Dynagas LNG Partners LP (DLNG) 2023 Q4 法說會逐字稿

Thank you for standing by ladies and gentlemen, and welcome to Dynagas LNG Partners conference call on the fourth quarter 2023 financial results. We have with us Mr. Tony Lauritzen, Chief Executive Officer, and Mr. Michael Gregos, Chief Financial Officer of the company.

感謝各位女士們、先生們的支持，歡迎參加 Dynagas LNG Partners 關於 2023 年第四季財務表現的電話會議。與我們同行的還有公司執行長 Tony Lauritzen 先生和財務長 Michael Gregos 先生。

(Operator Instructions) I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed.

（操作員指示）我必須通知您，今天的會議正在錄製。請注意，該公司透過公開發布的新聞稿公佈了其業績。

At this time, I would like to remind everyone that in today's presentation and conference call, Dynagas LNG Partners will be making forward-looking statements. These statements are within the meaning of the Federal Securities Laws. This conference call and slide presentation of the webcast contains certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

此時，我想提醒大家，在今天的簡報和電話會議中，Dynagas LNG Partners 將做出前瞻性聲明。這些陳述符合聯邦證券法的涵義。本次電話會議和網路廣播投影片簡報包含 1995 年《私人證券訴訟改革法案》安全港條款意義內的某些前瞻性陳述。

The statements in today's conference call are not historical facts -- that are not historical facts, including, among other things, the expected financial performance of Dynagas LNG Partners business, Dynagas Partners LNG ability to pursue growth opportunities, Dynagas Partners LNG expectations or objectives regarding future and market charter rate expectations, and in particular, the effects of COVID-19 on the financial condition and operations of Dynagas Partners LNG and the LNG industry in general, may be forward-looking statements as such is defined in Section 21E of the Securities Exchange Act of 1934 as amended. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

今天電話會議中的陳述不是歷史事實 - 不是歷史事實，其中包括 Dynagas LNG Partners 業務的預期財務業績、Dynagas Partners LNG 追求增長機會的能力、Dynagas Partners LNG 的預期或目標未來和市場租船費率預期，特別是COVID-19 對Dynagas Partners LNG 和整個液化天然氣行業的財務狀況和營運的影響，可能屬於證券第21E 條中定義的前瞻性陳述經修訂的 1934 年交易法。討論的事項可能是前瞻性陳述，這些陳述基於當前管理層的預期，涉及可能導致此類預期無法實現的風險和不確定性。

I kindly draw your attention to slide 2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.

請您注意網路廣播簡報的幻燈片 2，其中包含完整的前瞻性聲明，新聞稿中也包含了相同的聲明。請花一點時間瀏覽並閱讀整個聲明。

And now, I pass the floor to Mr. Lauritzen. Please go ahead, sir

現在，我請勞裡岑先生發言。請繼續，先生

Good morning, everyone, and thank you for joining us in our full year and three months ended 31 December 2023 earnings conference call.

大家早安，感謝您參加我們截至 2023 年 12 月 31 日的全年和三個月收益電話會議。

I'm joined today by our CFO, Michael Gregos. We have issued a press release announcing our results for the said period. Certain non-GAAP measures will be discussed on its call, and we have provided a description of those measures as well as a discussion of why we believe this information to be useful in our press release.

今天我們的財務長 Michael Gregos 也加入了我的行列。我們已發布新聞稿，宣布上述期間的業績。某些非公認會計準則措施將在電話會議上進行討論，我們已對這些措施進行了描述，並討論了為什麼我們認為這些資訊在我們的新聞稿中有用。

Let's get started and move to slide 3 of the presentation. We today present the results for the full year and three months period ending on December 31, 2023. We are pleased to announce that all six LNG carriers in our fleet were operating under long-term charters with esteemed international gas companies.

讓我們開始觀看簡報的第 3 張投影片。我們今天公佈截至 2023 年 12 月 31 日的全年和三個月的業績。我們很高興地宣布，我們船隊中的所有六艘液化天然氣運輸船均與知名國際天然氣公司簽訂了長期租約。

For the fourth quarter of 2023, we reported net income of $10.5 million and earnings per common unit of $0.21. Our adjusted net income stood at $10.3 million, translating to adjusted earnings per common unit of $0.20. Furthermore, our adjusted EBITDA for the full period reached $27.4 million.

2023 年第四季度，我們報告淨利潤為 1,050 萬美元，每普通單位收益為 0.21 美元。我們調整後的淨利潤為 1,030 萬美元，換算為調整後每普通單位收益為 0.20 美元。此外，我們整個期間調整後的 EBITDA 達到 2740 萬美元。

For the full year '23, we reported net income of $35.9 million and earnings per common unit of $0.66. Our adjusted net income stood at $25.8 million, translating to adjusted earnings per common unit of $0.39. Furthermore, our adjusted EBITDA for the full period reached $94.4 million.

23 年全年，我們報告淨利潤為 3590 萬美元，每普通單位收益為 0.66 美元。我們調整後的淨利為 2,580 萬美元，換算為調整後每普通單位收益為 0.39 美元。此外，我們整個期間調整後的 EBITDA 達到 9,440 萬美元。

We are pleased to share that subsequent to the quarter, the partnership has signed a term sheet with a major leasing company in Asia for the lease financing of four of our six LNG carriers in an amount of up to $345 million. The financing has received credit approval and is subject to signing of documentation and customary closing conditions.

我們很高興地宣布，本季結束後，該合作夥伴關係已與亞洲一家大型租賃公司簽署了一份條款清單，為我們六艘液化天然氣運輸船中的四艘提供高達 3.45 億美元的租賃融資。該融資已獲得信貸批准，並有待簽署文件並滿足慣例成交條件。

The transaction is expected to close in the second quarter of 2024. The partnership intends to combine proceeds from this new financing with other sources of liquidity to fully repay the partnership's debt maturing in September '24.

該交易預計將於 2024 年第二季完成。該合夥企業打算將此次新融資的收益與其他流動資金來源結合起來，以全額償還該合夥企業將於 2024 年 9 月到期的債務。

I will now turn the presentation over to Michael, who will provide you with further comments to the financial results. Go ahead, Michael.

我現在將把演示文稿交給邁克爾，他將為您提供對財務業績的進一步評論。繼續吧，麥可。

Thank you, Tony. Turning to slide 4, net income for the full year amounted to $35.9 million or $0.66 per common unit. Adjusted net income amounted to $25.8 million or $0.39 per common unit and adjusted EBITDA for the year was $94.4 million.

謝謝你，托尼。轉向投影片 4，全年淨利達 3,590 萬美元，即每普通單位 0.66 美元。調整後淨利為 2,580 萬美元，即每普通單位 0.39 美元，調整後 EBITDA 為 9,440 萬美元。

In the fourth quarter, net income saw a slight decrease of 9.5% to $10.5 million compared to the same quarter last year. This reduction is primarily linked to a decrease in unrealized gain on our interest rate swap of $3.2 million and the absence of a $2.1 million gain and debt extinguishment that we recognized in the previous year.

第四季淨利較去年同期小幅下降 9.5% 至 1,050 萬美元。這項減少主要與我們的利率掉期未實現收益減少 320 萬美元以及我們去年確認的 210 萬美元收益和債務清償的缺失有關。

However, this was partially mitigated by an uptick in voyage revenues of $3.9 million as a result of a higher charter rate on the Arctic Aurora, which entered the charter with Equinor in September 2023, as well as by the $2.9 million of other income recognized in the fourth quarter of 2023, which represents income from insurance claims.

然而，由於北極極光號於 2023 年 9 月與 Equinor 簽訂租船合同，導致航次收入增加 390 萬美元，以及 290 萬美元的其他收入，部分緩解了這一影響。2023 年第四季度，代表保險索賠收入。

Adjusted net income for the quarter is reported at $10.3 million, a noteworthy increase from $7 million last year, driven mainly by the voyage revenue growth previously mentioned. This was counterbalanced by increased operating expenses by $0.6 million and finance costs by $0.4 million due to higher interest expenses under the floating leg of our credit facility.

該季度調整後淨利潤為 1,030 萬美元，較去年的 700 萬美元大幅增長，這主要是受到前面提到的航次收入增長的推動。由於我們的信貸安排浮動部分的利息費用增加，營運費用增加了 60 萬美元，財務費用增加了 40 萬美元，從而抵消了這一損失。

For consistency, we excluded cash receipts and unrealized gains on our interest rate swap from adjusted net income which, if included, brings our adjusted net income and earnings per common unit to $16.7 million and $0.37, respectively. The time charter equivalent rate per day for the fourth quarter stood at $65,700 with operating expenses at $15,172 per day, leading to a cash breakeven per vessel at $46,300 per day.

為了保持一致性，我們從調整後的淨利潤中排除了現金收入和利率互換的未實現收益，如果將其包括在內，我們的調整後淨利潤和每普通單位收益將分別達到1670 萬美元和0.37 美元。第四季每日定期租船等值費率為 65,700 美元，營運費用為每天 15,172 美元，每艘船的現金收支平衡為每天 46,300 美元。

Turning to slide 5, our net debt to last 12 months EBITDA ratio has improved to 3.7 times, indicative of a solid balance sheet and prudent capital management, culminating in a book equity value of $448 million and a net debt to total book capitalization ratio of 40%. Our consistent emphasis on using organic cash flow for debt reduction without diluting shareholder value has proven to be a prudent strategy as can be seen by the consistent increase in book equity value per common unit.

轉向投影片 5，我們過去 12 個月的淨負債 EBITDA 比率已提高至 3.7 倍，顯示資產負債表穩健，資本管理審慎，最終帳面權益價值為 4.48 億美元，淨負債與帳面資本總額的比率為40 %。我們一貫強調利用有機現金流來減少債務而不稀釋股東價值，這已被證明是一種審慎的策略，每普通單位賬面權益價值的持續增長可以看出這一點。

Moving to slide 6. We concluded the quarter with a strong cash position of $73.8 million, operating cash flow of $20.2 million, and after accounting for the capital expenditures, like the installation of ballast water treatment systems on our steam LNG carriers, free cash flow of $17.4 million. For the full year, our operating cash flow amounted to $64.4 million and our free cash flow was $60.2 million.

轉到投影片 6。本季結束時，我們擁有7,380 萬美元的強勁現金狀況，營運現金流為2,020 萬美元，考慮到資本支出（例如在我們的蒸汽液化天然氣運輸船上安裝壓載水處理系統）後，自由現金流為1,740 萬美元。全年，我們的營運現金流量為 6,440 萬美元，自由現金流量為 6,020 萬美元。

We are pleased to announce that we have signed a term sheet with a prominent Asian leasing company for the lease financing of four out of our six LNG carriers to address our September debt maturity. This financing will provide us with up to $345 million in funding. We're happy to report that this financing plan has already been granted credit approval and is contingent upon the completion of definitive documentation and the satisfaction of customary closing conditions.

我們很高興地宣布，我們已與一家著名的亞洲租賃公司簽署了一份條款清單，為我們六艘液化天然氣運輸船中的四艘提供租賃融資，以解決我們 9 月份的債務到期問題。此次融資將為我們提供高達 3.45 億美元的資金。我們很高興地報告，該融資計劃已獲得信貸批准，並取決於最終文件的完成和慣例成交條件的滿足。

We plan to utilize the proceeds from this financing in conjunctions with other sources of liquidity to completely repay the partnership's debt that's coming due in September 2024. We expect to close this transaction within the second quarter of 2024.

我們計劃利用本次融資的收益與其他流動資金來源結合，完全償還該合夥企業將於 2024 年 9 月到期的債務。我們預計將在 2024 年第二季內完成此交易。

Over the past few years, we've been strategically reducing our leverage in an organic manner. And by addressing the upcoming maturity of our debt, we're setting a solid foundation for financial stability.

在過去的幾年裡，我們一直在策略性地有機地降低槓桿率。透過解決即將到期的債務問題，我們正在為金融穩定奠定堅實的基礎。

That wraps it up from my side. I will pass over the presentation to Tony.

這從我這邊就結束了。我會將簡報轉交給東尼。

Thank you, Michael. Let's move on to slide 7 of our presentation. At present, our fleet consists of six LNG carriers with an average age of approximately 13.6 years. Our current charters include gas companies such as Equinor of Norway, SEFE, and Yamal Trade of Singapore, as well as Rio Grande LNG, a subsidiary of NextDecade for the forward chartered vessels, Clean Energy and Arctic Aurora.

謝謝你，麥可。讓我們繼續觀看簡報的幻燈片 7。目前，我們的船隊由六艘液化天然氣運輸船組成，平均船齡約13.6年。我們目前的包租對象包括挪威 Equinor、SEFE 和新加坡亞馬爾貿易等天然氣公司，以及 NextDecade 旗下遠期包船子公司 Rio Grande LNG、Clean Energy 和 Arctic Aurora。

As of March 20, 2024, the fleet's contracted backlog amounts to approximately $1.11 billion, equating to an average backlog of about $185 million per vessel. Furthermore, the fleet enjoys an average remaining charter period of approximately 6.9 years. We are confident that our chartered profile is strong and positions our partnership for stable income in years to come.

截至2024年3月20日，船隊的合約積壓金額約為11.1億美元，相當於每艘船的平均積壓金額約為1.85億美元。此外，船隊的平均剩餘租期約為6.9年。我們相信，我們的特許形象非常強大，並將為我們的合作夥伴關係在未來幾年帶來穩定的收入奠定基礎。

Let's move on to slide 8 of the presentation. Our commercial strategy is securing long term charters for the gas companies. We have built up a solid contracted backlog and by no unforeseen events, we have no contractual vessel availability until 2028 when the Clean Energy, Ob, and Amur River will be available. The next availability after this is the Arctic Aurora, which will come off of Rio Grande LNG contract in 2033 following by Yenisei and Lena River in 2034, provided that charter's extension options are not extended.

讓我們繼續觀看簡報的第 8 張投影片。我們的商業策略是為天然氣公司爭取長期特許權。我們已經建立了穩固的合約積壓，如果沒有不可預見的事件，我們直到 2028 年清潔能源、鄂畢河和阿穆爾河可用之前都沒有合約船舶可用。此後的下一個可用項目是北極極光號，該項目將於2033 年從格蘭德河液化天然氣合約中退出，隨後葉尼塞和勒拿河將於2034 年退出，前提是租船合約的延期選項不延長。

The global fleet of energy carriers currently comprises approximately 670 large vessels exhibiting a diverse range of sciences and propulsion systems. The delivery order book accounts for roughly 53% of existing fleets, mainly scheduled for delivery between now and 2028. The majority of these orders are already committed to specific charters leaving only 28 carriers without dedicated employment.

全球能源運輸船隊目前由約 670 艘大型船舶組成，展示了各種科學和推進系統。交付訂單約佔現有機隊的 53%，主要計劃從現在到 2028 年交付。這些訂單中的大部分已經承諾特定的包機，只剩下 28 家承運商沒有專門的員工。

The main objectives of the global order book are twofold: to replace aging vessels and to accommodate the growing energy production capacity. Notably, around 18% of the existing fleet comprise the steam powered vessels below approximately 140,000 cubic meters in capacity with an average age well above 20 years, rendering them undersized and inefficient in today's operational environment.

全球訂單的主要目標有兩個：更換老化船舶和適應不斷增長的能源生產能力。值得注意的是，現有船隊中約 18% 的蒸汽動力船舶容量低於約 140,000 立方米，平均船齡遠高於 20 年，在當今的運營環境中，它們尺寸過小且效率低下。

Current liquefaction capacity stands at approximately 471 million metric tons, with an additional 46% of new liquefaction capacity already FID'd and at various stages of construction for start-up before 2030. The expansion is primarily driven by projects in the US, Canada, and Mexico region, representing about 46%, followed by Qatar at 30% with additional contributions from various other regions including Russia, Africa, Australia and Malaysia.

目前液化產能約為 4.71 億噸，另外 46% 的新液化產能已完成最終投資決定並處於建設的各個階段，預計在 2030 年之前啟動。擴張主要由美國、加拿大和墨西哥地區的計畫推動，約佔 46%，其次是卡達，佔 30%，還有來自俄羅斯、非洲、澳洲和馬來西亞等其他地區的額外貢獻。

In the medium to long term, we anticipate the order book being absorbed through the replacement of older vessels and the transportation of additional LNG production. However, in the shorter term, the charter market may face short-term challenges as vessel deliveries are front-loaded compared to the multi-year growth in energy production.

從中長期來看，我們預計訂單將透過更換舊船和運輸額外的液化天然氣來吸收。然而，從短期來看，包租市場可能面臨短期挑戰，因為與能源生產的多年成長相比，船舶交付量處於提前狀態。

Given these factors, we believe our portfolio is well structured, with contractual availability only in 2028. Nevertheless, global demand for LNG remains robust. Questions have been raised regarding the impact of Chinese economic growth and LNG demand.

考慮到這些因素，我們相信我們的投資組合結構良好，合約僅在 2028 年可用。儘管如此，全球對液化天然氣的需求仍然強勁。人們對中國經濟成長和液化天然氣需求的影響提出了問題。

Beijing has maintained its growth target of 5% for '24, mirroring the figure set for '23, and recent data from Beijing suggest a notable increase in China's LNG imports during Q1 '24 compared to '23. European LNG import volumes reached historical highs in '23 and are expected to continue increasing in the medium term up to '26, projected to rise from approximately 120 million tonnes in '23 to 140 million tonnes in '26.

北京維持 24 年 5% 的成長目標，與 23 年設定的數字一致，北京最近的數據表明，與 23 年相比，24 年第一季中國液化天然氣進口量顯著增加。歐洲液化天然氣進口量在 23 年達到歷史高位，預計到 26 年中期將繼續增加，預計將從 23 年的約 1.2 億噸增至 26 年的 1.4 億噸。

In general, we anticipate that the long-term demand for LNG will remain robust due to several factors. These include its favorable emission profile compared to traditional fossil fuels, the growing global demand for electrification, the efficiency of the combined cycle power plant fueled by LNG, the existing global infrastructure of energy production and distribution, and the absence of a superior alternative on a comparable scale.

總體而言，由於多種因素，我們預計液化天然氣的長期需求將保持強勁。這些因素包括與傳統化石燃料相比其有利的排放狀況、全球對電氣化不斷增長的需求、液化天然氣燃料的聯合循環發電廠的效率、現有的全球能源生產和分配基礎設施以及缺乏更好的替代方案可比規模。

At the vessel level, our carrier charters are performing and fulfilling their obligations with the vessels actively trading. While President Biden's temporary pause on pending permits for new energy projects has been announced, it is not targeted to impact already permitted ground field or expansion projects.

在船舶層面，我們的承運人包機正在與活躍交易的船舶一起履行和履行其義務。雖然拜登總統已經宣布暫時暫停新能源項目的待審批許可，但其目的並不是影響已經許可的地面或擴建項目。

Our agreements with US LNG exporter, NextDecade, for the Clean Energy, and the Arctic Aurora are proceeding as planned. We announced a phase one trains one to three, which are fully permitted. According to NextDecade, construction of the Rio Grande Energy facility is progressing in line with schedule with overall completion for trains two is approximately [14%] and 4.4% for trains three.

我們與美國液化天然氣出口商 NextDecade 的清潔能源和北極極光協議正在按計劃進行。我們宣布了第一階段的列車一到三號，這是完全允許的。據 NextDecade 稱，裡奧格蘭德能源設施的建設正在按計劃進行，第二號列車的總體完成率約為 [14%]，第三號列車的總體完成率為 4.4%。

Let's move to slide 9. The partnership has demonstrated its commitment to debt reduction strategy. Since December 2019 until 28 March 2024, it successfully repaired $254.4 million in debt, significantly lowering its net leverage from 6.6 times to 3.7 times.

讓我們轉到投影片 9。此夥伴關係顯示了其對減債策略的承諾。自2019年12月至2024年3月28日，它成功修復了2.544億美元的債務，將淨槓桿率從6.6倍大幅降低至3.7倍。

Additionally, the partnership has increased its book equity value by 44%, standing at $448 million as of 31, December 2023. Looking ahead, we are confident that the partnership's ongoing efforts to reduce debt would further augment equity value through stable long-term cash flow visibility. We firmly believe that LNG plays a pivotal role in building the future with reduced emissions. The demand for LNG is projected to continue as the world progressively shifts away from coal and other polluting fossil fuels in favor of cleaner energy sources.

此外，截至 2023 年 12 月 31 日，該合作夥伴的帳面權益價值增加了 44%，達到 4.48 億美元。展望未來，我們相信，合作夥伴持續努力減少債務將透過穩定的長期現金流可見度進一步提高股權價值。我們堅信，液化天然氣在建造減少排放的未來方面發揮關鍵作用。隨著世界逐漸擺脫煤炭和其他污染性化石燃料，轉向更清潔的能源，對液化天然氣的需求預計將持續下去。

Natural gas has a relatively low emission profile when combusted. Another key drivers of natural gas is its ability to generate power swiftly and effectively as and when needed and the existence of a well-developed global infrastructure facilitating its production, transportation, storage, and consumption.

天然氣燃燒時的排放量相對較低。天然氣的另一個關鍵驅動因素是其能夠在需要時快速有效地發電的能力，以及完善的全球基礎設施的存在，促進其生產、運輸、儲存和消費。

Thank you all for your attention. We now have completed the presentation and invite you to ask any questions you may have. Operator, you can now open the floor for questions.

感謝大家的關注。現在我們已經完成了演示，並邀請您提出任何問題。接線員，您現在可以開始提問了。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

Yeah, hi, good morning and congrats on getting some term sheets for the refinancing. I was curious, Michael, if you could give a little color on what the cash outflows would look like on a quarterly basis or the interest in amortization, any thoughts as to sort of what that would look like?

是的，嗨，早上好，恭喜您獲得一些再融資的條款清單。我很好奇，邁克爾，您能否對季度現金流出或攤銷利息的情況進行一些說明，您對這會是什麼樣子有什麼想法嗎？

Yeah, sure. I mean, it's -- let's say on average this will have, let's say, a profile of about eight years. So on an age adjusted basis, it's about 23 years. The margin on this financing is right below where we are today. But let's not forget that in September our swap expires, so we will be, let's say, our debt will be under a floating interest. So that's all we can provide at this stage. I am pleased to say that the margin is quite below where we are today.

好，當然。我的意思是，平均來說，這將有大約八年的時間。所以依年齡調整後，大約是23歲。這筆融資的利潤率正好低於我們今天的水準。但我們不要忘記，我們的互換協議將於 9 月到期，因此我們的債務將採用浮動利率。這就是我們現階段所能提供的一切。我很高興地說，利潤率遠低於我們今天的水平。

Right. So I guess what I'm trying to get to is what's the relative to your cash flows coming in, how much it is going out or would you anticipate going out onto the debt service? What's the market --?

正確的。因此，我想我想了解的是，與您的現金流入相比，現金流出是多少，或者您預計會用於償還債務嗎？市場是什麼——？

Well, let's say, on aggregate depending on where interest rates, let's say, the amort element would be about close to $45 million and the interest element would be, let's say, somewhere slightly south of the $20 million. So there is post debt on that. There is a cash buildup.

好吧，比方說，總的來看，取決於利率，比方說，攤銷成分將接近 4500 萬美元，而利息成分將比方說在 2000 萬美元稍南一點的地方。因此存在後期債務。有現金累積。

Okay. And are there any restrictions on what you can do with the excess cash after amortized interest?

好的。攤銷利息後多餘現金的用途是否有限制？

No, there's no restrictions. There's no dividend restrictions either, yeah, on the --

不，沒有任何限制。是的，也沒有股利限制--

Okay, perfect. And just since you mentioned it, any thoughts as to what the -- what you might would do with the excess cash flow after debt service?

好的，完美。就在你提到它之後，你有什麼想法——你會如何處理償債後的多餘現金流？

I think it's a bit too early to say. Our next step is just to close the financing and I think it's a bit too early to say what the next step will be on how to utilize this excess cash.

我認為現在說還為時過早。我們的下一步只是完成融資，我認為現在說下一步如何利用這些多餘的現金還為時過早。

Okay. Yeah, and I appreciate that. I just thought it asked. All right. Well, again, it's important news, so I appreciate the feedback.

好的。是的，我很欣賞這一點。我只是以為它問了。好的。嗯，再說一遍，這是一個重要的消息，所以我很感謝您的回饋。

Thank you, Ben.

謝謝你，本。

(Operator Instructions) There are no further questions at this time. At this point, I'd like to turn the call back over to Tony Lauritzen for closing comments.

（操作員說明） 目前沒有其他問題。此時，我想將電話轉回給托尼勞里森 (Tony Lauritzen) 徵求結束意見。

Okay. So we appreciate your time and attentiveness. Thank you for that. Thank you for your participation on the call to connecting with you again on our next call. Take care. Good night.

好的。因此，我們感謝您的時間和關注。謝謝你。感謝您參與電話會議，我們將在下次電話會議中再次與您聯繫。小心。晚安。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。