DHT Holdings Inc (DHT) 2025 Q3 法說會逐字稿

Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings third quarter 2025 earnings call. I'm joined by DHT's President and CEO Svein Moxnes Harfjeld. As usual, we will go through financials and some highlights before we open up for your questions. The link to the slide deck can be found on our website www.dhtankers.com.

各位早安/下午好。歡迎並感謝您參加 DHT Holdings 2025 年第三季財報電話會議。今天和我一起的是DHT的總裁兼執行長Svein Moxnes Harfjeld。照例，在開放式提問環節之前，我們會先介紹一下財務狀況和一些重點內容。幻燈片連結可在我們的網站 www.dhtankers.com 上找到。

Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available on our website, www.dhtankers.com, until November 6. In addition, our earnings press release will be available on our website and on the SEC EDGAR system as an exhibit to our Form 6-K.

在開始今天的電話會議之前，我想說幾句。本次電話會議的錄音回放將在我們的網站 www.dhtankers.com 上提供，直至 11 月 6 日。此外，我們的獲利新聞稿將在我們的網站和美國證券交易委員會的EDGAR系統中發布，作為我們6-K表格的附件。

As a reminder on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward-looking statements. We urge you to read our periodic reports available on our website and on the SEC EDGAR system, including the risk factors in these reports for more information regarding risks that we face.

提醒各位，本次電話會議我們將討論一些前瞻性的事項。這些前瞻性陳述是基於我們對未來事件的當前預期，詳情請見我們的財務報告。實際結果可能與這些前瞻性聲明中反映的預期有重大差異。我們敦促您閱讀我們網站和美國證券交易委員會EDGAR系統上提供的定期報告，包括這些報告中的風險因素，以了解更多關於我們面臨的風險的資訊。

As usual, we will start the presentation with some financial highlights. In the third quarter of 2025, we achieved revenues on TCE basis of $79.1 million and adjusted a bit there of $57.7 million. Net income came in at $44.8 million equal to $0.28 per share. After adjusting for the $15.7 million gain on the sale of vessel related to the sale of DHT Peony and the non-cash fare value loss related to interest rate derivatives of $0.4 million, the company had a net profit for the quarter of $29.5 million, equal to $0.18 per share.

像往常一樣，我們將首先介紹一些財務亮點。2025 年第三季度，我們以 TCE 計算的營收為 7,910 萬美元，略作調整後為 5,770 萬美元。淨利潤為 4,480 萬美元，相當於每股 0.28 美元。在扣除與出售 DHT Peony 相關的船舶出售收益 1,570 萬美元和與利率衍生品相關的非現金票價價值損失 40 萬美元後，該公司本季淨利潤為 2,950 萬美元，相當於每股 0.18 美元。

Vessel operating expenses for the quarter were $18.4 million and G&A for the quarter was $4.1 million. For the third quarter, the average TCE for the vessels in the stock market was $38,700 per day. The vessel's longtime charters made $42,800 per day, while the average combined TCE achieved for the quarter was $40,500 per day.

本季船舶營運費用為 1,840 萬美元，本季一般及行政費用為 410 萬美元。第三季度，股票市場上船舶的平均TCE為每天38700美元。該船的長期租船收入為每天 42,800 美元，而該季度的平均綜合 TCE 為每天 40,500 美元。

THD has a robust balance sheet with low leverage and significant liquidity. The third quarter ended with total liquidity of $298 million, consisting of $81.2 million in cash and $216.5 million available under two of our revolving credit facilities. At quarter end, financial leverage was 12.4% based on market values for the ships, and net debt was just below $9 million per vessel, which is well below estimated residual ship values.

THD擁有穩健的資產負債表，槓桿率低，流動性充足。第三季末，公司總流動資金為 2.98 億美元，其中包括 8,120 萬美元現金和根據兩項循環信貸安排可用的 2.165 億美元。季度末，以船舶市場價值計算，財務槓桿率為 12.4%，每艘船的淨債務略低於 900 萬美元，遠低於估計的船舶殘值。

Looking at our cash flow for the quarter, we began with $82.7 million in cash. And we generated $57.7 million in EBITDA. Ordinary debt repayments and cash interest amounted to $17 million and $38.6 million was allocated to shareholders through a cash dividend. Maintenance CapEx amounted to $1.6 million and we invested $26.2 million in our new building program. Additionally, we placed a $10.7 million deposit for the acquisition of DHT Nokota.

從本季的現金流來看，我們季度初有 8,270 萬美元現金。我們實現了 5770 萬美元的 EBITDA。普通債務償還和現金利息總額為 1700 萬美元，另有 3860 萬美元透過現金股息分配給了股東。維護資本支出為 160 萬美元，而我們在新建築項目上投資了 2,620 萬美元。此外，我們也為收購 DHT Nokota 支付了 1,070 萬美元的訂金。

The sale of the DHT Peony only generated proceeds of $51 million and we used $22 million for pre-payment of long-term debt. Positive changes in working capital and other items amounted to $6.8 million, and the quarter ended with $81.2 million in cash.

DHT Peony 的銷售僅產生了 5,100 萬美元的收入，我們用其中的 2,200 萬美元提前償還了長期債務。營運資金和其他項目的積極變化達到 680 萬美元，本季末現金餘額為 8,120 萬美元。

Now let's move on to our quarterly highlights. Many of these have already been communicated as subsequent events to the second quarter or as part of our recent business update. We entered into a $308.4 million secured credit facility to finance our four new buildings. The facility is co-arranged by ING and Nordea with backing from K-SURE. It is competitively priced at SOFR plus a weighted average margin of 132 basis points. The facility has a true 12-year tenure and a 20 year repayment profile.

現在讓我們來看看本季的亮點。其中許多事項已作為第二季度後續事件或我們最近的業務更新的一部分進行了溝通。我們簽訂了一份 3.084 億美元的擔保信貸協議，用於為我們新建的四棟大樓提供資金。此融資計畫由 ING 和 Nordea 共同安排，並得到 K-SURE 的支持。其定價具有競爭力，為 SOFR 加上 132 個基點的加權平均利潤率。該貸款的期限為12年，還款期限為20年。

We have also entered into a credit facility with Nordea to finance the vestal acquisition announced in June. This is a $64 million reducing revolving credit facility with a 7-year tenure and a 20-year repayment profile. It is priced at SOFR plus a margin of 150 basis points, and it's consistent with our established financing approach. The vessel to be named DST Nokota is built in 2018, and we hope to take delivery in a couple of weeks' time.

我們還與 Nordea 達成了一項信貸協議，為 6 月宣布的對 Vestal 的收購提供資金。這是一筆6,400萬美元的遞減式循環信貸額度，期限為7年，還款期限為20年。其定價為 SOFR 加上 150 個基點的利差，這與我們既定的融資方式一致。這艘將被命名為 DST Nokota 的船於 2018 年建造，我們希望在幾週內接收它。

In September, we made a $22.1 million pre-payment under the Nordea credit facility, covering all scheduled installments for the fourth quarter of 2025 and all of 2026. The facility matures in the first quarter of 2027, with only $3.7 million remaining, representing the final installment. Eight vessels serve as collateral for this facility with a current combined market value of about $650 million.

9 月，我們根據 Nordea 信貸安排預付了 2,210 萬美元，涵蓋了 2025 年第四季和 2026 年全年的所有預定分期付款。該貸款將於 2027 年第一季到期，僅剩 370 萬美元，即最後一筆款項。八艘船舶作為此融資項目的抵押品，目前總市值約為 6.5 億美元。

During the quarter, we entered into eight three-year amortizing interest rate swap agreements totaling $200.6 million. The average fixed interest rate is 3.32% compared to current three-month term SOFR of 3.84% with a majority in the fourth quarter of 2028.

本季度，我們簽訂了八項三年期攤銷利率交換協議，總額達 2.006 億美元。平均固定利率為 3.32%，而目前的三個月期 SOFR 為 3.84%，大部分利率將於 2028 年第四季到期。

As a subsequent event and as announced on October 13, Svein Moxnes Harfjeld was appointed to the board of directors. He will, of course, continue to serve as President and CEO of the company.

隨後，正如 10 月 13 日宣布的那樣，Svein Moxnes Harfjeld 被任命為董事會成員。他當然將繼續擔任公司總裁兼執行長。

And now over to capital allocation and dividend. In line with our capital allocation policy of paying out 100% of ordinary net income at quarterly cash dividends, the Board approved a dividend of $0.18 per share for the third quarter of 2025. This marks our 63rd consecutive quarterly cash dividend. The shares will trade ex-dividend on November 12, and the dividend will be paid on November 19, to shareholders of record as of November 12.

接下來我們來談談資本配置和股利。根據我們按季度以現金股息形式支付100%普通淨收入的資本配置政策，董事會批准2025年第三季每股股息0.18美元。這標誌著我們連續第63個季度派發現金股利。股票將於 11 月 12 日除息交易，股利將於 11 月 19 日支付給 11 月 12 日登記在冊的股東。

On the left side of this slide, we now present our estimated P&L and cash rate even levers for 2026. These figures include all true cash cost, and the difference between the two is estimated at $7,500 per day for next year. This discretionary cash flow will remain within the company and be allocated to general corporate purposes, primarily to fund the remaining installments under our new building program.

在本投影片的左側，我們現在展示我們對 2026 年損益表和現金利率槓桿的估計。這些數字包含了所有實際現金成本，預計明年兩者之間的差額為每天 7,500 美元。這筆可自由支配的現金流將留在公司內部，並分配給一般公司用途，主要用於支付我們新建築計劃的剩餘款項。

On the right side of the slide, we illustrate the accumulated dividends since we updated our capital allocation policy in the third quarter of 2022. The total accumulated amount is $2.93 per share, which reflects strong shareholder returns during a period of share price appreciation.

在投影片的右側，我們展示了自 2022 年第三季更新資本配置政策以來累積的股利。累計總額為每股 2.93 美元，這反映了股價上漲期間股東獲得了豐厚的回報。

Finally, let me update you on the bookings to date for the fourth quarter of 2025. We expect to have 901 times shorter days covered for the fourth quarter of at $42,200 per day. This rate includes profit sharing for the month of October, and the base rate only for the month of November and December for contracts with the profit sharing future. We anticipate 1,070 spot days in this quarter, of which 68% have already been booked at an average rate of $64,900 per day. The spot P&L breakeven for the fourth quarter is estimated to be $15,200 per day.

最後，讓我向大家報告截至 2025 年第四季的預訂。我們預計第四季將有 901 天的工期縮短，每天的工期縮短 42,200 天。該利率包含 10 月份的利潤分成，而對於包含利潤分成期貨合約的 11 月和 12 月，該利率僅包含基本利率。我們預計本季將有 1,070 個現貨日，其中 68% 已被預訂，平均價格為每天 64,900 美元。預計第四季現貨損益損益平衡點為每天 15,200 美元。

And with that, I will turn the call over to Svein.

接下來，我將把電話交給斯文。

Thank you, Laila. As you all have likely noticed, the VLCC market is demonstrating significant strength. This strength should positively impact our earnings for the latter part of the fourth quarter. The current freight market strength is driven by growing demand for seaborne transportation of crude oil in combination with increasingly aging and fragmented structure of the fleet. Importantly, for VLCCs, the workhorse of the crude oil transportation markets, they are regaining their market share, though its most competitive freight offering and efficiency.

謝謝你，萊拉。正如大家可能已經注意到的，VLCC市場表現出了強勁的勢頭。這一強勁勢頭應該會對我們第四季後半段的獲利產生積極影響。當前貨運市場的強勁勢頭是由原油海運需求的成長以及船隊日益老化和分散化共同推動的。重要的是，作為原油運輸市場的主力軍，VLCC 正在重新奪回市場份額，儘管其貨運能力和效率最具競爭力。

Geopolitics, trade and tariff dynamics, sanctions and conflicts are adding to the picture, creating disruptions and focus on security of supply as the global fleet is reducing its efficiency and productivity. The US-China meeting in Kuala Lumpur agreed for a one-year postponement on many issues, including the port fees.

地緣政治、貿易和關稅動態、制裁和衝突等因素加劇了這一局面，造成供應中斷，並促使人們關注供應安全，因為全球船隊的效率和生產力正在下降。在吉隆坡舉行的中美會晤中，雙方同意將包括港口收費在內的許多問題推遲一年解決。

OPEC's decision to reduce spare capacity by reversing production cuts and bringing more crude oil to the market seems to be well absorbed, partly supported by the Chinese demand for both consumption and stockpiling. Research suggests Chinese stockpiling to not only be short term and optimistic, but the longer-term need to fill its increased storage capacity and meet defined requirements for strategic storage. Further, it suggests the need to boost its oil security with concerns of interruption in supply from sanctions and potential regional political conflicts playing a part.

歐佩克透過逆轉減產政策、向市場投放更多原油來減少剩餘產能的決定似乎已被市場消化，部分原因是中國對消費和儲備的需求。研究表明，中國的儲備不僅是短期的、樂觀的，而且是出於長期需要，以滿足其不斷增長的儲存能力和既定的戰略儲存需求。此外，報告還指出，由於制裁可能導致石油供應中斷以及潛在的地區政治衝突，該國需要加強石油安全保障。

Lastly, a diversification in foreign reserves by buying oil and gold is said to be a consideration. Goldman Sachs reports that the world's biggest oil companies are expected to press ahead with plans to accelerate production growth when they report earnings. Analyst estimates compiled by Bloomberg suggests planned output growth between 3.9% and 4.7% to be in the cards.

最後，據說透過購買石油和黃金來實現外匯儲備多元化也是一個考慮因素。高盛報告稱，預計全球最大的石油公司將在公佈財報時繼續推動加速增產計畫。彭博社總結的分析師預測顯示，計畫產出成長幅度可能在 3.9% 至 4.7% 之間。

We have, as per usual, been traveling to spend time with our customers, and these reports mirror some of the key takeaways from our most recent trip. Several of our customers expect to expand their footprints and are presenting opportunities with demand for our services and more ships. We are grateful for this encouraging support, which leaves us highly constructive on our franchise and future.

我們一如既往地出差拜訪客戶，這些報告反映了我們最近一次出差的一些主要收穫。我們的一些客戶希望擴大業務範圍，這為我們提供了對我們的服務和更多船舶的需求，也帶來了機會。我們非常感謝大家的鼓勵和支持，這讓我們對我們的特許經營和未來充滿信心。

As always, we are looking into opportunities to develop DHT with continuous improvements in our service offerings and possible expansion. We have what we believe to be a resilient strategy with a focus on solid customer relations, offering safe and reliable services, maintaining a competitive cost structure with robust breakeven levels, a strong balance sheet and a clear capital allocation policy. The whole DHT team continues to work hard and operate with leading governance standards and a high level of integrity.

一如既往，我們正在探索發展 DHT 的機會，不斷改進我們的服務產品，並可能擴展。我們擁有我們認為具有韌性的策略，該策略注重穩固的客戶關係，提供安全可靠的服務，保持具有競爭力的成本結構和穩健的盈虧平衡水平，擁有強大的資產負債表和清晰的資本配置政策。DHT 團隊全體成員繼續努力工作，並以領先的管理標準和高度誠信的態度開展業務。

And with that you open up the questions, operator.

這樣一來，操作員就可以開始提問了。

(Operator Instructions)

（操作說明）

Frode Morkedal, Clarkson Securities.

弗羅德·莫克達爾，克拉克森證券。

Thank you. Hi Svein. Hi Laila.

謝謝。你好，斯文。你好，萊拉。

Hi Frode.

嗨，弗羅德。

So on the port fees, that's interesting, suspended for a year. So I guess the question I had is like, is this a good thing for the market because I guess a lot of people had estimated some type of inefficiencies because of it, especially on the Chinese port fees, right? So maybe if things go back to normal, what's the impact on the market and maybe on your own positions?

關於港口費，這很有意思，暫停徵收一年。所以我想問的是，這對市場來說是好事嗎？因為我覺得很多人都估計這會造成一些效率低下，尤其是中國港口收費方面，對吧？那麼，如果一切恢復正常，這對市場以及您自己的持倉會產生什麼影響呢？

So the jury, of course, is still out. But if I reflect on when the port fees were introduced, then the market typically took a time out, right? So you had a very quiet short period before people sort of got their heads around what was going on and then went on to continue fixing ships. Of course, some of that have maybe improved the sentiment a little bit, and you have some replacement jobs and all that with short notice that could drive up rates.

所以，當然，目前還沒有定論。但如果我回顧港口收費制度剛推出的時候，市場通常會暫停一段時間，對吧？所以，在人們逐漸弄清楚發生了什麼事之前，有一段非常平靜的短暫時期，然後人們繼續進行船舶維修工作。當然，其中一些因素可能稍微改善了市場情緒，而一些臨時性的替代工作也可能會推高工資。

But as sort of the later period now, you would note that most of sort of the biggest shipowners, they are responding to the questionnaires that were presented by the Chinese authorities including disclaimers on information and stuff like that. And I think it appeared that there was a relatively modest part or minor part of the fleet that were actually exposed to this and that would create sort of a true cost disruption.

但到了後期，你會注意到大多數大型船東都在回應中國當局提出的問卷調查，包括對資訊等方面的免責聲明。我認為，似乎只有相對較小一部分或少數部分船隊真正受到了影響，但這會造成真正的成本衝擊。

So right now, of course, with the news again that this is being put on hold for a year, we will have a little time out, and then I think people will restart to fix ships again. So let's see how it plays out. But as we said on the prepared remarks here, we do believe that the strength in the market in general is because there is simply strong demand and fragmented and shrinking fleet. So -- but exactly how it translates into TC earnings is, of course, too early to say.

所以現在，當然，隨著這項工程再次被擱置一年的消息傳來，我們會有一段時間的喘息機會，然後我認為人們會重新開始修復船舶。讓我們看看事情會如何發展。但正如我們在事先準備好的演講稿中所說，我們認為市場整體走強是因為需求強勁，車隊分散且不斷萎縮。所以——但具體如何轉化為 TC 的收益，當然現在下結論還為時過早。

Yes. Clearly. I don't know if -- do you know if China still has this tariff on US crude oil? I haven't seen any news on it.

是的。清楚地。我不知道——你知道中國是否仍然對美國原油徵收關稅嗎？我還沒看到任何相關新聞。

Sorry, I didn't hear you.

抱歉，我沒聽清楚。

Yeah, China retaliated on having like a tariff on US crude oil specifically, right? So you didn't -- the US. crude exports to China basically went away.

是的，中國對美國原油徵收關稅進行了報復，對吧？所以，美國對中國的原油出口基本上停止了。

But U.S. crude oil export to China has been very, very modest, right? It's just a small portion of total exports. So -- and the big -- the two state-owned oil companies in China, they also use facilities outside China to store and transship oil and all of that. So -- but I guess this truth sort of includes everything, I would assume. So that's at least what the commercial secretary suggested after the meetings. So if there were any, I think that will probably be out of the equation as well. So I would guess so.

但是美國對中國的原油出口量一直非常非常少，對吧？這只是出口總額的一小部分。所以——還有最重要的——中國的兩家國有石油公司，它們也利用中國境外的設施來儲存和轉運石油等等。所以——但我想這個真理應該涵蓋一切吧。所以，至少商務秘書在會後是這麼建議的。所以，如果有的話，我認為那也可能被排除在外了。我猜也是。

Yes. Interesting. I guess question with spot rates now clearly very high, how is the effect on the time charter side? Do you see levels improving or maybe duration is improving? Or is it still a bit too early?

是的。有趣的。鑑於目前現貨租金明顯很高，我想問的是，這對定期租船方面有何影響？你覺得水平有所提高，還是持續時間有所延長？或者現在說這些還太早？

I think you've seen increased interest and there are some shorter-term charters that have been done at sort of improved rates. But of course, with the delta on spot voyages and yesterday's time charter rates, it's very hard to put the right price on it. And if you consider some of these long voyages that the VLCCs tend to perform, US, Gulf Far East cargo is 120 days. I mean the premium in the spot market will have a big impact on the balance earnings of a time charter and what would be required. So it's very hard to find a midpoint that sort of works for both parties.

我認為您已經看到市場興趣增加，並且一些短期包機的費率也有所提高。當然，由於現貨航次價格與昨天的定期租船費率有差異，因此很難給出合適的價格。如果你考慮到 VLCC 經常執行的一些長途航行，例如美國、海灣和遠東地區的貨物運輸需要 120 天。我的意思是，現貨市場的溢價將對定期租船的損益平衡點以及所需費用產生重大影響。因此，很難找到雙方都能接受的折衷方案。

So I think, again, here, we will have to see a little bit. I would expect that if the firm market continues at sort of current levels for a while, then people will have to man up, so to say, and the bid-ask that will have to come in and in particular, on the customer side that they will have to pay up if they really want time charters.

所以我覺得，在這方面，我們還需要再觀察一下。我預計，如果船舶租賃市場在一段時間內繼續保持目前的水平，那麼人們就必須拿出誠意來，競價和要價也必須相應提高，尤其是客戶方面，如果他們真的想要定期租船，就必須支付更高的價格。

Yeah, makes sense. And I guess. I would expect that you would consider adding time charter coverage, if that happens right.

嗯，有道理。我想也是。如果這種情況發生，我希望您能考慮增加定期租船保險，對吧？

As we have stated many times, we like in general to have some level of fixed income. We have a number of time charters coming off now in the next few months. So, there's an opportunity to reprice those charters, if you like, or maybe develop new charters with new customers for different ships.

正如我們多次說過的那樣，我們通常喜歡有一定的固定收入。接下來幾個月，我們將有多個定期租船合約到期。所以，如果你願意的話，可以重新定價這些包船合同，或者為不同的船舶開發新的包船合同，吸引新的客戶。

So if we can find a common ground on something that is meaningful, prefer a bit longer tender, we are open to that. And we are sort of in -- I wouldn't say negotiations that's overstating it, but in sort of preliminary discussions on what customers might be looking for in general. And -- but these things take quite a long time to develop. So one has to be patient.

所以，如果我們能在一些有意義的事情上找到共同點，即使我們傾向於更長的談判時間，我們也持開放態度。我們現在正處於某種程度上——我不會說是談判，那樣說有點誇張，但確實在進行一些初步討論，探討客戶總體上可能想要什麼。但是——這些事情需要很長時間才能發展起來。所以必須要有耐心。

Yeah perfect. That's it for me. Thank you.

對，完美。就這些了。謝謝。

Thank you, Frode.

謝謝你，弗羅德。

(Operator Instructions)

（操作說明）

Geoffrey Scott, Scott Asset Management.

傑弗瑞‧史考特，史考特資產管理公司。

There's always been a reluctance from the more respectable charters to take ships that are over 15 years old. In 2009, 2010, 2011, there were a lot of deliveries of these in those three years. They're coming up to or have just passed 15 years. As prices go up for charters, do you see any reduced reluctance of the major charters to take ships over 15 years? And is there any possibility that they'll actually go past 20 years to 21, 22, 22.5 in the next couple of years?

一直以來，比較正規的包租公司都不願意租用船齡超過 15 年的船舶。2009年、2010年、2011年這三年裡，這類產品的交付量很大。他們即將年滿或剛剛年滿15歲。隨著租船價格上漲，您是否看到大型租船公司對租期超過 15 年的船舶的抵觸情緒降低？未來幾年，他們是否有可能突破 20 年大關，達到 21 年、22 年甚至 22.5 年？

There's always been a bit of a dynamic in -- when it comes to acceptance of the age or the perceived age limit of ships on the market. So in the stronger market when the customer has less choice, they seem to be a bit more pragmatic. I think as a recent, most customers accept ships up to 17, 18 years of age. We have three ships built in 2007. They are all on time charters to significant counterparties.

對於市場上船舶的船齡或人們認為的船齡限制，一直存在著一些動態因素。因此，在市場行情好、顧客選擇較少的情況下，他們似乎會更務實一些。我認為，就目前而言，大多數客戶都接受年齡在 17、18 歲以下的顧客。我們有三艘船是2007年建造的。它們都是與重要交易對手簽訂的定期租船合約。

But I think beyond 20, then at least for our sort of profile and what we do, the commercial opportunities are limited. There are other owners that can find some pockets and trades where they can use these ships, but it's somewhat limited, I would say. So our commercial life expectation of ships are up to age 20, although the quality of our ships could operate well beyond that if the market had opportunities. It's not really for us. But of course, the sanctioned trade have created a big market for older ships.

但我認為，超過 20 歲之後，至少對於我們這種類型的背景和我們所做的事情來說，商業機會是有限的。還有一些船主可以找到一些機會和交易來使用這些船隻，但我覺得這在某種程度上是有限的。因此，我們船舶的商業使用壽命預期為 20 年，儘管如果市場有機會，我們船舶的品質可以遠超這個年限。這其實不太適合我們。當然，有管制的貿易也為舊船創造了一個巨大的市場。

I would think that, that market is somewhat satisfied now, and there are some people looking to even renewing that fleet by seeing if they can scrap ships that are 25 years or even older and then look to buy ships that are 17, 18, 19 years old to replace those ships that are 5, 6 years older. So it's a bit of a dynamic environment, and it's evolving rather than changing very abruptly, I would say.

我認為，目前這個市場已經基本滿足，有些人甚至正在考慮更新船隊，看看能否報廢船齡 25 年甚至更老的船隻，然後購買船齡 17、18、19 年的船隻來替換那些船齡 5、6 年的船隻。所以這是一個充滿活力的環境，它正在不斷發展演變，而不是發生非常劇烈的變化。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I would now like to turn the conference back to Laila Halverson for closing remarks.

謝謝。目前沒有其他問題了。現在我謹將會議交還給萊拉·哈爾弗森，請她作閉幕致詞。

Okay. I'll step in for Laila and say thank you very much for attending the call and wishing you all a good day ahead. Thank you. Bye-bye.

好的。我來代替萊拉，非常感謝大家參加電話會議，並祝福大家今天一切順利。謝謝。再見。