Okeanis Eco Tankers Corp (ECO) 2023 Q2 法說會逐字稿

Hello to OET, and welcome to OET second-quarter 2023 financial results presentation. We will begin shortly. Aristidis Alafouzos, CEO; Iraklis Sbarounis, CFO, and Kostantinos Oikonomopoulos, Chief Development Officer, of Okeanis Eco Tankers will take you through the presentation. They will be pleased to address any questions raised at the end of the call. I would like to advise you that this session is being recorded. Iraklis will begin the presentation now. Please go ahead, sir.

您好 OET，歡迎觀看 OET 2023 年第二季財務業績示範。我們很快就會開始。阿里斯蒂迪斯·阿拉福索斯，首席執行官； Okeanis Eco Tankers 財務長 Iraklis Sbarounis 和首席開發長 Kostantinos Oikonomopoulos 將帶您完成示範。他們將很樂意回答通話結束時提出的任何問題。我想告訴您，本次會議正在錄製中。伊拉克利斯現在開始演講。請繼續，先生。

Welcome to the presentation of Okeanis Eco Tankers results for the second quarter of 2023. We will discuss matters that are forward-looking in nature, and actual results may differ from the expectations reflected in these forward-looking statements.

歡迎觀看 Okeanis Eco Tankers 2023 年第二季業績報告。我們將討論具有前瞻性的事項，實際結果可能與這些前瞻性陳述中反映的預期有所不同。

Starting on slide 4 and the executive summary. I'm very pleased to present you the highlights of the third consecutive record-breaking quarter in terms of TCE, revenue, EBITDA, and net income. Q2 was a historically excellent quarter, especially accounting for seasonality.

從投影片 4 和執行摘要開始。我很高興向您介紹 TCE、收入、EBITDA 和淨利潤連續第三個季度破紀錄的亮點。第二季度是歷史上表現出色的季度，尤其是考慮到季節性因素。

Our fleet achieved a fleet-wide timecharter equivalent of $72,000 per vessel per day and that includes our timecharter vessels. Spot rate across both Suezmax and VLCCs stood at about $83,000 per vessel per day. We report net TCE revenue of over $90 million, a further increase from Q1, adjusted EBITDA of over $77 million, and adjusted net profit of $1.65 per share.

我們的船隊實現了相當於每艘船每天 72,000 美元的全船隊定期租船收入，其中包括我們的定期租船。蘇伊士型油輪和超大型油輪的即期運價約為每艘船每天 83,000 美元。我們報告 TCE 淨收入超過 9,000 萬美元，較第一季進一步成長，調整後 EBITDA 超過 7,700 萬美元，調整後每股淨利潤為 1.65 美元。

Finally, our Board has declared a fifth consecutive capital distribution of $1.50 per share. That is over 90% of our quarterly EPS and implies an annualized gains of 24% against our current trading price. We continue to deliver on our promise to distribute all available value to our shareholders.

最後，我們的董事會宣布連續第五次分配每股 1.50 美元的資本。這占我們季度每股收益的 90% 以上，意味著相對於我們當前的交易價格，年化收益將達到 24%。我們將繼續履行向股東分配所有可用價值的承諾。

Over the last 15 months, we've distributed approximately $5 per share or a total of $160 million. As in every quarter, we very carefully evaluated all available information related to the market outlook, global economic data, and our balance sheet, including preparing for the upcoming repayment of our $34 million sponsors' debt by Q1 and Q2 of next year, as well as our current fixtures of Q3.

在過去 15 個月中，我們每股分配了大約 5 美元，總計 1.6 億美元。與每個季度一樣，我們非常仔細地評估了與市場前景、全球經濟數據和我們的資產負債表相關的所有可用信息，包括為即將在明年第一季度和第二季度償還贊助商3400 萬美元的債務做好準備。作為我們第三季目前的賽程。

We're now moving to slide 5. On slide 5, we summarize our corporate and capital structure as well as our employment profile. Our track record, solid financial position and strong relationship with our financiers continues to pay off. We recently announced the refinancing of the Kimolos, Folegandros, and Nissos Keros at very accretive terms and maturity in 2028.

我們現在轉到投影片 5。在投影片 5 上，我們總結了我們的公司和資本結構以及我們的就業概況。我們的業績記錄、穩健的財務狀況以及與金融家的牢固關係繼續帶來回報。我們最近宣布以非常可增值的條款對 Kimolos、Folegandros 和 Nissos Keros 進行再融資，並於 2028 年到期。

Furthermore, we've declared our first purchase option under our sale and leaseback financing over Suezmax vessel, Milos. The transaction was closed in February. Our other Suezmax, the Poliegos Suezmax, with its purchase option kicking in, in June. We expect to replace the debt of both the Milos and the Poliegos in considerably improved terms.

此外，我們也宣布了我們對蘇伊士型油輪 Milos 的售後回租融資的第一個購買選擇權。該交易於二月完成。我們的另一艘蘇伊士型油輪 Poliegos Suezmax 將於 6 月開始購買。我們期望以顯著改善的條件償還米洛斯和波利戈斯的債務。

On the employment front, following the delivery from our charters of the Nissos Despotiko, all our VLCCs are now trading in the spot market. Our two Suezmax long-term timecharter vessels, Nissos Sikinos and Nissos Sifnos, are expected to be delivered to us sometime within the fourth quarter of this year; more on that and the full commercial and market updates from Aristidis on the following slides.

在就業方面，在 Nissos Despotiko 租船交付後，我們所有的 VLCC 現在都在現貨市場進行交易。我們的兩艘蘇伊士型長期租船 Nissos Sikinos 和 Nissos Sifnos 預計將在今年第四季的某個時候交付給我們；更多相關資訊以及 Aristidis 的完整商業和市場更新資訊請參閱下面的幻燈片。

Thank you, Iraklis. Again, it was another record quarter for OET. We entered Q2 coming off a very firm freight market with VLCCs earning over $100,000 per day. The market was poised to adjust downwards, but was further magnified by the announcement of the OPEC+ voluntary cuts. We found it very positive that VLCC freight took about one month to adjust before we saw another large spike in rates.

謝謝你，伊拉克利斯。 OET 再次創下了季度記錄。我們進入第二季時，貨運市場非常堅挺，VLCC 每天的收入超過 10 萬美元。市場本來準備向下調整，但歐佩克+自願減產的宣布進一步放大了這一趨勢。我們發現，在我們看到費率再次大幅上漲之前，VLCC 運費大約需要一個月的時間來調整，這是非常積極的。

This shows that even with the removal of barrels and therefore cargoes from the market by the OPEC+ voluntary cut, that fleet is well balanced and the ton-mile effective sourcing crude from farther distances gives support.

這表明，即使歐佩克+自願減產導致石油桶和貨物從市場上消失，該船隊仍保持良好平衡，並且從更遠的距離有效採購原油的噸英里數提供了支撐。

As we approach the summer, we took the decision to lock in longer and higher-paying front haul fixtures from our West position. Simultaneously, we tried to re-position our Eastern position to the West when we find good opportunities.

隨著夏天的臨近，我們決定從我們的西部位置鎖定更長、薪水更高的前程賽程。同時，當我們發現好的機會時，我們試圖將東方的立場重新定位到西方。

The Suezmax segment had a much stronger rally in the middle of Q2 than the VLCC and allowed us to lock in some very strong returns. Also, many of our fixtures in Q1 carried into Q2, which gave support to our final numbers. Milos was re-delivered from her timecharter and will now trade in our spot fleet.

蘇伊士型油輪在第二季度中期的反彈比 VLCC 強勁得多，使我們能夠鎖定一些非常強勁的回報。此外，我們第一季的許多比賽都延續到了第二季度，這為我們的最終數據提供了支持。米洛斯號已從定期租船合約中重新交付，現在將在我們的現貨船隊中進行交易。

During the quarter, we achieved a fleet-wide TCE of $72,000 per day, including our timecharters. Our VLCC generated $74,800 per day in the spot market, a 30% outperformance relative to our tanker periods that we've reported in Q2 earnings.

在本季度，我們實現了每天 72,000 美元的全船隊 TCE，包括我們的期租。我們的 VLCC 在現貨市場每天產生 74,800 美元的收入，比我們在第二季度收益中報告的油輪時期高出 30%。

Our Suezmax have generated $99,900 per spot day, a 60% outperformance relative to our tanker periods we've reported in Q2 earnings. These numbers reflect our actual book TCE revenues in the quarter as per accounting standards.

我們的蘇伊士型油輪每個現貨日收益為 99,900 美元，比我們在第二季度收益中報告的油輪週期高出 60%。這些數字反映了我們根據會計標準在本季度的實際帳面 TCE 收入。

Moving on to slide 8 for guidance on Q3. Once again, the Saudi's lollipop surprise oil cut surprised the market and cut production again going into Q3. The Saudi cuts and their high OSPs have created a situation where Dubai crude actually sells at a premium to Brent crude today. The Arab is now open for sour crudes to move from the Atlantic Basin into the East. The headline news is negative, but the subsequent shifting of oil dynamics continues to give strong support to the VLCC market.

繼續看投影片 8，了解第三季的指導。沙烏地阿拉伯棒棒糖意外減產再次令市場意外，進入第三季再減產。沙烏地阿拉伯的減產和高 OSP 造成了杜拜原油今天的售價實際上高於布蘭特原油的情況。阿拉伯石油公司現已開放將含硫原油從大西洋盆地運送至東部。頭條新聞是負面的，但隨後石油動態的轉變繼續為 VLCC 市場提供強有力的支撐。

One other development on the VLCCs was that the amount of vessels fixing from the West like Brazil, West Africa, the US Gulf back into Europe reduced as Asian demand for these barrels outpriced them. This caused more VLCCs to fix longer voyages to the East and leave fewer ships open in the West.

超大型油輪的另一個發展是，由於亞洲對這些油桶的需求超過了它們的價格，從巴西、西非、美灣等西方國家返回歐洲的船隻數量減少了。這導致更多的超大型油輪轉向東方進行更長的航程，而在西方開放的船舶則減少。

Not having as many natural Western VLCC positioned to offer into Western cargoes, ballasters from the East would have to price Western cargoes in line with the similar TCE as AG cargoes. This game further support to Western long-haul voyage period.

由於沒有那麼多天然西方 VLCC 可以提供西方貨物，來自東方的壓載船將不得不按照與 AG 貨物類似的 TCE 為西方貨物定價。本次比賽進一步支持了西部長途航期。

Taking this into account, we felt it was time to capitalize on some of our strengths and fix longer voyages to the East. We locked in four solid features. In addition, we repositioned another two ships in the East that were opened to keep our Western presence.

考慮到這一點，我們認為是時候利用我們的一些優勢並確定前往東方的更長航程了。我們鎖定了四個可靠的功能。此外，我們在東部重新部署了另外兩艘船，這些船是為了保持我們在西部的存在而開放的。

Nissos Despotiko was re-delivered from her timecharter. And now 100% of our VLCC fleet is trading spot. In addition, Nissos Sifnos and Nissos Sikinos entered their re-delivery window from their long-term timecharters. But we expect the vessel to be given back sometime in Q4.

Nissos Despotiko 被重新解除定期租船合約。現在我們 100% 的 VLCC 船隊都處於現貨狀態。此外，Nissos Sifnos 和 Nissos Sikinos 也從長期期租合約進入了重新交船窗口。但我們預計該船將在第四季的某個時候歸還。

This is the first quarter since the war began with the Suezmaxes underperformed the VLCC fleet. This development was caused by the Western barrels that would have been sold into Europe on African Suez being replaced by long-haul voyages on VLCC.

這是自戰爭開始以來蘇伊士型油輪表現遜於 VLCC 船隊的第一個季度。這項發展是由於原本經由非洲蘇伊士運河銷往歐洲的西方石油桶被大型油輪的長途航行所取代。

But also, the Russian voluntary cut, which greatly reduced the amount of price gap voyages and less vessels competing for less business, and also, the continued outage of Kurdish barrels being exported from Turkey. With oil approaching $90 a barrel, the return of Saudi, Russian, and Kurdish barrels in Q4 can be the stimulus for a massive rally in freight.

此外，俄羅斯自願減產，大大減少了價差航次，競爭業務的船隻也減少了，而且土耳其出口的庫德族石油桶持續中斷。隨著油價接近每桶 90 美元，沙烏地阿拉伯、俄羅斯和庫德族石油在第四季的回歸可能會刺激貨運大幅上漲。

China is expected to receive 52 million barrels in oil cargoes in September, a 40% increase versus this month. With a weaker Suezmax market, we focused more on triangulating to optimize earnings. This quarter we also have to dry-dock Kimolos and Folegandros in Turkey.

中國9月預計將接收5,200萬桶石油貨物，較本月增加40%。由於蘇伊士型油輪市場疲軟，我們更加重視三角測量以優化收益。本季我們也必須在土耳其的 Kimolos 和 Folegandros 進行乾船塢。

Positioning for dry-dock in certain limitations on what cargoes we can fix for the first voyage post-dry-dock will negatively affect our spot performance. We've decided to upgrade the specification on these two vessels, and we expect to see a consumption reduction of between 7.5% to 10%.

幹船塢定位對我們在幹船塢後第一航次可以修復的貨物有一定的限制，這將對我們的現貨表現產生負面影響。我們決定升級這兩艘船的規格，預計能耗將減少 7.5% 至 10%。

So far in Q3, we've fixed 73% of our fleet-wide spot days at $63,200 per day. 76% of our VLCC spot days is $65,800 per day, a 46% outperformance relative to our tanker periods we've reported. And 65% of our Suezmax spot days is $55,600 per day, a 16% outperformance relative to our tanker periods we've reported in Q3 earnings. We continue to outperform our peers on both vessel segments, and we will do our best to keep this up in the future. Currently, our average outperformance since Q4 2019 is 40% on Suezmaxes and 20% on VLCCs when compared against our recent peers.

到目前為止，第三季度，我們已將 73% 的機隊現貨日固定在每天 63,200 美元。我們 76% 的 VLCC 現貨日價格為每天 65,800 美元，比我們報告的油輪週期高出 46%。我們 65% 的蘇伊士型油輪現貨日價格為每天 55,600 美元，比我們在第三季度收益中報告的油輪週期高出 16%。我們在這兩個船舶領域的表現繼續優於同行，並且我們將盡最大努力在未來保持這一勢頭。目前，與最近的同業相比，自 2019 年第四季以來，我們在蘇伊士型油輪的平均表現高出 40%，在 VLCC 上的平均表現高出 20%。

Moving on to slide 10, we again, highlight the future ton-mile demand story with a continued total increase in world oil demand, while the majority of this will come from the Asia Pacific region. But as we see in slide 11, cargo volumes will be added predominantly in the West. Given the current demand outlook and the inability for vessels to be delivered until 2027 vessel utilization, we expect will approach record percentages in '24 and especially in '25.

轉向投影片 10，我們再次強調未來噸英里的需求故事，世界石油需求總量持續成長，而其中大部分將來自亞太地區。但正如我們在幻燈片 11 中看到的那樣，貨運量的增加將主要發生在西部地區。鑑於當前的需求前景以及船舶在 2027 年之前無法交付的情況，我們預計船舶利用率將在 24 年尤其是 25 年接近創紀錄的百分比。

On slide 12, we take a brief look at the effect of the voluntary OPEC+ cuts and the additional Saudi and Russia cut. OPEC stated earlier this week that the market may be undersupplied by almost 2 million barrels per day. The rate of stock depletion will require more supply to this market.

在投影片 12 中，我們簡要介紹了 OPEC+ 自願減產以及沙烏地阿拉伯和俄羅斯額外減產的影響。 OPEC 本週稍早表示，市場供應可能不到近 200 萬桶/日。庫存消耗速度將需要向該市場提供更多供應。

Moving on slide 13, I know there's short-term bullish indicators is the strength in refinery margins that are continuously strengthening at historically very high levels. This is another sign of the need of supply of both crude to be refined and lack of products in the market.

繼續看第 13 張投影片，我知道短期看漲指標是煉油廠利潤率的強勁，該利潤率在歷史最高水準上持續走強。這是需要提煉原油供應和市場上產品短缺的另一個跡象。

Now taking a look at the supply side on slide 14, we wanted to highlight how different the fleet situation is since 2008. We almost had zero order book with a rapidly-aging fleet, which only increases as we go into the end of this decade. The amount of fleet renewal that will be need for 15 years or younger fleet service, the normal trade is astounding. And I'm now handing over to Iraklis for the financial figures.

現在就來看看幻燈片 14 上的供應方面，我們想強調自 2008 年以來機隊情況有多麼不同。我們的訂單簿幾乎為零，機隊迅速老化，隨著我們進入本世紀末，訂單量只會增加。在正常貿易中，船隊服務年限為 15 年或更短，所需的船隊更新量是驚人的。我現在將財務數據交給伊拉克利斯。

Thank you, Aristidis. Moving on to slide 16, which summarizes our income statement for the quarter. Our increased TCE revenues translated to record EBITDA of over $77 million and net profit of approximately $53 million or $1.64 per share, $1.65 on an adjusted basis.

謝謝你，阿里斯蒂迪斯。繼續看投影片 16，其中總結了我們本季的損益表。我們增加的 TCE 收入轉化為創紀錄的 EBITDA 超過 7,700 萬美元，淨利潤約為 5,300 萬美元，即每股 1.64 美元，調整後為 1.65 美元。

Moving on to slide 16. As of June 30, we had cash on our balance sheet of approximately $86 million. The quarter end March, unusually higher trade receivables than our previous quarters, which have since been collected.

繼續看投影片 16。截至 6 月 30 日，我們的資產負債表上的現金約為 8,600 萬美元。 3月底的季度，應收帳款異常高於我們之前幾季的水平，此後我們已收回了這些帳款。

Our debt at quarter end stood at $714 million. The re-financing of the Kimolos, Folegandros, and Nissos Keros was an aggregate down at approximately the same levels as its previous respective financings pro forma to minor scheduled principal re-payments on the date of drawdown. I'm sorry, I'm on slide 17 actually. Our book leverage came in at 59%, while market adjusted LTV based on broker value stands at approximately 46%, and that's not adjusting for our receivables at the quarter-end.

季度末我們的債務為 7.14 億美元。 Kimolos、Folegandros 和 Nissos Keros 的再融資總額與先前各自的融資水準大致相同，預計在提款日按計劃償還少量本金。抱歉，我實際上在幻燈片 17 上。我們的帳面槓桿率為 59%，而根據經紀人價值進行市場調整的 LTV 約為 46%，這還沒有針對我們季度末的應收帳款進行調整。

Moving on to slide 18, we wanted to spend some time illustrating how we've been delivering on our promises. Since a year ago with a fully delivered fleet and taking advantage of the market region, we've essentially paid out most of the company's free cash flow to our shareholders.

轉到投影片 18，我們想花一些時間來說明我們如何兌現我們的承諾。自從一年前擁有完全交付的機隊並利用市場區域以來，我們基本上已將公司的大部分自由現金流支付給了股東。

We have the most modern, eco-focused, and fuel-efficient fleet across our peers, and we consistently achieve superior commercial performance. We have a best-in-class yield of around 24%. And our soon to be fully spot fleet will allow our shareholders to capture what we expect would be an extraordinary crude oil tankers market beyond Q4 of this year, given the market fundamentals. This concludes our presentation and we would be happy to take your questions. Handing back to you, the operator.

我們擁有同業中最現代化、最環保、最節能的機隊，並且我們始終如一地實現卓越的商業績效。我們的殖利率約 24%，堪稱同類最佳。考慮到市場基本面，我們即將全面投入現貨的船隊將使我們的股東能夠抓住我們預期的今年第四季之後將是一個非凡的原油油輪市場。我們的演講到此結束，我們很樂意回答您的問題。交還給您，操作員。

(Operator Instructions) Petter Haugen, ABG.

（操作員說明）Petter Haugen，ABG。

Hello, guys, and congrats on another very good quarter. In terms of looking ahead, I guess, many of us start to understand what will happen if we see Russian volumes pulling out either from, well, more options or further regulations coming in place, or perhaps even a peace agreement, which could allow them to export again without the price caps. Could you share your thoughts on the potential outcomes from whatever development we'll see in the Russian volumes?

大家好，恭喜又一個非常好的季度。就展望未來而言，我想，我們中的許多人開始明白，如果我們看到俄羅斯的產量從更多的選擇或進一步的監管到位，甚至可能是一項和平協議中撤出，這可能會發生什麼，這可以讓他們在沒有價格上限的情況下再次出口。您能否分享一下您對我們在俄語卷中看到的任何發展的潛在結果的看法？

Hi, Petter. It was a bit blurred, but I think I understood your question. I think in the medium term, if there is some sort of peace agreement, we won't see Europe, and like it's always to a lesser extent, the United States purchasing Russian crude in large quantities in the short term.

嗨，彼得。雖然有點模糊，但我想我理解了你的問題。我認為，從中期來看，如果達成某種和平協議，我們將不會看到歐洲，並且像往常一樣，美國在短期內大量購買俄羅斯原油。

So we do expect that Russian crude will continue to go East to the other buyers that we see today like Turkey and -- but more so, India and China. So even with the peace agreement, we do expect the ton-mile effect to remain in place definitely in the short to medium term.

因此，我們確實預計俄羅斯原油將繼續流向東方，流向我們今天看到的其他買家，例如土耳其，但更重要的是印度和中國。因此，即使達成了和平協議，我們確實預期噸英里效應在中短期內肯定會繼續存在。

Now I didn't get the first part of your question because it was blurry. But I think that just assuming what you had asked if the price in brand is quite strong and it's above the price cap in the charter. The Russian charter is unable to give attestations for this. Then I think that we'll see a further increase in second-hand values, especially, and maybe more so on slightly younger ships.

現在我沒有明白你問題的第一部分，因為它很模糊。但我認為，假設您所問的品牌價格是否相當強勁且高於章程中的價格上限。俄羅斯憲章無法對此提供證明。然後我認為我們會看到二手價值進一步增加，尤其是對於稍微年輕的船舶來說可能更是如此。

I think this is the case because as the buyers in India and China are mainstream buyers of this Russian crude, they do have quite stringent requirements on the vessels. So it's not a, Iranian type trade where they go in STS, into waters off Malaysia and they can use 20-year old ships.

我認為是這樣的，因為印度和中國的買家是俄羅斯原油的主流買家，他們對船舶的要求確實相當嚴格。因此，這不是伊朗式的貿易，他們透過 STS 進入馬來西亞附近海域，並且可以使用 20 年船齡的船隻。

So I think we will see the trend if this happens that for them to grow the great fleet they'll have to be on younger vessels. And if the price is within the price cap, I think that going into Q4, the Russians will increase volumes as the price is a lot higher than what it was earlier this year. So they will see more revenue from that. So there is incentive to increase volumes.

因此，我認為，如果發生這種情況，我們將看到這樣的趨勢：為了發展壯大艦隊，他們必須使用更年輕的船隻。如果價格在價格上限之內，我認為進入第四季度，俄羅斯人將增加產量，因為價格比今年早些時候高得多。因此他們將從中獲得更多收入。因此，有動力增加銷量。

And we should always remember that most of the Russian cargoes and all of the Russian cargoes in the West do have huge delays in the winter, one, in the Black Sea because of the Turkish trade delays, which today may be zero days of additional wait. But in the winter with the shorter day and the fog and the bad weather, it can easily go up to 15, 20 days, going up and coming down.

我們應該永遠記住，大多數俄羅斯貨物和所有西方的俄羅斯貨物在冬天確實有巨大的延誤，其中之一是由於土耳其貿易延誤而在黑海，今天可能是零天的額外等待。但在冬季，白天較短，有霧，天氣惡劣，很容易達到15、20天，忽上忽下。

So that prolongs each voyage by 30 to 40 days and creates a lot longer, I guess, like usage days per voyage. And the same in the Baltic with potential ice, causing longer voyages and vessels slowing at slower speeds. So we think currently, the outlook on the Russian volumes is positive in most possible outcomes.

這樣一來，每次航程就會延長 30 到 40 天，我猜想，就像每次航程的使用天數一樣，會更長。波羅的海地區也存在同樣的情況，可能會結冰，導致航程更長，船隻速度也更慢。因此，我們認為目前俄羅斯產量的前景在大多數可能的結果中都是正面的。

Okay. Thank you. That was helpful. And last one for me, we do see very good rate in the next three quarters. You will accumulate significant cash, what would you think would be the payout ratio in such a scenario? Would you be tempted to do something within the newbuilding market?

好的。謝謝。這很有幫助。最後一個對我來說，我們確實看到未來三個季度的成長率非常好。您將累積大量現金，您認為在這種情況下的支付率是多少？您是否想在新造船市場做些什麼？

Yeah, hi, Petter, let me take this one. In terms of payout ratio, you're pretty familiar. We're don't have a spelled out policy in place. But we hope our track record speaks for itself. Look, this quarter, and we're going to continue doing that in the next few quarters. We always take into account the performance in that particular quarter, anticipated market dynamics over the short and medium term. And as always, considering our capital structure, I can remind you that we do have a non-amortizing re-payment over sponsors' debt, which is due by in two tranches, by Q1 and Q2 of next year.

是的，嗨，彼得，讓我拿這個。就支付比率而言，您非常熟悉。我們沒有製定明確的政策。但我們希望我們的業績記錄不言而喻。看，這個季度，我們將在接下來的幾個季度繼續這樣做。我們始終考慮該特定季度的表現以及中短期的預期市場動態。像往常一樣，考慮到我們的資本結構，我可以提醒您，我們確實對贊助商債務進行了非攤銷償還，該債務將分兩期到期，即明年第一季和第二季。

So this is something we always take into account as well as with regards to our capital structure, the higher debt re-payment profile compared to our depreciation. So it's a decision that we take on a quarter by quarter, but the principle remains that the strategy is to continue to deliver value to shareholders as much as possible.

因此，這是我們始終考慮的問題以及我們的資本結構，與我們的折舊相比，更高的債務償還情況。因此，這是我們每季所做的決定，但原則仍然是，策略是繼續盡可能為股東創造價值。

In terms of looking at potential opportunities, obviously, we always are in the market and we always have our eyes and ears open to assess what's going on. Having said that in terms of the newbuilding market, and we've discussed this in the past, given where asset values are, given where the prices are, extended deliveries well into 2027 by now make us quite hesitant from getting to a position where we see that make any sense. Obviously, in the future things may change, but the current thinking is as such.

在尋找潛在機會方面，顯然，我們始終處於市場之中，並且總是睜大眼睛和耳朵來評估正在發生的事情。話雖如此，就新造船市場而言，我們過去已經討論過這個問題，考慮到資產價值和價格，將交付時間延長到 2027 年，讓我們對於達到這樣的位置相當猶豫。看看這有什麼意義。顯然，未來情況可能會發生變化，但目前的想法是這樣的。

Yeah. And just to add one thing, I mean, one thing for sure, OET won't be buying capes like some of the other Greek peers have been.

是的。我只想補充一件事，我的意思是，可以肯定的一件事是，OET 不會像其他一些希臘同行那樣購買斗篷。

Okay, thank you, guys. That's all for me.

好的，謝謝你們。這就是我的全部。

There are no further questions. (Operator Instructions) Climent Molins, Value Investor's Edge.

沒有其他問題了。 （操作員說明）Climent Molins，價值投資者的優勢。

Good morning. Thank you for taking my question. I wanted to start by asking about the Nissos Sifnos and the Sikinos, which are expected to be re-delivered throughout Q4. Once they're re-delivered, you will have the whole fleet trading on spot. And I was wondering, is there any appetite to look for charter cover or do you prefer to write it out given your positive market outlook?

早安.感謝您回答我的問題。我想先詢問 Nissos Sifnos 和 Sikinos 的情況，預計它們將在第四季度重新交付。重新交付後，您將可以對整個船隊進行現場交易。我想知道，您是否有興趣尋找包機保險，或者考慮到您積極的市場前景，您是否更願意將其寫出來？

Hey, thanks for your question, Climent. So the Sifnos and the Sikinos, they have a bit of a wide re-delivery. We can get it any time back from today until towards the middle end of Q4. We expect that given the market, it will probably be towards the end of Q4 -- middle end of Q4.

嘿，謝謝你的提問，克萊門特。所以 Sifnos 和 Sikinos，他們有一點廣泛的重新交付。從今天到第四季中期，我們可以隨時取回。我們預計，考慮到市場狀況，可能會在第四季末——第四季中端。

And in terms of our TC policy, these past few quarters, they have -- the market has come off a little bit and the expectation was that it will come off. So the TC rates, I wouldn't say they weakened, but they don't currently reflect how we view the market for the next two, three years.

就我們的 TC 政策而言，在過去的幾個季度中，市場已經有所回落，並且預期它會回落。因此，我不會說TC利率走弱，但它們目前並不能反映我們對未來兩三年市場的看法。

So at the moment, we don't see value in the timecharter market. And we think that the spot earnings that we can generate with our current outlook are much stronger, but that can change and were not focused on one or the other.

因此，目前我們看不到定期租船市場的價值。我們認為，根據當前的前景，我們可以產生的現貨收益要強得多，但這可能會改變，並且不會專注於其中之一。

And you saw that in 2020 and 2021, we had a very different blended TC over spot. But I think for the next, two quarters we won't be significantly increasing our TC exposure at the moment. We're very happy with our performance on the spot versus the current TC rates.

你看到，在 2020 年和 2021 年，我們在現貨方面有一個非常不同的混合 TC。但我認為在接下來的兩個季度裡，我們目前不會大幅增加我們的 TC 曝險。與目前的 TC 費率相比，我們對現場表現非常滿意。

Thanks for the color. I mean, no one can argue against that performance. And my second question is more on the model (technical difficulty) that with ballast legs on the back end of the quarter?

謝謝你的顏色。我的意思是，沒有人可以反對這種表現。我的第二個問題更多的是關於模型（技術難度），而不是在季度後端有壓載腿？

Yeah, sorry, you broke up a bit. I think you were asking about the effect on the previous quarter with regards to certain ballast voyages towards the end of the quarter. It's true that there was a slight effect that affected the numbers in the previous quarter. We didn't have such a strong impact in Q2. Obviously, this is not something that we can predict on a going forward basis. And it's always we always have to comply with our accounting standards.

是的，抱歉，你們分手了一點。我想您是在問本季末某些壓載航行對上一季的影響。確實，上一季的數字受到了輕微的影響。我們在第二季度沒有產生如此強烈的影響。顯然，這不是我們可以預測的未來情況。我們始終必須遵守我們的會計準則。

With regards to Q3, there are certain voyages that we expect to be re-delivered to us sometime in early September. So there is a chance that we might see some effect in Q3, but it's hard to predict at the moment. Does that answer your question? Sorry, I couldn't hear the full question in the beginning.

關於第三季度，我們預計某些航次將在 9 月初的某個時候重新交付給我們。所以我們有可能在第三季看到一些效果，但目前很難預測。這是否回答你的問題？抱歉，一開始我沒能聽到完整的問題。

It does. I meant for Q3, so -- for the color. That's all for me. Thank you for taking my questions, and congratulations for another excellent quarter.

確實如此。我指的是第三季度，所以——顏色。這就是我的全部。感謝您回答我的問題，並祝賀您又一個出色的季度。

Thanks, Climent.

謝謝，克萊門特。

There are no further questions, so I will hand it back to your host to conclude today's conference.

沒有其他問題了，我將把它交還給東道主，以結束今天的會議。

Great. Thanks, everyone. I hope you have a good remaining summer, and we'll be in touch in the next quarter. Thank you very much, bye-bye.

偉大的。感謝大家。我希望您度過一個愉快的夏天，我們將在下個季度與您聯繫。非常感謝，再見。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。