CMB.TECH NV (CMBT) 2024 Q4 法說會逐字稿

Here again, we want to highlight the detail of the contract backlog per division, but as well as the PNL break even, the results on the time chart equivalent for every division, but also what we have fixed already in Q1, as we've detailed in our press release.

在這裡，我們再次強調每個部門的合約積壓細節，但除了 PNL 盈虧平衡之外，時間表上每個部門的結果也相當，而且我們在第一季度已經解決了這些問題，正如我們在新聞稿中詳細說明的那樣。

Here we zoom in on the current contract backlog that we have. We are working on a couple of few new projects, which hopefully, will materialize in the Q1. But nevertheless, you can see that we have close to a billion dollars on the tankers, a big contract backlog on the containers and the chemical tanks for respectively, each half a billion dollars.

這裡我們放大了目前積壓的合約。我們正在進行幾個新項目，希望能夠在第一季實現。但儘管如此，您可以看到，我們在油輪上的合約金額接近 10 億美元，貨櫃和化學品罐上的合約積壓金額也分別高達 5 億美元。

The slides, as we show in every earnings, presentation, could give you an indication on what the open days are in our company and the fixed and the total days, so we had about 18,500 days shipping days in total for 2024. This is growing thanks to all the new build deliveries up to 27,000 days in 2026, where still, roughly, we have about 25% fixed contract cover for the remaining two years.

正如我們在每次收益、簡報中所展示的幻燈片，可以讓您了解我們公司的開放天數、固定天數和總天數，因此我們在 2024 年總共擁有約 18,500 天的運輸天數。由於 2026 年所有新建船舶的交付量達到 27,000 天，這一數字還在增長，而對於剩餘的兩年，我們仍然大約有 25% 的固定合約覆蓋率。

I'll hand over the floor to Alex to zoom in on the various divisions we have.

我將把發言權交給亞歷克斯，讓他詳細介紹我們的各個部門。

Yes, thank you, Ludovic. I will take you through our 5 major markets, starting with an overview of where we are in the two biggest markets for CMB.TECH right now, definitely on the spot side, which are the tankers and the dry bulk markets.

是的，謝謝你，Ludovic。我將帶您了解我們的 5 個主要市場，首先概述我們目前在 CMB.TECH 的兩個最大市場中的情況，絕對是現貨市場，即油輪和乾散貨市場。

What we have put on these slides is some negative catalysts in the market, but also some positive catalysts. Maybe starting on the positive side for tankers, for VLCCs and Suezmaxes, is of course, the pressure on the dark fleet, the OFAC sanctions, and then possibly as well an increased enforcement of these sanctions and the impact it has on the normal fleet of which, of course, Euronav, our tanker division is part.

我們在這些幻燈片上列出的是市場上的一些負面催化劑，但也有一些正面催化劑。對於油輪、VLCC 和蘇伊士型油輪來說，積極的一面可能首先是黑暗船隊面臨的壓力、OFAC 制裁，然後可能是這些制裁的執行力度加大及其對正常船隊的影響，當然，我們的油輪部門 Euronav 就是其中的一部分。

On the dry side, on the positive side, we are expecting a reflation of the economy in China, which will also be focused on the property market, stabilize the property market, always good for iron ore. We also see increased supply of bauxite and iron ore coming out of Africa, which should be supportive for the market.

從乾燥的一面來看，積極的一面是，我們預計中國經濟將出現通貨再膨脹，這也將集中在房地產市場，穩定房地產市場，這對鐵礦石來說總是有利的。我們也看到來自非洲的鋁土礦和鐵礦石供應增加，這應該會對市場起到支撐作用。

On the negative side, there is still uncertainty both on tanker markets and on dry bulk markets with a couple of elements highlighting on the tanker side, the Chinese economy, which is kind of an overruling elements over the last couple of years is how much will China continue to import or grow its imports of oil on the dry bulk side. Even though the iron ore story in general looks very promising, particularly in China, we are seeing quite high stockpiles which could have a negative effect on the market. But all in all, when we take these two in balance, as you will see in the next couple of slides, we are nevertheless positive for these markets.

不利的一面是，油輪市場和乾散貨市場仍然存在不確定性，油輪方面有幾個突出的因素，即中國經濟，這是過去幾年中起主導作用的因素，即中國將繼續進口多少乾散貨石油或增加其進口量。儘管鐵礦石市場總體上看起來非常樂觀，特別是在中國，但我們看到庫存相當高，這可能會對市場產生負面影響。但總而言之，當我們平衡考慮這兩者時，正如您將在接下來的幾張投影片中看到的那樣，我們仍然對這些市場持樂觀態度。

On this slide, you can see a very nice picture of our brand new super-eco Suezmax Orion, which was the last one to be delivered last year in October. And giving you a highlight of Euronav of our tanker division, we have 14 VLCCs and 21 Suezmaxes on the water. We have another 5 VLCCs and 2 Suezmaxes for delivery, not this year, but in 2026 and partially in 2027. In Q4, we averaged around $37,000 for our VLCCs. What we have fixed so far in Q1 sits around $31,000 for the Vs. On the Suezmaxes, we did $38,000 in Q4, and to date, we have fixed $32,900 for the Suezmaxes.

在這張投影片上，您可以看到我們全新的超級環保蘇伊士型油輪 Orion 的漂亮照片，它是去年 10 月交付的最後一艘油輪。向您介紹 Euronav 油輪部門的亮點，我們在水上擁有 14 艘 VLCC 和 21 艘蘇伊士型油輪。我們還有另外 5 艘 VLCC 和 2 艘蘇伊士型油輪需要交付，不是今年，而是在 2026 年，部分在 2027 年。第四季度，我們的超大型油輪 (VLCC) 平均租金約為 37,000 美元。到目前為止，我們在第一季為 Vs 修復了約 31,000 美元。在蘇伊士型油輪上，我們在第四季的租金為 38,000 美元，到目前為止，我們已經為蘇伊士型油輪確定了 32,900 美元的租金。

As Ludovic said, we have entered into our fleet rejuvenation with the sale of 4 Suezmaxes, the Selena, the Victor, the Cap Felix, and the Cap Lara. We also delivered to the [Alzaz] or VLCC during this quarter, and all in all, that has given us a profit on sales of assets over Q4 and Q1 so far of $116 million.

正如 Ludovic 所說，我們已經透過出售 4 艘蘇伊士型油輪（Selena 號、Victor 號、Cap Felix 號和 Cap Lara 號）開始了船隊復興。本季我們也向 [Alzaz] 或 VLCC 交付了產品，總的來說，這使我們第四季和第一季迄今的資產銷售利潤達到 1.16 億美元。

On the demand side, we expect oil demand to grow, oil supply also to grow, both of them which would be supportive for our markets. Order book to fleet on VLCCs looks good. Order book to fleet on Suezmaxes is higher, but we believe still manageable. And then, of course, there's these additional catalysts, as I was highlighting, the OFAC sanctions, which could add some positive momentum to our markets.

在需求方面，我們預計石油需求將會成長，石油供應也會成長，這兩者都將對我們的市場形成支持。VLCC 船隊的訂單情況看起來不錯。蘇伊士型油輪的訂單量較高，但我們認為仍可控。當然，還有這些額外的催化劑，正如我所強調的，即美國財政部外國資產管制辦公室的製裁，這可能會為我們的市場增添一些積極的動力。

On this slide, we want to highlight on the right side which drivers are positive and which drivers are negative for the tanker market, and as you can see, there's a lot of green except for the China oil imports year on year which are slightly down. But all the rest are positive indicators for our tanker markets.

在這張投影片上，我們想在右側突出顯示哪些驅動因素對油輪市場有利，哪些驅動因素不利，正如您所見，除了中國石油進口量同比略有下降外，其餘均為綠色。但其餘一切都對我們的油輪市場而言是正面的指標。

Focusing on the Suezmax age profile, we have focused before on the VLCCH profile. we wanted to do the same on Suezmaxes. You can see here that by 2030, 244 Suezmaxes will reach the age of 20 years or more. Between now and '28, there are 110 Suezmaxes delivering to the fleet. Which means that even though the new build orders stand at a slightly higher order book to fleet than the VLCCs, we still believe they will not be able to cover the rapidly aging fleet. And as you can see as well as the last point, crude tanker ton mile growth of 2% in '25 with some productivity losses that we see related to age should normally bring our markets into a positive balance.

在關注蘇伊士型油輪船齡概況時，我們之前曾關注 VLCCH 概況。我們希望對蘇伊士型油輪採取同樣的做法。您可以看到，到 2030 年，244 艘蘇伊士型油輪的船齡將達到 20 年或以上。從現在到 28 年，共有 110 艘蘇伊士型油輪加入該船隊。這意味著，儘管新建船舶訂單與船隊數量之比略高於 VLCC，但我們仍然認為它們無法覆蓋快速老化的船隊。正如您所看到的以及最後一點，25 年原油油輪噸英里增長率為 2%，加上與船齡相關的一些生產力損失，通常會使我們的市場達到正平衡。

So more demand fundamentals, the OPEC cuts that were going to be reinstated, that reinstatement has been delayed. We are now waiting to see what is going to happen in April. Obviously, if that supply comes on stream again, it will be positive, particularly for VLCCs.

因此，更多的需求基本面、即將恢復的 OPEC 減產、以及恢復減產已被推遲。我們現在正在等待看看四月會發生什麼。顯然，如果供應再次恢復，這將是利好消息，尤其是對於超大型油輪而言。

On the demand side, you can see all the agencies and their forecast for oil demand in 2025 is all above the '24 numbers, so that's a positive. And as I said previously, so both on the demand side, extra demand, but both on the supply side, even a slight oversupply, usually that is very positive for our tanker markets.

在需求方面，你可以看到所有機構對 2025 年石油需求的預測都高於 24 年的數字，所以這是一個正面的訊號。正如我之前所說，從需求方面來看，都有額外的需求，但從供應方面來看，即使是輕微的供應過剩，通常也對我們的油輪市場非常有利。

Additional upsides can come from the sanctions, and my colleague [Joris] has pointed out to us two very interesting graphs that you can see here. Russian oil on the water, that's the graph in the middle, and Iran oil on the water and in storage is the graph on the right side. You can see that in recent months, these numbers have shot up, which for us, are a very clear indication that the sanctions are starting to bite and it's increasing in efficiencies on Russian oil and Iranian oil. So, watch the space because this could definitely be a big driver.

制裁還可以帶來額外的好處，我的同事[Joris]向我們指出了兩個非常有趣的圖表，您可以在這裡看到。中間的圖表表示俄羅斯水上石油，右側的圖表表示伊朗水上和儲存的石油。您可以看到，近幾個月來，這些數字急劇上升，對我們來說，這是一個非常明顯的跡象，表明製裁開始產生效果，對俄羅斯石油和伊朗石油的製裁效率正在提高。因此，請關注這個領域，因為這絕對可能成為一個巨大的驅動力。

One thing I haven't mentioned yet is the enforcement of the sanctions by the (inaudible) port group. We all know that in China there are, of course ports, that will take sanctioned vessels. But of course, the more sanctions are enforced both in China and in India, the better they should be for our market. And so again, these indicators in our book are additional upside markers.

我還沒提到的一件事是（聽不清楚）港口集團對制裁的執行。我們都知道，中國當然有一些港口可以接納受制裁的船隻。但當然，中國和印度實施的製裁越多，對我們的市場就越有利。因此，我們書中的這些指標是額外的上行標記。

Focusing on the dry bulk, you see again a beautiful picture of our Mineral Portugal, leaving Port [Hedland] full with iron ore. She was the 11th, Newcastlemax that joined our fleet.

聚焦乾散貨，您會再次看到我們的葡萄牙礦產公司滿載鐵礦石離開黑德蘭港的美麗景象。她是第 11 艘加入我們船隊的 Newcastlemax 型船舶。

The highlights as of January 23, we had 12 super-eco Newcastlemaxes on the water, another 16 to be delivered. In our dry bulk division, Bocimar, we also have 2 5,000 deadweight mini bulkers which will deliver next year. We still have 7 Newcastlemaxes to be delivered in 2025, and we realized a time charter equivalent of close to $30,000 in Q4. In this quarter, which is a traditionally slower quarter, what we have fixed so far is $17,500.

截至 1 月 23 日的亮點是，我們有 12 艘超級環保 Newcastlemax 型船正在水上運營，另有 16 艘即將交付。在我們的乾散貨部門 Bocimar，我們還有 2 艘 5,000 載重噸的迷你散裝船將於明年交付。我們仍有 7 艘 Newcastlemax 型船將於 2025 年交付，並且我們在第四季度實現了相當於近 30,000 美元的定期租船費。本季度通常是一個較為緩慢的季度，到目前為止我們已經修復了 17,500 美元。

In the short term, we have seen weaker than anticipated demands in Q4. Q1 is traditionally a slower quarter, but so far, we have not been impressed by the rates. Very recently, of course, rates have started to pick up, and we expect and hope that things for the remainder of the year will be more positive. That is supported by some of the indicators that you can see on the right side. A lot of the indicators are green, only a few indicators are red, one of them being the China iron ore inventories year to year, which are higher. Another very positive for dry bulk, definitely on the larger sizes, cap sizes, and Newcastlemaxes is the order book to fleet. We are at a historic low of just under 8%.

短期內，我們看到第四季的需求弱於預期。第一季通常是較為緩慢的季度，但到目前為止，我們對利率的趨勢並不滿意。當然，最近利率已經開始回升，我們預計並希望今年剩餘時間的情況會更加積極。您可以在右側看到一些指標來支持這一點。很多指標都是綠色的，只有少數指標是紅色的，其中之一就是中國鐵礦石庫存逐年增加。對乾散貨船來說，另一個非常積極的方面是船隊的訂單量，這肯定是大型散裝貨船、Cap 型散裝貨船和 Newcastlemax 型散裝貨船的訂單量。我們正處於略低於8%的歷史低點。

On this slide, we wanted to highlight two things. One is the order book to fleet, as I said, just under 8% today historical lows, but also the average age of the fleet. We are reaching a level that we have not seen for more than 15 years, average age of 11.3 years. You will see on the next slide when we focus on some of the segments that this bodes very well for the supply and demand. All the ships should be leaving the fleet eventually. On the shipyard capacity, as you probably know, yards are full for '25, '26, we even say '27. So for the next 3 years, we have a good visibility on what is coming, and that is not that much in terms of capacity.

在這張投影片上，我們想強調兩件事。一是訂單與船隊的比率，正如我所說，今天略低於 8% 的歷史低點，也是船隊的平均年齡。我們正達到 15 年來未曾見過的水平，平均年齡為 11.3 歲。當我們關注某些部分時，您會在下一張投影片中看到，這對供需來說是個好兆頭。所有船隻最終都應該離開艦隊。關於造船廠的產能，您可能已經知道，25、26 年，甚至 27 年，船廠都已滿。因此，對於未來 3 年，我們對未來有很好的預見性，但就產能而言，這並不是什麼大問題。

On the edge side, there's 204 capes that will reach the age of 20 years by 2027. By 2027, 136 capes will be delivered to the fleet, so you can see that if ships above 20 years of age get scrapped, we will be in a shrinking fleet scenario. By 2030, the number of overage capes of 20 years and plus can reach 40% of the fleet. So definitely on the supply side, we think the story is still very supportive.

在邊緣地區，有 204 個海角，到 2027 年將達到 20 年的年齡。到 2027 年，將有 136 艘好望角型散裝貨船交付給船隊，因此你可以看到，如果 20 年以上的船舶被報廢，我們的船隊規模將會萎縮。到2030年，船齡20年及以上的超齡海岬型船隻可達到船隊的40%。因此，從供應方面來看，我們認為情況仍然非常有利。

Additional drivers, one thing that has been highlighted by some analysts in recent months is the amount of dry docks that capes will have to undergo in this year and in the next two years. There's been a huge delivery wave in the years 2009, '10 '11, and '12 of capsizes now. Ships need to go through their third special survey, and so, we see a lot of capsizes being tied up in special service, which is very positive for the market.

額外的驅動因素是，分析師近幾個月來強調的一件事，那就是今年和未來兩年內海岬型船必須經過的乾船塢數量。2009 年、2010 年、2011 年和 2012 年出現了一波巨大的傾覆交付浪潮。船舶需要進行第三次特別檢驗，因此，我們看到許多傾覆船舶被困在特殊服務中，這對市場來說非常有利。

Port congestion over the last couple of years has been falling. In recent months, we have seen an uptick, this again, could be supportive for rates and the average speed today of the fleet is low. Of course, it is low because supply demands can be balanced with lower speeds, but it's also low because we, of course, need to watch some of the emissions and the costs of our fuel.

過去幾年，港口擁擠情況一直在下降。最近幾個月，我們看到了上漲，這可能再次對費率形成支撐，而且目前船隊的平均速度較低。當然，速度低是因為供應需求可以透過較低的速度來平衡，但速度低也是因為我們當然需要專注於一些排放和燃料成本。

On the demand side, it's a lot of talk about iron ore, obviously, definitely for the sizes we are in. The whole environment is supportive. Prices on iron ore are still supportive, but definitely also the supply of iron ore coming from different areas, the traditional areas, Brazil and Australia, but also new areas, West Africa is definitely going to play a very big role. And so on the seaborne iron ore demand, we are very positive for the next couple of years.

在需求方面，人們對鐵礦石的討論很多，顯然，這肯定是針對我們所處的規模而言的。整個環境都是支持性的。鐵礦石價格仍然具有支撐作用，但來自不同地區的鐵礦石供應也肯定會發揮非常重要的作用，傳統地區有巴西和澳大利亞，而新地區有西非。因此，對於未來幾年的海運鐵礦石需求，我們非常樂觀。

Moving to our smallest division in number of ships, you see a picture here of the CMA CGM dolomites and our crew. That was the last 6,000 TU ship to be delivered last year in October. We have 4 vessels on the water, 4 6,000 TU ships which are fixed on long-term 10-year charters. We have one more ship delivered to our fleet, which is also fixed on a long-term charter that will be next year in the end of Q2, beginning of Q3.

轉到我們船舶數量最少的部門，您可以在這裡看到 CMA CGM 白雲石號和我們船員的照片。這是去年 10 月交付的最後一艘 6,000 TU 船。我們在水上擁有 4 艘船，4 艘 6,000 TU 船，簽訂了 10 年長期租約。我們的船隊又交付了一艘船，該船也已確定長期租船，租期為明年第二季末、第三季初。

The market of containers has surprised everybody in 2024 because of the Cape of Good Hope reroutings, people avoiding the Red Sea. It remains to be seen what will be the situation this year. So far, there's not been a huge amount of easing, but obviously, if vessels transit through the Red Sea and the Suez Canal in a massive way, this should have a negative impact on the market. Obviously in CMB.TECH, our container division, Delphis, is not impacted because we don't have any spot exposure of containers.

2024 年，由於好望角航線變更，人們避開紅海，貨櫃市場將出乎所有人的意料。今年的情況如何還有待觀察。到目前為止，還沒有大幅放鬆限制，但顯然，如果大量船隻通過紅海和蘇伊士運河，這將對市場產生負面影響。顯然，在 CMB.TECH，我們的貨櫃部門 Delphis 不會受到影響，因為我們沒有任何貨櫃現貨。

You can see here on this slide the roller coaster rides of the container markets which reached all-time highs during the post-COVID period but have spiked up again last year due to the Red Sea issues. On the indicator side, there are, of course, some green indicators like container ships Suez Canal transits, but most of the indicators, a lot of ships coming on stream, rates are down, and the demand is going to ease are more or less negative. So on containers, we are definitely more cautious.

您可以在這張投影片上看到貨櫃市場的過山車式波動，它在後疫情時代達到了歷史最高水平，但由於紅海問題，去年又再次飆升。從指標方面來看，當然也有一些綠色指標，例如貨櫃船通過蘇伊士運河，但大多數指標，很多船舶投入運營，運費下降，需求將會減緩，或多或少都是負面的。因此，對於集裝箱，我們肯定會更加謹慎。

Our chemical tanker division booking, we now have 66 chemical tankers on the water. We have another 2 vessels delivering end of this year, beginning of 2026, and then 2 bitumen tankers as well.

我們的化學品船部門預訂，現在我們有 66 艘化學品船在水上。我們還有另外兩艘船將於今年底、2026 年初交付，此外還有兩艘瀝青油輪。

The market has been performing well. I mean, our performance has been good. We have some vessels on long-term challenge charter, we do also have some vessels in a spot pool. All in all, the year can be split up in two. The beginning of the year was very good, 2024. But then going into Q3 and Q4, it's softened a bit because we saw product tankers coming back into some of the dedicated chemical tankers trade. But when you look at the numbers on the right side, these are still very healthy, and we cannot complain on the state of the chemical tanker market.

市場表現一直良好。我的意思是，我們的表現一直都很好。我們有一些船隻處於長期挑戰租船狀態，我們也有一些船隻處於現貨租船池中。總而言之，這一年可以分為兩個部分。2024年，這一年的開端非常好。但進入第三季和第四季度，情況有所緩和，因為我們看到成品油輪重新回到一些專用化學品油輪貿易中。但當你看到右側的數字時，你會發現這些數字仍然非常健康，我們不能抱怨化學品船市場的狀況。

And I want to finish with some words on our offshore wind division wind cuts. You see this picture taken in our shipyard in Vietnam where we are building our CSOVs. The first one to be delivered in the month of May, June is the one on the right. The second one is the one on the left, and then you can actually already see the third one, which is on the slipway in the middle being built in Ha Long in the north of Vietnam.

最後，我想談談我們離岸風電部門的風電削減情況。您看到的這張照片是我們在越南的造船廠拍攝的，我們正在那裡建造 CSOV。五月、六月第一個交付的是右邊的那輛。第二艘是在左邊的，然後你實際上已經可以看到第三艘了，它位於越南北部下龍灣正在建造的中間船台上。

The CTV and the COV markets, we split it up, of course, both are active mainly in the offshore wind markets, but of course, there are different ship types of CTVs are much smaller vessels. We have seen actually good markets in the second half of 2024. The momentum always shifts towards the winter season is a bit quieter, and even though utilization went down a bit and rates softened a bit, we could actually see already a lot of inquiries for 2025. So all in all, the market was better than expected, and also, in this quarter it is better than expected. You can see that our utilizations are actually quite healthy for Q4 and Q1, and we are reaching average rates around the $3,000 mark.

我們將 CTV 和 COV 市場分開，當然，兩者都主要活躍在離岸風電市場，但當然，也有不同船舶類型的 CTV，它們的船舶要小得多。我們已經看到 2024 年下半年市場表現良好。隨著冬季的到來，市場動能逐漸減弱，儘管利用率略有下降，費率也略有下降，但我們實際上已經看到許多針對 2025 年的諮詢。總的來說，市場表現優於預期，本季的表現也比預期好。您可以看到，我們的利用率在第四季度和第一季實際上相當健康，並且我們達到了 3,000 美元左右的平均費率。

Our CSOVs, as I said, the first one will deliver in May, June. CSOVs in 2024, there were 13 new buildings coming to the market, of course, it's a small market. The rates did not really soften but went sideways, and we still see very healthy supply and demand not only coming from the offshore wind, but more particularly of the offshore oil and gas. Some of these wind vessels, because there are not enough PSVs in the offshore oil and gas market, are moving to oil and gas because also the rates are better there. So the market is very much supported not only by the wind demand, but also other markets like oil and gas. And you can see here some market rates on this slide in Q4, typical CSOV was earning $50,000 a day.

正如我所說，我們的 CSOV 第一艘將於 5 月或 6 月交付。2024 年的 CSOV 中，將有 13 棟新建築進入市場，當然，這是一個小市場。費率並沒有真正走軟，而是橫向波動，我們仍然看到非常健康的供需，不僅來自離岸風電，而且更具體地來自海上石油和天然氣。由於海上石油和天然氣市場上的平台供應船 (PSV) 數量不足，部分風電船舶正在轉向石油和天然氣領域，因為那裡的費率更優惠。因此，市場不僅受到風能需求的支持，也受到石油和天然氣等其他市場的支持。您可以在這張投影片上看到第四季的一些市場價格，典型​​的 CSOV 每天的收入為 50,000 美元。

As a summary, on tankers, we are positive. On dry bulk, we are positive. Containers, we are cautious to negative. On chemical tankers still positive, and offshore wind, we are positive. You can see our spot and time charter exposure in our various divisions.

總而言之，我們對油輪持樂觀態度。對於乾散貨，我們持樂觀態度。容器，我們對負面持謹慎態度。我們對化學品油輪仍持樂觀態度，對離岸風電也持樂觀態度。您可以在我們的各個部門看到現貨和定期租船業務的曝光。

The tanker market is still very much spot oriented, even though we have 12 vessels on long term charters. Dry bulk is full spot. On the container side, we are fully fixed. On the chemicals, it's a mixed bag, two ships on the spot market and all the rest is fixed. And on offshore wind on the seas or these, we are still very much spot-oriented. And then you have our fleet. I'm not going to go in all the details, but we took delivery of 20 ships last year. It's another 20 ships this year, and then another 26 in 2026 and 2027, and you're going to see all the details on this slide.

儘管我們有 12 艘船長期租賃，但油輪市場仍以現貨為主。乾散貨現貨充足。在容器方面，我們已經完全修復。就化學品而言，情況好壞參半，現貨市場上有兩艘船，其餘的都是固定的。對於離岸風電或此類發電，我們仍然非常注重地點。然後你就有了我們的艦隊。我不會詳細介紹，但去年我們接收了 20 艘船。今年將再接收 20 艘船，2026 年和 2027 年將再接收 26 艘，您將在這張投影片上看到所有詳細資訊。

To finish off, I'm going to hand it back to Ludovic for some conclusions.

最後，我要把它交還給 Ludovic 來下一些結論。

Yes, so to conclude, if we look at the three main drivers in our strategy on the shareholder side, happy to report yet another strong results, brings a full year profit to $871 million. We continue a discretionary dividend policy, and a new dividend has been declared for the fourth quarter. Our diversification, optimization strategy, I think we have a good recycling of our capital with selling older tankers, investing in a diversified new building fleets and on the decarbonization optionality. I think we're making great headways on all our NH3, H2 ready and fitted vessels.

是的，總而言之，如果我們從股東角度來看我們策略中的三個主要驅動因素，我們很高興地報告又一個強勁的業績，全年利潤達到 8.71 億美元。我們繼續實施酌情派息政策，並已宣布第四季派發新股利。我們的多元化、優化策略，我認為我們透過出售舊油輪、投資多元化的新船隊和脫碳選擇，實現了良好的資本循環利用。我認為我們在所有 NH3、H2 準備和安裝容器方面都取得了巨大進展。

The outlook looks good on our two largest divisions where we have spot exposure. We're quite bullish on the tankers and dry bulk. We continue to work on long-term contracts, and we still hover around the $2 billion contract backlog. Hopefully, we can announce some more deals in the month to come. And quite excited on the chemical tanker, on the chemical markets and the offshore wind markets, so hopefully, we can announce some good news flow there as well.

我們最大的兩個部門的現貨曝光前景看好。我們對油輪和乾散貨非常看好。我們繼續致力於長期合約，我們的合約積壓金額仍在 20 億美元左右。希望我們能在下個月宣布更多交易。我們對化學品油輪、化學品市場和離岸風電市場都非常興奮，所以希望我們也能宣布一些好消息。

Without further ado, we'll open up the floor for Q&A, and here you can see how the various ways you can do it.

不用多說，我們將開始問答環節，在這裡您可以看到可以採用的各種方法。

(Operator Instructions)

（操作員指示）

So just on your equity ratio covenant, so I know you manage that and are aware of the covenant, but how should you assume or think about the way you manage that going forward? So, is it fair to assume that you keep selling a few older vessels each quarter, or do you are looking forward to do some kind of a large transaction so we can get some more financial flexibility?

因此，僅就您的股權比率契約而言，我知道您會管理它並且了解該契約，但是您應該如何假設或思考您今後管理它的方式？那麼，是否可以假設您每個季度都會繼續出售幾艘舊船，或者您是否希望進行某種大型交易，以便我們獲得更多的財務靈活性？

I think it's the first one. I think we have a big portfolio of vessels, a diversified one. We manage our equity ratio based on the prospects of operational profits, but also vessel sales. We have pretty low book values. That's also indicated in our equity ratio, it's not a value adjusted equity ratio, it's a book equity since we have low book equity. I think the real underlying equity in the company is understated, but yes, we'll continue to manage it by selling some older vessels and making operational profit, but also capital gains on sales.

我認為這是第一個。我認為我們擁有大量船舶，而且是多樣化的。我們根據營運利潤前景以及船舶銷售情況來管理我們的股權比率。我們的帳面價值相當低。我們的股權比率也顯示了這一點，它不是價值調整後的股權比率，而是帳面股權，因為我們的帳面股權較低。我認為該公司的實際潛在權益被低估了，但是是的，我們將繼續透過出售一些舊船並獲得營運利潤以及銷售資本收益來管理它。

And another one, you talked about the potential projects. So in which segments are you currently looking at and which segment is the most attractive today?

另外，您談到了潛在的項目。那麼您目前正在關注哪些領域呢？哪個領域目前最具吸引力？

It's all of them. As we said in our press release, that the markets have been a bit slow, and I think you know that. So, we think it's both on the tanker side and on the driver side and on the chemical tanker side, even on the container side. We have a lot of discussions, but nothing has materialized yet. But we're very hopeful that in the next couple of months, we'll be able to land some deals.

全部都是。正如我們在新聞稿中所說的那樣，市場發展有點緩慢，我想你們也知道這一點。因此，我們認為它既存在於油罐車方面，也存在於駕駛員方面，也存在於化學品油罐車方面，甚至存在於貨櫃方面。我們進行了很多討論，但尚未有任何成果。但我們非常希望在接下來的幾個月裡能夠達成一些交易。

Kristof Samoy, KBC Securities.

Kristof Samoy，KBC 證券公司。

On the backlog and the pipeline. I mean, have you seen a considerable change in attitude of targets since the Trump election, or do you have the feeling that a lot of people are waiting for the outcome of the next MEPC meeting? And regarding prospects there, do you see a shift in segments in your pipeline? Like, are miners less interested or can you shed some lights into the segments of your pipeline for long-term contracts?

關於積壓和管道。我的意思是，自從川普當選以來，您是否看到目標態度發生了顯著變化，或者您是否覺得很多人都在等待下一次 MEPC 會議的結果？就那裡的前景而言，您是否看到您的頻道細分領域發生了轉變？例如，礦工是否不太感興趣，或者您能否為長期合約的管道部分提供一些說明？

And as you will understand, you're not the first person to ask us. I would say that the Trump election and then the view of the President and the new administration on the energy transition is very well known. We know that they will probably not be the biggest cheerleaders of decarbonizing their industry or shipping in general. This being said, we have not seen a shift in interest or lack of interest in our projects.

正如您所理解的，您不是第一個向我們詢問的人。我想說，川普當選以及總統和新政府對能源轉型的看法是眾所周知的。我們知道，他們可能不會成為其行業或整個航運業脫碳的最大支持者。話雖如此，我們並沒有看到對我們的專案的興趣發生轉變或缺乏興趣。

If anything, on the contrary, we have actually seen more interest. And the more interest has not really come from the Trump election, yes or no because, of course, that's the American market. We are active in many more markets than only America. The shifts in interest has come because we are getting closer and closer to finally having our ammonia-powered ships on the water. Our engine will be ready this summer. Our first ship will deliver in January next year. And we are actively now engaged with a lot of customers that can finally see the vessels that are being delivered and therefore want to engage on long-term contracts.

相反的是，我們實際上看到了更多的興趣。而更多的興趣其實並非來自川普的當選，不管是不是，因為那當然是美國市場。我們的活躍市場遠不止美國。人們興趣的轉變是因為我們越來越接近讓以氨為動力的船舶在水上航行。我們的引擎將於今年夏天準備好。我們的第一艘船將於明年一月交付。我們現在正積極與許多客戶接洽，他們最終可以看到即將交付的船隻，因此希望簽訂長期合約。

Your question on segments where we see most traction on long-term contracts, it's 2 points to that. One, a lot depends on where we are in the cycle and where the spot market is. It will come as no surprise to you that as if tankers would go to $50,000, $60,000, $70,000 a day, there will always be customers that want to take some cover on long-term [PC], and that goes for every segment we are active in. But two, there are some specific segments, like, for instance, the mining companies that are indeed looking at, trialing some of the new technologies, and that therefore, might come to the table to sign some longer-term deals.

您問到哪些領域對長期合約的吸引力最大，有兩點可以概括。首先，很大程度上取決於我們處於週期的哪個階段以及現貨市場的狀況。您可能不會感到驚訝，如果油輪的價格達到每天 50,000 美元、60,000 美元或 70,000 美元，就總會有客戶想要長期 [PC] 投保，這適用於我們活躍的每一個領域。其次，有一些特定的領域，例如，礦業公司確實在關注和試驗一些新技術，因此，他們可能會簽署一些長期協議。

Kristof Samoy, KBC Securities.

Kristof Samoy，KBC 證券公司。

Just regarding the FSOs, I mean, is it technically possible that there is an extension of the contract and the work they are doing? And if so, when could contract negotiations for an extensions start?

僅就 FSO 而言，我的意思是，從技術上講，是否有可能延長合約和他們正在做的工作？如果可以的話，續約合約談判何時可以開始？

And then on dry bulk, a little bit more of let's say a philosophical question. I mean, if we look at the iron ore price and if we look at cash rate events, I mean, theoretically you would expect miners to continue to delve as long as they make cash. We see that the rates for the Newcastlemaxes are under pressure or there may be some spillover effects from other cargo trades moving in the iron ore trades or there's smaller vessels moving into the iron ore trades. Can you detail that a little bit?

關於乾散貨，這更像是哲學問題。我的意思是，如果我們看鐵礦石價格和現金利率事件，理論上你會期望礦工只要賺錢就會繼續開採。我們發現紐卡斯爾型船的運價面臨壓力，或者其他貨物貿易進入鐵礦石貿易可能會產生溢出效應，或者有較小的船隻進入鐵礦石貿易。能詳細說明一下嗎？

Yeah. So on the FSOs, the short answer to your question, is it technically possible to extend the vessels? The answer is yes. The ships will probably need some upgrading and some work. But definitely, these ships can be extended, or their lifetime can be extended. We are not having any discussions as we speak because the charter still runs for a long time. And I think we'll have to come closer to the end of the charter in the next couple of years when discussions might take place.

是的。那麼關於 FSO，對你的問題的簡短回答是，從技術上講，延長船舶是否有可能？答案是肯定的。這些船可能需要一些升級和維修。但肯定的是，這些船可以延長服役時間，或延長其使用壽命。我們現在沒有進行任何討論，因為該憲章仍然有效很長時間。我認為我們必須在未來幾年內接近章程的尾聲，屆時可能會進行討論。

On dry bulk, the reason the Newcastlemax or capsize rates or dry bulk rates in general are under pressure, there's a variety of reasons, but one of them is seasonality. We are traditionally in a slow quarter where weather-related matters, maintenance matters, make sure that there's less cargo available on the market. And with less cargo, of course, rates then go down.

就乾散貨而言，紐卡斯爾型船、傾覆型船或乾散貨船的運價普遍面臨壓力，原因多種多樣，但其中之一是季節性。我們傳統上處於一個淡季，天氣相關問題、維護問題，確保市場上可用的貨物減少。當然，隨著貨物減少，運費也會下降。

Why mining companies are not shipping more iron ore out at current prices? Well, I think you should ask them, but I can give you some, maybe, hints at an answer. It's very easily said to increase production, not always easily done. It takes huge investments to increase capacity. There are some logistical concerns and of course, the price is high now, but in the past has been much lower. Some of these companies probably also want to watch their bottom line and be a little bit more prudent in their approach as to how much they will ship.

為什麼礦業公司不以當前價格運出更多鐵礦？好吧，我認為你應該問他們，但我可以給你一些答案的提示。提高產量說來容易做來難。增加產能需要大量投資。存在一些物流方面的擔憂，當然，現在的價格很高，但過去的價格要低得多。其中一些公司可能還想關注自己的底線，在決定出貨量時會更加謹慎。

This being said, and you will see this in our slide deck, but also in our market overview of the press release, there is an immense amount of new iron ore supply which will come on stream as from the end of this year out of Guinea, which is for our market, a big game changer. Because not only will it add volumes to the market, it will also add a very significant ton mileage because most of that iron ore, if not all, will go to China.

話雖如此，但您不僅會在我們的幻燈片中看到這一點，還會在我們的新聞稿的市場概述中看到這一點，從今年年底開始，幾內亞將有大量新的鐵礦石供應投入使用，這對我們的市場來說是一個巨大的改變。因為這不僅會增加市場銷量，還會增加大量的運輸里程，因為大部分（如果不是全部）鐵礦石都會運往中國。

And your Newcastlemaxes, are they still all operating for Fortescue or is the -- or the charter is now more diverse?

你們的 Newcastlemaxes 型船是否仍全部為 Fortescue 運營，或者現在的租船方式更加多樣化？

It's a mix. Some of them are with the company you mentioned, some of them are not. It's a mixed bag of some vessels that we fixed on a voyage-by-voyage basis and then some we have some consecutive voyages. But it's all on the spot market in terms of pricing.

這是一種混合。他們有些是屬於您提到的公司的，有些則不是。這是我們按每次航次安排的混合船隻，有些是連續航次安排的。但就定價而言，一切都取決於現貨市場。

(inaudible)

（聽不清楚）

I have a very important question to ask you. What is the company's 2025 Q1 and Q2 short-term strategy in securing new routes? Especially for your VLCC ships, the crude oil ships.

我有一個非常重要的問題想問你。該公司在2025年第一季和第二季確保新航線的短期策略是什麼？特別是對於您的VLCC船、原油船。

And you mean securing new routes in terms of new customers? In terms of new destinations?

您指的是從新客戶的角度來確保新航線嗎？就新目的地而言？

In terms of new customers and possibly new destinations.

就新客戶和可能的新目的地而言。

Well, we don't really have a different strategy than the one that we have had over the last couple of months and years. Is we go where the cargo is. We have seen a shift, of course, with less barrels coming out of the Middle East, and more barrels coming out of the Atlantic basin. Logically, more vessels go to the Atlantic basin.

嗯，我們的策略和過去幾個月和幾年的策略其實沒有什麼不同。我們是去貨物所在的地方嗎？當然，我們已經看到了一種轉變，來自中東的石油產量減少了，而來自大西洋盆地的石油產量增加了。從邏輯上講，會有更多的船隻前往大西洋盆地。

The strategy is determined on our VLCCs by the tankers international pool. You probably know we are a partner there. And on the Suezmaxes, we run this here from Antwerp. We basically go a short answer to you where the cargo is. And in terms of the destinations, as I just said, we have seen a shift over the last 18 to 24 months, of course, much more from the Atlantic basin towards Asia than from the Middle East.

我們的 VLCC 的策略是由油輪國際聯盟決定的。您可能知道我們是那裡的合作夥伴。對於蘇伊士型油輪，我們從安特衛普出發。我們基本上會簡短地回答您貨物在哪裡。至於目的地，正如我剛才所說，過去 18 到 24 個月來，我們看到了從大西洋盆地向亞洲的轉移，而不是從中東的轉移。

Now, I realize you're selling some of your older VLCCs and Suezmaxes. Now, is this a trend that will continue over the course of the next quarter in order to accomplish your greener fuel cell and ammonia running ships. Is this a continuing trend?

現在，我知道您正在出售一些較舊的超大型油輪和蘇伊士型油輪。現在，這一趨勢是否會在下個季度持續下去，以實現更環保的燃料電池和氨運行船舶。這是一個持續的趨勢嗎？

For sure, it's not only to invest in greener applications, but just because we like to operate a young fleet. Some of the ships we're selling are 17 to 18 years old, and we think that prices today are good. And that's why we want to recycle that cash and then invest in more modern vessels. So the short answer to your question is yes, we will continue to look at possible sales of our older fleet, but not at any price and not at any time.

當然，這不僅是為了投資更環保的應用，也因為我們喜歡經營年輕的車隊。我們出售的一些船隻已有 17 至 18 年船齡，我們認為現在的價格不錯。這就是為什麼我們要回收這些現金，然後投資更現代化的船舶。所以對你的問題的簡短答案是肯定的，我們將繼續考慮出售我們的舊機隊，但不會以任何價格出售，也不會在任何時候出售。

We also received some questions in the chat, so I will read them out loud. When do you expect the new sites in Africa to contribute to additional revenue?

我們還在聊天中收到了一些問題，所以我會大聲唸出來。您預計非洲的新工廠何時會帶來額外收入？

As you might have seen, on some of our news flow, we hope to be operational with our hydrogen production facility in Namibia towards the end of June, beginning of July. The whole site is fully commissioned. We're just waiting for the electrolyzer to be installed.

正如您可能已經看到的那樣，在我們的一些新聞中，我們希望在 6 月底 7 月初在納米比亞的氫氣生產設施投入運作。整個場地已全面投入使用。我們只是在等待電解器安裝完畢。

That project will not meaningfully contribute to our revenues because we are only producing 1 ton of hydrogen a day which will be sold locally. The real impact of our Namibian project will be as soon as 2028, 2029, when our larger projects are ammonia tank terminal, and our ammonia production facility will come on stream. So until '28 to '29, this will not have a meaningful impact on our revenues.

該項目不會對我們的收入產生重大貢獻，因為我們每天僅生產 1 噸氫氣並在當地銷售。我們的納米比亞計畫的真正影響將在 2028 年、2029 年顯現，屆時我們的大型計畫氨罐碼頭和氨生產設施將投入使用。因此，直到 28 年至 29 年，這不會對我們的收入產生重大影響。

And then the next question, how big is the difference in weights for your eco vessels and when do you expect the overall scrapping in all segments to begin in earnest?

然後下一個問題是，你們的環保船舶的重量差異有多大，以及你們預計什麼時候開始真正開始所有部分的整體報廢？

So, it's probably a reference to our Newcastlemaxes. I think that in a normal market, the premium that we will earn because we are burning less fuel can be all the way up to $10,000 to $15,000 a day.

所以，它可能指的是我們的 Newcastlemaxes。我認為，在正常市場中，由於我們燃​​燒的燃料減少，我們賺取的溢價可能高達每天 10,000 至 15,000 美元。

When do we expect scrapping? Usually, people scrap ships when the market is very bad. The market is not in a super shape during the quarter, but it's not bad enough for a massive scrap wave. However, and this being said, as from a fourth special survey for specifically dry bulk ships, it becomes increasingly difficult even in okay-ish markets to justify a big investment in a large dry dock, and then usually ships start going to the scrap yards. And recently, we've seen one ship going to the scrap yard. We think with the age profile of the fleet in the next 2 or 3 years that this will actually accelerate even though markets would not be totally bad but just average.

我們什麼時候預計會報廢？通常，當市場非常糟糕時，人們就會拆毀船舶。本季市場狀況不算特別好，但還不至於出現大規模廢品回收浪潮。然而，話雖如此，從第四次專門針對乾散貨船的特別調查來看，即使在還不錯的市場中，也越來越難以證明對大型乾船塢進行大筆投資是合理的，通常情況下，船舶都會開始進入廢料場。最近，我們看到一艘船被送到廢料場。我們認為，考慮到未來 2 到 3 年船隊的年齡結構，儘管市場不會完全糟糕，而只是平均水平，但這一增長實際上將會加速。

Maybe to add that just on the numbers, if you look at our earnings for our super-eco Newcastlemaxes as you asked, as we've shown in our Q4, we had $29,800 so close to $30,000. If you just look at your 10-year-old capsize index for that same quarter, we're at around $18,000. There's almost $12,000 per day extra that we have earned thanks to our super-eco Newcastlemax.

也許只需從數字上補充一點，如果您查看我們超級環保 Newcastlemaxes 的收益（正如您所問），正如我們在第四季度所顯示的那樣，我們的收益為 29,800 美元，非常接近 30,000 美元。如果你看一下同一季度的 10 年前傾覆指數，你會發現該指數約為 18,000 美元。由於我們的超級環保 Newcastlemax，我們每天可額外賺取近 12,000 美元。

And then the next one, how do you overcome the relatively small floats in your overall shares when it comes to institutional buying?

那麼下一個問題，當涉及機構購買時，您如何克服整體股票流通量相對較小的問題？

It's still one of the things we would like to tackle in the foreseeable future. I think having a listed platform with only 8% free flows is not fully functional. It's not bringing the actual potential and so it reduces the participation of institutional investors buying our shares. So, I think this is something we would like to tackle, but not at any price and not just at any timing. Today, our share price we believe is somewhat undervalued. And so today, using primary capital raises or other types of actions to increase the free flows is not creating more shareholder value.

這仍然是我們在可預見的未來想要解決的問題之一。我認為，一個只有 8% 自由流量的上市平台並不能充分發揮作用。它沒有發揮實際潛力，因此減少了機構投資者購買我們股票的參與度。所以，我認為這是我們想要解決的問題，但不是要不惜一切代價，也不是要在任何時間解決。今天，我們認為我們的股價有些被低估了。因此，今天，使用主要資本籌集或其他類型的行動來增加自由流動並不能創造更多的股東價值。

And then the last one, despite sanctions, the dark feet is still operating relentlessly. What other than a sinking would stop that severely?

最後，儘管受到製裁，黑手仍然無情地運作。除了沉沒之外還有什麼能阻止這種嚴重後果？

Well, we truly hope there will be no sinking because that would then be an environmental and a human disaster. What we are seeing, and as I showed on one of the slides, is that sanctions and the implementation and enforcement of sanctions can accelerate a shift more to the normal vessels and can actually make a trading of dark vessels very difficult, if not, impossible.

好吧，我們真的希望它不會沉沒，因為那將是一場環境和人類的災難。正如我在一張幻燈片上展示的那樣，我們看到的是，制裁以及製裁的實施和執行可以加速向正常船隻的轉變，實際上可以使暗船交易變得非常困難，甚至不可能。

And I think that concludes the questions.

我想問題就到此結束了。

Very good. I would like to thank everyone for being in this call, thanking my colleague Ludovic, [Enya], and [Joris] for being here with me today. If you have any other questions, you can always reach out to us. Thank you very much.

非常好。我要感謝大家參加這次電話會議，感謝我的同事 Ludovic、[Enya] 和 [Joris] 今天與我一起參加這次電話會議。如果您有任何其他問題，可以隨時與我們聯繫。非常感謝。