Okeanis Eco Tankers Corp (ECO) 2023 Q4 法說會逐字稿

Hello, and welcome to the OET's fourth quarter and fiscal year 2023 financial results presentation. We will begin shortly. Aristidis Alafouzos, CEO; Iraklis Sbarounis, CFO; 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 now begin the presentation. Thank you.

您好，歡迎觀看 OET 第四季和 2023 財年財務業績示範。我們很快就會開始。阿里斯蒂迪斯·阿拉福索斯，首席執行官；伊拉克利斯‧斯巴魯尼斯 (Iraklis Sbarounis)，財務長； Okeanis Eco Tankers 的員工將帶您完成整個示範。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。謝謝。

Hi, everyone, welcome to the presentation Okeanis Eco Tankers results for the fourth quarter and fiscal year 2023. We will discuss matters that are forward-looking in nature, and actual results may differ from the expectations reflected in such forward-looking statements. Please review the relevant disclaimer on slide 2. We're going to start on slide 4 in the executive summary.

大家好，歡迎觀賞 Okeanis Eco Tankers 第四季和 2023 財政年度業績示範。我們將討論具有前瞻性性質的事項，實際結果可能與此類前瞻性陳述中反映的預期有所不同。請查看投影片 2 上的相關免責聲明。我們將從執行摘要的第四張投影片開始。

I'm pleased to present the highlights of the fourth quarter of 2023, finishing off a record year for us. We achieved fleet-wide TCE of over $45,000 per vessel per day, and that includes for most of the quarter, our last two legacy Suezmax time charters. Spot rates for VLCCs of $45,000 and spot Suezmaxes of $52,000. We reported adjusted EBITDA of $44.2 million, adjusted net profit of $20.4 million, and adjusted EPS of $0.63.

我很高興向大家介紹 2023 年第四季的亮點，為我們帶來了創紀錄的一年。我們實現了每艘船每天超過 45,000 美元的全船隊 TCE，其中包括本季度大部分時間的我們最後兩艘遺留的蘇伊士型期租合約。VLCC 現貨運價為 45,000 美元，蘇伊士型油輪現貨運價為 52,000 美元。我們公佈的調整後 EBITDA 為 4,420 萬美元，調整後淨利為 2,040 萬美元，調整後每股收益為 0.63 美元。

Our Board declared a seven consecutive capital distribution of $0.66 per share, which is 100% of our reported EPS, continuing the promise to deliver value to our shareholders. Over the last four quarters, we have distributed $4.36 per share against earnings of $4.55, on both an adjusted and reported basis at approximately 97%. On a nominal basis, that's $140 million. Our fourth quarter was of particular importance to us, as in December, we effected the listing at the New York Stock Exchange.

我們的董事會宣布連續七次進行每股 0.66 美元的資本分配，這是我們報告的每股收益的 100%，繼續履行為股東創造價值的承諾。在過去的四個季度中，我們每股分配了 4.36 美元，而每股收益為 4.55 美元，調整後和報告的比例約為 97%。以名義計算，該數字為 1.4 億美元。第四季對我們來說特別重要，因為我們在 12 月在紐約證券交易所上市。

We're quite pleased with the early signs coming from New York. We have already seen an increase of approximately 50% in trading volume since we became dual-listed. And what is interesting to observe is that, within 2.5 months, approximately 40% of total volume is traded out of New York. In February alone, this was already 45%.

我們對來自紐約的早期跡象感到非常滿意。自雙重上市以來，我們的交易量已經增加了約 50%。有趣的是，在 2.5 個月內，大約 40% 的總交易量是在紐約以外進行的。光是2月這數字就已經達到45%。

This gives us the confidence that the expanding our investor reach in the US is in the right direction, as we take a platform forward. I will talk about our latest refinancing at the later slide. So moving on to slide 5, I wonder they went through the highlights of the fourth quarter, so let's spend a bit of time on 2023. We achieved record results in terms of revenue, EBITDA, and net income.

這讓我們相信，隨著我們推動平台向前發展，擴大我們在美國的投資者影響力是正確的方向。我將在後面的幻燈片中討論我們最新的再融資。現在轉到幻燈片 5，我想知道他們回顧了第四季度的亮點，所以讓我們花點時間討論 2023 年。我們在營收、EBITDA 和淨利潤方面取得了創紀錄的業績。

TCE revenue for the year stood at almost $300 million, that's a 54% increase from a strong 2022. EBITDA of $242 million, that's 72% increase year-on-year. And net profit of $145 million, also 72% increase from 2022. Our results took advantage of the strong tailwinds coming from the tankers market are particularly a modern and fuel-efficient fleet. And as more of our vessels during the course of the year ended their time charters our competitive commercial performance in the spot market.

今年的 TCE 營收接近 3 億美元，比 2022 年的強勁表現成長了 54%。EBITDA 為 2.42 億美元，年增 72%。淨利為 1.45 億美元，也較 2022 年成長 72%。我們的業績利用了油輪市場的強勁推動力，特別是現代化且節能的船隊。隨著我們更多的船舶在這一年中結束了期租，我們在現貨市場上的商業表現具有競爭力。

Moving on to slide 6 and our balance sheet, as of yearend, we had cash of approximately $55 million. That's complemented by a particularly larger than usual trade receivables balance of $57 million, attributed to timing of payments of freight by our clients. Mostly receivables have since been collected, of course. Our debt as of end December stood at $693 million, book leverage came in at 61%, while market adjusted LTV based on broker values to that approximately 45% to 60%.

轉到投影片 6 和我們的資產負債表，截至年底，我們擁有約 5500 萬美元的現金。此外，由於我們的客戶支付運費的時間安排，應收帳款餘額也比平常多得多，達到 5,700 萬美元。當然，大部分應收帳款已被收回。截至 12 月底，我們的債務為 6.93 億美元，帳面槓桿率為 61%，而市場根據經紀人價值調整的 LTV 約為 45% 至 60%。

On slide 7, we summarize our corporate and capital structure, as well as our employment profile. On that front, since late December, our entire fleet is taking this forward. In the last quarter, we talked about gaining momentum from our two refinancing transactions from the summer and October of last year, as we negotiated the upcoming purchase options of the Milos and the Poliegos from the legacy expensive leases. As promised, in February, we closed the transaction of purchasing back the Milos, executing a bank that's associated with the price of 175-basis-points over SOFR, with maturities in 2030.

在投影片 7 中，我們總結了我們的公司和資本結構以及我們的就業概況。在這方面，自 12 月下旬以來，我們整個機隊都在前進。在上個季度，我們談到了從去年夏天和 10 月的兩筆再融資交易中獲得動力，當時我們就即將從傳統的昂貴租賃中購買 Milos 和 Poliegos 的選擇進行了談判。正如所承諾的，我們在 2 月完成了回購 Milos 的交易，執行了一家與 SOFR 價格高 175 個基點相關的銀行，到期日為 2030 年。

We have formally declared the purchase option for the Poliegos, which is due to close in June of this year. We are optimistic that we can continue utilizing the positive momentum, the excellent relationships with our financiers, both existing and new ones, as well as the position of the company in achieving at least similarly significant improvement in our capital structure, as we did with the Milos. Separately, but indicative of our ability to source accretive transactions within our capital structure, we also announced in January a set of transactions with a Chinese leasing financiers. We essentially negotiated that they were on our two existing leases: on the Nissos Kea and Nissos Nikouria.

我們已正式宣布 Poliegos 的購買選擇權，該購買選擇將於今年 6 月結束。我們樂觀地認為，我們可以繼續利用積極的勢頭、與現有和新金融家的良好關係，以及公司的地位，至少在我們的資本結構上實現類似的顯著改善，就像我們對米洛斯.另外，我們也在 1 月宣布了與一家中國租賃融資機構的一系列交易，這表明我們有能力在我們的資本結構中尋找增值交易。我們基本上透過談判來確定它們位於我們現有的兩條租約上：Nissos Kea 和 Nissos Nikouria。

We reduced pricing by approximately 60-basis-points, extended maturities by seven quarters to 2030 and 2031, respectively. And also increased flexibility for the future by dropping certain penalties in case of early refinancing. We also brought in a third vessel in the portfolio of our Asian-leased vessels, the Nissos Anafi, financing is at 190-basis-points over SOFR, with maturities in 203.1 With transactions for all four vessels, Milos, Nissos Kea, Nissos Nikouria, Nissos Anafi all closed earlier this month.

我們將定價降低約 60 個基點，並將期限分別延長七季至 2030 年和 2031 年。並且還透過取消提前再融資的某些處罰來增加未來的靈活性。我們還在亞洲租賃船舶組合中引入了第三艘船舶 Nissos Anafi，融資比 SOFR 高 190 個基點，到期日為 203.1 所有四艘船舶都已交易：Milos、Nissos Kea、Nissos Nikouria 、Nissos Anafi 均於本月初關閉。

Overall, the transactions executed in the last nine months have improved their cost of debt on average by approximately 1%, on nine of our 14 vessels. We expect the Poliegos milestone to further improve our interest costs, and we are continuously on the lookout for deals to opportunistically optimize our capital structure. I will now pass over the presentation to Aristidis for the fun part.

總體而言，過去 9 個月執行的交易使我們 14 艘船舶中的 9 艘的債務成本平均降低了約 1%。我們預計 Poliegos 里程碑將進一步改善我們的利息成本，並且我們不斷尋找機會優化我們資本結構的交易。現在我將把有趣的部分交給阿里斯蒂迪斯。

Thank you, Iraklis. Looking at our commercial performance in Q4, Q4 rebounded with the seasonal volatility after week, in relative terms Q3. Due to the extended OPEC+ cuts, we didn't get the Q4 that we're all dreaming of. But the silver lining in this is that if the OPEC + continues to focus on managing inventory levels, which we believe will continue to draw, and eventually require barrel to be brought back to the market. This would lead to the explosive market that we're all waiting for, and we'll expand on this a bit later in the presentation.

謝謝你，伊拉克利斯。從我們第四季的商業表現來看，相對第三季而言，第四季隨著季節性波動在一週後出現反彈。由於歐佩克+延長減產，我們沒有實現我們都夢想的第四季。但其中的一線希望是，如果歐佩克+繼續專注於管理庫存水平，我們認為庫存水平將繼續下降，並最終需要將石油重新帶回市場。這將導致我們都在等待的爆炸性市場，我們將在稍後的演示中對此進行擴展。

We continue to employ our strategy of predominantly positioning our fleet in the West and taking the opportunity when the market turns to fix longer voyages at seas. Nissos Sifnos and Nissos Sikinos were redelivered from their long-term time charters. And now, the OET fleet is 100% exposed to the spot market. We also concluded our final dry-dock of the third special survey at Kimolos, our 2018-built Japanese Suezmax.

我們繼續採用我們的策略，將我們的船隊主要定位在西方，並在市場轉向修復更長的海上航程時抓住機會。Nissos Sifnos 和 Nissos Sikinos 的長期期租合約已重新解除。現在，OET 船隊 100% 接觸現貨市場。我們也在基莫洛斯島完成了第三次特別調查的最後乾船塢，這是我們 2018 年建造的日本蘇伊士型油輪。

We upgraded the paint specification on this vessel, which is currently performing above 7% better than the previous paint. The vessel is actually more efficient today than she was when she was first delivered to us from the yard. We intend to use a similar justification of paint on our VLCCs that are going to the drydock this year, the five 2019-built ships, and one 2025. During the quarter, we achieved a fleet-wide TCE of $45,400 per day, including our time charters.

我們升級了該船的油漆規格，目前性能比之前的油漆好 7% 以上。事實上，這艘船今天比第一次從船廠交付給我們時更有效率。我們打算在今年將進入乾船塢的 VLCC、五艘 2019 年建造的船舶和一艘 2025 年建造的船舶上使用類似的油漆理由。本季度，我們的全機隊 TCE 達到每天 45,400 美元，包括我們的期租。

Our VLCCs generated $45,200 per day in the spot market, 4% outperformance relative to our tanker peers that have reported Q4 earnings. Our Suezmaxes have generated $51,800 per spot day, a 17% outperformance, relative to our tanker peers who have reported Q4 earnings. These numbers reflect our actual book TCE revenue in the quarter, as for our accounting standards, which includes several days, especially related to our Suezmax, the balances for which we've not recorded any revenue.

我們的 VLCC 在現貨市場上每天獲利 45,200 美元，比已報告第四季度收益的油輪同業高出 4%。我們的蘇伊士型油輪每個現貨日獲利 51,800 美元，比已報告第四季收益的油輪同業高出 17%。這些數字反映了我們本季的實際帳面 TCE 收入，就我們的會計標準而言，其中包括幾天，特別是與我們的 Suezmax 相關的天數，我們沒有記錄任何收入的餘額。

Moving on to slide 10 for guidance on Q1. Q1 started with strength and volatility, which were luckily able to capitalize on. The Red Sea deviations have so far benefited other segments of the shipping industry more than the crude fleet. Although, due to the additional cost of diverting crude around Africa, the situation created most opportunities for VLCCs within the crude fleet. We saw the usual Suezmax stems from the AG West, either being parceled up and moving on the VLCC, likely take on the new system RP or being sold leased instead and again, being parceled up on VLCCs.

繼續看投影片 10，了解第一季的指導。第一季以強勢和波動開始，幸運的是我們能夠利用這一點。迄今為止，紅海偏差對航運業其他領域的好處比對原油船隊的好處更大。儘管如此，由於在非洲各地轉移原油會產生額外成本，這種情況為原油船隊中的超大型油輪創造了大部分機會。我們看到常見的蘇伊士型油輪來自 AG West，要么被打包並在 VLCC 上移動，可能會採用新系統 RP，要么被一次又一次地租賃出售，被打包在 VLCC 上。

Another effective net-based cargoes that are sold and transported via Suez Canal and Suezmaxes are also being parceled up on VLCCs and sailing around Africa, like we (technical difficulty). Can we stop the music playing? We diverted three Suezmaxes that were initially fixed from AG West via Suez to sail around Africa. One second while we try to turn off the music. Sorry, everyone. Hopefully we service the provider (technical difficulty) in a couple seconds. Just give us a moment.

透過蘇伊士運河和蘇伊士型油輪銷售和運輸的另一種有效的網路貨物也被包裝在 VLCC 上並在非洲各地航行，就像我們一樣（技術難度）。我們可以停止播放音樂嗎？我們將最初從 AG West 經蘇伊士修好的三艘蘇伊士型油輪改道繞非洲航行。前一秒我們試著關掉音樂。對不起，大家。希望我們能在幾秒鐘內為提供者提供服務（技術困難）。請給我們一點時間。

Hello, apologies for that. I guess, I just finished explaining that we've seen some changes in the way that the crude is moving. Due to the Red Sea diversion, there was moving on Suezmaxes, and because of the efficiency of using a VLCC or on sale around us who have seen more VLCCs being substituted into two Suezmax cargoes. And we've done one of these just not going to go AG West that should have been two Suezmax cargoes. And we've also fixed one similar on the (inaudible) that we originally would have been two Suezmax cargoes from the Black Sea to Korea, it's now on one VLCC cargo that's going to add tests in Malta and go around Africa.

您好，對此表示歉意。我想，我剛剛解釋完，我們已經看到原油移動方式發生了一些變化。由於紅海改道，蘇伊士型船舶開始移動，並且由於使用 VLCC 的效率或我們周圍的銷售，已經看到更多的 VLCC 被替換為兩艘蘇伊士型貨物。我們已經完成了其中一艘，只是不會去AG West，本來應該是兩艘蘇伊士型油輪。我們也修復了一個類似的問題（聽不清楚），我們最初是從黑海到韓國的兩艘蘇伊士型貨物，現在是一艘 VLCC 貨物，該貨物將在馬耳他增加測試並繞過非洲。

We also generated three Suezmaxes that were originally fixed from the Arabian Gulf West via Suez. And that these ships will they have sail around Africa. This did benefit us by prolonging the voice and also increased the TCE because of the larger flat rate. I'm increasingly positive about the supply balance of the VLCC fleet. As we've seen the recent spike in rates two weeks ago, this was led by tightness and need rather than the West, which is the usual way some happening these past 18, 24 months, and then the East follows.

我們也生產了三艘蘇伊士型油輪，這些油輪最初是從阿拉伯灣西部經蘇伊士運河固定的。這些船隻將在非洲航行。這確實使我們受益，因為延長了語音時間，並且由於統一費率較大而增加了 TCE。我對 VLCC 船隊的供應平衡越來越樂觀。正如我們在兩週前看到的近期利率飆升一樣，這是由緊縮和需求主導的，而不是西方國家，這是過去 18、24 個月發生的常見情況，然後東方緊隨其後。

I think this bodes very well for when OPEC+ desire to bring back growth to market, because these barrels will predominantly be supplied from the AG. So we can see a lot more volatility driven out of the AG, while we will also see volatility out of the West, and this could be very good for higher earnings. We fixed some excellent longer voyages this quarter and locking in some great numbers. Our 2019 build VLCCs will go through their first special survey as I mentioned earlier this year, and we will have the benefit of positioning these ships to the drydock location in China to be a very profitable front haul voyages, as most of our ships are in the West.

我認為這對 OPEC+ 希望恢復市場成長來說是個好兆頭，因為這些石油將主要由 AG 供應。因此，我們可以看到 AG 帶來更多的波動，同時我們也將看到西方的波動，這可能對更高的收益非常有利。本季我們修復了一些出色的長途航程，並鎖定了一些大量的航程。正如我今年早些時候提到的，我們2019 年建造的VLCC 將進行第一次特別檢驗，我們將受益於將這些船舶定位到中國的干船塢位置，這是一次非常有利可圖的前程航行，因為我們大多數的船舶都在西方。

This is like we've done on Nissos Despotiko and we're going to do on Nissos Nikouria soon. So far in Q1, we have fixed 81% of our fleet wide spot days at $66,800 per day. 76% of our VLCC spot days at %73,900, which is a 37% up performance relative to our tanker peers who have reported Q1 earnings, not including International to Seaways, so I think we've probably outperformed as well. And 88% of our Suezmax spot days at $58,800 per day, a 9% outperformance relative to our tanker peers who have reported Q1 earnings, again, not including International Seaways.

這就像我們在 Nissos Despotiko 上所做的那樣，我們很快也會在 Nissos Nikouria 上做同樣的事情。到目前為止，第一季度，我們已將 81% 的機隊現貨天數固定為每天 66,800 美元。我們76% 的VLCC 現貨日運量為73,900 %，相對於已報告第一季收益的油輪同業（不包括International to Seaways）而言，業績成長了37%，所以我認為我們的表現可能也優於大盤。我們 88% 的蘇伊士型油輪現貨日價格為每天 58,800 美元，比已公佈第一季收益的油輪同業高出 9%（不包括 International Seaways）。

Moving on to slide 11, OET is in the unique position of being the only pure eco scrubber fitted listed tanker platform. This has been an important factor in allowing our company to outperform our period by an average of 21% and 42% on the VLCC and Suezmax segments. Other factors are getting quite lucky on our short term tactical positioning ideas. Of course, the fantastic work of Iraklis and the commercial team and our optimum size, which is needed to small and subject the risk of volatility, nor to be that would jeopardize our ability to take advantage of differentiating strategy when we see risk reward balance justified.

轉到幻燈片 11，OET 處於獨特的地位，是唯一配備純生態洗滌器的上市油輪平台。這是我們公司在 VLCC 和 Suezmax 領域的業績平均優於同期水準 21% 和 42% 的一個重要因素。其他因素對我們的短期戰術定位想法來說非常幸運。當然，伊拉克利斯和商業團隊的出色工作以及我們的最佳規模，需要縮小規模並承受波動風險，當我們看到風險回報平衡合理時，也不會危及我們利用差異化策略的能力。

On the following slide, we touched upon the OPEC+ cuts earlier. I believe OPEC+'s main goal is to manage inventory levels to a point that the market begins to reflect this in the oil fluctuation. Q1 seems to be counter seasonally drawing, and an extension of the cuts into Q2, which was we've expected to happen, will put us far below historical into inventory levels, which should then lead OPEC+ bringing back barrels sometime in the second half of this year. We estimate that the complete reversal of the voluntary and OPEC+ cuts will create an additional 48 VLCC demand equivalent, which is huge.

在下一張幻燈片中，我們早些時候談到了 OPEC+ 減產。我認為OPEC+的主要目標是控制庫存水平，使市場開始在石油波動中反映出來。第一季似乎與季節性相反，而我們預計會發生第二季的減產，這將使我們的庫存水平遠低於歷史水平，這將導致歐佩克+在下半年的某個時候恢復石油產量。我們估計，自願減產和 OPEC+ 減產的完全逆轉將創造額外的 48 艘 VLCC 需求當量，這是巨大的。

This will have an immediate impact on the tanker market and can set us up for the market that we've all been eagerly anticipating. On slide 13, we look a bit closer attention in the Red Sea and have some examples of vessel demand by either avoidance or closure. Direct sea tension has taken longer to develop on the crude segment than other segments in shipping. Initially, refiners needed to source immediate alternatives to delaying crude deliveries that could affect around and this strength and lapping based relative crude rates.

這將對油輪市場產生直接影響，並為我們進入我們一直熱切期待的市場做好準備。在投影片 13 中，我們對紅海進行了更仔細的關注，並提供了一些透過迴避或關閉來滿足船舶需求的範例。與航運業的其他領域相比，原油領域的直接海上緊張局勢需要更長的時間才能形成。最初，煉油廠需要立即尋找替代方案來延遲原油交付，這可能會影響周圍的相對原油價格。

This created opportunities for the VLCCs, as we previously mentioned with our fixtures on our (inaudible). Over time, I believe regional crude grades will have to adjust their pricing in order to sell into their normal outlets. And this will reflect the longer voyages and increased freight costs. This could create additional vessel demand equivalent and has made in the top-right chart.

正如我們之前在我們的固定裝置中提到的，這為 VLCC 創造了機會（聽不清楚）。隨著時間的推移，我相信區域原油等級將不得不調整其定價，以便向其正常銷售管道出售。這將反映出航程更長和貨運成本增加。這可能會產生額外的船舶需求，如右上圖表所示。

Unlike gas, crude grades is very tremendously. Refineries are built to burn specific crudes that produce specific products. And interest and maybe forced to refine crudes that are not preferred to keep on going, but over time, they will have to revert the crudes that produce economically efficient products. On slide 14, we look at it another short and medium term bullish factor, and this is a normalization of Venezuelan exports. Two years ago, all Venezuelan exports moved exclusively on extremely overage charter-free vessels.

與天然氣不同，原油品位非常高。煉油廠是為了燃燒生產特定產品的特定原油而建造的。興趣並可能被迫繼續提煉不受歡迎的原油，但隨著時間的推移，他們將不得不恢復生產經濟高效產品的原油。在投影片 14 上，我們看到了另一個短期和中期看漲因素，這是委內瑞拉出口的正常化。兩年前，委內瑞拉的所有出口貨物都完全透過超齡的免包租船隻運輸。

This number has dropped significantly and each normal cargo that is missing from Venezuela, create new vessel demand for the normal fleet. We anticipate that the main benefactor of continued Venezuelan exports will be the VLCC segment, with an expected creation of the eight VLCC demand equivalent this year alone. Demand is really loading process and also extremely inefficient, which we have not accounted for in these graphs. A vessel made for its cargo the same period of time as the duration of the voyage, increasing metal demand and reducing supply.

這一數字已大幅下降，委內瑞拉缺少的每批正常貨物都為正常船隊創造了新的船舶需求。我們預計委內瑞拉持續出口的主要受益者將是 VLCC 領域，預計僅今年就將產生相當於 8 艘 VLCC 的需求。需求實際上是載入過程，而且效率極低，我們在這些圖表中沒有考慮到這一點。船舶在航行期間為貨物進行運輸，從而增加了金屬需求並減少了供應。

On slide 15, in the short term, we have all these bullish signals and opportunities, while the long-term backdrop is even better. I strongly believe that the amount of available VLCC and Suezmax slots for delivery of new buildings in 2027 is very limited. In Korea, [Hangwa and Chindai] will be able to allocate limited births for the second half of 2027, while China and Japan are mostly fully booked until 2028. In my career, there has never been a four-year runway with such limited deliveries.

在幻燈片 15 上，短期內我們擁有所有這些看漲訊號和機會，而長期背景甚至更好。我堅信，2027 年交付新建築的可用 VLCC 和 Suezmax 艙位數量非常有限。在韓國，[Hangwa 和 Chindai] 將能夠分配 2027 年下半年的有限出生，而中國和日本在 2028 年之前大多已被預訂滿。在我的職業生涯中，從來沒有哪條四年的跑道交付量如此有限。

Again, [face], in 2027, over 54% of the fleet will be over 15 years old in the VLCC segment, and 56% in the Suezmax. 15 years of the age is the first stage hurdle where the charters begin to view the vessel as overage. These ships will lose efficiency and not be able to compete on all cargoes. 25% and 28% of the VLCC and Suezmax fleets will be over the age of 20 in 2027, which is the usual max age from normal business. With this tearful slide, we conclude the presentation and happy to answer any questions and handing it back to the operator. Again, apologies for the elevator music earlier.

同樣，[面臨]，到 2027 年，超大型油輪 (VLCC) 領域超過 54% 的船隊船齡將超過 15 年，蘇伊士型油輪 (Suezmax) 則佔 56%。船齡 15 年是第一階段的障礙，租船人開始認為船舶超齡。這些船舶將失去效率，無法在所有貨物上競爭。到 2027 年，25% 和 28% 的 VLCC 和 Suezmax 船隊的船齡將超過 20 歲，這是正常業務的通常最大船齡。透過這張令人淚流滿面的幻燈片，我們結束了演示，並樂意回答任何問題並將其回饋給操作員。再次對之前的電梯音樂表示歉意。

(Operator Instructions) [Peter Hogan, ABG].

（操作員說明）[Peter Hogan，ABG]。

Nice. I'm curious to hear, because, as you alluded to, the IFRS 15 effect is potentially substantial. And if I understand you correctly, you are showing here your TCE equivalents on the load to discharge basis, which you have lost some this. So the question is there a significant difference if you were to show your TCEs on a discharge to discharge basis?

好的。我很想聽聽，因為正如您所提到的，IFRS 15 的影響可能是巨大的。如果我理解正確的話，您在這裡顯示了您在負載到放電基礎上的 TCE 等價物，您已經失去了一些。那麼問題是，如果您要在每次出院的基礎上顯示您的 TCE，會有顯著差異嗎？

Hey, Peter, it's Iraklis. Look, it varies quarter on quarter. And as you have seen, whenever there is a higher effect coming in from the ballast days and the IFRS adjustments at the end of one quarter, you usually see that effect in the figures of the next quarter. As we anticipated, and I think we alluded to, back in the previous quarter and you've seen that since our commercial uptick in January, and the results now, there was a bit of an effect in Q4, another substantial of the previous quarter, which is then translated into Q1. So there is a bit of a balancing between the transition from one quarter to the next.

嘿，彼得，我是伊拉克利斯。看，每季都有所不同。正如您所看到的，每當一個季度末的壓載日和國際財務報告準則調整產生更大的影響時，您通常會在下一季的數據中看到這種影響。正如我們預期的那樣，我想我們在上一季也提到過，您已經看到，自從我們一月份的商業增長以來，以及現在的結果，第四季度產生了一些影響，這是上一季度的另一個重要結果，然後轉換為 Q1。因此，從一個季度到下一個季度的過渡之間存在一些平衡。

I cannot quantify it right now. Happy to take the comment and look at it a bit more. And then it really depends -- so for example, for this particular quarter in Q1, it really depends on the positioning of the vessels. At the moment, we do not expect that the impact may be too large as in some of the previous quarters, but it really will depend on whether some of the next four years just actually get loaded within the quarter. So it's a bit of an unknown at the moment.

我現在無法量化它。很高興接受評論並多看一下。然後，這實際上取決於 - 例如，對於第一季的這個特定季度，它實際上取決於船隻的定位。目前，我們預計影響可能不會像前幾季那樣太大，但這實際上取決於未來四年的某些情況是否會在本季度內真正實現負載。所以目前還是個未知數。

Okay, understood, thank you. And just on in terms of sort of fleet composition here. So many of us have expected a better, at least relative VLCC markets compared to at least the Aframaxes, and particularly if you compare it to the product tankers, which has been just stellar. So in terms of, well, the examples you just gave, is it possible to give some sort of quantification of how much we should now expect?

好的，明白了，謝謝。就艦隊組成而言。我們中的許多人都預計，至少與阿芙拉型油輪相比，VLCC 市場會更好，尤其是與表現出色的成品油輪相比。那麼，就您剛才給出的例子而言，是否有可能對我們現在應該期望的程度進行某種量化？

And then in particular, the Red Sea situation to be in a relative improvement for the VLCC, and potentially at the expense of Suezmaxes and Aframaxes? And finding English, how many ship-to-ship operations filling up the VLs from the smaller sizes could we potential there see going forward if the Red Sea situation continues to be (inaudible)?

特別是，紅海局勢對於 VLCC 來說將相對改善，並可能犧牲蘇伊士型油輪和阿芙拉型油輪？並發現英語，如果紅海局勢繼續惡化，我們可能會看到有多少船對船作業填充較小尺寸的VL（聽不清楚）？

Hi, Peter. Thank you for the question. I mean, it's a quite complicated question to quantify, but the there's a lot of changing dynamics because of this. And It also depends how long, you know, these tensions in the Red Sea last. I think that we probably will continue to see some parceling out of VLCC cargoes, especially from Kazakhstan, exports from the Black Sea, STS and multiple because a lot of this be sold and some there are cargoes being sold into China and Korea. And I think this will continue.

嗨，彼得。感謝你的提問。我的意思是，這是一個非常複雜的量化問題，但因此存在許多變化的動態。這也取決於紅海的緊張局勢會持續多久。我認為我們可能會繼續看到一些 VLCC 貨物的包裝，特別是來自哈薩克斯坦的貨物，以及來自黑海、STS 和多艘的出口貨物，因為其中許多貨物被出售，有些貨物被出售到中國和韓國。我認為這種情況將會持續下去。

So we can see that continuing. In CBC, it's huge export terminal. So I mean, whether it's two VLCCs or VLCCs a month, I'm not exactly sure, but I wouldn't expect much more than that from CPC specifically. We could also see similar parceling up, you know from Libya, Algeria, to go around Africa. In the inverse to come AG West, I think we won't see as much, because the Mediterranean ports are not really built and designed for VLCCs.

所以我們可以看到這種情況仍在繼續。在CBC，它是一個巨大的出口碼頭。所以我的意思是，無論是每月兩艘 VLCC 還是每月 VLCC，我不太確定，但我對 CPC 的期望不會更高。我們也可以看到類似的包裹，從利比亞、阿爾及利亞到非洲各地。相反，AG West 的情況，我認為我們不會看到那麼多，因為地中海港口並不是真正為 VLCC 建造和設計的。

So we may see it occasionally VLCCs are relatively cheaper to Suezmax in terms of freight, but I don't think it will be as common. Because once your account for FPS and the chartering to shift to later from the VLCC in Europe, I don't know if the efficiency of the VLCCs is that great. So I think, initially, it was quite beneficial for the VLCCs. I think over time as the tensions normalize, it will benefit also the Suezmaxes and Aframaxes as well.

因此，我們有時可能會看到超大型油輪在運費方面比蘇伊士型油輪相對便宜，但我認為這種情況不會那麼普遍。因為一旦你的FPS和租船帳戶從歐洲的VLCC轉移到以後，我不知道VLCC的效率是否那麼好。所以我認為，最初，這對 VLCC 非常有利。我認為隨著時間的推移，隨著緊張局勢正常化，蘇伊士型油輪和阿芙拉型油輪也會受益。

Okay, understood. Thank you. And then a final question, in terms of adding new ships, so I'm not going to ask if you will do that, but if you will for us to do so now would you prefer to expand on your Suezmax fleet or your VLCC fleet on?

好的，明白了。謝謝。最後一個問題是，關於增加新船，所以我不會問你們是否會這樣做，但如果你們願意讓我們現在這樣做，你們會更願意擴大你們的蘇伊士型船隊還是你們的超大型油輪船隊在？

Look, I think if we would if we were to be able to receive shipped today in the water and ready to operate, I think with the preference would be towards the VLCCs at the moment. I think that Suezmaxes and we had a very strong two years and the VLCCs have lagged behind them, and I really do believe that in the next two, three years that it will again, we'll go back to the more traditional historical markets where the leader in terms of earnings and strength will be the VLCC segment.

看，我認為如果我們今天能夠在水中接收並準備好運營，我認為目前優先考慮的是 VLCC。我認為蘇伊士型油輪和我們在這兩年表現非常強勁，而超大型油輪已經落後於他們，我真的相信在接下來的兩三年裡，我們將再次回到更傳統的歷史市場，其中就獲利和實力而言，領先者將是VLCC 領域。

And we agree. Okay. Thank you, that was all for me.

我們同意。好的。謝謝你，這就是我的全部了。

Thank you, Peter, and have a nice afternoon.

謝謝你，彼得，祝你下午愉快。

[Ben Dignities], Clarkson's Securities.

[Ben Dignities]，克拉克森證券。

Hi, thank you. Yeah, I'll just to have a follow up on the Red Sea situation. We did see a slight drop in activity of crude tankers to the Red Sea of that product tankers that caught fire earlier this year. But since then, activity has more or less recovered to 2023 level. What do you think is need than before operators we've thought going around the Cape of Good Hope?

嗨，謝謝你。是的，我只是想跟進紅海局勢。我們確實看到，與今年早些時候起火的成品油輪相比，前往紅海的原油油輪活動略有下降。但此後，活動或多或少恢復至 2023 年的水準。您認為與先前我們認為繞行好望角的業者相比，需要什麼？

Hi, Benedict, thanks for the question. I think that if we look at what types of crudes are them transiting the Suez and as a percentage, you'll see that by far the biggest is the Russian crude. I don't expect that to stop. I mean, I am only in extreme circumstances that I think that the Russian crude will divert around. And I think in most cases, the policy for this crude is that it must go through the Suez, and they don't allow it to be routed via the Cape of Good Hope.

你好，本尼迪克特，謝謝你的提問。我認為，如果我們看看通過蘇伊士運河的原油類型及其百分比，您會發現迄今為止最大的是俄羅斯原油。我不希望這種情況停止。我的意思是，只有在極端情況下，我認為俄羅斯原油才會轉向。我認為在大多數情況下，這種原油的政策是它必須通過蘇伊士運河，並且不允許它通過好望角。

So well, straight off the bat, we have, you know, continued Russian going to pursue it. And then you have the threats from the from the royalties that have been directed at, you know, either Israeli, US, or UK interest. And I mean, I think to the greatest extent of what we've seen from attacks have been UK, US is really interest means management, listing, operating, it did not include things like insurance or banking. So there's a big green fleet. There's a big Chinese fleet who don't have US, UK, Israeli interest in terms of ownership and management, and they may feel that it's safe enough for them to transit because there is a premium to go through.

那麼好吧，我們立刻就開始了，你知道，俄羅斯人將繼續追擊它。然後，你會面臨來自特許權使用費的威脅，這些威脅是針對以色列、美國或英國的利益。我的意思是，我認為我們從英國、美國看到的最大程度的攻擊實際上是指管理、上市、運營，它不包括保險或銀行等內容。所以有一支龐大的綠色車隊。中國有一支龐大的船隊，在所有權和管理方面沒有美國、英國、以色列的利益，他們可能覺得過境足夠安全，因為需要支付一定的費用。

So I think that there's a big chunk of the market that still will go through. And until the whole [team] decide that perhaps that all coalition forces involved in the Red Sea, which does include German and Greek and Italian naval forces, maybe that would force the Greek fleet to completely divert to. But for the time being, the focus has only been UK, US, and Israeli. So I don't see what's changing at most.

所以我認為市場的很大一部分仍將經歷變化。直到整個[團隊]決定，也許所有參與紅海的聯軍，包括德國、希臘和義大利海軍，也許會迫使希臘艦隊完全轉向。但目前，焦點只有英國、美國和以色列。所以我最多看不出有什麼改變。

Thank you, that's great color. If you share some comments on those 1Q bookings that have been very much linked to the lithium business?

謝謝，這個顏色真棒。您對與鋰業務密切相關的第一季預訂有何評論？

Can you repeat the question?

你能重複一下這個問題嗎？

No, it wasn't a question. It was more -- you could have some comments to Peter on the 1Q fixtures, I think we would like to have also as well as we have the line of the same question.

不，這不是一個問題。更重要的是——你可以就第一季的賽程向彼得提出一些評論，我想我們也希望有同樣的問題。

Sure, ben, let's touch base offline when whatever you need.

當然，本，無論您需要什麼，我們都可以離線聯繫。

Perfect. Thank you.

完美的。謝謝。

There are no further questions. So I'll hand you back to your host to conclude today's conference.

沒有其他問題了。因此，我將把您交給東道主，以結束今天的會議。

Thanks, everyone, for listening in. We'll speak in a next quarter. Thank you. Bye-bye.

謝謝大家的收聽。我們將在下個季度進行討論。謝謝。再見。

Thanks, guys. Appreciate it. And [no elevations in] export correspondingly, depending.

多謝你們。欣賞它。並且[無海拔]相應地導出，取決於。

Thank you for joining today's call. You may now disconnect your lines. Host, please stay on the line and await presence options.

感謝您參加今天的電話會議。現在您可以斷開線路。主持人，請保持通話並等待出現選項。