CMB.TECH NV (CMBT) 2026 Q2 法說會逐字稿

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CMB.TECH. And I'm joined by my colleagues, Joris Daman and Enya Derkinderen.

CMB.TECH。今天與我一同出席的還有我的同事 Joris Daman 與 Enya Derkinderen。

We will start, as always, with our financials and some highlights. And before we do, we give you an overview of the fleet of CMB.TECH. You can see that we have 206 vessels on the water with another 26 newbuildings coming. Our contract backlog is stable at $3.3 billion. The fleet is young.

我們將一如往常，先從財務表現與一些重點開始。在此之前，我們先為各位概覽 CMB.TECH 的船隊。各位可以看到，我們目前有 206 艘船舶在營運中，另有 26 艘新造船即將交付。我們的合約在手訂單（contract backlog）維持穩定，為 33 億美元。船隊相當年輕。

We have an average age below six years. Our CapEx commitments, we will discuss a bit later, have now gone down to less than $1 billion. We have a market cap of $5.2 billion, a fair market value of the fleet of $11.2 billion. And for those who might not know, but we are still listed in New York, in Brussels, and in Oslo. Our second quarter financials, the title of our press release was making hay, making hay while the sun shines.

平均船齡低於 6 年。我們的資本支出（CapEx）承諾，我們稍後會再談，目前已降至 10 億美元以下。我們的市值為 52 億美元，船隊的公允市場價值為 112 億美元。另外，可能有些人不知道，我們仍在紐約、布魯塞爾與奧斯陸掛牌上市。我們第二季財報新聞稿的標題是「趁著陽光普照，趕緊收割」（making hay while the sun shines）。

These are exceptional times for shipping and also exceptional times for CMB.TECH. The company has made a profit of $364.4 million in the second quarter. This was on the back of an increased revenue of over $700 million and an exceptional profit that we made on the sale of assets of $127 million. You can see the other items in our profit and loss that stick out. One of them is the net finance expense.

這對航運業而言是非比尋常的時期，對 CMB.TECH 也是如此。本公司第二季獲利 3.644 億美元。這主要來自超過 7 億美元的營收成長，以及我們出售資產所取得的 1.27 億美元的非凡獲利。各位也可以看到損益表中其他特別突出的項目。其中之一是淨財務費用。

We are reducing our quarterly net finance expense to $76 million, which is a 5% reduction compared to the first quarter. This is led by cheaper refinancings and also just a general repayment of our debt.

我們將季度淨財務費用降至 7,600 萬美元，較第一季減少 5%。這主要受惠於較低成本的再融資，以及我們整體債務的償還。

Our EBITDA stood at $552 million. Our liquidity slightly below $400 million. On total assets, book value stands at above 35% and our equity on total assets value adjusted is now above 50% at 51.5%. Other highlights during the quarter. I already mentioned our net profit and our EBITDA.

我們的 EBITDA 為 5.52 億美元。流動性略低於 4 億美元。以總資產計，帳面價值的權益比率在 35% 以上；而以總資產的調整後價值計算，我們的權益比率目前已超過 50%，達 51.5%。本季其他重點。我已提到我們的淨利與 EBITDA。

The liquidity, which stands at around $400 million. We have a contract backlog, which is stable. We have added during the quarter two, two-year charters on our CSOVs and one one-year VLCC charter. We have the intention to distribute an amount of $0.64 per share, which will be split in an intermediary dividend of $0.21 per share and a payment of $0.43, so $0.21 per share and $0.43 per share out of the share premium reserve, which is exempt from any withholding tax.

流動性約為 4 億美元。合約在手訂單維持穩定。本季我們新增了兩筆 CSOV 的兩年期租約，以及一筆 VLCC 的一年期租約。我們擬配發每股 0.64 美元，將拆分為每股 0.21 美元的中期股利，以及每股 0.43 美元的支付；亦即每股 0.21 美元與每股 0.43 美元將自股本溢價準備（share premium reserve）中支付，且免徵任何預扣稅。

We have taken delivery in the second quarter and quarter to date of nine newbuilding vessels. These were four Newcastlemaxes, one VLCC, two brand-new Suezmaxes, one CSOV, and one CTV. We have sold quite a few ships so far this year. In the second quarter, we have delivered to their new owners two VLCCs, the Ilma and the Ingrid, on which we booked a capital gain of $98 million. We have sold an older Suezmax, the Sienna with a capital gain of $29 million. So total gain in second quarter was $127 million.

我們在第二季以及截至目前（quarter to date）已接收交付 9 艘新造船。包括 4 艘 Newcastlemax、1 艘 VLCC、2 艘全新 Suezmax、1 艘 CSOV，以及 1 艘 CTV。今年迄今我們已出售相當多船舶。第二季我們向新船東交付了兩艘 VLCC：Ilma 與 Ingrid，並認列 9,800 萬美元的資本利得。我們也出售了一艘較老的 Suezmax：Sienna，資本利得為 2,900 萬美元。因此第二季合計處分利益為 1.27 億美元。

In the third quarter, we will book a gain of $100 million on the sale of two Suezmaxes. And in the fourth quarter, we will add a gain of $130 million on the sale of the Donoussa, which is a VLCC and one more Suezmax. The sales of our tankers, we believe, are very well timed. We are at historic high prices for VLCCs and Suezmaxes.

第三季我們將就出售兩艘 Suezmax 認列 1 億美元的處分利益。第四季我們將再就出售 Donoussa（為一艘 VLCC）以及另一艘 Suezmax 認列 1.3 億美元的處分利益。我們認為此次油輪出售時點掌握得非常好。目前 VLCC 與 Suezmax 的價格處於歷史高位。

On this slide, you can basically see the 10-year average for a 5-year-old VLCC and a 5-year-old Suezmax compared to today's values and also compared to the last 10 years minimum and maximum. And as you can see, on VLCCs and Suezmaxes, we are well above the 10-year average. We are also well above the maximum of over the last 10 years that we have seen. We, therefore, believe it's a good time to sell some of our assets, particularly our older assets.

在這張投影片上，各位基本上可以看到：5 年船齡的 VLCC 與 5 年船齡的 Suezmax 的 10 年平均價格，與今日價格的比較，並同時對照過去 10 年的最低與最高水準。如各位所見，VLCC 與 Suezmax 的現值明顯高於 10 年平均。也明顯高於我們在過去 10 年所見的最高水準。因此我們認為，現在是出售部分資產的好時機，特別是較老的資產。

And then we have put a comparison where other segments stand like Panamaxes and Capesizes. As you can see that today's values, even though they're at the top end of what we have seen over the last 10 years, they are still in line of that bracket. Same goes for VLGCs. Of course, on the container vessels, the situation is different and also on LNGs.

接著我們也放入其他船型區隔的比較，例如 Panamax 與 Capesize 的水準。各位可以看到，雖然今日價格位於過去 10 年所見區間的上緣，但仍大致落在該區間之內。VLGC 亦是如此。當然，在貨櫃船方面情況不同，LNG 船亦然。

We wanted to show you what we believe in 2027, our operational cash flow could be based on certain rate assumptions. So we have put the rate assumptions at the bottom right of the slide with a 10% and 20% uplift. Rate assumptions for 2027 have been based on FFAs and assumptions for next year. You can see the numbers there. What you then see is after having repaid or paid all our CapEx investments, we still are forecasting a cash flow of $700 million to $1 billion.

我們想向各位展示：在我們認為的某些運價假設下，2027 年的營運現金流可能會是多少。因此我們在投影片右下角列出運價假設，並加入 10% 與 20% 的上調情境。2027 年的運價假設係基於 FFA（遠期運費協議）以及對明年的假設。各位可以在投影片上看到相關數字。接著各位會看到，在償還或支付完我們所有 CapEx 投資之後，我們仍預估可產生 7 億至 10 億美元的現金流。

I would say that's a very powerful figure to see that even after all our CapExes have been repaid, our operational cash flow will be between $700 million and $1 billion. Of course, if the market changes, the numbers will change, but it gives you an indication of the cash flow generating potential of all our different divisions. The most important, of course, our Newcastlemaxes and Capesizes, our VLCCs, and Suezmaxes.

我會說，這是一個非常有力的數字：即使在所有 CapEx 都已償付之後，我們的營運現金流仍將介於 7 億至 10 億美元之間。當然，若市場變化，數字也會改變，但這能讓各位了解我們各事業部的現金流創造潛力。其中最重要的，當然是我們的 Newcastlemax 與 Capesize、我們的 VLCC 與 Suezmax。

I mentioned the CapEx. We still have $890 million of new buildings to be delivered of newbuilding installments to be made. Of that number, the vast majority has already been financed. We have an unfunded CapEx of $119 million, which is basically spread out this year, $43 million and then other amounts in '27, '28 and '29, which are relatively small. At the end of this year, our outstanding CapEx commitments will be between $375 million and $390 million. So we've come to the end of our large 2.5-year newbuilding investment plan.

我剛才提到 CapEx。我們仍有 8.90 億美元的新造船待交付，亦即仍需支付的新造船分期款。其中絕大部分已完成融資。我們未融資的 CapEx 為 1.19 億美元，基本上分散於今年 4,300 萬美元，以及 2027、2028 與 2029 年的其他金額，且相對較小。在今年年底，我們尚未履行的 CapEx 承諾將介於 3.75 億至 3.90 億美元之間。因此，我們已走到這項為期 2.5 年的大型新造船投資計畫的尾聲。

I want to give you an update on the market and talk about Bocimar, Euronav, Delphis, Bochem, and Windcat. And I always start with an overview of the different markets we operate in and what we feel is the sentiment and the state of the market.

我想向各位更新市場狀況，並談談 Bocimar、Euronav、Delphis、Bochem 與 Windcat。我一向會先概覽我們所營運的不同市場，以及我們對市場情緒與市場狀態的看法。

Starting with dry bulk. Clearly, we are positive on dry bulk. We see that demand on the major commodities we are moving is growing. That goes for iron ore, bauxite, grain, and coal. The order book to fleet has increased a little bit on Capesizes, actually decreased a little bit on Panamaxes.

先從乾散貨談起。很明顯地，我們對乾散貨持正面看法。我們看到我們所運輸的主要大宗商品需求正在成長。這包括鐵礦石、鋁土礦、穀物與煤炭。Capesize 的訂單簿相對於船隊規模略有上升，而 Panamax 則實際上略有下降。

We are around the 15% mark, which we still think is something that the market can take for the next couple of years. The age of the fleet, 41% of our Capes are older than 15 years, more than one-third of the Panamaxes are older than 15 years. The balance between supply and demand on dry bulk, we believe, is positive.

我們大約在 15% 的水準，我們仍然認為未來幾年市場可以消化。就船隊船齡而言，我們的 Capesize 有 41% 船齡超過 15 年，Panamax 也有超過三分之一船齡超過 15 年。我們認為乾散貨的供需平衡是正面的。

Moving to tankers. You can see that we have colored from positive to cautious and basically kept a positive and cautious approach. No doubt, the market is very positive today. We are seeing all-time high rates on secondhand numbers, on the freight numbers on the spot market. So the market is very, very, very strong.

接著談油輪。你可以看到我們的判斷從正面轉為審慎，基本上維持「正面但審慎」的態度。毫無疑問，當前市場非常正向。我們在二手船價格以及現貨市場運價上都看到歷史新高。因此市場非常、非常、非常強勁。

Reason we are becoming a little bit more cautious is that on the demand side, we don't know what the effect will be of a potential solution in the Strait of Hormuz. Obviously, we don't know the timing, but that solution could lead to softer markets.

我們之所以變得更審慎一些，是因為在需求端，我們不知道荷姆茲海峽潛在解決方案會帶來什麼影響。顯然，我們不知道時間點，但該解決方案可能導致市場走弱。

What worries us a bit more is the order book to fleet. We are now seeing an order book to fleet on VLCCs and Suezmaxes of over 30%. This is not impacting the market right now. The order book for 2026 is still very reasonable, but as from next year and the year after, we will see a tsunami of VLCC and Suezmaxes coming to the market.

更讓我們擔心的是訂單簿相對於船隊規模。我們現在看到 VLCC 與 Suezmax 的訂單簿/船隊比率已超過 30%。這目前尚未影響市場。2026 年的訂單簿仍相當合理，但從明年以及後年開始，我們將看到大量 VLCC 與 Suezmax 以「海嘯」之勢進入市場。

Moving to containers and the chemical tankers. We have had a cautious approach to both markets. Actually, the container market has surprised to the upside. The unwinding of the Red Sea rerouting has been postponed with the renewed tensions around Bab el-Mandeb and Houthi attacks. But when you look at the order book, we would still be quite cautious for containers going forward.

接著談貨櫃與化學品油輪。我們對這兩個市場一直採取審慎態度。實際上，貨櫃市場的表現超出預期、向上驚喜。由於曼德海峽（Bab el-Mandeb）周邊緊張情勢再起以及胡塞武裝攻擊，紅海改道的回復（解除改道）被延後。但若看訂單簿，我們對未來貨櫃市場仍會相當審慎。

But right now, the market on containers is still quite good. On the chemical tankers, the order book is something we are watching closely. The market has actually performed relatively well. But going forward, we take a slight cautious approach. As you know, both in Delphis and Bochem, our Container and Chemical Tanker division, we have close to no spot exposure. So we are very well covered and shielded from any market fluctuations.

但就目前而言，貨櫃市場仍相當不錯。在化學品油輪方面，訂單簿是我們密切關注的重點。市場其實表現相對良好。但展望未來，我們採取略為審慎的態度。如你所知，在 Delphis 與 Bochem（我們的貨櫃與化學品油輪事業部）中，我們幾乎沒有現貨曝險。因此我們的覆蓋度很高，能有效隔離並抵禦任何市場波動。

Our last division, Windcat, Offshore Energy, we are seeing good rates. We believe if you look at the demand for the offshore wind energy projects, but also offshore oil and gas projects, combined with the order book with the fleet that is coming, there is a substantial fleet of CSOVs coming to the market next year and in 2028. But combined with the demand that we see in oil and gas and wind, we believe that the balance is positive.

我們最後一個事業部 Windcat（離岸能源）目前看到不錯的租金水準。我們認為，若看離岸風電專案的需求，以及離岸油氣專案的需求，再結合即將交付的訂單簿與船隊，明年以及 2028 年將有相當可觀的 CSOV 船隊進入市場。但結合我們在油氣與風電所看到的需求，我們認為供需平衡仍是正面的。

I want to zoom in on certain specific dynamics in our subsectors, starting with dry bulk. First, our dashboard, what we have done in the second quarter. Our fleet today is 40 Newcastlemaxes on the water, 37 Capes and 30 Kamsarmaxes and Panamaxes. The performance in the second quarter was very good. We earned $46,000 on our NUCs, close to $40,000 on our Capes and $20,000 on our Panamaxes.

我想聚焦我們各子產業中的一些特定動態，先從乾散貨開始。首先是我們的儀表板，也就是我們在第二季所做的情況。我們目前在營運中的船隊為 40 艘 Newcastlemax、37 艘 Capesize，以及 30 艘 Kamsarmax 與 Panamax。第二季的表現非常好。我們的 NUC 平均日收益為 46,000 美元，Capes 接近 40,000 美元，Panamax 為 20,000 美元。

The rates for the third quarter are in line with the rates of the first quarter so far of second quarter. So far, what we have booked in Q3 is slightly below Q2 because we have positioned quite some vessels into interesting fronthaul positions, and we would normally see a bump on our rates towards the end of Q3 and into Q4.

第三季的運價目前與第一季、以及截至目前的第二季水準一致。截至目前，我們在第三季已鎖定的水準略低於第二季，因為我們將不少船舶部署到具吸引力的遠洋去程（fronthaul）航線位置，而通常我們會在第三季末到第四季看到運價上揚。

A lot of the indicators on dry bulk are green. Some indicators like iron ore inventories and steel inventories are slightly negative. But overall, we see that the demand side of things is looking very positive.

乾散貨的許多指標都呈現綠燈。部分指標如鐵礦石庫存與鋼材庫存略偏負面。但整體而言，我們看到需求端的狀況非常正向。

Looking at the order book to fleet before we zoom in on the demand, one can see that the order book has grown. We are now on Capesize order book to fleet of 17%. Panamax has actually gone down slightly. We are at 14%, spread out nicely over the next couple of years. So, so far, we don't believe that the order book to fleet is an issue.

在我們深入需求之前，先看訂單簿相對於船隊規模，可以看到訂單簿已成長。我們目前 Capesize 的訂單簿/船隊比率為 17%。Panamax 則實際上略有下降。我們在 14%，且在未來幾年分布相當均衡。因此截至目前，我們不認為訂單簿/船隊比率會是問題。

The average age of the fleet is actually very positive. The fleet is aging, very little scrapping going on. So that has the potential to help the market in the next couple of years.

船隊平均船齡其實是非常正面的因素。船隊正在老化，拆船活動很少。因此這有潛力在未來幾年支撐市場。

The volumes, we are seeing iron ore, coal actually supporting the market. So on our Capesizes, it's iron ore, bauxite and a little bit of coal. On the Panamaxes, it's coal, grain, and some of the other commodities. When you look at what has been transported, we see that there is growth. Bauxite seasonally dips in the second quarter, but we have seen a very interesting pickup recently.

就運量而言，我們看到鐵礦石與煤炭實際上在支撐市場。因此在我們的 Capesize 上，主要是鐵礦石、鋁土礦以及少量煤炭。在 Panamax 上，則是煤炭、穀物以及其他一些大宗商品。當你看已運輸的貨量，我們看到有成長。鋁土礦在第二季季節性下滑，但我們最近看到非常有意思的回升。

So strong second quarter volumes on all dry bulk commodities. When we look at the iron ore specifically, it's a China, Australia, Brazil story. And an interesting story that we are seeing is the FE content. Overall, Chinese iron ore imports and Chinese iron ore imports are reducing in FE content a little bit, and we are seeing lower production, domestic production in China on the iron ore. Both these elements, if you compare 2026 with what we are expecting for 2027, could add another 2.5% of extra iron ore imports into China.

因此第二季所有乾散貨商品的運量都很強勁。當我們特別看鐵礦石時，這是一個中國、澳洲、巴西的故事。我們看到一個有趣的現象是鐵（Fe）品位含量。整體而言，中國鐵礦石進口的 Fe 含量略有下降，同時我們也看到中國國內鐵礦石產量下降。若將 2026 與我們對 2027 的預期相比，這兩個因素可能使中國額外增加 2.5% 的鐵礦石進口量。

So something to watch the FE content and domestic Chinese production, which is going down and being replaced by higher FE content iron ore coming from abroad and being imported via sea. But there's a new kid on the block since a couple of years, the importance of Africa is increasing. We wanted to highlight this on this slide.

因此值得關注 Fe 含量與中國國內產量：國內產量正在下降，並由海外更高 Fe 含量的鐵礦石取代，透過海運進口。但近幾年出現了一個新角色：非洲的重要性正在提升。我們想在這張投影片上特別強調。

Here, you can see the volumes from some major commodities, from major export areas, some of which have been around for a long time, some of which are new to the game like Simandou in Guinea, you can see that the growth from '25 to '26 is massive but is actually expected to grow even further at an average rate of 11%.

在這裡，你可以看到一些主要大宗商品在主要出口地區的運量，其中有些已存在很久，有些則是新加入者，例如幾內亞的西芒杜（Simandou）。你可以看到從 2025 到 2026 的成長非常巨大，而且預期還會以平均 11% 的速度進一步成長。

Why do we believe this could be a very interesting dynamic for our markets in the next three to four years? The Simandou iron ore, particularly, is being produced at a relatively low breakeven cost and could replace shorter-haul iron ore going forward. We have tried to list some of the breakeven costs of some mines on the right side of the slide. If that iron ore would be replaced by cheaper Simandou iron ore, you could get a kick of 7% in tonne miles for the Capesize fleet. So Africa is definitely something to watch and particularly Simandou and the effects in the next couple of years.

為什麼我們相信這在未來三到四年可能會成為我們市場上一個非常有意思的動態？尤其是西芒杜（Simandou）鐵礦石，其生產的損益兩平成本相對較低，未來可能會取代較短航程的鐵礦石。我們嘗試在投影片右側列出一些礦山的損益兩平成本。如果該鐵礦石被更便宜的西芒杜鐵礦石取代，對於好望角型（Capesize）船隊的噸海里（tonne miles）可能帶來 7% 的提振。因此，非洲絕對值得關注，尤其是西芒杜以及未來幾年內的影響。

I want to say a word about the El Nino as well. We have two slides on El Nino, and I'm sure my colleague, Joris, can talk to you about that for a little bit longer than what I will do now. But what we wanted to do here is to show that based on previous experience and the El Nino phenomenon in 2023 and 2024, we could see a positive effect for the dry bulk market and particularly for the Panamax fleet in dry bulk. And it's basically three dynamics. On the one hand, less water in the Panama Canal could limit the transits.

我也想談一下聖嬰現象（El Niño）。我們有兩張投影片談聖嬰，我相信我的同事 Joris 可以就此比我現在要說的再多談一點。但我們在這裡想做的是說明：根據過往經驗，以及 2023 與 2024 年的聖嬰現象，我們可能會看到對乾散貨市場的正面影響，特別是乾散貨中的巴拿馬型（Panamax）船隊。基本上有三個動態。一方面，巴拿馬運河水位較低可能會限制通行量。

Now typically, Panamaxes carry low-value commodities and cannot compete in the auction system to go through the Panama Canal with the container vessels and therefore, don't transit anymore and therefore, have to reroute and have a longer distance. There is a grain kicker to the dry bulk market as well, thanks to El Nino, where short-haul grain trades, for instance, Australia, where it's hotter and drier, produce less grain are being replaced by longer haul grain, for instance, from South America, where better crops are being grown.

一般而言，巴拿馬型船運載的是低價值商品，無法在巴拿馬運河的競標制度中與貨櫃船競爭，因此不再通行，因而必須改道並拉長航程距離。此外，受聖嬰影響，乾散貨市場也有穀物的「加成效應」：例如澳洲等短航程穀物貿易地區因天氣更熱更乾而減產，改由較長航程的穀物供應取代，例如南美洲，因為那裡的作物收成較佳。

And then there's another one on the coal where hotter weather leads to higher electricity demand. And obviously, on coal, we also have the impact of Hormuz. So all combined, we think that El Nino could have a slight positive effect on the dry bulk market and Panamaxes in particular. And we try to show this and prove this with this slide here, where you can basically see the effect of the May 2023 to May 2024 last El Nino and what it has an effect on rates and basically, rates doubled, even tripled over the space of six months.

另外還有煤炭方面：更炎熱的天氣會帶來更高的用電需求。而且顯然在煤炭上，我們也受到荷姆茲海峽（Hormuz）的影響。因此綜合來看，我們認為聖嬰可能會對乾散貨市場帶來些微正面影響，尤其是巴拿馬型船。我們嘗試用這張投影片來展示並佐證：你基本上可以看到 2023 年 5 月到 2024 年 5 月上一輪聖嬰的影響，以及它對運價的作用——基本上在六個月內，運價翻倍，甚至三倍。

Moving to tankers and Euronav. Dashboard on our VLCCs and Suezmaxes. We have five VLCCs, four on the water, one that will deliver towards the end of this year. We have 15 Suezmaxes. You can see the results that we achieved in the second quarter, above $120,000 in Q2 for Vs already so far fixed in Q3, the same number.

接著談油輪與 Euronav。這是我們 VLCC 與 Suezmax 的儀表板。我們有 5 艘 VLCC，其中 4 艘已在水上營運，另 1 艘將於今年年底前後交付。我們有 15 艘 Suezmax。你可以看到我們在第二季取得的成果：第二季 VLCC 超過 12 萬美元，而第三季目前已鎖定（fixed）的 VLCC 也達到相同水準。

On our Suezmaxes, we reached a rate of $123,000, we are slightly below $120,000 Q3 to date. So stellar numbers, very good numbers. Obviously, we have sold some vessels. The new sales are the Donoussa and Bristol, but we have delivered as well VLCCs to their new owners in the second quarter. And you can see all the capital gains that we did there, which I mentioned in the introduction.

在我們的 Suezmax 上，我們達到 12.3 萬美元的運價；第三季截至目前略低於 12 萬美元。因此是非常亮眼、非常好的數字。當然，我們也出售了一些船舶。最新出售的是 Donoussa 與 Bristol，但我們也在第二季將 VLCC 交付給新船東。你可以看到我們在那裡實現的所有資本利得，我在開場時也提到過。

When you look at the dashboard and all the specific indicators, one stands out, of course, it's the oil supply from OPEC countries year on year, which is significantly down, but I will highlight some more details in the next couple of slides.

當你看這個儀表板以及所有具體指標時，有一項當然特別突出：OPEC 國家的石油供給年增率顯著下降；不過我會在接下來幾張投影片補充更多細節。

First, talk about the order book. It is big and it is growing. You can see here year over year on VLCCs and our Suezmaxes, what is on order, 370 Vs, 250 Suezmaxes. This is a very, very large order book, which is not going to be an issue this year. But as from next year, in 2027, 2028, we will get a delivery of one V or Suezmax every two days, which eventually could lead to an oversupply even though we know there is still an aging fleet.

首先談訂單簿（order book）。它很大，而且還在成長。你可以在這裡看到 VLCC 與我們的 Suezmax 年對年的在手訂單：VLCC 370 艘、Suezmax 250 艘。這是一個非常、非常龐大的訂單簿，今年不會成為問題。但從明年開始，在 2027、2028 年，我們將會每兩天就交付一艘 VLCC 或 Suezmax，最終可能導致供給過剩，儘管我們知道船隊仍在老化。

But when you look at the old vessel numbers, they are now inferior to the order book, whereas over the last four, five years, it was the opposite. So order book, something to watch for the next couple of years. On the demand side, we have analyzed what happened with seaborne crude. What we can see between January 2026 and June 2026, we went from 31 million barrels per day to 22.3 million barrels per day. And it's very interesting to see where the reduction came from.

但當你看老舊船舶的數量時，現在已低於訂單簿；而在過去四、五年則相反。因此，訂單簿是未來幾年需要關注的重點。在需求端，我們分析了海運原油（seaborne crude）發生了什麼。我們看到在 2026 年 1 月到 2026 年 6 月之間，從每日 3,100 萬桶降至每日 2,230 萬桶。而且很有意思的是去看這個減少是從哪裡來的。

All in all, when you look at the total lost export volumes to the different major destinations, you come to a number of 8.5 million spread out, China, 4.3 million barrels lost; India, 1.8 million; Japan, 600,000 barrels; the US, close to 400,000 barrels; and the rest of the world, 400,000 barrels.

總體而言，當你看流向不同主要目的地的出口量總損失時，合計約 850 萬桶，分布如下：中國減少 430 萬桶；印度 180 萬桶；日本 60 萬桶；美國接近 40 萬桶；以及世界其他地區 40 萬桶。

What is interesting is that the Chinese lost import is basically a combination of less volumes from the Middle East, but also less volumes from other places in the world, whereas you see that the other destinations, they surely have lost volumes from the Middle East, but they have actually increased their exports from other places in the world.

有趣的是，中國進口的減少基本上是中東供應量下降的組合，但也包括來自世界其他地區的供應量下降；而你會看到其他目的地確實失去了來自中東的供應量，但他們實際上增加了來自世界其他地區的進口。

And the reason we're saying this is that China is the single reason that we have not seen the barrel of oil at a much higher price than we have seen. They have basically single-handedly balanced the supply and demand story in oil by controlling it, thanks to their massive reserves. And you can actually see here how the stockpiles of China have been evolving and how it allows them to be picky on when they decide to import depending on the price and depending on how they position themselves geopolitically.

我們之所以這麼說，是因為中國是我們沒有看到油價遠高於目前水準的單一原因。憑藉其龐大的儲備，他們基本上以一己之力透過控制進口來平衡石油供需。你其實可以在這裡看到中國庫存的演變，以及這如何讓他們能夠依價格、以及其地緣政治立場，挑選他們決定進口的時點。

We believe that the power of OPEC as a producing block is now in the oil markets moving to even more to China as a big buyer, and the numbers show it. And actually, you see this on this slide as well, whereas you see that the non-Chinese Asian importers have very quickly increased their imports above the levels that we saw last year.

我們相信，OPEC 作為生產集團在石油市場的力量，現在正更多地轉移到作為大型買家的中國身上，而數據也顯示如此。而且你也可以在這張投影片看到：非中國的亞洲進口國很快就把進口量提高到高於我們去年看到的水準。

China is still way below the levels that they had last year at the beginning of the year. And this is really something to watch because as the situation in the Middle East normalizes, it will be very interesting to see how quickly China will start restocking or whether they will wait for lower prices.

中國仍遠低於他們去年年初的水準。這確實值得關注，因為隨著中東局勢正常化，將非常有意思去觀察中國會多快開始補庫存，或是他們會等待更低的價格。

Moving to the container markets. As I said, the exposure of our company on containers is not very high. I think the one thing I can say about the container market is that it has been much better performing than what we would have expected. This Red Sea unwinding has been delayed, meaning that more vessels are rerouting via Africa, meaning more vessels are needed. Volumes have been actually also better than expected.

接著談貨櫃市場。如我所說，我們公司在貨櫃的曝險並不高。我對貨櫃市場能說的一點是：它的表現比我們原先預期好得多。紅海局勢的緩解（unwinding）被延後，意味著更多船舶改道經由非洲，意味著需要更多船舶。貨量實際上也比預期更好。

So all in all, container markets are good. But I said this in the previous quarters, we are cautious when we look at the supply and demand going forward because there's still a lot of ships on order.

總而言之，貨櫃市場表現良好。但我在前幾個季度也提過，展望未來供需時我們仍保持審慎，因為目前仍有大量新船訂單在手。

Chemical tankers, our fleet of 16 vessels, 8 are on the water, another 8 will be delivered. Most of our fleet is fixed on 10-year and 7-year contracts. We have 2 ships operating in a pool. You can see the results there. The chemical market is actually doing relatively okay.

化學品油輪方面，我們的船隊共有16艘，其中8艘已在水上營運，另外8艘將陸續交付。我們大部分船隊已以10年與7年期合約鎖定。我們有2艘船在聯營池（pool）中營運。你可以在那裡看到相關成果。化學品市場其實表現相對還不錯。

We are watching the product tanker markets whether they will keep up at a certain level or where they will start eating into the chemical tanker market. But so far, we believe we are in an okay situation. We are watching the order book for '27 and '28.

我們正在觀察成品油輪市場是否能維持在某個水準，或是否會開始侵蝕化學品油輪市場。但截至目前，我們認為情況仍算可以。我們也在關注2027年與2028年的新船訂單量。

And then finishing off with a very nice picture of our Windcat Rotterdam and the offshore wind markets. We have recently fixed two of our CSOVs to the offshore oil and gas for two years. We are seeing in the CSOV market, it's a market of the wind on the one hand, which is necessitating extra CTVs, extra CSOVs, but where projects have been a little bit slow to materialize over the past two years and a combination of the offshore oil and gas markets, which are actually needing modern vessels and are pulling away some of the wind vessels into their market.

最後以我們的 Windcat Rotterdam 以及離岸風電市場的一張很漂亮的圖片作結。我們最近已將兩艘CSOV以兩年期合約固定給離岸油氣市場。我們在CSOV市場看到的是：一方面是風電市場需要更多CTV、更多CSOV，但過去兩年專案落地速度稍慢；另一方面是離岸油氣市場其實需要現代化船舶，並把部分原本服務風電的船舶吸引到其市場中。

If you combine both, with the order books of CSOVs that we are seeing this year in '27 and in '28, the market is very well balanced and actually, the market is quite strong. You can see that we achieved some very good rates in the second quarter on our CSOVs of $64,000. For Q3, we have already booked two-thirds of our days at $50,000, which, as you can see with the breakeven numbers are very good and profitable for our Windcat division.

若把兩者合併來看，再加上我們今年看到的CSOV訂單簿在2027年與2028年的交付量，市場供需非常平衡，而且市場其實相當強勁。你可以看到，我們在第二季的CSOV取得了每日日租金64,000美元的非常好水準。第三季我們已以50,000美元的水準預訂了約三分之二的營運天數；如你所見，對照損益兩平數字，這對我們Windcat事業部而言非常好且具獲利性。

That sums up the presentation. There is one point I wanted to mention, which we have not tackled, but we have received quite a few questions about our bond. As you know, on September 14, our bond expires we have decided to repay the bond from our own cash that we have available. So we intend to repay the bonds on September 14. We will not refinance the bond. We will repay it.

以上就是簡報內容總結。有一點我想補充，雖然我們尚未在簡報中處理，但我們收到不少關於公司債的問題。如各位所知，我們的公司債將於9月14日到期，我們已決定以手上可用的自有現金償還。因此我們打算在9月14日償還該債券。我們不會為該債券進行再融資。我們會直接償還。

I will hand over now to Enya for the Q&A.

接下來我把時間交給Enya進行問答。

(Operator Instructions) Frode Morkedal.

(接線員指示) Frode Morkedal。

This is Frode from Clarksons. Yes, I think you started with the bond, just to confirm, that won't impact the dividends as you see it, hopefully.

我是Clarksons的Frode。是的，我想你一開始提到公司債，我只是想確認一下，依你們的看法，這應該不會影響股利發放，對吧，希望如此。

No, we don't expect this to impact the dividends.

不，我們不預期這會影響股利。

Yes. So the dividend has been two quarters right now with 50% payout. So that seems like a new trend as we expected. So yes, I guess investors should still think 50% of net profit, including vessel sales gains is the de facto policy. Of course, I understand that you have like you can change it, but it seems like a good target.

好的。所以目前股利已連續兩個季度採50%的配發率。這看起來像是一個新的趨勢，符合我們的預期。因此我想投資人仍可將「淨利的50%（包含船舶出售收益）」視為事實上的政策。當然，我理解你們仍可能調整，但看起來這是個不錯的目標。

It seems like a very good target. But as you correctly say, we are not going to change our policy. But look, it's been two quarters where we have tried to achieve that level. And depending on our investments, depending on new projects that might come up, we believe that trying to reward our shareholders at this level is a thing we want to continue to do.

這確實是個非常好的目標。但如你所說，我們不會改變我們的政策。不過你看，這兩個季度我們都嘗試達到那個水準。而且取決於我們的投資、取決於可能出現的新專案，我們相信以這個水準回饋股東，是我們希望持續做的事情。

That's very good. Yes. So it seems like you're a bit concerned on the tanker order book and you have sold off ships. So how do you weigh, let's say, and you even sold this modern ship, Suezmax 2014 build, right? 2024 build?

這很好。是的。所以看起來你們對油輪訂單簿有點擔憂，而且你們也賣掉了一些船。那你們如何權衡——比方說，你們甚至賣掉了這艘相當新的船，2014年建造的蘇伊士型（Suezmax），對吧？是2024年建造？

'24, yes.

是2024年，沒錯。

Yes. So how do you weigh continue holding on to these ships that make a lot of cash flow versus selling at this time?

好的。那你們如何在「繼續持有這些能帶來大量現金流的船」與「在此時出售」之間做取捨？

Frode, there's always three things you can do. You operate spots, you fix on TC or you sell your vessel. And we believe that definitely on some of the vessels that we have sold, the price that we saw was something that we should do because of the extreme value that we could create. Does that mean that we will sell even more vessels? No.

Frode，基本上永遠有三種選擇。你可以跑現貨、你可以以期租（TC）固定，或者你可以賣船。我們認為，對於我們已出售的部分船舶而言，我們看到的價格能創造極高價值，因此是我們應該採取的行動。這是否代表我們會再賣更多船？不。

It's really on a case-per-case basis. We like the tanker market. As you know, we have some charter cover on some of our vessels.

這真的要逐案評估。我們看好油輪市場。如你所知，我們對部分船舶已有一些租約覆蓋。

We have some very modern assets still in our fleet. But I think just look at the numbers over the past 30 years, prices we are seeing today, particularly for some of our VLCCs and Suezmaxes are an opportunity we want to take and then take some money off the table.

我們的船隊裡仍有一些非常現代化的資產。但我想，只要看看過去30年的數據，我們今天看到的價格，特別是對我們部分VLCC與蘇伊士型而言，是一個我們想把握的機會，先把部分獲利落袋。

Yes. Makes sense. And any capital gain you are -- that's included in the dividend. That's very good. Just like the last question I had, like bigger picture.

是的。有道理。而你們的資本利得——那也包含在股利裡。這非常好。我最後一個問題是比較宏觀的。

It seems like some of these Middle East companies that are buying up tankers to run the shuttle services and you can pay a lot basically for tanker assets today. So how do you feel about the current, let's say, vessel value and potential for further increases?

看起來有些中東公司正在買進油輪來經營穿梭運輸（shuttle）服務，而現在你基本上可以為油輪資產支付很高的價格。那你如何看待目前的船舶估值，以及未來進一步上漲的可能性？

I think it's already very high. Can it increase more? It can definitely increase more. I agree with you that some of the Middle Eastern operators are taking a strategic view where the price they pay for the ship is not as important as having the security of an access to a vessel that can shuttle out their oil. It remains to be seen how long this will last.

我認為目前已經非常高了。還能再上漲嗎？確實還有可能再上漲。我同意你的看法：一些中東營運商採取的是策略性思維，他們付出的船價並不像「確保能取得一艘船把他們的石油運出去」那樣重要。這種情況會持續多久，仍有待觀察。

But for the time being, there are still definitely buyers out there that want to buy secondhand tonnage at these kind of prices.

但就目前而言，市場上確實仍有買家願意以這樣的價格購買二手船舶。

Yes. Which makes sense, of course. If you're one of these guys that can ship out oil from the inside the Middle East, you're making more than 500,000 per day or something like that, right? So obviously, the payback on any ship is quite high. And so you have a group of people that basically sets the price for the whole market.

是的。這當然說得通。如果你是那種能把中東內陸的石油運出去的人，你每天賺的可能超過50萬美元之類的，對吧？所以顯然任何一艘船的回收期都相當短。因此就會有一群人基本上為整個市場定價。

So that's very interesting dynamics. Anyway, that's all the question I had.

所以這是非常有趣的動態。總之，我的問題就這些。

Kristof Samoy.

Kristof Samoy。

Kristof Samoy, KBC Securities. Congrats on the results, Alexander. Yes, it seems like the pieces of the puzzle are falling perfectly in place for you guys. I mean the recycling cash in crude tankers. Golden Ocean acquisition was very well timed.

Kristof Samoy，KBC Securities。恭喜這次的業績，Alexander。是的，看起來你們的拼圖碎片正完美地一塊塊到位。我是指在原油油輪上回收現金流。收購 Golden Ocean 的時機掌握得非常好。

This was the newbuild ordering of the NUCs at Bocimar.

這是 Bocimar 下單訂造 NUCs 新造船。

Yes. And then I come back again on capital allocation because you indicate that new builds is expensive, steel is expensive. You declared a new cash return of 60%. The loan-to-value is coming down. You have an across the cycle LTV target of 50%.

是的。然後我再回到資本配置，因為你提到新造船很昂貴、鋼材也很昂貴。你們宣布了新的現金回饋比例為 60%。貸款價值比（LTV）正在下降。你們的跨景氣循環 LTV 目標是 50%。

But -- could you maybe like give a hint for a range at peak or trough asset values where you feel comfortable at being a diversified shipping platform? That would be first.

不過——你能否提示一下，在資產價值的高峰或低谷區間，你們在作為多元化航運平台時，覺得舒適的範圍大概是多少？這是第一個問題。

And then second, on bunker fuels, could you quantify the impact, if any, on vessel supply to speed reductions in the dry bulk segment that you have seen in the market over the past quarter?

第二個，關於船用燃料（bunker fuels），你能否量化一下：過去一季你在市場上看到乾散貨船因降速而對船舶供給造成的影響（若有的話）？

And then as a follow-up, concerning the situation in the Middle East, is there any risk in a certain region that there will not be -- that there will be bunker fuel shortages that could impact your operations?

再追問一個，關於中東局勢，在某些地區是否存在風險——也就是可能出現船用燃料短缺，進而影響你們的營運？

Okay. Thanks a lot, Kristof. So first, a question on the target on LTV. We have a target throughout the cycle of 50%. And your question is, if that significantly improves, will this change your capital allocation strategy, for instance, on dividends or investments or divestments?

好的。非常感謝你，Kristof。首先，關於 LTV 目標的問題。我們跨景氣循環的目標是 50%。而你的問題是，如果這個指標顯著改善，是否會改變你們的資本配置策略，例如股利、投資或處分？

I would say that today, it's probably a little bit too early to say because we are only in the second quarter of this very strong market. We would like to see how much legs this market has, before we really want to change our capital allocation strategy. So we will keep a discretionary dividend policy. We will keep on telling you that even though we come at the end of our CapEx program, there could be investments down the line. I'm not seeing any obvious ones right now.

我會說，以目前來看可能還有點太早下結論，因為我們才處於這個非常強勁市場的第二季。在我們真的想改變資本配置策略之前，我們希望先看看這個市場的續航力有多強。因此我們會維持彈性的股利政策。我們也會持續告訴各位，即便我們的資本支出（CapEx）計畫接近尾聲，未來仍可能會有投資機會。但我現在沒有看到任何很明顯的機會。

I've said this in the last quarterly call, new buildings are very expensive. I'm not excluding one-off new buildings, interesting projects that we could do.

我在上一季的電話會議也說過，新造船非常昂貴。我不排除一次性的造船案，或我們可能會做的有趣專案。

But it's too early, Kristof, to basically state something new than we have said in the past. If this changes, if we see after another one or two very strong quarters, more visibility on cash flows into 2027, then we might change it. On the availability of fuels, it's a very good question. We have the general availability in the market, I think, is relatively okay. There are some places where fuel availability is more challenging.

但現在就要提出與過去不同的新說法還太早了，Kristof。如果情況改變——如果我們再看到一到兩個非常強勁的季度，並且對 2027 年的現金流有更高的能見度——那我們可能會調整。至於燃料供應的可得性，這是個非常好的問題。我認為市場整體的供應可得性相對還可以。但確實有些地方燃料供應比較具挑戰。

And there are certain shipowners and operators that have more difficulty accessing their fuel because they don't have the same network than we have. As you know, we are partners with TFG on the bunkering side. And definitely, on the CMB.TECH fleet, fuel availability has not been a major issue over the last couple of months. Continuing on to your question on fuel availability in the Middle East, are we expecting big shortages in certain areas? Again, I can say what I just said on the previous question.

而且有些船東與營運商在取得燃料方面更困難，因為他們沒有像我們一樣的網絡。如你所知，我們在加油（bunkering）方面與 TFG 是合作夥伴。而且可以肯定的是，在過去幾個月，CMB.TECH 船隊的燃料可得性並不是主要問題。接著回到你關於中東燃料可得性的問題：我們是否預期某些地區會出現嚴重短缺？同樣地，我可以重複我剛才對上一題的回答。

So far, we think we will find the fuels that are necessary. You never know, of course, what the future will bring, but there's no specific shortage in a specific area where we go. We normally find our fuels.

到目前為止，我們認為我們會找到所需的燃料。當然，你永遠不知道未來會發生什麼，但在我們航行的特定區域，目前沒有看到某個特定地點出現特定短缺。我們通常都能找到燃料。

Climent Molins.

Climent Molins。

This is Climent Molins from Value Investor's Edge. I want to follow up on Frode's question on your stance on tankers. Should the agreement be reached with Iran, what do you think would happen with the dark fleet previously involved in that trade? In other words, to what extent would the scrapping of the dark fleet offset the potential impact from newbuilds on your scenarios?

我是 Value Investor's Edge 的 Climent Molins。我想追問 Frode 關於你們對油輪立場的問題。如果與伊朗達成協議，你認為先前參與該貿易的「影子船隊」（dark fleet）會發生什麼事？換句話說，在你們的情境推演中，影子船隊的拆解在多大程度上能抵消新造船可能帶來的影響？

Okay. So I'm going to give you my opinion, which you might agree or disagree with. I don't think the dark fleet will disappear overnight. I think there's 50 shades of gray now. It's not just the dark fleet and a white fleet.

好的。那我就分享我的看法，你可能同意也可能不同意。我不認為影子船隊會在一夜之間消失。我認為現在有「五十道灰階」。不再只是影子船隊與白名單船隊之分。

There's very different trades going on now from totally illegal trades to totally legal trades. All the vessels that are active in these trades will, in my humble opinion, continue to find trades even if a peace deal with Iran is achieved.

現在有非常不同的交易型態，從完全非法的交易到完全合法的交易都有。依我拙見，即使與伊朗達成和平協議，所有活躍於這些交易中的船舶仍會繼續找到貨源與航線。

Okay. That's helpful. And we've seen a lot of containership owners ordering newbuilds in recent months, but you haven't pulled the trigger. Could you talk a bit about the reasoning for holding off on additional investments on that space despite the long-term charters attached to most of these newbuilds?

好的。這很有幫助。另外，我們看到近幾個月很多貨櫃船船東在下單新造船，但你們還沒有扣下扳機。你能談談為什麼在多數新造船都附帶長期租約的情況下，你們仍選擇暫緩在該領域追加投資嗎？

Very good question. We have not seen an opportunity that's interesting enough for us to move on, but we keep on monitoring what is happening.

非常好的問題。我們尚未看到一個對我們而言足夠有吸引力、值得採取行動的機會，但我們會持續關注市場動態。

Okay. Makes sense. And last one for me. I wanted to ask about the time charter you signed with Fortescue. Could you talk a bit about the underlying dynamics of the contracts?

好的。合理。我最後一個問題。我想問你們與 Fortescue 簽署的期租（time charter）。你能談談這些合約背後的基本動態嗎？

Yes. Good question, Climent, and you're not the only one asking. So what we announced, again, there's a lot of confidential items to the deal. But what I can say, it's a framework agreement over 12 ships, which is a combination of ammonia-ready vessels, fully fitted ammonia ships and ships that we will retrofit at a later stage.

可以。好問題，Climent，而且你不是唯一一個問的人。我們所公告的內容——再次強調，這筆交易有很多保密條款。但我能說的是，這是一份涵蓋 12 艘船的框架協議，組合包括：具備氨燃料預留（ammonia-ready）的船舶、完全配備氨燃料系統的船舶，以及我們將在較後階段進行改裝（retrofit）的船舶。

And we are working together with Fortescue within this framework as the vessels deliver and come on the water to see on which periods we will deploy them at which rates and whether we will use ammonia on board, yes or no. So it's an ongoing process under a framework agreement with Fortescue.

我們會在這個框架下與 Fortescue 合作，隨著船舶交付並投入營運，來決定在不同期間以何種租金水準部署，以及是否在船上使用氨燃料。因此，這是在與 Fortescue 的框架協議下持續進行的流程。

[Lirim]

[Lirim]

I'm [Lirim Merechita]. I'm 32 years old. I live in Belgium, and I'm really happy to be investing in CMB.TECH, which is quite a large-scale business. So my question is very simple. Would there be an impact or negative impact on the numbers when, for example, Iran and United States come to a peace deal?

我是[Lirim Merechita]。我 32 歲。我住在比利時，我很高興能投資 CMB.TECH，這是一個相當具規模的事業。所以我的問題很簡單。例如，當伊朗與美國達成和平協議時，數字上是否會有影響或負面影響？

Well, thank you, Li, for dialing in. Very happy that you're an investor in our company. The impact of a peace deal between Iran and US is very difficult to assess because you would have to look at what does the peace deal mean? What are the consequences of a peace deal.

嗯，謝謝你撥入電話，Li。很高興你是我們公司的投資人。伊朗與美國之間達成和平協議的影響非常難以評估，因為你必須先看這個和平協議究竟意味著什麼？和平協議會帶來哪些後果。

Now one of the consequences that you could see is that the Strait of Hormuz opens up and that tankers can again freely go in and out of the Strait of Hormuz. Now many things can happen then. You could see a very positive impact for tanker rates if suddenly China imports a lot more oil to restock their reserves. And then they would send a lot of tankers to the Middle East and ship all that oil to China. You could actually also see a negative impact if China does not do that, and countries like India, Vietnam, Thailand source their oil from the Middle East because they can go through Hormuz instead of from the Atlantic Basin, the distance the oil will travel to and from is much shorter, which means that you will see less demand for ships.

其中一個你可能看到的後果是，荷姆茲海峽重新開放，油輪可以再次自由進出荷姆茲海峽。接著就可能發生很多事情。如果中國突然進口更多原油來補充其儲備，你可能會看到油輪運價出現非常正面的影響。然後他們會派出大量油輪前往中東，把那些原油運回中國。但如果中國沒有這麼做，你也可能看到負面影響；像印度、越南、泰國等國家會因為可以通過荷姆茲而改從中東採購原油，而不是從大西洋盆地採購，原油往返運輸距離會短很多，這意味著你會看到對船舶的需求下降。

The answer to your question, therefore, lies -- there's many different aspects to it. But I think predominantly in what will China do. If there's a peace deal between Iran and US, is China going to massively reimport oil and go back to the situation before January 2026? Or will they wait and hold off a little bit, in which case, I think you could see the market -- the freight market cool off.

因此，你這個問題的答案在於——它有很多不同面向。但我認為主要還是在於中國會怎麼做。如果伊朗與美國達成和平協議，中國是否會大幅重新進口原油，回到2026年1月之前的狀況？或者他們會再觀望、稍微按兵不動；若是如此，我認為你可能會看到市場——運費市場降溫。

Tobe

Tobe

Hello. Tobe Steel from De Tijd. I was wondering when we expect a lot of newbuild ships coming to the market for Suezmax and VLCCs, does it mean that this is a market which will become less attractive for Euronav and that it's time to scale back operations in oil tanking markets?

你好。我是《De Tijd》的Tobe Steel。我想請問，我們預期何時會有大量新的新造船進入蘇伊士型（Suezmax）與超大型油輪（VLCC）市場？這是否意味著這個市場對Euronav而言將變得較不具吸引力，是否到了該縮減在原油油輪市場營運規模的時候？

Thanks for your question, Toba. It is clear that when all the vessels deliver and if at the same time, freight rates go down, Euronav will make less money than what we are making today. We are trying to counter that by selling some of our vessels at these rates that we see today and by trying to take some cover, charter cover so that when the market corrects, we still enjoy higher rates.

謝謝你的問題，Toba。很明顯，當所有船舶交付、且同時運費下滑時，Euronav賺到的錢會比我們今天賺的少。我們正嘗試透過在目前看到的價格水準出售部分船舶，以及嘗試做一些避險、以租約避險（charter cover）的方式來因應，如此當市場修正時，我們仍能享有較高的費率。

The big issue that we have, Toba, which I cannot predict is when will this happen. And as we don't know when it will happen, we want to be prudent and make sure that we have done some part of our homework in taking cover before the market turns.

我們面臨的最大問題，Toba，是我無法預測這件事何時會發生。而由於我們不知道何時會發生，我們希望謹慎行事，確保在市場轉向之前，我們已先完成一部分功課、先行做一些避險安排。

We have also received some questions in the Q&A. So we will go to those ones now. First question, what are your expectations for the upcoming IMO meeting?

我們也在問答中收到一些問題。所以我們現在來回答那些問題。第一個問題：你們對即將到來的IMO會議有何預期？

That's a very good question. Well, let me tell you first what my hope is. I truly hope that the world can come together at the IMO and agree on a clear and simple and certain framework. The uncertainty surrounding a decarbonization framework is not good for the shipping industry, whether you invest in decarbonized solutions like us or where you don't invest in decarbonized solutions. Uncertainty is not good for business.

這是個非常好的問題。我先告訴你我的希望是什麼。我真心希望世界各國能在IMO齊聚並就一個清晰、簡單且確定的框架達成共識。圍繞去碳化框架的不確定性，對航運業並不好，不論你像我們一樣投資去碳化解決方案，或是不投資去碳化解決方案。不確定性不利於商業運作。

So I'm hoping that there will be clarity at the next meeting.

所以我希望在下一次會議上能有明確的方向。

Now what my expectations are, I have low expectations. I don't think we should be fooled after the United States put a lot of pressure together with some other countries last year to cancel or postpone the deal. I don't think their viewpoint has changed. But we can be surprised to the upside. I do believe there's a big role for China in the discussions.

至於我的預期，我的預期不高。我認為我們不該被迷惑；去年美國與其他一些國家一起施加很大壓力，試圖取消或延後協議。我不認為他們的觀點已經改變。但也可能出現比預期更好的驚喜。我確實相信中國在討論中扮演很重要的角色。

There's a big role for Europe to try to see if they can make a coalition of the willing and push through some legislation. So hoping for the best, low expectations. Let's see what happens in November.

歐洲也扮演重要角色，看看是否能組成志同道合者的聯盟並推動一些立法。所以希望最好，但預期不高。我們看看11月會發生什麼。

Okay. And then we have two questions on the tankers, so I'll add them together. First question, if we compare the spot TCE rate you realized in Q2 on your VLCC, seems to be a bit below compared to other tanker needs. Is it because the routes you have exposure to? Or are there any other factors that could explain the difference?

好的。接著我們有兩個關於油輪的問題，我把它們合併一起問。第一個問題：如果我們比較你們在第二季於VLCC上實現的即期TCE費率，似乎比其他油輪同業略低一些。這是因為你們曝險的航線所致嗎？或者還有其他因素可以解釋這個差異？

Then the second one, how is CMB.TECH thinking in regards to the mix between TCE and spot exposure?

第二個問題：CMB.TECH對於TCE與即期曝險之間的配置組合，是如何思考的？

Yes. Well, on the first question, we had some newbuilding deliveries. We had some positioning voyages, which in the second quarter affected our results a little bit. On the split between TCE and spot, it's just a financial exercise. If we can charter out our vessels at good rates, we will do so.

是的。第一個問題方面，我們有一些新造船交付。我們也有一些調位航程（positioning voyages），在第二季對我們的結果造成了一點影響。至於TCE與即期之間的分配，這純粹是一個財務上的取捨。如果我們能以好的費率把船舶租出去，我們就會這麼做。

If we think being spot will generate more revenue, then we will do so as well. And we've done both. We have fixed some of our Suezmaxes on period business, whilst we have kept some of our VLCCs on the spot market.

如果我們認為做即期能帶來更多收入，那我們也會這麼做。而且我們兩種都做過。我們把部分蘇伊士型船舶以期租方式固定下來，同時也把部分VLCC保留在即期市場。

Okay. Perfect. I think this concludes the Q&A session.

好的。完美。我想這就結束問答環節。

Thank you very much. Thank you, Enya. And I would like to thank all the participants to the call for dialing in. As we said before, if you have any follow-up questions, don't hesitate to contact my colleague, Joris, and he will gladly answer your questions. Thank you and see you next time.

非常感謝。謝謝你，Enya。也要感謝所有撥入參與本次電話會議的與會者。如同我們先前所說，如果你有任何後續問題，請隨時聯絡我的同事Joris，他會很樂意回答你的問題。謝謝，我們下次見。