79 million. We also signed an MOA on the sale of the VLCC Alsace, which we'll deliver in Q1 next year. And then obviously, just maybe go back one last point I wanted to mention is that's a recapping. We still have five new ammonia powered ECO VLCCs on order. And apart from the two Suezmaxes that are delivering this year, we have another two coming in 2026.

我們在第二季完成了三艘 N 型和 VLCC 的出售，資本利得為 7,900 萬美元。我們還就出售 VLCC Alsace 號簽署了諒解備忘錄，該船將於明年第一季交付。顯然，也許回到我想提的最後一點是，這是一個回顧。我們仍有五艘新的氨動力 ECO VLCC 訂單。除了今年交付的兩艘蘇伊士型油輪外，我們還有另外兩艘將於 2026 年交付。

Go to the next slide. We have a snapshot here on where the market is, you can see that the earnings are definitely compared to the last 10 years above average and healthy rates. A lot of green lights when we look at the demand indicators, but some red lights as well. It will come as no surprise to you that the oil supply from the OPEC is not a positive, definitely not for the VLCCs.

轉到下一張投影片。我們這裡有一個關於市場狀況的快照，您可以看到，與過去 10 年相比，收益絕對高於平均水平和健康水平。當我們查看需求指標時，有很多綠燈，但也有一些紅燈。歐佩克的石油供應並不是一個積極的信號，尤其是對於超大型油輪來說，這並不奇怪。

We see that the China oil imports year on year are a little bit down. But all in all, if we combine some of the positive demand signals with a very low order book coming on stream, we are still in a very healthy supply demand environment.

我們看到中國石油進口量較去年同期略有下降。但總而言之，如果我們將一些正面的需求訊號與即將投產的訂單量非常低結合起來，我們仍然處於非常健康的供需環境中。

Next slide. Here, we have basically tried to make a theoretical assumption. If we would scrap all vessels that are older than 25 years, how would the fleet evolve and then put the expected growth, and the growth numbers are coming from organizations like the [IA] and what would that give.

下一張投影片。在這裡，我們基本上試圖做出一個理論上的假設。如果我們報廢所有船齡超過 25 年的船舶，船隊將如何發展，然後實現預期成長，成長數據來自 [IA] 等組織，這會帶來什麼。

Basically, all the way up to 2028, if we would scrap ships that are 25 years and older, on the [Vs] we would lose 10% of the fleet. On the Suezmaxes, it would be 2% to 2.5%. So the fleet would be in decline. If again, all the ships would get scrapped.

基本上，一直到 2028 年，如果我們報廢 25 年及以上的船舶，在 [Vs] 上我們將損失 10% 的船隊。對於蘇伊士型油輪，這一比例為 2% 至 2.5%。因此，艦隊將會衰退。如果再來一次，所有的船隻都會報廢。

What happens on the demand side is that you can see that peak oil is not there yet. We still see growth in demand and all the agencies are still forecasting some growth in demand. That means that we will need in the tanker industry for the next five years, more tankers.

需求方面發生的情況是，你可以看到石油高峰尚未到來。我們仍然看到需求成長，所有機構仍然預測需求會增加。這意味著未來五年我們的油輪產業將需要更多的油輪。

And when we look at the order book, the order book is still relatively low. We have seen some new orders. But again, according to this model, we would see that we are in structural shortage of ships, which should bode well for our markets going forward in the next years.

而當我們看訂單簿時，訂單簿仍然相對較低。我們看到了一些新訂單。但同樣，根據這個模型，我們會看到我們的船舶出現結構性短缺，這對我們未來幾年的市場來說是個好兆頭。

Next slide, we go to the Dry Bulk division, which is a rapidly growing division. You have seen that we have taken delivery of new vessels. We have six new custom maxes on the water now. Still another four will come on stream this year and we have in total 28 newbuildings for the next couple of years coming on the water.

下一張投影片，我們將介紹乾散貨部門，這是一個快速成長的部門。您已經看到我們已經接收了新船。我們現在有六艘新的客製化最大船在水面上。今年還將有另外 4 艘新船投產，未來幾年我們總共將有 28 艘新船投入營運。

Our earnings were very good in the second quarter. You can see it there we had $36,000 earnings on our Newcastlemax. The third quarter was a bit softer, but still earning more than $30,000. It's active as I said, on the delivery side, the growth is driven, I'll show you in a couple of slides by different dynamics in the market but all in all, we can definitely not complain for [biosimilars] our dry bulk division.

我們第二季的獲利非常好。您可以看到，我們的 Newcastlemax 船獲得了 36,000 美元的收入。第三季的情況稍顯疲軟，但營收仍超過 3 萬美元。正如我所說，它很活躍，在交付方面，成長受到驅動，我將在幾張幻燈片中向您展示市場不同動態，但總而言之，我們絕對不能抱怨我們的干散貨部門的[生物仿製藥] 。

We go to next slide. Indicators on the demand side. You can see them on the screen. Positive indicators coming from China, definitely in the first half, that is still year on year, July as well on iron ore imports, coal imports. Brazil and Australia still exporting more. There are, of course, some signals that are a little bit more worrisome.

我們轉到下一張投影片。需求面指標。您可以在螢幕上看到它們。來自中國的積極指標，肯定是在上半年，與去年同期相比，7月以及鐵礦石進口、煤炭進口方面也是如此。巴西和澳洲的出口量仍在增加。當然，有一些訊號更令人擔憂。

When we look at the steel production in China, the steel inventories and the iron ore inventories that are all up and should normally signal a rather weaker market. But compared to the growth in the fleet, overall, the dry bulk markets are still very healthy. Demand is growing faster than the supply of the fleet.

當我們觀察中國的鋼鐵產量時，鋼鐵庫存和鐵礦石庫存都在上升，通常預示著市場相當疲軟。但與船隊的成長相比，整體而言，乾散貨市場仍然非常健康。需求成長速度快於機隊供應成長速度。

Next slide. Two things I want to highlight today is the age of the Capesizes and then the new projects in Western Africa. Starting with the Capesizes, you see the age profile here of older Capes. If you fast forward to 2030, you will see that by then more than 800 Capesizes will have reached the age of 20 years.

下一張投影片。今天我想強調的兩件事是海岬型船的時代以及西非的新計畫。從好望角型船開始，您可以在此處看到較舊的好望角型船的年齡概況。如果快轉到 2030 年，您會發現到那時，800 多艘海岬型船的船齡將達到 20 年。

By that date, more than two-thirds, even three-quarters of the fleet will have reached the age of 15 years. But I think we're focusing on this full special survey to 20 year deadline, 800 ships by 2030. Look at the order book, which today is still relatively low at 125 Capesize and Newcastlemax. This again, from a supply point of view, an aging fleet, a low order book should definitely be supported for our markets going forward.

到那時，超過三分之二甚至四分之三的船隊將達到15年的船齡。但我認為我們的重點是這項全面的特別調查，截止日期為 20 年，到 2030 年調查 800 艘船。看看訂單簿，今天的訂單量仍然相對較低，為 125 艘海岬型船和紐卡斯爾型船。同樣，從供應的角度來看，老化的機隊和低訂單量絕對應該為我們的市場未來提供支援。

The next one. On the demand, I wanted to highlight in this call one specific new projects, which has been talked about for many years, but which is finally coming on stream is the Simandou project in Guinea, which is basically two consortia that will start exporting iron ore. Starting ramping up from this year next year.

下一張。關於需求，我想在這次電話會議中強調一個具體的新項目，這個項目已經討論了很多年，但最終投產的是幾內亞的西芒杜項目，該項目基本上是兩個將開始出口鐵礦石的財團。從今年開始，明年開始加速。

And then all the way up to 2028 coming fully on-stream going to 120 million tons per year of iron ore exports, which are expected to go nearly all of it to China. What does that mean in the bigger scheme of things. It means that by 2028, we might need only for the Simandou project an extra 170 vessels.

然後一直到2028年全面投產，每年鐵礦石出口量將達1.2億噸，預計幾乎全數銷往中國。這在更大的計劃中意味著什麼？這意味著到 2028 年，我們可能只需要為 Simandou 專案額外增加 170 艘船舶。

Just talk about the order book, this demand signals should again be a very good and positive signal for the market. You can also see why? The distance is twice the distance and for instance, Australian iron ore and of course, we are highlighting as well. That is a very nice through bunkering station that will be ready to supply ammonia in Namibia, which sits on that trade routes. So very interesting for CMB.TECH and for [Obuasi] more division towards the Simandou project.

就拿訂單來說，這個需求訊號對市場來說應該又是一個非常好的正面訊號。你也看得出為什麼嗎？距離是距離的兩倍，例如澳洲鐵礦石，當然我們也強調。這是一個非常好的直通加油站，將準備好向位於貿易路線上的納米比亞供應氨。對於 CMB.TECH 和 [Obuasi] 對 Simandou 專案的更多劃分來說非常有趣。

Next slide. Some words on the chemical tanker business. The chemical tanker business, like the product tanker business and the crude tanker business is doing well. There is healthy demand that we are seeing in the market. The supply of vessels is limited. It is, of course, a less volatile market than the crude oil markets.

下一張投影片。關於化學品船業務的一些話。化學品船業務與成品油輪業務和原油輪業務一樣表現良好。我們在市場上看到了對健康的需求。船隻供應有限。當然，這是一個比原油市場波動更小的市場。

Our exposure in Bochem, which is our chemical tanker division, has been fixed. The one that we announced in our press releases this new charter for seven years to Ultratank for one of our newbuildings delivering beginning 2026. The sister vessel will go in the Ultratank pool, which will bring our fleet of 10 vessels to seven ships fixed and three spot.

我們在 Bochem（我們的化學品油輪部門）的風險已經修復。我們在新聞稿中宣布向 Ultratank 發佈為期七年的新租約，為我們的一艘新造船於 2026 年開始交付。姊妹船將進入 Ultratank 池，這將使我們由 10 艘船組成的船隊達到 7 艘固定船和 3 艘固定船。

Of course, in Bochem, we also have our two product Bitumen tankers as well. You can see the breakeven rates, which are giving us very good returns on the spot market and a decent return for our charters.

當然，在博赫姆，我們也有兩艘產品瀝青罐車。您可以看到損益平衡率，這為我們在現貨市場上帶來了非常好的回報，並為我們的包機帶來了可觀的回報。

Next slide. The container markets is one of our smaller divisions. As Ludovic said, we took delivery of the fourth container vessel in our fleet. We still have one newbuilding on order in July 2026. All of this is all fixed at very good rates and will contribute very healthily to our net profit.

下一張投影片。貨櫃市場是我們較小的部門之一。正如盧多維奇所說，我們接收了我們船隊中的第四艘貨櫃船。我們仍有一艘新船將於 2026 年 7 月訂購。所有這些都以非常好的利率固定，將為我們的淨利潤做出非常健康的貢獻。

But if you look at the market in general, there's some very negative indicators, I would say definitely the container fleet order book is huge, which usually doesn't bode well for our markets. The demand indicators are a mixed bag. There's some good, some bad, but the big game changer in the container market is obviously what is happening in the Red Sea.

但如果你從整體上看市場，你會發現一些非常負面的指標，我想說貨櫃船隊的訂單量肯定很大，這對我們的市場來說通常不是好兆頭。需求指標好壞參半。有好有壞，但貨櫃市場最大的遊戲規則改變者顯然是紅海正在發生的事情。

As you can see at the bottom of this slide on the right, a containership Suez Canal transits numbers in TEU has gone down by more than 90% year on year. So you can see that's the disturbance. There is huge and is having a massive impact on tonne-mile demand growth. You can see year on year, we are 16% in tonne-miles higher than last year in July.

正如您在右側這張幻燈片底部看到的那樣，蘇伊士運河過境的貨櫃船 TEU 數量比去年同期下降了 90% 以上。所以你可以看到這就是乾擾。這對噸英里需求成長有著巨大的影響，並且正在產生巨大的影響。您可以看到，與去年同期相比，我們 7 月的噸英里數比去年增加了 16%。

Nobody knows how long it will last. What is sure is that it lasted for a lot longer than people expected. And I don't think we see an end in sight in the coming months unfortunately. When I finish off with offshore wind, that's our little CTVs, we have six CSOVs (technical difficulty) CSOVs was added in the second quarter to our order book.

沒有人知道它會持續多久。可以肯定的是，它持續的時間比人們預期的要長得多。不幸的是，我認為未來幾個月我們看不到結束的跡象。當我結束離岸風電時，這就是我們的小型 CTV，我們有 6 個 CSOV（技術難度） CSOV 在第二季度添加到我們的訂單中。

Our CSOVs are not fixed yet, but the CTVs are running on a mixture of spot and time charter business. You can see the breakeven rates and what we have earned in the second quarter and the third quarter is doing very nicely the offshore wind market, and we are seeing some good demand indicators again this year, new projects coming on stream, more demand for offshore wind supply vessels.

我們的 CSOV 尚未修復，但 CTV 正在混合現貨和期租業務運作。您可以看到盈虧平衡率以及我們在第二季和第三季的獲利情況，離岸風電市場表現非常好，今年我們再次看到一些良好的需求指標，新專案即將投產，離岸風電需求增加風力供應船。

I'm summing this up in this last slide, we have decided that this would be a recurring slide that we will show you every quarter. Our assessments on where we are the traffic lights and you can see that all the lights are green. I did tell you why we believe that it is basically the balance between demand and supply and in every sector where we are active as CMB.TECH, we see a good supply-demand balance, which is generating good results.

我在最後一張投影片中總結了這一點，我們決定這將是一張循環投影片，我們將每季向您展示一次。我們對交通燈所在位置的評估，您可以看到所有燈都是綠色的。我確實告訴過你為什麼我們相信這基本上是供需之間的平衡，在我們作為 CMB.TECH 活躍的每個領域，我們都看到了良好的供需平衡，這正在產生良好的結果。

At the bottom, you can see our exposure. You see on the tanker side, Euronav division, we have about one-quarter of our vessels, which are fixed on time charter. The rest is trading spot. The dry bulk everything so far is spot. Containers, everything is chartered. Chemical tankers is 70% chartered, 30% on the spot market. And on offshore wind, apart from our CTVs, the six CSOVs we have are still spot, have not been fixed, but the first one is only delivering next year in Q2.

在底部，您可以看到我們的曝光。你可以看到，在油輪方面，Euronav 部門，我們大約有四分之一的船隻是按期租的。剩下的就是現貨交易。到目前為止，乾散貨一切都是現貨。貨櫃，一切都是包租的。化學品船70%是包租的，30%是在現貨市場上運輸的。在離岸風電方面，除了我們的 CTV 之外，我們擁有的六台 CSOV 仍然是現貨，尚未修復，但第一台只能在明年第二季度交付。

Let's go to next slide, an overview of our fleet list, which you can read at your leisure. The presentation is on our website with a detailed delivery dates of the order book.

讓我們轉到下一張投影片，概述我們的機隊列表，您可以在閒暇時閱讀。該簡報位於我們的網站上，其中包含訂單的詳細交付日期。

Next slide. And then basically moving to the conclusion and then opening the floor to you for some questions. Our shareholders, I think, should be happy. We have paid a very nice dividend over the first half, thanks to the exceptional profits that we made after the sale of our VLCCs to Frontline.

下一張投影片。然後基本上得出結論，然後請大家提出一些問題。我認為我們的股東應該感到高興。由於我們將 VLCC 出售給 Frontline 後獲得了豐厚的利潤，我們在上半年支付了非常可觀的股息。

We still made a very nice profit in the second quarter of $184 million. You know that we are committed to remain listed on the Brussels Stock Exchange and in New York. We recently changed our ticker symbol to CMBT. The name change of the company will take place on October 1. So Euronav will become CMB.TECH. And then the Euronav name will be our division.

第二季我們仍然獲得了 1.84 億美元的非常不錯的利潤。您知道，我們致力於繼續在布魯塞爾證券交易所和紐約上市。我們最近將股票代碼更改為 CMBT。公司將於10月1日更名。因此 Euronav 將成為 CMB.TECH。然後 Euronav 的名稱將成為我們的部門。

The portfolio we have discussed it at length. One thing I should highlight as apart from everything you see on the water, delivering the good cash flows, we also have a very strong decarbonization optionality value built in our fleet as and when the new legislation will start to accelerate as from next year, fuel maritime directors, et cetera. So we do see a lot of upside on our future-proof fleet.

我們已經詳細討論了投資組合。我應該強調的一件事是，除了您在水上看到的一切、提供良好的現金流之外，我們的船隊還擁有非常強大的脫碳可選價值，當新立法從明年開始加速時，燃料海事總監等。因此，我們確實看到了面向未來的機隊有很多優勢。

And then the outlook for all our markets is probably exceptional. We should cherish it. It's been a long time since all shipping markets were actually in a positive supply-demand balance. And so, we are definitely enjoying the ride.

那麼我們所有市場的前景可能都是異常的。我們應該珍惜它。長期以來，所有航運市場實際上都處於供需正平衡狀態。所以，我們絕對很享受這段旅程。

With this being said, I would like to conclude, thank you for listening to us, and I'm opening the floor for questions.

話雖如此，我想總結一下，感謝您聆聽我們的講話，現在開始提問。

(Operator Instructions) Kristof Samoy.

（操作員說明）克里斯托夫·薩摩耶。

Hello, good afternoon and congratulations with the good results. A few questions, if I may. You mentioned Namibian bunker facility, which is well located in Namibia. So how far are you with the timeline? I recall that the FID would be taken in the fourth quarter. Maybe you can elaborate a little bit more on timing there.

您好，下午好，恭喜取得好成績。如果可以的話，有幾個問題。您提到了納米比亞地堡設施，該設施位於納米比亞境內。那你距離時間表還有多遠？我記得最終投資決定將在第四季進行。也許你可以詳細說明那裡的時間安排。

And then secondly, the new Castlemaxes that has been -- that are on the water now. Are they also part of the Fortescue [consecutive first] Charter pool? Thank you.

其次，新的 Castlemaxes 現已投入使用。它們也是 Fortescue [連續第一] 包機池的一部分嗎？謝謝。

Thank you, Kristof. Let me answer first on Namibia. In Namibia, there's three projects we are working on. One is the hydrogen refueling and production station, which we hope will be operational by the end of this year. That's a relatively small-scale project for local demand. So hydrogen for local applications.

謝謝你，克里斯托夫。我先回答納米比亞的問題。在納米比亞，我們正在進行三個項目。一是加氫生產站，我們希望今年底投入營運。這是一個針對當地需求規模相對較小的項目。因此氫氣適合本地應用。

The second what you are alluding to is the tank terminal for ammonia. Indeed, expecting FID fourth quarter, maybe first quarter next year. And the timing, if we take FID on that time, we'll probably somewhere delivering in 2028. So that is kind of the time horizon we are looking for on that tank terminal, which we can use indeed as a bunkering point.

您提到的第二個是氨罐終端機。事實上，預計第四季最終投資決定，也許是明年第一季。至於時間安排，如果我們當時採取最終投資決定，我們可能會在 2028 年某個地方交付。這就是我們在油罐碼頭尋找的時間範圍，我們確實可以將其用作加油點。

And then the third project where we are still working on the feasibility and pre-feed is the ammonia factory locally in Namibia based on solar power, water and electrolyzer park is something for next year. So no FID in the very short-term on that project.

我們仍在進行可行性和預投料的第三個項目是納米比亞當地基於太陽能、水和電解池園區的氨工廠，預計將於明年完成。因此，該項目短期內不會做出最終投資決定。

Then going on the FMG CVC pool that you mentioned, the new relationship with FMG is a good relationship like with other a lot of other iron ore mining companies. We do quite a few spot business with them. And indeed, we have some vessels on short-term CVCs. But these are short-term, we are talking maximum one year. These are not long term, and it's not the full six vessels that we have today is a couple of these ships.

然後繼續您提到的 FMG CVC 池，與 FMG 的新關係是良好的關係，就像與其他許多鐵礦石開採公司的關係一樣。我們與他們做了很多現貨業務。事實上，我們有一些船隻使用短期 CVC。但這些都是短期的，我們說的是最多一年。這些都不是長期的，我們今天擁有的六艘船也不是其中的幾艘。

Okay, thank you. And then maybe as a follow-up to this question. We have seen the announcement of Fortescue teaming up with COSCO on the construction and deployment of green ammonia proposed vessels. Fortescue is a long term -- long time customer journey partners of you.

好的，謝謝。然後也許作為這個問題的後續行動。我們已經看到Fortescue宣布與中遠集團合作建造和部署綠色氨擬議船舶。Fortescue 是您的長期客戶旅程合作夥伴。

How should we read into this? This is (inaudible) CMB.Tech is out of the picture there for Fortescue or can you elaborate a little bit on how you see this or interpret this?

我們該如何解讀這一點？這是（聽不清楚）CMB.Tech 不屬於 Fortescue 的範圍，或者您能否詳細說明您如何看待或解釋這一點？

Well, Kristof, first and foremost, you should ask Fortescue and COSCO what the deal entails. I'm reading the same papers as you. Obviously, we are talking both to COSCO into Fortescue. What we understand is it's a collaboration agreement about the topic, which is very close to our heart.

好吧，克里斯托夫，首先，你應該問問 Fortescue 和中遠集團這筆交易意味著什麼。我正在讀和你一樣的論文。顯然，我們正在與中遠集團洽談收購Fortescue。我們的理解是，這是一項關於該主題的合作協議，該主題非常貼近我們的內心。

And we see this development as a very good developments that other people are following suit and are also committing now time efforts, and I hope money to deploy more ammonia powered vessels but also the whole ammonia supply chain to green our industry.

我們認為這一發展是一個非常好的發展，其他人正在效仿，現在也在做出努力，我希望有資金部署更多氨動力船舶以及整個氨供應鏈，以綠色我們的行業。

I think this market is huge. If Fortescue does a deal with COSCO, I don't think that means they would not do deals with us. If COSCO does a deal with Fortescue, that doesn't mean that COSCO will not deal with us. So I think we're all dealing together.

我覺得這個市場很大。如果 Fortescue 與中遠集團達成交易，我認為這並不意味著他們不會與我們達成交易。如果中遠集團與 Fortescue 達成協議，並不代表中遠集團不會與我們合作。所以我認為我們都在一起打交道。

The most important elements from that announcement for us is that the more people start investing real money in the ammonia supply chain and in decarbonizing shipping the better it will be and eventually also for CMB.TECH, we need this tie to become bigger.

這項公告對我們來說最重要的一點是，越多的人開始在氨供應鏈和脫碳航運上投入真金白銀，情況就會越好，最終對於CMB.TECH 來說也是如此，我們需要這種聯繫變得更大。

Okay, thank you. No further questions for me now.

好的，謝謝。現在沒有其他問題問我了。

(technical difficulty) [Alexander Rios].

（技術難度）[亞歷山大·裡奧斯]。

I was just wondering in TradeWinds recently we could read that you were linked to 20 ship chemical tankers deal. I was wondering if you have any comments on that transaction?

我只是想知道最近我們在 TradeWinds 上看到您與 20 艘化學品油輪交易有關。中方對此交易有何評論？

So I can confirm that there are discussions ongoing with Exxon, but it's not about 20 ships. It's about seven ships, but nothing has been signed firmly yet. So the information in TradeWinds is not really correct, but I can confirm that there's been discussions with Exxon about the chemical tanker project, but it's about seven ships, not 20.

所以我可以確認正在與埃克森美孚進行討論，但這不是關於 20 艘船的討論。大約有七艘船，但尚未正式簽署任何協議。因此，TradeWinds 中的信息並不完全正確，但我可以確認已經與埃克森美孚就化學品船項目進行了討論，但大約是七艘船，而不是 20 艘。

Exciting stuff. Is there -- can you say anything about the size of those vessels?

令人興奮的事。能透露一下這些船隻的大小嗎？

No, not yet. But as soon as we have news on that and that contracts would be signed. And I stress, contract has not been signed yet. We will definitely give you more information.

不，還沒有。但一旦我們有消息，合約就會簽署。我強調，合約還沒簽署。我們一定會為您提供更多資訊。

Okay. Thank you. That was all my question.

好的。謝謝。這就是我的全部問題。

Yes, Quirijn, I see you raise your hand again, can you please unmute and ask your question.

是的，Quirijn，我看到你又舉手了，你能取消靜音並提出你的問題嗎？

We are moving on from the number ending in 8703, you may please unmute and ask your question, please.

我們將從以 8703 結尾的號碼開始，請您取消靜音並提出您的問題。

Maybe for the ones who are trying to get a voiceover if you want to post a message just on the meeting and then we try to respond it now. If that still doesn't work, obviously, we'd be happy to answer your e-mail -- all your questions.

也許對於那些試圖獲得畫外音的人來說，如果您想在會議上發布訊息，然後我們現在嘗試回覆它。如果這仍然不起作用，顯然，我們很樂意回答您的電子郵件 - 您的所有問題。

Okay, very good. Thank you very much for joining this call. Thank you for your questions. As Ludovic said, if you have any other question, you raise on the investor relations, Ludovic and myself are there to assist you and answer any question you might have.

好的，非常好。非常感謝您參加本次通話。謝謝您的提問。正如盧多維克所說，如果您有任何其他問題，可以在投資者關係方面提出，盧多維克和我本人都會為您提供幫助並回答您可能提出的任何問題。

I hope to speak to you soon. Enjoy the sunny weather if you're in a sunny place. Thank you, bye-bye.

我希望盡快與您交談。如果您在陽光明媚的地方，請享受陽光明媚的天氣。謝謝你，再見。