CMB.TECH NV (CMBT) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the CMB.TECH Q1 2026 earnings call. My name is Alexander Saverys, and I'm joined by my colleagues, Ludovic Saverys, Enya Derkinderen and Joris Daman.

各位下午好，歡迎參加 CMB.TECH 2026 年第一季財報電話會議。我是 Alexander Saverys，與我一同出席的同事有 Ludovic Saverys、Enya Derkinderen 以及 Joris Daman。

We will present to you the highlights of our first quarter, and the title of this call is Firing on All Cylinders. We had a very interesting quarter, a very good quarter, and we would like to start with some financials and highlights, and I will hand it over to Ludovic.

我們將向各位介紹第一季的重點摘要，本次電話會議的主題是「火力全開」。我們度過了一個非常有意思的季度、也是非常好的一季；我們想先從一些財務數據與亮點開始，接下來交給 Ludovic。

Thanks, Alex. As usual, we will start with a high-level overview of our company. We're active in five different segments from dry bulk crude tankers, containers, chemicals to offshore energy.

謝謝，Alex。照例，我們先從公司整體概況的高層次回顧開始。我們的業務涵蓋五個不同的板塊，從乾散貨、原油油輪、貨櫃、化學品到離岸能源。

We had an interesting quarter, as Alex mentioned. Compared to last quarter, our total fair market value has increased, our market cap has increased, we've reduced our leverage, we've reduced our CapEx commitments and increased our contracts backlog. Next slide, please.

如 Alex 所提，我們這一季相當有看點。與上一季相比，我們的總公允市值上升、市值增加、槓桿降低、資本支出（CapEx）承諾下降，且合約積壓（backlog）增加。請看下一張投影片。

If we zoom in on the Q1 financials, we've ended the quarter with a net profit of $368.8 million. Notable in these figures are obviously our increased revenue, but we have been able to, while the quarter passed, de-lever quite a bit and reduced our margins with the banks. And so our interest, our net finance expenses decreased from $113 million from last quarter to $81 million this quarter, delivering a very nice profit.

若聚焦第一季財務表現，我們以 3.688 億美元的淨利結束本季。這些數字中值得注意的，當然是營收增加；同時在本季期間，我們也大幅去槓桿，並降低了銀行端對我們的利差（margin）。因此，我們的利息／淨財務費用從上一季的 1.13 億美元降至本季的 8,100 萬美元，帶來非常亮眼的獲利。

The liquidity of the company end of Q1 stands a little bit above $0.5 billion and our equity on total assets value adjusted is below 50%, which is our through-the-cycle target. So zooming in, we have de-levered, we are paying dividends and we're strengthening the balance sheet while we are optimizing our fleets through well-timed S&P.

截至第一季末，公司流動性略高於 5 億美元；以調整後口徑計算，我們的股東權益占總資產比率低於 50%，符合我們跨景氣循環（through-the-cycle）的目標。更進一步來看，我們已去槓桿、正在發放股利，並在透過掌握時點的船舶買賣（S&P）優化船隊的同時，強化資產負債表。

Notable on the contract backlog, we have signed one five-year time charter on Suezmax charter, a Suezmax vessel and extended two nine-year time charters by another year. The Board of Directors has decided they would like to distribute $0.64 per share as distribution. This will be managed by $0.20 interim dividends and $0.44 distribution out of share premium. That's quite interesting because there is no withholding tax on that part, so 70% of our dividends will be exempt from withholding tax.

在合約積壓方面，我們簽訂了一艘蘇伊士型（Suezmax）油輪的五年期定期租船（time charter）合約，並將兩份九年期定期租船合約各延長一年。董事會決議每股配發 0.64 美元作為分配。其中 0.20 美元將以期中股利（interim dividends）方式發放，0.44 美元將自股本溢價（share premium）中分配。這點相當重要，因為該部分不需扣繳稅（withholding tax），因此我們約 70% 的股利將可免於扣繳稅。

We took delivery of seven newbuilding vessels, which Alex will discuss a little later on, and we have sold quite a few ships that were announced already on two Capesizes and eight VLCC. One additional vessel, the Suezmax Sienna, has been sold and will be delivered in Q2. But the capital gains of the first quarter were $267 million, and in Q2, we're expecting a capital gain of $127 million.

我們接收了 7 艘新造船，Alex 稍後會再多談一些；同時，我們也出售了先前已公告的多艘船舶，包括 2 艘海岬型（Capesize）與 8 艘超大型原油輪（VLCC）。另外還出售了一艘蘇伊士型油輪 Sienna，預計於第二季交付。第一季的資本利得為 2.67 億美元，而第二季我們預期資本利得為 1.27 億美元。

We are a diversified platform. However, we have a large spot exposure on two of our promising markets, which is dry bulk on one hand and tankers. If you look at full 2026, we have roughly 53,000 shipping days from which 80% is spot. And from those spot days, we have 36,000 open dry bulk days, which is roughly 10,000 on the Kamsarmaxes and 26,000 on Capes and Newcastlemax. These are increasing markets; and hence, we are favorably positioned to enjoy those in the coming quarters.

我們是一個多元化的平台。不過，在兩個我們看好的市場——乾散貨與油輪——我們有相當高的現貨（spot）曝險。若看 2026 全年，我們約有 53,000 個航運日，其中 80% 為現貨。在這些現貨天數中，我們有 36,000 個尚未鎖定的乾散貨天數，其中約 10,000 天來自 Kamsarmax，約 26,000 天來自海岬型（Capes）與 Newcastlemax。這些市場正在走強；因此，我們處於有利位置，可在接下來幾季受惠。

On this slide, we have shown hypothetical free cash flow for our company in 2026. This is including the free cash flow from the first quarter but putting some rate assumptions on the right bottom side where you can see that actually, if we take the market today, we are in the plus 20% case compared to our market assumptions, and we would have an operational free cash flow of over $1 billion. This is excluding vessel sales, but it is also excluding the remaining CapEx, which we will discuss a little later on.

在這張投影片中，我們展示了公司 2026 年的假設自由現金流。此數字包含第一季的自由現金流，並在右下角加入一些運價假設；你可以看到，若以目前市場水準來看，相較於我們的市場假設屬於「+20%」情境，我們的營運自由現金流將超過 10 億美元。這不包含船舶出售，但也不包含剩餘的資本支出（CapEx），我們稍後會再討論。

On the CapEx, we've come a long way. We have the remaining CapEx end of April of $1.2 billion from which roughly $184 million is unfunded. If you have followed our story that with the vessel sales, this is more than double covered for the unfunded CapEx. But this slide shows that 2026 will be the last heavy newbuilding delivery year with the remaining $740 million to be paid to the shipyards in the coming three quarters, whereafter, obviously, our free cash flow could be used on other topics than the CapEx.

關於資本支出（CapEx），我們已走了很長一段路。截至 4 月底，剩餘 CapEx 為 12 億美元，其中約 1.84 億美元尚未融資（unfunded）。若你一路追蹤我們的故事，你會知道透過船舶出售，這部分未融資 CapEx 的覆蓋倍數已超過兩倍。但這張投影片顯示，2026 年將是最後一個新造船交付高峰年，未來三個季度仍需向船廠支付剩餘 7.40 億美元；之後，我們的自由現金流就能用於 CapEx 以外的其他用途。

Contract backlog, we've increased our contract backlog roughly by $200 million, as mentioned. There is a gradual repayment. The contract backlog reduces by roughly $100 million per quarter, but we've added $200 million of fresh charters. Of these long-term contracts, still $1.9 billion is on dual-fuel0related vessels, and we have quite strong counterparts, most of them investment grade, as you can see on the right side.

合約積壓方面，如前所述，我們的合約積壓增加了約 2 億美元。合約會逐步回收（repayment）。合約積壓每季約減少 1 億美元，但我們新增了 2 億美元的新租約。在這些長期合約中，仍有 19 億美元來自雙燃料相關船舶（dual-fuel0related vessels），且我們的交易對手相當強，多數為投資等級（investment grade），如右側所示。

I'll then hand over the discussion topics to Alex to talk about the markets.

接下來我把市場相關的討論主題交給 Alex。

Thank you, Ludovic. So I'll start with our normal slide overview slides in all the segments. We are, as you can see, still positive on the dry bulk market, the tanker market and the offshore energy market. We are and have been over the last two quarters cautious on the container and the chemical market.

謝謝你，Ludovic。我將先從各業務板塊的例行概覽投影片開始。如各位所見，我們對乾散貨市場、油輪市場以及離岸能源市場仍維持正向看法。而對於貨櫃與化學品市場，我們在過去兩個季度一直保持審慎。

High-level dynamics, we see in dry bulk tonne-mile growth for major commodities that we are transporting in our Capes and Newcastlemaxes like iron ore and bauxite; but also on other commodities in dry, we see some growth. Looking at the supply side, we will see a growth of 1.7% of the fleet in Capes today, a tick under 5% on Panamaxes. But we still believe that in balance and we'll dig in the following slides more in detail that the supply demand is actually positive for freight and positive for our market.

從高層次動態來看，在乾散貨方面，我們看到主要貨種的噸海里（tonne-mile）成長——例如我們海岬型與 Newcastlemax 所運輸的鐵礦石與鋁土礦；此外，在其他乾散貨貨種上也看到一些成長。從供給端來看，目前海岬型船隊規模預計成長 1.7%，巴拿馬型（Panamax）則略低於 5%。但我們仍相信整體供需將維持平衡；我們會在接下來的投影片更深入說明，供需其實對運價有利，也對我們的市場有利。

The same can be said on tankers. Of course, tankers is a more complex story with what is happening right now in the Middle East. In terms of tonne-mile, it's very difficult to predict. But as it stands, analysts are expecting a small reduction in tonne-mile for crude oil this year, some growth next year.

油輪市場也可做出類似的判斷。當然，油輪的情況更為複雜，因為目前中東局勢正在發生變化。就噸海里而言，非常難以預測。但就目前而言，分析師預期今年原油噸海里將小幅下滑，明年則會有一些成長。

What is interesting on the tanker market is that the supply sides, even though in the short term, the feed is not growing that much as from 2027 in particular. In 2028, we will see a big growth in the fleet. So the order book to fleet in VLCCs and Suezmaxes is coming closer to 30%. This being said in the short-term, the tanker market dynamics are positive. We'll definitely zoom in on that a bit later.

油輪市場有趣之處在於供給端：即便短期內船隊增速不高，但從 2027 年起，尤其是到了 2028 年，我們將看到船隊大幅成長。在 2028 年，船隊規模將出現明顯增長。因此，VLCC 與 Suezmax 的訂單簿占船隊比重（order book to fleet）正逼近 30%。儘管如此，短期內油輪市場的動態仍偏正向。我們稍後一定會再更深入聚焦這一點。

On the container side, not a lot has changed. I would say that in kind of the more negative story that we have been seeing over the last quarters, the Middle East turmoil has given some support to the market. But with a large order book and an expected contraction in TEU-Mile demand, we are cautious on the container side. As you know, all our ships are fixed, so we are not really exposed on the spot market.

在貨櫃船方面，變化不大。我會說，在我們過去幾個季度看到的較為負面的敘事中，中東動盪對市場提供了一些支撐。但在訂單簿龐大且預期 TEU-英里需求收縮的情況下，我們對貨櫃船市場保持審慎。如各位所知，我們所有船舶都已鎖定租約，因此我們並未真正暴露於即期市場。

On the chemical side, it all feels a little bit softer. Chemical market is less volatile, but there we see there are some new vessels being delivered to the fleet. There is a little bit softer growth in demand for chemical tankers. So in on balance, we are a bit more cautious.

在化學品船方面，整體感覺稍微偏弱。化學品市場波動較小，但我們看到有一些新船正在交付加入船隊。化學品油輪的需求成長略為放緩。因此綜合而言，我們會更偏向審慎。

And then last but not least, we remain positive on the offshore energy markets. After two slow years of wind installation, we're expecting an increase this year and next in, for instance, the important North Sea market. But also on oil and gas, we are seeing a lot of demand for offshore energy supply vessels like our ships. And so all in all, we're expecting good markets going forward in that segment.

最後但同樣重要的是，我們仍然看好離岸能源市場。在風電安裝經歷兩年低迷之後，我們預期今年與明年將增加，例如在重要的北海市場。此外在油氣方面，我們也看到對離岸能源補給船（如我們的船舶）有大量需求。因此整體而言，我們預期該分部未來市場表現良好。

I want to zoom in on the largest segment and the market that is most important to us right now, which is dry bulk. On the left side of the slide, you can see our fleet. We have 36 Newcastlemaxes on the water. We're adding this year another 10, maybe one or two will deliver beginning of next year. But so in the next six months, we will have 46 Newcastlemaxes, a big armada of Newcastlemaxes on the water.

我想聚焦於目前對我們最重要、也是最大的一個分部與市場，也就是乾散貨。在投影片左側，你可以看到我們的船隊。我們目前有 36 艘 Newcastlemax 在營運。今年我們將再增加 10 艘，可能有一到兩艘會在明年初交付。因此在未來六個月內，我們將有 46 艘 Newcastlemax 在水上營運，是一支龐大的 Newcastlemax 船隊。

We have performed very well during the first quarter, which is traditionally a slower quarter. You can see that we reached levels of $28,000 a day. But what is even better is that looking forward for the second quarter, we have fixed most of our days 80% already at $44,000, which is very good for that segment.

我們在第一季表現非常好，而第一季傳統上是較慢的一季。你可以看到我們達到每日 28,000 美元的水準。但更好的是，展望第二季，我們已經以 44,000 美元的水準鎖定了大部分天數，已固定約 80%，這對該分部而言非常好。

Capesizes is a big fleet as well. We have 37 Capesizes on the water. We achieved rates of $26,000 in the first quarter, have already fixed roughly three quarters of our days at $37,000 for the second quarter. With the amount of ships, the amount of days, this is all very supportive for our results going forward.

Capesize 也是一支很大的船隊。我們目前有 37 艘 Capesize 在營運。第一季我們達到 26,000 美元的運價，第二季我們已經以 37,000 美元左右鎖定了約四分之三的天數。以船舶數量與天數來看，這些都將對我們未來的業績形成強力支撐。

And then last but not least, our Kamsarmax Panamax fleet of 30 ships, the first quarter was satisfactory, we reached kind of a breakeven level of $14,500, but we have seen in recent weeks a market uptick and we have already been able to fix very good levels close to $20,000 for three quarters of our days in the second quarter. When you look at the main drivers in dry bulk, it's a mixed picture, some very positive signals, some not so positive, but we will dig into some of the elements in the next slides.

最後但同樣重要的是，我們的 Kamsarmax／Panamax 船隊共有 30 艘。第一季表現令人滿意，我們達到約 14,500 美元的損益兩平水準，但近幾週我們看到市場回升，且我們已能以接近 20,000 美元的良好水準，為第二季約四分之三的天數完成鎖定。當你看乾散貨的主要驅動因素時，畫面是混合的，有些非常正面的訊號，也有些不那麼正面，但我們會在接下來的投影片深入探討其中一些要素。

Let's first start on the supply of the vessels, which is the Newbuildings, the order book, and then the age of the fleet. When you look at the Newbuildings, the order book to fleet has increased over the last three to six months. There have been more orders for dry bulk tonnage. And specifically on Capesizes and Panamaxes you can see that we are now reaching a level of 14% to 15% of the fleet.

我們先從船舶供給面開始，也就是新造船、訂單簿，以及船隊船齡。就新造船而言，訂單簿占船隊比重在過去三到六個月有所上升。乾散貨噸位的訂單增加了。特別是在 Capesize 與 Panamax，你可以看到目前已達到船隊的 14% 到 15% 水準。

If you put that against the age of the vessels and you can see that we've reached kind of an all-time high average age of the fleet, there is a lot of potential for scrapping. There's a lot of potential for all these new buildings to replace the aging fleet. And actually, as it stands, there should normally be more ships leaving the fleet than being added to the fleet in the next two years at least and even going forward in 2029 and 2030.

若將此與船舶船齡對照，你可以看到我們的船隊平均船齡已達到某種歷史高點，報廢的潛力很大。這些新造船有很大的潛力用來汰換老舊船隊。而且就目前情況而言，未來至少兩年，甚至延伸到 2029 與 2030 年，理論上應該會有更多船舶退出船隊，而不是加入船隊。

So on the supply side, we are still believing that this is supportive for our market going forward. If we look at the demand side, we are zooming in on important commodities for the Capes and important commodities for the Panamaxes. On Capes, it's of course iron ore, bauxite and a little bit of coal. But you can see that the numbers are adding up very nicely, definitely compared to last year.

因此在供給面，我們仍然相信這將對未來市場形成支撐。若看需求面，我們聚焦於對 Capesize 重要的商品，以及對 Panamax 重要的商品。對 Capesize 而言，當然是鐵礦石、鋁土礦，以及少量煤炭。但你可以看到這些數字加總起來相當不錯，尤其相較於去年。

We are, in all segments, above. Coal is a little bit below, but all in all, it's a supportive picture in the first quarter and in the month of April. The similar story can be said on the Panamaxes. The typical cargoes at Panamaxes transport coal and grain, have been growing. And so we are seeing this being translated and, of course, better freight rates. So I would say that Q1 has surprised us to the upside, has been less slow than usually and has underpinned the freight market.

我們在所有分項都高於去年。煤炭略低一些，但整體而言，第一季與四月份的情況仍具支撐。Panamax 也可說是類似的故事。Panamax 典型貨種為煤炭與穀物，這些貨量一直在成長。因此我們看到這也反映在（當然）更好的運價上。所以我會說，第一季表現超出我們預期，淡季程度低於往常，並支撐了運費市場。

Now if we look at the total year, so what to expect for the next couple of months, the picture remains supported for our Capes with the iron ore trade. The bauxite trade is a bit of a question mark. If we see some export caps out of Guinea, then this could be a negative for our market. In the numbers, we don't see it yet, but it is, of course, something to watch. Interestingly, something that could underpin our market is the coal trade, and I'd like to zoom in on that on the next slide.

現在如果我們看全年，也就是未來幾個月的展望，對我們的 Capesize 而言，鐵礦石貿易仍然提供支撐。鋁土礦貿易則有些不確定性。如果我們看到幾內亞的出口設限，那可能對我們的市場不利。從數據上我們尚未看到，但這當然是需要關注的事項。有趣的是，可能支撐我們市場的因素是煤炭貿易，我想在下一張投影片進一步聚焦。

We have added on this slide as well the rate forecasts for a regular 180,000 Capesize for this year. Including the first quarter, we are now at $31,500, which is actually a very good rate and definitely in profit-making territory. Operation Epic Fury and the gas to coal switching, we've tried to analyze, based on the information that is available, what the impact would be if certain countries that are powering their countries and are making electricity with oil and gas would shift more to coal. And this gas-to-coal switching is basically sketched out on this slide.

我們在這張投影片也加入了今年一艘標準 180,000 載重噸 Capesize 的運價預測。包含第一季在內，我們目前為 31,500 美元，這其實是非常好的運價，且明顯處於獲利區間。針對「Epic Fury 行動」以及「由氣轉煤」的替代，我們嘗試根據可得資訊分析其影響：若某些以油氣供電、發電的國家更多轉向煤炭，會帶來什麼影響。而這種由氣轉煤的情境基本上已在本投影片中示意。

Initially, on the coal side, all the analysts and including ourselves were expecting a relatively soft market for seaborne coal, definitely going into the second half of the year. And we were looking at our base case scenario of coal power generation in Europe and in Japan, South Korea and Taiwan to go down.

起初在煤炭方面，所有分析師（包括我們）都預期海運煤市場會相對疲弱，尤其進入下半年。我們當時的基本情境是假設歐洲以及日本、南韓與台灣的燃煤發電將下降。

Now obviously, the war in Iran and the turmoil in the Middle East, which have led to an increase in gas and oil prices, have changed the situation. What we are now taking as a base scenario is that over the course of this year, Japan, South Korea and Taiwan will increase their imports of seaborne coal by 27 million tonnes, so increase the utilization of their existing coal infrastructure. And on Europe, as it stands, expecting 12 million tonnes of coal to be added to the trade and increasing utilization from 40% to 55%.

但顯然，伊朗戰爭與中東動盪推升了天然氣與油價，情勢已改變。我們目前採用的基本情境是：在今年期間，日本、南韓與台灣將把海運煤進口增加 2,700 萬噸，也就是提高既有燃煤基礎設施的使用率。而在歐洲方面，就目前情況而言，預期將新增 1,200 萬噸煤炭貿易量，並把使用率從 40% 提升至 55%。

Now there is further upside to that if Europe would import in a high case another 60 million tonnes of coal and we've tried to map this out on the right side of the slide where you can see. In green, the supply of ships and in blue, gray and light blue, the different scenarios on the demand.

如果歐洲在高情境下會再進口額外6,000萬噸煤炭，那麼這還有進一步的上行空間；我們已嘗試在投影片右側把這點做出對應，你可以看到。綠色代表船舶供給；藍色、灰色與淺藍色則代表需求的不同情境。

You can see on Capes, we were looking at 1.7% increase in the fleet and a 3% base case increase in tonne-mile demand. We have revised that to 3.5% tonne-mile demand. Now if you get this extra kicker on call to Europe in the high case, this could go all the way up to 5.2% increase in demand.

你可以看到在海岬型（Capes）方面，我們原先看的是船隊增加1.7%，以及噸海里需求在基本情境下增加3%。我們已將噸海里需求修正為3.5%。若在高情境下再加上這個額外的「歐洲拉貨」推力，需求增幅可能一路上升到5.2%。

And the same goes for Panamaxes, and I think that's very interesting because obviously, that coal is a very important commodity for Panamaxes. We have a pretty high delivery schedule this year of close to 5% increase in the fleet. The base case, we were looking at a bit under 4% demand growth for Panamaxes. In the current new base case, we're looking at 5% growth. But in the high case, this could even go to 7.5%. So this Epic Fury, the war in the Middle East, could have a significant positive impact. On the dry bulk markets and we're seeing some of it already now.

巴拿馬型（Panamaxes）也是同樣的情況；我認為這非常有意思，因為顯然煤炭對巴拿馬型而言是非常重要的貨種。今年我們有相當高的交付時程，船隊增幅接近5%。在基本情境下，我們原先預估巴拿馬型需求成長略低於4%。在目前新的基本情境下，我們預估成長5%。但在高情境下，甚至可能到7.5%。因此，這場「Epic Fury」以及中東戰爭，可能帶來顯著的正面影響。對乾散貨市場而言，而且我們現在已經看到部分影響。

And then basically to conclude, what we've mapped here is the new base case, so not the high case in numbers of volumes from Q1 to Q4. What we wanted to highlight here for those who are not very familiar with the dry bulk market is that the first quarter is always the lowest quarter in terms of volume.

接著基本上做個結論：我們在這裡呈現的是新的基本情境，也就是不是高情境，按Q1到Q4的量（volume）來看。我們想在此強調的是，對於不太熟悉乾散貨市場的人而言，第一季在量的方面永遠是最低的一季。

Usually, volumes then ramp up in the second quarter, third quarter and fourth quarter, which again we think bodes very well for our dry bulk market going forward. And of course, CMB.Tech is very well positioned with our large fleet of Capesizes, Newcastlemaxes and Panamaxes.

通常第二季、第三季與第四季的量會逐步拉升；這也再次讓我們認為，未來乾散貨市場的走勢對我們非常有利。當然，CMB.Tech 以我們龐大的海岬型、Newcastlemax 與巴拿馬型船隊，具備非常好的布局。

I want to talk about Euronav and the crude oil markets and probably where most of you have a lot of questions on what our view is on what is happening in the world. Let me first start with a quick overview of what our fleet has done. After the sales of our VLCCs, we are down to six VLCCs. Four are on the water. Two will be delivered during the course of this year and in January of 2027.

我想談談 Euronav 與原油市場，可能也是各位對於我們如何看待世界正在發生什麼、最有疑問的部分。我先快速概述一下我們船隊的表現。在出售我們的VLCC之後，我們剩下6艘VLCC。其中4艘已在營運中。另外2艘將在今年內以及2027年1月交付。

We achieved very good rates in the fourth and the first quarter And even better rates for the bookings that we have done in the second quarter. You can see we're at $180,000 of rates booked for 80% of our days. Of course, we only have six VLCCs left, but nevertheless, this will of course contribute very positively to our profits going forward.

我們在第四季與第一季取得非常好的運價，而且第二季已完成的訂艙（bookings）運價更好。你可以看到，我們已以18萬美元的運價鎖定了80%的營運日數。當然我們只剩6艘VLCC，但即便如此，這仍將在未來對我們的獲利帶來非常正面的貢獻。

The sale of the eight ships, we have communicated on that already. We did a very nice capital gain of in total $360 million on the sale of these six older VLCCs, which have been reflected in our first-quarter results and will partly be reflected in the second-quarter results.

關於出售8艘船舶一事，我們先前已對外溝通過。我們出售這6艘較老的VLCC，合計取得非常可觀的資本利得（capital gain）3.6億美元；這已反映在我們第一季的業績中，並將部分反映在第二季的業績中。

We have 18 Suezmaxes on the water. We recently took delivery of the Cap Grace and Cap Joseph, so we have 18 ships in our fleet. We achieved rates on the spot market of $91,000 in the first quarter, $122,000 for most of our days in the second quarter. Again, excellent rates in the current circumstances, and we have sold one of our older Suezmaxes, the Sienna, which is a 19-year-old Suezmax, which will deliver in the second quarter. And this will give us a capital gain of $30 million.

我們有18艘蘇伊士型（Suezmax）在水上營運。我們最近接收交付 Cap Grace 與 Cap Joseph，因此我們船隊共有18艘船。我們在現貨市場第一季達到9.1萬美元的運價，第二季大部分營運日數達到12.2萬美元。在目前情勢下，這些仍是非常出色的運價；此外我們已出售一艘較老的蘇伊士型 Sienna，這是一艘19年船齡的蘇伊士型，將在第二季交付。這將帶來3,000萬美元的資本利得。

You can see on the right side all the indicators. Again, these need to be taken with a big pinch of salt because the real impact of these numbers is of course influenced a lot on the sea going side with what is happening in the Middle East and what is happening in the Strait of Hormuz.

你可以在右側看到所有指標。同樣地，這些數字需要抱持高度保留，因為其實際影響當然會在很大程度上受到海上端的情勢左右，也就是中東正在發生的事情，以及荷姆茲海峽正在發生的事情。

But first, before we talk about that, I wanted to show you the slide on the order book and the supply of ships and the age of the vessels. The order book has really shot up. We are now looking at a combined 500 VLCCs and Suezmaxes on order, which we believe is a lot of ships, obviously very much skewed towards the second half of 2027 and 2028, but you can see the numbers there.

不過在談這些之前，我想先給各位看一下訂單簿（order book）、船舶供給以及船齡結構的投影片。訂單簿確實大幅攀升。我們現在看到VLCC與蘇伊士型合計約有500艘在訂造中；我們認為這是相當多的船舶，顯然交付時點高度集中在2027年下半年與2028年，但你可以在這裡看到相關數字。

In 2028, already more than 200 VLCCs and Suezmaxes are on order, even though theoretically, the age profile of the fleet would be able to absorb these vessels, i.e., all the vessels should be scrapped and the newbuildings could replace them. We are a little bit concerned going forward looking at the order book. But in the short-term, of course, not that many vessels are coming on stream, and this is of course translated in good freight markets.

光是2028年，就已經有超過200艘VLCC與蘇伊士型在訂造中；即使理論上，船隊的年齡結構可以吸收這些船舶——也就是所有船舶都應該報廢，而新造船可以取而代之。展望未來，我們對訂單簿仍有些擔憂。但短期來看，當然不會有那麼多船舶投入營運，而這也反映在良好的運費市場上。

Average age of the fleet, you can see there is getting to historical highs. We are at 13, 13.5 years. Again, this is a positive as and when and if we would need to scrap some vessels.

船隊平均船齡，你可以看到正接近歷史高位。我們目前在13年到13.5年左右。同樣地，若我們需要報廢部分船舶，這將是一項正面因素。

I want to talk about the Strait of Hormuz situation, Operation Epic Fury, and the impact on shipping in general and on the oil supply. On the left side, you can basically see the number of transits through the Strait of Hormuz on a daily basis. We are talking anywhere between 110, 150 ships a day. We are down now between 5 and 20 transits a day.

我想談談荷姆茲海峽的情勢、「Epic Fury」行動，以及其對航運整體與石油供給的影響。在左側，你基本上可以看到每日通過荷姆茲海峽的航次數量。我們談的是每天約110到150艘船。現在已降到每天約5到20個航次。

In terms of tankers, we see that 115 VLCCs and 24 Suezmaxes are still trapped in the Persian Gulf. Of that fleet, 40% are dark fleet vessels, so not really vessels that we would compete with, but it's still a significant amount of ships that are trapped there.

就油輪而言，我們看到仍有115艘VLCC與24艘蘇伊士型被困在波斯灣。其中40%是「暗影船隊」（dark fleet）船舶，因此並非我們真正會競爭的船舶，但被困的船舶數量仍然相當可觀。

On the supply side of oil, my colleague, Joris Daman has made a very interesting analysis on the right side of the slide. And because it's his analysis, I want to hand it over to him so that he can explain to you what he is seeing in the numbers.

在石油供給面，我的同事 Joris Daman 在投影片右側做了一個非常有意思的分析。由於這是他的分析，我想把時間交給他，讓他向各位說明他在數字中看到了什麼。

Yes, happy to run through it. So the right-hand-side graph really starts by showing the baseline. The baseline was 15 million barrels per day of crude oil. This is only crude oil traversing the Strait of Hormuz, so being exported out of the Persian Gulf. Now that's closed. The Strait is de facto closed, so we made the assumption that's lost.

好的，很樂意帶各位快速看過。因此右側圖表首先是從基準情境開始呈現。基準情境是每日1,500萬桶原油。這僅指穿越荷姆茲海峽的原油，也就是自波斯灣出口的原油。現在這條通道已關閉。海峽事實上已關閉，因此我們假設這部分供給已流失。

And then we are going to look, okay, what's the actual impact on crude tanker flows? We have a selective passage of 1.2 million barrels per day. That's the actual passage over the last two months divided by 60 days. That's 1.2 million barrels per day, so it's actually one Suezmax a day or every second day one VLCC.

接著我們要來看，好，對原油油輪運輸流向的實際影響是什麼？我們有一個選擇性通行量為每日120萬桶。這是過去兩個月的實際通行量除以60天。也就是每日120萬桶，所以實際上相當於每天一艘Suezmax，或每兩天一艘VLCC。

Then we have some pipeline capacity, which came upstream, and is today roughly around 5.5 million barrels per day. It's Yanbu, Fujairah and then the Kirkuk-Ceyhan pipeline. Then we had a temporary effect of floating storage release or reversal of floating storage and also some Russian sanctions being lifted and actually being able to be added to the tanker markets.

接著我們有一些管線運能已經上線，目前大約在每日550萬桶左右。包括延布（Yanbu）、富查伊拉（Fujairah），以及Kirkuk–Ceyhan管線。然後我們還有一個短期效果：浮式儲油釋出或浮式儲油的回轉，另外也有部分俄羅斯制裁解除，使其實際上能夠重新加入油輪市場。

And then the real interesting part comes, and that's on one hand, the export growth out of the US, which is a combination of additional volumes, but also SPR, strategic petroleum reserve releases, roughly 1.4 million barrels per day. And then also other countries stepping up the game, for example, Brazil, Guyana, Canada, Angola, and they are additionally bringing 1 million barrels per day capacity to the market.

接著真正有趣的部分來了：一方面是美國的出口成長，這是額外供給量的組合，同時也包含SPR（戰略石油儲備）釋出，約每日140萬桶。另一方面，其他國家也加大力度，例如巴西、蓋亞那、加拿大、安哥拉，額外為市場帶來每日100萬桶的供給能力。

So if we go from the 15 million, we take all those steps, we end up with a loss of 5.3 million barrels per day, capacity lost to be transported on board of crude oils. Now it's really important to see here that we are actually increasing longer mile transportation. So we get a tonne-mile kicker because of the exports out of the US, but also Brazil, Guyana are actually further away than a typical Middle Eastern-China transportation, and it's 2 to 2.5 times more.

所以如果我們從1,500萬開始，把所有這些步驟都納入，最後會得到每日530萬桶的損失，也就是原油需要以油輪運輸的運能減少了。現在很重要的是要看到，我們其實是在增加更長航程的運輸。因此會有一個「噸海里」的加成，因為美國的出口，以及巴西、蓋亞那的出口，實際上距離比典型的中東到中國運輸更遠，大約是2到2.5倍。

So if we take the 2.4 and we multiply that by 2, 2.5, and we compare it to the 5.3, we are actually quite balanced from a tonne-mile perspective. And that's really the reason why the utilization of the tankers are still healthy. And that remains for the US Gulf, China transportation are actually still quite healthy.

所以如果我們把2.4乘以2或2.5，再拿來和5.3比較，從噸海里的角度看其實相當平衡。這也正是為什麼油輪的利用率仍然健康。而且這種情況在美國墨西哥灣到中國的運輸上仍然相當健康。

If you go one step further, really look, okay, what could be the potential impact on the barrel price? There, it's really important to understand that we started the Operation Epic Fury in a global situation where there was a large oversupply.

如果再往前一步，真正去看，好，對每桶價格可能會有什麼影響？在這裡非常重要的是要理解，我們是在全球供給大幅過剩的情況下啟動「Epic Fury行動」。

So there was a bigger supply of crude oil to the market than a demand. So we had actually an oversupply of 2.6 million barrels per day, meaning that in the end, today's market is only under-supplied by approximately 2.7 million barrels per day of crude, which will have an impact on demand destruction or any other means to have the balance again in the market.

也就是說，市場上的原油供給大於需求。因此我們實際上有每日260萬桶的供給過剩，這意味著最終以今天的市場來看，原油大約只有每日270萬桶的供給不足，這將透過需求破壞或其他方式影響市場重新達到平衡。

Thank you very much, Joris. So after that analysis, what we just wanted to add is basically the consequences of the closure of the Strait of Hormuz is that we see a lot more ballasters going towards the Atlantic to pick up the oil where it is still available. And this obviously also has an impact on rates.

非常感謝你，Joris。所以在那個分析之後，我們想補充的是，荷姆茲海峽關閉的後果基本上是：我們看到更多空載船（ballasters）往大西洋方向航行，去把仍然可取得的原油載回來。而這顯然也會影響運價。

You can see the rate from the Middle East to China, which we think is much of a theoretical rate, not that many ships are being fixed at these kind of levels. The more interesting one is, of course, is the TD22 route. At the bottom in green, where you can see that rates were very high, but then gradually started going down as more ballasters, more VLCCs were coming towards the US Gulf to pick up the oil there.

你可以看到中東到中國的運價，我們認為那更多是一個理論上的運價，並沒有那麼多船舶以這種水準成交。當然更有意思的是TD22航線。在底部的綠色區域，你可以看到運價曾經非常高，但之後隨著更多空載船、更多VLCC往美國墨西哥灣移動去裝貨，運價逐步下滑。

Now when I say gradually going down, we are still at a level around $100,000 a day, which is very, very healthy for our market, but it shows you the disruption that the closure of the Strait of Hormuz also has on the positioning of the vessels.

當我說逐步下滑時，我們仍然在每天約10萬美元的水準，這對我們的市場來說非常、非常健康，但它顯示出荷姆茲海峽關閉也會對船舶的配置位置造成擾動。

I'd like to finish with our three slightly smaller divisions, Delphis, Bochem and Windcat. On Delphis, we can be relatively short. All our ships are fixed on long-term time charters. We still have one newbuilding coming this year, delivering in October, which has been fixed on a 15-year contract.

我想以我們三個規模稍小的事業部作結：Delphis、Bochem和Windcat。關於Delphis，我們可以相對簡短。我們所有船舶都以長期期租合約固定。今年我們還有一艘新造船將交付，於10月交船，且已以15年合約固定。

The bottom line on the container market is that the order book is very high. We still see a huge TEU-mile disturbance with the de facto closure of the Red Sea. If no container ships pass by there, it's basically 12% of a demand kicker. So if that falls away, including the big tsunami of new container vessels that will come on stream in the next couple of years, the market should continue to go down.

貨櫃市場的重點是：訂單簿非常高。由於紅海事實上的關閉，我們仍然看到巨大的TEU-海里（TEU-mile）擾動。如果沒有貨櫃船通過那裡，基本上相當於需求有12%的加成。所以如果這個因素消失，再加上未來幾年將投入營運的大量新貨櫃船的「海嘯」，市場應該會持續走弱。

But very short-term, we have seen a little uptick because of the disturbance around the Strait of Hormuz. And so rates both on the spot market and also on time charter rates have gone up a little bit in recent days and weeks. But we believe, fundamentally, this should normally go down again as soon as certain things resolve themselves and as the order book starts delivering to the market.

但在非常短期內，我們因為荷姆茲海峽周邊的擾動而看到一點點回升。因此，近期幾天與幾週內，無論現貨市場運價或期租租金都小幅上升。但我們認為，從基本面來看，一旦某些事情解決、且訂單簿開始交付進入市場，運價通常應該會再度下行。

Chemical tankers, I was mentioning a slightly softer market that is reflected in what we are earning in the spot pool. Most of our vessels are fixed on time charters, so we're not really affected by that. But it has to be said also, chemical tanker markets are much less volatile than other markets. So when we say softening and you look at the numbers that we are achieving on the spot market of $21,500, that is compared to around 25,000 last year. We still believe these rates are very healthy.

化學品油輪方面，我提到市場稍微轉弱，這反映在我們在現貨聯營池（spot pool）的收入上。我們大多數船舶都以期租固定，所以其實不太受影響。但也必須說，化學品油輪市場的波動性遠低於其他市場。所以當我們說轉弱，而你看到我們在現貨市場達到的數字是每天21,500美元，這是相較於去年約25,000美元。我們仍然認為這些運價非常健康。

Finishing off with Windcat, exciting times for our division, Windcat, because we have taken delivery now of our third CSOV, which is our large offshore energy supply vessels. We still have three that will be delivered plus one larger CSOV, an MP-ASV as we call it, so still four ships on order. We have seen very healthy rates for our CSOVs. You can see an average of $65,000 a day in the first quarter.

最後談Windcat，對我們的Windcat事業部而言是令人振奮的時刻，因為我們現在已接收第三艘CSOV，也就是我們的大型離岸能源支援船。我們還有三艘將交付，另外還有一艘更大型的CSOV，我們稱之為MP-ASV，因此目前仍有四艘在手訂單。我們看到CSOV的運價非常健康。你可以看到第一季平均每天65,000美元。

Second quarter, already fully fixed at $62,000 a day and we have further vessels delivering and are in talks with customers for both short-term and longer-term employment. Our CTVs are doing well as well.

第二季已經以每天62,000美元的水準全數固定，且我們還有後續船舶交付，並正與客戶洽談短期與長期的用船安排。我們的CTV表現也很好。

After the traditionally slow winter period, we are now coming into the peak period of spring and summer, and you can see that our utilization is above 90% and we are earning good rates of an average of $3,400 a day. We're expecting, as I said before, this offshore wind market, offshore oil and gas market to remain supported in the following months.

在傳統上較慢的冬季過後，我們現在進入春夏旺季，你可以看到我們的利用率超過90%，且我們以平均每天3,400美元的良好運價在營收。如我先前所說，我們預期接下來幾個月離岸風電市場、離岸油氣市場仍將維持支撐。

This wraps up the market update, and I will now hand it over to Enya for the Q&A.

以上是市場更新，我現在把時間交給Enya進行問答。

(Event Instructions) We will now start with the first question coming from Frode Morkedal. You can now unmute and ask your question, please.

(活動指引) 我們現在開始第一個問題，來自 Frode Morkedal。請您現在解除靜音並提問。

Yes, thank you. This is Frode at Clarksons. My first question is on capital allocation. So you basically reached the 50% net loan to value target you have. So you've been leveraging the balance sheet, you have plenty of liquidity and the newbuild program looks fully funded.

是的，謝謝。我是 Clarksons 的 Frode。我的第一個問題是關於資本配置。你們基本上已達到 50% 淨貸款價值比（net loan to value）的目標。因此你們一直在提高資產負債表槓桿，流動性充裕，而新造船計畫看起來也已完全到位資金。

So basically, how should we think about capital allocation from here? Specifically on the dividend, you raised it from $0.16 to $0.20 on the interim dividend. Is this a level that you would like to maintain? Or should we think about dividends as variable quarter to quarter?

那麼，從現在開始我們應該如何看待資本配置？特別是股利方面，你們把中期股利從每股 0.16 美元提高到 0.20 美元。這是你們希望維持的水準嗎？還是我們應該把股利視為每季可變動？

Let me take this one. Indeed, we are, I think, working on all sites, deleveraging the balance sheet, especially with the bridge loan that we had, which was quite expensive. We were able to repay that fully, but we also reduced our margins on close to all our financings with our banks. And I think that was visible on the net finance expenses.

我來回答這題。確實，我想我們在各方面都在努力降低資產負債表槓桿，尤其是先前那筆過橋貸款（bridge loan），成本相當高。我們已能將其全數償還，同時也把幾乎所有銀行融資的利差降低。我想這在淨財務費用上是看得出來的。

The CapEx program is coming to an end. And I think on the dividends, which is as every quarter the Board decides what to do, whether it's being accelerating down payments on debt, capital, potential M&A or distribution to shareholders. And I think we have made clear that once the leverage targets are more into play like we are today, that we can start allocating more of the free dollars to shareholders. Yet we do have a full discretionary dividend policy, so we'll continue to keep that.

資本支出（CapEx）計畫也接近尾聲。至於股利，每一季董事會都會決定要怎麼做：是加速償還債務本金、投入資本、潛在併購（M&A），或是分配給股東。我們也已經說得很清楚，一旦槓桿目標更到位、像今天這樣，我們就可以開始把更多自由資金分配給股東。但我們確實採取完全酌情的股利政策，因此會持續維持這種彈性。

Historically, as I mentioned on the previous earnings calls, we've always paced between 50% and 60% of net profits distributed to the shareholders. And after announcing the 50% distribution on the vessel sales, which was in December, we announced it, the Board decided that we would actually rather pay 50% on the whole profit of Q1.

如同我在前幾次財報電話會議提到的，歷史上我們一直把淨利的 50% 到 60% 分配給股東。而在 12 月宣布船舶出售收益採 50% 分配之後，董事會決定其實更傾向於就第一季的整體利潤支付 50%。

Going forward, I think there's definitely -- every quarter, analysis is going to happen. But the less leverage we have, the less CapEx that we have, less opportunities that could arise. Like we mentioned on newbuilds, there's nothing really interesting in the core markets, dry bulk and tankers today. I think distribution to shareholders will definitely continue to be a full focus on our side.

展望未來，我認為每一季都一定會進行分析。但槓桿越低、資本支出越少、可出現的機會也越少。就像我們提到的新造船，目前在核心市場（乾散貨與油輪）並沒有真正有吸引力的機會。我認為把資金分配給股東，肯定會持續成為我們的重點。

To your question, we didn't go from $0.16 to $0.20, we actually went from $0.16 to $0.64. I think the parts, the $0.44 on share issue premium, it's a different way to a more fiscal optimized way of reducing the withholding tax for mostly the retail shareholders and then the foreign shareholders to do that. But I think going forward, we will see how the market continues. We'll definitely analyze the distribution to shareholders with a full focus.

回到你的問題，我們不是從 0.16 美元提高到 0.20 美元，我們其實是從 0.16 美元提高到 0.64 美元。我想其中 0.44 美元是以股票發行溢價（share issue premium）的方式支付，這是一種在稅務上更優化的做法，可降低主要是零售股東以及海外股東的預扣稅。但我想往後我們會看市場如何發展。我們一定會以高度重視的態度來分析對股東的分配。

Okay, that's interesting. [60%] looks reasonable. That's what I heard from you.

好的，這很有意思。[60%] 看起來合理。我從你這裡聽到的是這個。

That's what we also we historically we pay to the shareholders. Yes.

這也是我們歷來支付給股東的比例。是的。

Okay. Next question I had was just started thinking, I mean, the Golden Ocean acquisition. That looks quite well timed now. Clearly, dry bulk asset values have moved higher. So I just had a quick question. Do you have any sense of how much you're up on that investment so far?

好的。我下一個問題是剛開始在想，也就是 Golden Ocean 的收購。現在看起來時點抓得相當好。顯然乾散貨資產價值已經上升。所以我有個簡短問題。你們是否大概知道到目前為止這筆投資上漲了多少？

Frode, can you not do the calculation for us?

Frode，你不能幫我們算一下嗎？

Let's say that based on the acquisition price, obviously, we've done, but you have to take the full costs because we did a semi-levered buyout. Yes, we paid 50% with shares, but we did pay 50% with full financing.

如果以收購價格來說，當然我們做過計算，但你必須把全部成本納入，因為我們做的是半槓桿式收購（semi-levered buyout）。是的，我們用股票支付了 50%，但另外 50% 是用完整融資支付的。

It is true that the returns on paper today look good, but as always, I think we need to ride the cycle fully before we can claim victory on that. But the market has picked up somewhat faster than we were expecting on the medium term. And I think the spot strategy that we've entailed is definitely setting us up to reap the benefits on the short term.

確實，從帳面上看今天的報酬不錯，但一如既往，我認為我們需要完整走過一個景氣循環後，才能宣稱這筆投資成功。不過市場回升的速度比我們對中期的預期更快一些。而我認為我們採取的現貨（spot）策略，確實讓我們在短期內能夠收割其效益。

Yeah, I did actually do the calculation. I think you're up at least 20%, but yeah.

是的，我其實有算過。我想你們至少上漲了 20%，不過是的。

Only 20%, Frode? You're selling us short.

只有 20% 嗎，Frode？你太低估我們了。

Could be. As a follow up, I mean, given where asset values are today, do you still see value in further investments? Or is this becoming a more market to sell further assets?

有可能。追問一下，考量目前的資產價值水準，你們仍然看到進一步投資的價值嗎？還是說這更像是一個可以再出售更多資產的市場？

It's a good question, Frode. I can repeat what I told you last time, I think, or I told someone else. Everything's pricey today. Let's not lie about the facts. Newbuildings, secondhand, everything has gone up. There will always be opportunities. I'm sure we will analyze these opportunities.

這是個好問題，Frode。我可以重複我上次跟你說的，我想，或是我跟別人說的。今天所有東西都很貴。我們不要對事實自欺欺人。新造船、二手船，所有東西都漲了。機會永遠會有。我相信我們會分析這些機會。

But right now, having sold most of our older vessels, we still might sell some ships of older vintage or sell some ships if we see a very good price. But what we want to do now is really ride the cycle definitely on dry bulk and see what comes after this high cycle. Because obviously, for us, the story doesn't end when the cycle turns. That's when the story begins.

但目前，在我們已出售大部分老舊船舶之後，如果看到非常好的價格，我們仍可能出售一些船齡較高的船，或出售某些船舶。但我們現在真正想做的是，在乾散貨這一輪景氣中確實把握住，並看看這個高景氣之後會發生什麼。因為很顯然，對我們而言，故事不會在景氣反轉時結束。那才是故事開始的時候。

Good answer. That's it for me. Thank you.

回答得很好。我這邊就到這裡。謝謝。

Thanks.

謝謝。

The next question is coming from Climent. Can you please unmute and ask your question?

下一個問題來自 Climent。請解除靜音並提問？

Yeah. Hi, good afternoon. Thank you for taking my questions. I wanted to start by following up on your finance expenses, which declined significantly as you reduce debt and refinance on facilities. Did the $82 million expenses for the quarter include any one-offs due to refinancings? And secondly, is the G&A for Q1 a good proxy for the remainder of the year?

是的。嗨，下午好。謝謝讓我提問。我想先追問你們的財務費用，隨著你們降低負債並對融資額度進行再融資，財務費用顯著下降。本季 8,200 萬美元的費用是否包含任何因再融資產生的一次性項目？第二，第一季的管理費用（G&A）是否可作為今年其餘期間的良好參考？

Yeah, no, it's two great questions, Climent. On the net finance expenses, I think in the $82 million, there were maybe $3 million one-offs, but so it's insignificant, I would say. So it is definitely on the current -- optimize that situation but not yet take into account some of the margin reductions we're actually executing on roughly $2 billion of financing, which would only come into play end of Q2. So there's more room to reduce the net finance expenses.

是的，這兩個問題都很好，Climent。關於淨財務費用，我想在 8,200 萬美元裡，可能有約 300 萬美元的一次性項目，但我會說這不太重要。因此這確實反映了目前已優化的狀況，但尚未把我們正在執行、約 20 億美元融資的利差下調納入，這要到第二季末才會開始反映。所以淨財務費用還有進一步下降的空間。

On the SG&A, with the $51 million we had in Q4 compared to $27 million in Q1, I think Q4 was definitely exceptional. I think we mentioned it on the last earnings call, Q1 is definitely better, but we are, as management, we keep on optimizing and looking at that. Integrating companies is often harder than we think, but we're well on the way to reach our targets on the SG&A.

關於SG&A，第四季是5,100萬美元，相較第一季的2,700萬美元，我認為第四季確實是相當特殊。我想我們在上一次法說會也提到過，第一季確實比較好，但我們作為管理層會持續優化並檢視這一塊。整併公司往往比我們想像的更困難，但我們正穩步朝達成SG&A目標前進。

Okay, that's very helpful. Thank you. Could you talk a bit about whether you've had any impact on the operations of the two FSOs contracted with Qatar Energy on the back of the conflict?

好的，這非常有幫助。謝謝。你能否談談，衝突是否對與卡達能源簽約的兩艘FSO的營運造成任何影響？

Yes, Climent. We have had some operational disturbances, but we are trying to get everything back on track. As in the city of our people on board is the most important one, and we are in very close collaboration with NOC, who is our customer. To make sure that we can restart the operations in a safe way.

是的，Climent。我們確實遇到一些營運上的干擾，但我們正努力讓一切回到正軌。我們船上人員的安全是最重要的，我們也與作為客戶的NOC保持非常密切的合作。以確保我們能以安全的方式重啟營運。

Makes sense. And final question from me. You've got a $12 million profit from equity accounted to investees. To what does that refer specifically?

合理。我最後一個問題。你們有一筆來自以權益法入帳之被投資公司的1,200萬美元獲利。這具體是指什麼？

A good question. It's reflecting the proportional profits that we made. At least that's the companies where in which we have small participations made. This is -- I would say, half of it is one-offs from these companies. And it's a very diverse slew of small participations from ammonia logistics to basically Japanese joint ventures. But there is, I think, good smaller companies that deliver profit quarter on quarter. So there's definitely some of that to stay in the coming quarters.

好問題。這反映的是我們按持股比例認列的獲利。至少是我們在一些公司中持有小比例參與所產生的獲利。我會說其中一半是這些公司的一次性項目。而且這是一組非常多元的小額持股，從氨的物流到基本上日本的合資企業都有。但我認為其中也有一些不錯的小公司能夠逐季貢獻獲利。所以未來幾季肯定會有一部分會持續存在。

Very good to hear. That's everything from me. I'll turn it over. Thank you.

很高興聽到。我這邊就到這裡。我把時間交回去。謝謝。

Thanks.

謝謝。

The next one is Petter Haugen. You can now unmute and ask your question, please.

下一位是Petter Haugen。請您現在解除靜音並提問。

Good afternoon. This is Petter Haugen from ABG Sundal Collier in Oslo. First, I would like to put some emphasis on Joris's work on slide 25, the slide showing the shortfall and the partial refillment of what was lost is a very, I think, instructive way to think about this. And one question in this context. Would it be positive or -- sort of if adjusted for distances, the same slide just on tonne-miles to speak, would that be still in a negative territory or is it in positive territory?

午安。我是來自奧斯陸ABG Sundal Collier的Petter Haugen。首先，我想強調一下Joris在第25頁投影片上的工作；那張顯示缺口以及對流失部分的補回的投影片，我認為是一個非常具有啟發性的思考方式。在這個脈絡下有一個問題。如果改用「噸海里」來看（也就是把距離因素調整進去），同樣的投影片會仍然是負面區間，還是會變成正面？

I thought Joris can take that question.

我想Joris可以回答這個問題。

It's fairly balanced, and that was the main message here that if you not only look at tonnes but at tonne-miles, the situation is actually up until today a balanced situation whereby that the lost volumes are being balanced out by the additional distance. Of course, that only holds as long as US exports keep the same levels and the other countries like Brazil, Guyana, Angola, keep on the, let's say, the higher volumes than what we saw in the first two, three months of the year. That's the big assumption of this slide.

整體相當平衡，而這正是這裡的主要訊息：如果你不只看噸數、而是看噸海里，截至今天的情況其實是平衡的，也就是流失的量被增加的運距所抵銷。當然，這只有在美國出口維持同樣水準、以及巴西、蓋亞那、安哥拉等其他國家持續維持（可以說）比今年前兩三個月所見更高的出貨量時才成立。這就是這張投影片的重大假設。

Okay. So very balanced then, tonne-mile wise. Thank you. Just one further question. In Q3, you ordered one CSOV, the large version, and also had options for five more. Is there any progress on those options in terms of either striking them or lapsing them?

好的。所以以噸海里來看是非常平衡。謝謝。再一個問題。在第三季，你們訂了一艘CSOV（大型版本），並且還有另外五艘的選擇權。這些選擇權在執行或到期失效方面，有沒有任何進展？

Yeah, we still have time to lift the next option. But right now, if you ask me, it looks very interesting. There's good demand for these assets. But as long as we don't need to lift the option, we will still wait. The market can still change, but it is definitely one of the segments that we are watching closely for potential newbuildings because we still see value, and the value at which we hold the options is interesting.

是的，我們仍有時間去執行下一個選擇權。但如果你現在問我，它看起來非常有吸引力。這類資產的需求很強。但只要我們還不需要執行選擇權，我們就會先等待。市場仍可能變化，但這確實是我們密切關注、可能下新造船訂單的其中一個細分市場，因為我們仍看到價值，而且我們持有選擇權的價格水準也很有吸引力。

Could you elaborate a bit on what sort of employment you would potentially do on a newbuild order and also the delivery schedule for those options?

你能否多談一些，如果下新造船訂單，你們可能會採取什麼樣的用船安排（employment），以及這些選擇權對應的交船時程？

Would be in 2028 and we would lift the option most probably without any employment attached. We have decided on the CSOVs that we would operate on the spot market. And if we see long-term business, we would go for the long-term business. That's exactly what we've done with the first two ships, what we're doing with the next vessels, always be a mix of spot employment and longer-term employment, it makes sense.

會是在2028年交付，而我們很可能會在沒有任何用船合約附帶的情況下執行選擇權。我們已決定CSOV將以現貨市場方式營運。如果我們看到長期業務機會，我們也會去做長期業務。這正是我們對前兩艘船所做的、以及對接下來船舶所做的：永遠是現貨用船與較長期用船的混合，這是合理的。

You know that in this offshore wind market, if you order some of these CSOVs with a charter attached, usually the returns are very low. So if we lift the options, we will most probably, I mean, never say never, we might find some customers before we're lifting the option. But it will most probably be without any employment, and then we will work on the employment as we go.

你也知道，在離岸風電市場，如果你訂造這些CSOV並且附帶租約，通常報酬率會非常低。所以如果我們執行選擇權，我們很可能——當然凡事沒有絕對，我們也可能在執行前就找到客戶。但大概率會是在沒有任何用船安排的情況下先下單，然後再隨著進度去安排用船。

And as just to add to Alex, as a spot market today, both in international winds, but also regional and international oil and gas is actually very good. For us to do long-term charters, it really has to be great rates. Otherwise, we just stay in the spot market and enjoy the rates we've shown on the slides.

再補充Alex的說法，目前現貨市場，不論是國際風電，或是區域性與國際性的油氣市場，其實都非常好。對我們而言，要做長期租約，費率必須非常優渥。否則我們就留在現貨市場，享受我們在投影片上所展示的費率水準。

Understood. Thank you. And just then finally, the options, all five of them, could you elaborate on when those lapses?

了解。謝謝。最後關於這些選擇權，五個全部都一樣：你能否說明它們各自何時到期失效？

I think the first one is in a couple of months from now, end of the summer.

我想第一個會在幾個月後，也就是夏末。

Okay.

好的。

And then we still have time for the following ones, which is always with a couple of months interval.

接下來的幾個我們也都還有時間，通常每個之間會相隔幾個月。

Okay. Understood. Thank you. That was all from me.

好的。了解。謝謝。我這邊就到這裡。

Thanks.

謝謝。

We received some questions in the Q&A, so I will go to those questions. The first question, the premium of NUCs to Capes in Q1 seemed quite low. Any particular reason for this? What premium would you expect over time?

我們在Q&A收到一些問題，所以我來回答這些問題。第一個問題：第一季NUC相對於Capes的溢價看起來相當低。有什麼特別原因嗎？你們預期長期而言溢價會是多少？

I think I'll take it from a financial point of view. Alex, you can take it from operational. It was -- as we are delivering quite a bit out of the yards, there's a lot of repositioning on these ships ballasting to Brazil, for instance. And so it's more IFRS local discharge. I think the Newcastlemaxes on a discharge-to-discharge basis would have been higher. But since we had a relatively much higher repositioning of ballasters, that impacted the results.

我想我先從財務角度回答。Alex，你可以從營運角度補充。這是——由於我們從船廠交付了不少船舶，這些船有很多重新定位的航程，例如以壓艙（ballasting）方式前往巴西。因此在IFRS下更多是以本地卸貨（local discharge）來呈現。我認為如果以卸貨到卸貨（discharge-to-discharge）的基礎來看，Newcastlemax的表現會更高。但因為我們相對有更高比例的壓艙重新定位航程，這影響了結果。

Yeah, and I would say in a premium, it all depends of course on the height of the market. But you would be anywhere between 15% and 30%, depending on the market and of course depending also on the fuel prices.

是的，而且我會說在溢價方面，當然一切都取決於市場的高點。但你大概會落在 15% 到 30% 之間，取決於市場，當然也取決於燃料價格。

Moving on to the next question. Do you have any plans for the $25 million treasury shares you hold reissued to outside holders as dividends used for acquisitions retire? I assume they do not receive the dividends.

接著進入下一個問題。你們對於持有的 2,500 萬美元庫藏股有任何計畫嗎？例如重新發行給外部持有人、作為股利、用於併購，或是註銷？我猜它們不會領取股利。

So the treasury shares, to be clear, do not get dividends. They cannot vote neither. So our company has 290.2 million shares. That's what you really have to look at. Retiring them, for us, there's part of the authorized capital. So it's at the Board discretion to use them to dividend to shareholders or for M&A acquisitions or other instruments.

所以先釐清一下，庫藏股不會領取股利。它們也不能投票。因此我們公司有 2.902 億股。這才是你真正需要看的數字。至於註銷它們，對我們而言，那是核准資本的一部分。所以是否使用它們來對股東配發股利、用於併購（M&A）或其他工具，取決於董事會的裁量。

But today, we don't have any plans. We bought them quite inexpensively, if you see, over the last years. So I think this was a good investment from a long-term investor, but we have no plans right now.

但目前我們沒有任何計畫。如果你看過去幾年，我們買入的價格相當便宜。所以我認為從長期投資人的角度看，這是一筆不錯的投資，但我們現在沒有計畫。

The next one, with the cost per ship massively increased, when the cycle turns, the recently purchased ships will have a much higher break-even level. That could indicate what? If rates do come down, there'll be a lot of for-sale signs at much lower prices.

下一題，隨著單船成本大幅上升，當景氣循環反轉時，近期購入的船舶將有更高的損益兩平水準。那可能意味著什麼？如果運價真的下滑，市場上會出現很多以更低價格出售的標誌。

Is that a statement or a question?

這是一個陳述還是一個問題？

It's a question.

這是一個問題。

Yes. If the market comes down and if owners are under duress, they will have to sell their ships at a lower price. And it is clear that the break-even of the whole fleet has gone up, not only because of the high newbuilding prices, but also because of the higher secondhand prices. So it will be indeed interesting to see when the cycle turns, how the market will react and how distressed sales could potentially come to the market.

是的。如果市場下行、而且船東承受壓力，他們就必須以較低的價格出售船舶。而且很明顯，整體船隊的損益兩平已經上升，不僅因為新造船價格高，也因為二手船價格更高。所以當循環反轉時，市場會如何反應、以及困境出售（distressed sales）可能如何進入市場，確實會很值得觀察。

Then the next one, could you please clarify whether any CMB.TECH vessels are currently blocked in the Persian Gulf? If so, how many and what type of vessels are involved?

接下來，能否請你澄清目前是否有任何 CMB.TECH 船舶被困在波斯灣？如果有，有多少艘、涉及哪些船型？

So there's a couple of ships that are indeed in the Persian Gulf right now. We don't communicate about the details of the vessels, the vessels' names out of safety concerns for our crew, which is on board.

目前確實有幾艘船正在波斯灣。出於船上船員安全的考量，我們不會對外溝通船舶細節或船名。

Then the next one, what is the ambition with respect to your green ammonia terminal project in Namibia? What is the latest status? What are the timelines and CapEx requirements?

接下來，你們對納米比亞綠色氨終端專案的目標抱負是什麼？最新進度如何？時程與資本支出（CapEx）需求為何？

Right now, no FID has been taken on that project. We are assembling all necessary information for the investment, and we hope to be able to say something more in the next quarterly call when we have a better view on that file. So have a little bit of patience with us, but we will definitely mention that in the next quarterly call.

目前該專案尚未做出最終投資決策（FID）。我們正在彙整投資所需的所有必要資訊，希望在下一次季度電話會議、當我們對該案有更清楚的掌握時，能提供更多說明。所以請再給我們一點耐心，但我們一定會在下一次季度電話會議中提到。

And then moving on to the last question. This one is referring to slide 25. It's a slide that Joris explained from Euronav. How much crude oil, if any, is coming onto the world market from Venezuela?

接著進入最後一個問題。這題是針對第 25 頁投影片。那是 Joris 針對 Euronav 解釋的一頁。目前有多少委內瑞拉原油（如果有的話）正在進入全球市場？

So Venezuela crude oil for April was roughly 1.2 million barrels per day. It increased with 150,000 barrels compared to March because of, let's say, the political changes in the country. Exports are being increased. It's not the increase which is interesting. It's rather that those barrels are now being transported on compliant vessels and no longer on any, let's say, dark or gray fleet vessel. So it's a net positive for crude tankers.

委內瑞拉 4 月的原油產量大約是每日 120 萬桶。相較於 3 月增加了 15 萬桶，原因可以說是該國的政治變化。出口正在增加。有趣的其實不是增量本身。而是這些原油現在是由合規船舶運輸，不再使用所謂的「暗船隊」或「灰色船隊」。因此這對原油油輪是淨利多。

Okay, we have one last question. Can you explain what the $20 million in other operating income booked in Q1 is?

好的，我們還有最後一個問題。你能解釋一下第一季入帳的 2,000 萬美元其他營業收入是什麼嗎？

Yes, sure. It's a series of -- it's an amalgamation of all smaller profits we took. This goes from claims we won from lawsuits or vessel claims we have over the last couple of years. It's liquidated damages that we deliver ships and then they deliver earlier or later with shipyards as well.

好的，當然。這是一系列——也就是把所有較小的獲利加總起來的綜合項目。包含我們在訴訟中勝訴的索賠，或是過去幾年我們對船舶提出的索賠。也包含約定違約金（liquidated damages），例如我們交付船舶時，船廠提早或延後交船所產生的款項。

So it's a whole slew of, I would say, smaller one-offs. There's half of it -- or roughly is a revaluation of some investments we hold in smaller companies. So nothing meaningful, mostly one-offs, but always nice to have when you can book that on your balance sheet.

所以我會說這是一大堆較小的一次性項目。其中有一半——或大約一半——是我們持有的一些小型公司投資的重估。所以沒有什麼重大意義，主要都是一次性，但能在資產負債表上入帳，總是件好事。

And I think that concludes the questions.

我想問題就到這裡。

Thank you very much, Enya. Thank you, all of you, for joining in this quarterly call, and I'm looking forward to talking to you either at our General Assembly on Thursday or on the next call we organize during the summer. Thank you. Bye-bye.

非常感謝你，Enya。也謝謝各位參加這次季度電話會議，我期待在週四的股東常會與各位交流，或是在夏季我們安排的下一次電話會議再與各位對話。謝謝。再見。