Okeanis Eco Tankers Corp (ECO) 2024 Q2 法說會逐字稿

rWelcome to OET's second-quarter 2024 financial results presentation. We will begin shortly. Aristidis Alafouzos, CEO; and 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.

r歡迎觀看 OET 2024 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 將帶領您完成示範。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。

Iraklis will begin the presentation now.

伊拉克利斯現在開始演講。

Thank you. Welcome to the presentation of Okeanis Eco Tankers' results for the second quarter of 2024. We will discuss matters of the forward-looking nature and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide 2.

謝謝。歡迎觀賞 Okeanis Eco Tankers 2024 年第二季業績報告。我們將討論前瞻性的問題，實際結果可能與此類前瞻性陳述中反映的預期有所不同。請仔細閱讀投影片 2 上的相關免責聲明。

So starting on slide 4 and the executive summary. I'm pleased to present the highlights of the second quarter of 2024. We continue on the track of strong commercial and financial results. Since the beginning of the year, we are effectively fully spot exposed. We achieved fleet-wide time charter equivalent of about $65,000 per vessel per day.

那麼就從投影片 4 和執行摘要開始。我很高興向您介紹 2024 年第二季的亮點。我們繼續走在強勁的商業和財務業績的軌道上。自今年年初以來，我們實際上已經充分暴露了。我們實現了全船隊定期租船，相當於每艘船每天約 65,000 美元。

Our VLCCs were at $73,000 and our Suezmaxes at $55,000. We report adjusted EBITDA of $63.9 million, adjusted net profit of $39.7 million and adjusted EPS of $1.23. Fully committed to our strategy of delivering value to our shareholders, our Board declared the ninth consecutive capital distribution of $1.10 per share, which is about 90% of our EPS. On a four-quarter rolling basis, we have distributed $3.46 or 93% of our adjusted net income.

我們的 VLCC 價格為 73,000 美元，Suezmax 價格為 55,000 美元。我們報告調整後 EBITDA 為 6,390 萬美元，調整後淨利潤為 3,970 萬美元，調整後每股收益為 1.23 美元。我們的董事會完全致力於為股東創造價值的策略，宣布連續第九次資本分配為每股 1.10 美元，約占我們每股收益的 90%。在四個季度滾動的基礎上，我們分配了 3.46 美元，即調整後淨收入的 93%。

During the quarter, we have successfully completed our five-year drydock for the Nissos Keros, Nissos Despotiko, with four more of our VLCCs expected to complete the drydocks in the next couple of months. Furthermore, during the quarter, we announced three new financing transactions, further optimizing our capital structure. I'll go into further details on this in a couple of slides.

本季度，我們成功完成了 Nissos Keros、Nissos Despotiko 號的五年乾船塢，預計還有四艘 VLCC 將在未來幾個月內完成乾船塢。此外，本季我們宣布了三筆新的融資交易，進一步優化了我們的資本結構。我將在幾張幻燈片中詳細介紹這一點。

On slide 5, we show the detail of our income statement for the quarter and the half year. TCE revenue for the six-month period stood at over $160 million. EBITDA was close to $130 million and net income was approximately $80 million or $2.50 per share.

在投影片 5 上，我們展示了本季和半年損益表的詳細資訊。六個月期間的 TCE 收入超過 1.6 億美元。EBITDA 接近 1.3 億美元，淨利潤約 8,000 萬美元，即每股 2.50 美元。

Moving on to slide 6 and our balance sheet. We ended the quarter with $98 million of cash. Our balance sheet debt stood at $669 million, translating to book leverage of 57%, while market adjusted net LTV based on our most recent broker values has continued to decrease, now standing at approximately 38%.

繼續看投影片 6 和我們的資產負債表。本季結束時，我們擁有 9,800 萬美元現金。我們的資產負債表債務為 6.69 億美元，相當於帳面槓桿率為 57%，而根據我們最新經紀商價值進行市場調整的淨 LTV 持續下降，目前約為 38%。

On slide 7, we have our usual slide summarizing our corporate and capital structure. Since our last update in May, we have executed three new transactions and have also fully repaid the sponsored debt when that became due.

在投影片 7 上，我們用通常的投影片總結了我們的公司和資本結構。自五月上次更新以來，我們已經執行了三筆新交易，並在到期時全額償還了贊助債務。

In May, we refinanced our VLCC Nissos Kythnos with pricing of SOFR plus 140 basis points. And we also amended our existing facility on the Nissos Donoussa, reducing the price down to SOFR plus 165 basis points. Finally, we executed on the high anticipated purchase option of the Poliegos.

5 月份，我們以 SOFR 定價加 140 個基點為 VLCC Nissos Kythnos 進行再融資。我們也修改了 Nissos Donoussa 的現有設施，將價格降低至 SOFR 加 165 個基點。最後，我們執行了備受期待的 Poliegos 購買選項。

We closed the transaction on the first day of July, opening up a new financing market and improving significantly the pricing, now standing at SOFR plus 160 basis points. These transactions marked the completion of the full refinancing of our fleet except for the two VLCCs, Nissos Rhenia and Nissos Despotiko, whose purchase options kick in the first half of 2026.

我們於 7 月第一天完成了交易，開闢了新的融資市場，並顯著改善了定價，目前 SOFR 加 160 個基點。這些交易標誌著我們船隊的全面再融資完成，但兩艘 VLCC（Nissos Rhenia 和 Nissos Despotiko 的購買選擇權將於 2026 年上半年生效）除外。

This is a good segue into the next couple of slides as we want to demonstrate the value creation achieved by all these transactions. So slide 8. We only have to look back a year to have things due in June of 2023, prior to any of these transactions and prior to the transition from LIBOR into SOFR. On the left, during the LIBOR era, our banking cost of debt on a weighted average basis stood at 3.22% over LIBOR.

這是接下來幾張投影片的一個很好的延續，因為我們想要展示所有這些交易所實現的價值創造。所以幻燈片 8。我們只需回顧一年，即可在 2023 年 6 月到期，在任何這些交易之前以及從 LIBOR 過渡到 SOFR 之前。左邊，在 LIBOR 時代，我們銀行業的加權平均債務成本比 LIBOR 高出 3.22%。

Assuming the application of a credit adjustment spread of 26 bps across our facilities, to compare apples with apples post the SOFR transition. Our overall implied cost stood at 3.48% over SOFR. All our financings and amendments, of course, eliminated the credit adjustment spread.

假設在我們的設施中應用 26 個基點的信用調整利差，以將蘋果與 SOFR 過渡後的蘋果進行比較。我們的整體隱含成本比 SOFR 低 3.48%。當然，我們所有的融資和修訂都消除了信貸調整利差。

And along with the new margins negotiated with our financiers, we reduced the effective weighted pricing to 2.39% above SOFR. This takes into account our latest expensive leases that still remain outstanding and which offer for a great opportunity for further optimization in 2026.

隨著與金融家協商確定新的利潤率，我們將有效加權定價降低至 SOFR 之上 2.39%。這考慮到我們最新的昂貴租賃仍然懸而未決，這為 2026 年進一步優化提供了絕佳機會。

All that translates to an improvement of 110 basis points across the entire fleet or 130 basis points against the 12 refinanced vessels. Assuming our current outstanding bank debt of $675 million, we achieved a direct reduction on a breakeven of $1,700 per day on each of the 12 vessels at $7.4 million in a year.

所有這些都意味著整個船隊的改善達 110 個基點，或與 12 艘再融資船舶相比改善了 130 個基點。假設我們目前未償還的銀行債務為 6.75 億美元，那麼我們將 12 艘船每天的損益平衡點直接減少 1,700 美元，一年就減少 740 萬美元。

On top of the cost reduction exercise, moving on to slide 9. We have also added flexibility in optimizing our structure. We have full start all the loans previously scheduled between 2024 and '26. All the opportunity to refinance the Rhenia and Despotiko. We have no maturities before 2028.

除了降低成本之外，請轉到投影片 9。我們也增加了優化結構的靈活性。我們已全面啟動先前計劃在 2024 年至 26 年間的所有貸款。為 Rhenia 和 Despotiko 提供再融資的所有機會。2028 年之前我們沒有到期日。

All of them must stagger between '28 and 2032 providing for both a significant runway, but also a balanced and extended time frame to pursue further extensions or refinancings in an optimal way. Overall, we're very pleased with the effect of these transactions with improvement on the cost side, the extended maturities and the flexibility assets.

所有這些都必須在 28 年和 2032 年之間錯開，既提供重要的跑道，又提供平衡和延長的時間框架，以最佳方式尋求進一步延期或再融資。整體而言，我們對這些交易在成本方面的改善、延長的期限和靈活性資產的效果感到非常滿意。

We will continue to be on the lookout for accretive deals, but the benchmark is not set at a very different level. And we very much look forward to bringing the outliers Rhenia and Despotiko back along with the rest of our vessels at competitive terms.

我們將繼續尋找增值交易，但基準並沒有設定在一個非常不同的水平。我們非常期待以有競爭力的價格將異常值 Rhenia 和 Despotiko 以及我們的其他船隻帶回來。

I'm now passing over the presentation to Aristidis for the commercial aspects.

我現在將商業方面的演示轉交給 Aristidis。

Thank you, Iraklis. In Q2 2024 was the second quarter of our fleet having 100% spot exposure. The main objective of this quarter, as we had alluded to in Q1 was to favorably position our VLCCs that require special surveys and complete the company's drydock requirements during the weaker summer months.

謝謝你，伊拉克利斯。2024 年第二季是我們機隊擁有 100% 現貨敞口的第二個季度。正如我們在第一季提到的那樣，本季的主要目標是為需要特殊檢驗的 VLCC 提供有利的定位，並在夏季疲軟的月份完成公司的乾船塢要求。

This was planned and organized well in advance, which required close coordination between the commercial department and the technical manager to time the vessels to have staggered deliveries at the shipyard and avoid delays. We also brought some drydocks forward and off-hire during the weaker summer months instead of during the winter.

這是提前規劃和組織的，需要商務部門和技術經理之間密切協調，安排船舶在船廠交錯交付，避免延誤。我們還在天氣較弱的夏季而不是冬季提前關閉了一些乾船塢。

Given OET's preference to trade our VLCCs in the West, which outperforms the East market, we were able to fix many long high-earning front haul voyages for our drydock positionings. We also took advantage of the strong spring market to fix front haul business on our Vs that did not require drydock to cover for the weaker expected summer as well.

鑑於 OET 更傾向於在西方交易我們的 VLCC，這優於東方市場，因此我們能夠為我們的乾船塢定位安排許多長期高收益的前程航行。我們也利用強勁的春季市場來修復 V 型船的前程業務，這些業務不需要乾船塢來應對預期疲軟的夏季。

The West to East fixtures, we concluded loaded from the North Sea, the Mediterranean and South America. A number of these fixtures only occurred because of the Red Sea avoidance and voyage economics which made more sense to parcel the cargo up on a VLCC and sail via the Cape around the Africa in comparison to fixing two Suezmaxes also via the Cape and around the Africa.

從西到東的固定裝置，我們得出的結論是來自北海、地中海和南美洲。其中許多固定裝置的發生只是因為避開紅海和航程經濟，與固定兩艘蘇伊士型油輪也通過好望角和環繞非洲相比，將貨物裝在一艘 VLCC 上並通過好望角環繞非洲航行更有意義。

The disruptions due to the Ukrainian war and Houthis in the Red Sea created many triangulation opportunities that allows you to trans-trade the ship of VLCC much more like a Suezmax. Seeking these opportunities and being comfortable to the trade of VLCCs outside the usual TD3 or West to East round voyages produce a significant outperformance for us, and we're happy we took these risks.

烏克蘭戰爭和紅海胡塞武裝造成的干擾創造了許多三角測量機會，讓您可以像蘇伊士型油輪一樣對 VLCC 進行轉口貿易。尋求這些機會並適應常規 TD3 或西至東往返航程之外的 VLCC 貿易，為我們帶來了顯著的優異表現，我們很高興我們承擔了這些風險。

An unexpected highlight of the quarter was progressively turning our dirty trading VLCCs into LR4s. I will go into more depth about the idea and process later in the call.

本季度的一個意想不到的亮點是我們逐步將骯髒的貿易 VLCC 轉變為 LR4。我將在稍後的電話會議中更深入地討論這個想法和流程。

There was a huge spread between crude oil and product freight rates, though, which made the cleanup trade profitable for the trader when he was incorporated the cost and time of cleaning up the crutches and the cost and time of the inefficiencies of lightering to load and discharge a vessel.

然而，原油和產品運費之間存在巨大差異，當他將清理拐杖的成本和時間以及駁運裝載和運輸效率低下的成本和時間考慮在內時，這使得清理貿易對貿易商有利可圖。一艘船。

Cleaning terminals at the load and discharge ports were not all designed to fully load VLCCs with diesel. We successfully cleaned up three VLCCs on a spot basis.

裝貨港和卸貨港的清潔碼頭並非全部設計用於為 VLCC 滿載柴油。我們成功現場清理了三艘 VLCC。

Why do we do this? It generated premium time charter equivalent rates relative to the crude trade. It extended voyage duration during the seasonal weaker summer months, covering us for a longer period of the summer than the crude voyage would have done and simultaneously position our vessels in the West. We have the added bonus of a future clean trading optionality, but this is not our base case scenario.

我們為什麼要這樣做？相對於原油貿易，它產生了溢價的期租等價費率。它延長了季節性淡季的夏季月份的航行時間，使我們在夏季的停留時間比原油航行更長，同時將我們的船隻定位在西方。我們還有未來清潔交易選項的額外好處，但這不是我們的基本案例場景。

To date, we have cleaned up four ships, which one has ventured dirty trade already. We are now experiencing the process and trusted by our counterparties. We spend a lot of time and effort commercially and technically to get these deals concluded.

到目前為止，我們已經清理了四艘船，其中一艘已經進行了骯髒貿易。我們現在正在經歷這個過程並受到我們的交易對手的信任。我們在商業和技術上花費了大量的時間和精力來完成這些交易。

Two out of the six VLCCs planned for this year, to drydock completed their drydocks during the second quarter being the Despotiko and Keros with the latter sailing in early July. The remaining three are planned for Q3 and one in early Q4, aiming to have the ships ready for a strong Q4.

今年計劃進塢的六艘 VLCC 中，有兩艘在第二季完成了進塢，即 Despotiko 和 Keros，後者於 7 月初啟航。其餘三艘計劃在第三季建造，一艘在第四季度初建造，旨在讓船舶為強勁的第四季度做好準備。

Given we do not transit the Red Sea and the decrease in Suezmax stems from the AG that are sold to the West, we have found it more challenging to trade our Suezmaxes East of Suez.

鑑於我們不經過紅海，而且蘇伊士型油輪的減少源於出售給西方的 AG，我們發現在蘇伊士以東交易蘇伊士型油輪更具挑戰性。

Before the Red Sea situation developed, it was very easy to find backhaul cargoes, repositioning the vessels from the AG to Europe. Now this is more challenging in their fewer cargoes. We could not risk having multiple Suezmaxes open in the East and compete against each other and the market for backhauls.

在紅海局勢發展之前，很容易找到回程貨物，將船隻從AG重新定位到歐洲。現在，由於貨物較少，這更具挑戰性。我們不能冒在東部開設多艘蘇伊士型油輪的風險，並相互競爭和回程市場競爭。

Therefore, we had to calculate earnings on the Suezmax front haul voyages from West to East with a long ballast reposition back to a location where we were comfortable finding cargoes like West Africa. This deteriorates the time charter equivalent earnings significantly and in most cases, will not outperform trading the ships locally in the West.

因此，我們必須計算蘇伊士型油輪從西到東的前程航程的收益，並將長壓載物重新定位回我們可以輕鬆找到西非等貨物的位置。這會顯著惡化定期租船的等效收益，並且在大多數情況下，不會優於西方本地的船舶貿易。

For this reason, we strongly focused on keeping them in the West with only one vessel being fixed East where we found a lucrative opportunity in comparison to the Western market earnings.

出於這個原因，我們專注於將它們留在西方，只有一艘船固定在東方，與西方市場收益相比，我們發現了一個利潤豐厚的機會。

Despite the seasonal weakness prevailing in both segments towards the end of the quarter, we achieved a fleet-wide TC rate of $64,900 per day. Our VLCCs generated $73,300 per day in the spot market, a 39% outperformance relative to our tanker peers that are reported in Q2 earnings.

儘管到本季末兩個細分市場都普遍存在季節性疲軟，但我們的全機隊 TC 費率仍達到每天 64,900 美元。我們的 VLCC 在現貨市場上每天產生 73,300 美元的收入，比第二季收益中報告的油輪同業高出 39%。

Our Suezmax has generated $54,600 per spot day a 17.5% outperformance relative to our tanker peers were recorded in Q2 earnings. These numbers reflect our actual booked TCE revenue within the quarter as per accounting standards.

我們的蘇伊士型油輪每個現貨日收益為 54,600 美元，第二季收益較我們的油輪同業高出 17.5%。這些數字反映了我們根據會計標準在本季度實際預訂的 TCE 收入。

Moving on to slide 11 for guidance on Q3. Q2 was a relatively strong quarter, which mitigated some of the Q3 seasonal weakness which we had done by fixing long-hauls on haul voyages to drydock and cleaning up the three VLCCs. This positive trend continued into Q3, where we cleaned up an additional VLCC for product trading with one more ship in the works.

繼續看投影片 11，了解第三季的指導。第二季度是一個相對強勁的季度，這緩解了第三季度季節性疲軟的一些情況，我們透過修復前往幹船塢的長途運輸航線和清理三艘 VLCC 來做到這一點。這種積極的趨勢持續到第三季度，我們清理了一艘額外的 VLCC 用於產品貿易，還有一艘正在建造中。

As mentioned previously, this move generated a premium time charter equivalent and extended the trading duration compared to accrued backhaul trade. Additionally, as again mentioned previously, we positioned ourselves back in our beloved, in West market for Q4.

如前所述，與應計回程貿易相比，此舉產生了相當於溢價的定期租船合同，並延長了交易持續時間。此外，正如之前再次提到的，我們在第四季度將自己定位回到了我們心愛的西方市場。

We hope to find market outperforming opportunities to continue trading clean following this charge of the first clean cargo, but this is not a given. In Q3, we continued our focus on positioning the remaining four VLCCs that are due for drydock with long-haul voyages East and discharging in proximity to the yard.

我們希望在第一批清潔貨物收費後找到跑贏市場的機會繼續進行清潔交易，但這並不是必然的。第三季度，我們繼續專注於剩餘四艘 VLCC 的定位，這些 VLCC 將在乾船塢進行長途航行，向東航行並在堆場附近卸貨。

For our Suezmaxes, we focused again in the West and on voyage optimization by limiting waiting times and balance days. Given the seasonally weaker summer in both segments, our focus and strategy to now to conclude the remaining drydocks. Already one vessel, the Nissos Rhenia has completed drydock, while the remaining two scheduled for the latter part of the quarter and 1 will enter in the beginning of Q4.

對於我們的蘇伊士型油輪，我們再次將重點放在西方，並透過限制等待時間和平衡天數來優化航程。鑑於這兩個部分的夏季季節性疲軟，我們現在的重點和策略是結束剩餘的乾船塢。Nissos Rhenia 號已經有一艘船完成了乾船塢，其餘兩艘船計劃在本季後半段進港，其中一艘將在第四季初進入。

Meanwhile, we maintain a wet positioning on the trading fleet to capitalize one seasonality changes. Once we complete the drydocks on the VLCCs, we will likely return to minimizing balance and focus on trading our VLCCs in the West.

同時，我們對交易船隊保持輕倉，以利用季節性變化。一旦我們完成了 VLCC 的乾船塢，我們可能會回到最小化餘額並專注於在西方交易 VLCC。

Current Q3 rates have weakened significantly with VLCC round voyages trading around $25,000 per day for AG East and $30,000 for US Gulf [PA] while Suezmaxes are earning in the low 20s on a round voyage basis. So far in Q3, we had 56% of our flee-wide spot days is at $51,300 per day.

目前第三季的運價已顯著走弱，AG East 的VLCC 往返航線每日交易價格約為25,000 美元，美國海灣[PA] 的每日交易價格約為30,000 美元，而蘇伊士型油輪的往返航線獲利在20 多美元左右。到目前為止，第三季度，我們 56% 的現貨日價格為每天 51,300 美元。

58% of our VLCC spot days is at $46,100 per day, a 24% outperformance. 53% of our Suezmax spot days is $58,000 per day, a 39% outperformance relative to our tanker peers that have reported in Q3 earnings.

我們 58% 的 VLCC 現貨日價格為每天 46,100 美元，表現優於 24%。我們 53% 的蘇伊士型油輪現貨日租金為每天 58,000 美元，比第三季收益中報告的油輪同業高出 39%。

On slide 13, we demonstrate how -- our ability to adapt and capitalize on the market opportunity is proven with consistent outperformance relative to our tanker peers in almost every turn of the market. We are very focused on maintaining this consistency going forward. I would like to note that the outlook for the next year is great, and our outperformance grows in front market environment.

在幻燈片 13 中，我們展示瞭如何——我們適應和利用市場機會的能力已被證明，在幾乎每個市場轉折點上，我們的表現始終優於我們的油輪同行。我們非常注重未來保持這種一致性。我想指出的是，明年的前景很好，而且我們的表現在前端市場環境中不斷增長。

Significant softening has been seen into the summer, mainly driven by weaker Chinese crude exports, weak refining margins (inaudible) and ongoing OPEC+ cuts. The outlook and conditions remain firm in the crude tanker market for the winter and seasonality provides for meaningful upside.

進入夏季，油價顯著疲軟，主要是因為中國原油出口疲軟、煉油利潤疲軟（聽不清楚）以及歐佩克+持續減產。冬季原油油輪市場的前景和狀況仍然堅挺，季節性因素提供了有意義的上漲空間。

Rates in both segments are at quite healthy levels and way above the 2019 to 2023 average, while expectations for seasonality boost should start appearing on the horizon soon. Global Oil demand is expected to continue its upward trend with the IEA forecasting an increase of 1.1 million barrels per day in 2024.

這兩個細分市場的費率都處於相當健康的水平，遠高於 2019 年至 2023 年的平均水平，而季節性提振的預期應該很快就會開始出現。全球石油需求預計將持續呈上升趨勢，IEA 預測 2024 年將增加 110 萬桶/日。

This growth is bolstered by increased production in the Americas, particularly USA, Canada, Brazil, and Guyana. However, OpEx production is expected to remain relatively stable, which may limit some of the supply increases from this group. In addition to the above, ongoing geopolitical instabilities forcing tankers to take longer routes to avoid higher risk areas.

這一增長得益於美洲產量的增加，特別是美國、加拿大、巴西和圭亞那。然而，營運支出產量預計將保持相對穩定，這可能會限制該組的部分供應成長。除上述因素外，持續的地緣政治不穩定迫使油輪採取更長的航線，以避免風險較高的區域。

This rerouting is expected to continue increasing ton-mile demand significantly, contributing to higher shipping volumes and sustaining higher freight rates. In recent years, we have seen the winter market arrive later in Q4, but also extend deeper into Q1. We are confident seeing a strong winter market and are perfectly positioned to capture this with our 100% spot fleet and no planned drydocks.

此次航線變更預計將繼續顯著增加噸英里需求，有助於提高運輸量並維持更高的運費。近年來，我們看到冬季市場在第四季稍後到來，但也延伸到第一季。我們有信心看到強勁的冬季市場，並完全有能力利用我們的 100% 現貨船隊和沒有計劃的乾船塢來抓住這個市場。

Moving on to the following slide, I want to explain in greater detail about our decision to put so much focus into our cleaning up of the VLCCs into LR4s in Q2 and Q3. The summer is always the most challenging period of the year in terms of freight, and we look for ways to protect ourselves from this. Other than the vessels requiring drydock, we also fixed two VLCCs from our fleet.

接下來，我想更詳細地解釋一下我們決定在第二季和第三季將 VLCC 清理為 LR4 的決定。就貨運而言，夏季始終是一年中最具挑戰性的時期，我們尋找方法來保護自己免受這種影響。除了需要進乾船塢的船舶外，我們還從我們的船隊中修理了兩艘VLCC。

We had a large Eastern presence with the strategy to reposition them in the West for the winter. In addition to this, a vessel sailing from drydock will always have to fix at a discount to avoid -- to a vessel that's not in drydock for the first voyage.

我們在東部有大量的業務，並制定了將他們在西部重新部署過冬的策略。除此之外，從乾船塢出發的船舶始終必須以折扣價預訂，以避免首次航行時駛向不在乾船塢的船舶。

We saw in the market that traders like Mercuria and Trafiguria fixing dirty trading Suezmaxes on time charter and proceeding to clean them up and trade them in the clean market.

我們在市場上看到，像摩科瑞和托克這樣的貿易商在定期租船合約上修復了骯髒的蘇伊士型油輪，然後對其進行清理並在乾淨的市場上進行交易。

A similar voyage for crude cargo on a large dirty ship was cheaper freight than a clean cargo on a smaller clean ship. Our VLCC for the same phrase could carry 3 times to 3.5 times the cargo of a product carrier. As our Suezmax we're trading the West and these opportunities develop in the East, it was not an option for us Suezmax fleet.

在一艘大型髒船上運送原油貨物的類似航程比在較小的乾淨船上運送乾淨貨物的運費便宜。我們的同一階段的 VLCC 可以運載產品運輸船的 3 倍到 3.5 倍的貨物。由於我們的蘇伊士型油輪我們正在與西方進行交易，而這些機會在東方發展，這對我們蘇伊士型油輪船隊來說不是一個選擇。

Also at the time, the spread between the clean and dirty Suezmax market was not large enough to make sense for us. The VLCC dirty market, though, was comparatively weaker and the freight we believe we could earn if we cleaned up the vessels were significantly higher.

同樣在當時，乾淨的蘇伊士型油輪和骯髒的蘇伊士型油輪市場之間的價差還不夠大，對我們來說沒有意義。不過，VLCC 髒污市場相對較弱，我們相信，如果我們清理船舶，我們可以獲得的運費明顯更高。

This is where we had to start taking some commercial risks. We did not market the VLCCs we had for Crude business. Instead working with the specialists, we started cleaning up the VLCCs on spec while trying to develop cargoes.

這是我們必須開始承擔一些商業風險的地方。我們沒有銷售用於原油業務的 VLCC。我們沒有與專家合作，而是開始按照規範清理 VLCC，同時嘗試開發貨物。

A vessel that is trading dirty will have cargo tanks covered in crude oil, a thick waxy substance. Each tank on a VLCCs is about 28 meters tall, and there are 17 of them. Every surface needs to be cleaned until it's pure bare metal.

一艘進行骯髒貿易的船隻的貨艙上會覆蓋著原油（一種厚厚的蠟狀物質）。VLCC 上的每個儲罐高約 28 米，共有 17 個儲罐。每個表面都需要清潔，直到變成純粹的裸露金屬。

This involves hot water washing, sludge removals, chemical washing and at times having over 120 people on board scraping, cleaning and removing all the crude residue. On each ship, we removed an average of around 150 tons of sludges in sludge disposal and also in garbage size bags.

這包括熱水清洗、污泥清除、化學清洗，有時還需要 120 多名船上人員進行刮擦、清潔和清除所有原油殘留物。在每艘船上，我們透過污泥處置和垃圾袋平均清除了約 150 噸污泥。

This was a huge feat. The total cleaning process took about 20 days which is factored into our TCE and the total cost is amortized in the single spot voyage. We assured our charters of the quality of the work we've done and secure the business. Instead of fixing the traders, we aim to work with the refiners who own the cargoes and do not have to develop the trade as extensively, thereby reducing our risk of the voyage not materializing.

這是一項偉大的壯舉。整個清潔過程大約需要 20 天，該時間已計入我們的 TCE 中，總成本在單點航次中攤銷。我們向章程保證了我們所做工作的品質並確保了業務。我們的目標不是固定貿易商，而是與擁有貨物的煉​​油商合作，而不必廣泛發展貿易，從而降低航次無法實現的風險。

There is not an independent owner that was able to clean up over 50% of their VLCCs fleet on a spot basis. And Chris and the team did an excellent job executing this plan. If we fix on a time charter basis instead of a spot basis, we would have given up optionality and extended duration to the charter. Now let's discuss why we did it, which we mentioned earlier as well. The market was weak and the drydock ships would need to be discounted.

沒有一家獨立船東能夠現場清理超過 50% 的 VLCC 船隊。克里斯和他的團隊出色地執行了這個計劃。如果我們確定期租而不是現貨，我們就會放棄選擇權並延長租期。現在讓我們討論為什麼要這樣做，這也是我們之前提到的。市場疲軟，乾船塢船舶需要折扣。

So the CTP opportunities allowed us to outperform in earnings all the different crude voyages, whether a backhaul or a round voyage. Incorporating the time to clean and the slower discharge in loadings due to multiple SPS lengthen the voyage to take a season into the seasonally firmer Q4. The demerge rate was much higher than the crude, so inefficiencies in discharge will only improve the voyage economics.

因此，CTP 機會使我們能夠在所有不同的原油航程中（無論是回程還是往返航程）獲得優於收益的表現。考慮到清潔時間和由於多次 SPS 導致的裝載卸貨速度變慢，航程延長，從而將一個季節帶入季節性更堅挺的第四季度。分離率遠高於原油，因此排放效率低只會改善航行經濟效益。

The voyages were all for discharge in the West, which is exactly what we wanted to do to reposition our ships for Q4, and we have the future clean trading optionality without any cleaning costs are time. As already discussed, we have cleaned up four vessels so far, and hopefully, one more soon, showcasing our operational flexibility and adaptability to market conditions for the benefit of our shareholders.

這些航次都是為了在西方卸貨，這正是我們在第四季度重新定位船舶時想要做的事情，而且我們擁有未來的清潔貿易選擇，無需任何清潔成本就是時間。正如已經討論過的，到目前為止，我們已經清理了四艘船，希望很快還能清理一艘，展示我們的營運靈活性和對市場條件的適應能力，以造福我們的股東。

Lastly, on slide 16, we look at the setup that as we discussed in the previous quarter, seems still too good to be true. An aging fleet with no order book, especially for the VLCCs and no yard capacity in Tier 1 yard until at least before 2028 creates the perfect supply scenario, especially for Okeanis Super Eco modern fleet.

最後，在幻燈片 16 中，我們看到了我們在上一季討論過的設置，看起來仍然好得令人難以置信。沒有訂單的老化船隊，尤其是 VLCC，並且至少在 2028 年之前沒有一級堆場容量，創造了完美的供應方案，特別是對於 Okeanis Super Eco 現代船隊。

For 2025 onwards, we observed a significant increase in scrap candidates, especially for vessels over 20 years old in both segments, which can easily absorb the incoming deliveries.

從 2025 年起，我們觀察到候選廢船數量顯著增加，特別是對於這兩個領域的船齡超過 20 年的船舶，這些船舶可以輕鬆吸收即將交付的船舶。

Handing you back to the operator. Thank you.

將您交還給接線員。謝謝。

(Operator Instructions) Liam Burke, B. Riley.

（操作員說明）Liam Burke，B. Riley。

Yes. Thank you and good afternoon.

是的。謝謝你，下午好。

Hi, Liam. Good morning.

嗨，利亞姆。早安.

The conversion of -- if I heard you right, you converted your 4Vs from dirty to clean on spec went out and you've got excellent economics on it, justifying the time to clean it, and the time and capital to invest in there. So as we look into next year into another slow quarter -- seasonally slow quarter, you have the experience of actually doing this. Would you anticipate not only doing it again but deploying more VLCCs in the clean trade?

如果我沒聽錯的話，您按照規格將 4V 從臟的轉換為乾淨的，並且您獲得了出色的經濟效益，證明清潔時間以及投資的時間和資本是合理的。因此，當我們展望明年另一個緩慢的季度——季節性緩慢的季度時，你就有了實際這樣做的經驗。您是否預計不僅會再次這樣做，而且會在清潔貿易中部署更多的 VLCC？

Yes, I mean we're willing and always going to evaluate every commercial opportunity we get. It really depends on the strength in the clean market. So if an LR2 is as firm as it was this year, sometime next year, and there's a seasonal weakness again on the VLCCs, for sure, we'll consider doing it again.

是的，我的意思是我們願意並且始終會評估我們獲得的每一個商業機會。這實際上取決於清潔市場的實力。因此，如果 LR2 的運能像今年、明年某個時候一樣堅挺，而 VLCC 再次出現季節性疲軟，我們肯定會考慮再次這樣做。

And do you have to have a newer vessel to be able to do this? Or could it be done with any type of VLCC?

您是否必須擁有更新的船隻才能做到這一點？或者可以用任何類型的 VLCC 來完成嗎？

Well, I mean the older vessels, they may have more residue stuck inside. I mean on the private side, we have a 13-year-old ship that we cleaned up and we did it successfully as well.

嗯，我的意思是舊的容器，裡面可能有更多的殘留物。我的意思是，在私人方面，我們清理了一艘已有 13 年船齡的船，而且我們也做得非常成功。

And just on the macro, you highlighted weakness in the Vs on the China trade and the OPEC+ cuts of production cuts. Is there anything else out in the market that is creating any pressure on the VLCC rates?

就宏觀而言，您強調了中國貿易和歐佩克+減產的弱點。市場上是否還有其他因素對 VLCC 運價造成壓力？

I mean, obviously, the OPEC cuts and the reduced cargoes from the AG play a large role. The yards not being open as much, especially to the East, have reduced the amount of available -- the amount of cargoes that are going long-haul business from the Atlantic as well. And there's a general impact just from OPEC+ reducing exports. Russia has been over compliant as well, and that's been affecting the Aframax and Suezmaxes as well.

我的意思是，顯然，歐佩克的減產和 AG 的貨物減少發揮了重要作用。船廠的開放程度不高，尤其是對東部的船廠，減少了可用的數量，即從大西洋進行長途運輸的貨物數量。僅歐佩克+減少出口就會產生普遍影響。俄羅斯也過度順從，這也影響了阿芙拉型油輪和蘇伊士型油輪。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions) Petter Haugen, ABG.

（操作員說明）Petter Haugen，ABG。

Hi, Petter.

嗨，彼得。

I'm sorry, I'm sorry, that was my mistake. I was muted. So good afternoon and congratulations on those clean fixtures. It's something I never heard about before, to be honest. And while you answered many of my questions in your detailed walk through, there is a couple of those reminding.

對不起，對不起，那是我的錯。我被靜音了。下午好，祝賀這些乾淨的設備。老實說，這是我以前從未聽說過的事情。雖然您在詳細的演練中回答了我的許多問題，但有幾個問題值得提醒。

So just in terms of what type of products did you actually transport? Is this sort of the very clean jet fuels of the world? Or is it a condensate type of qualities?

那麼，就您實際運送的產品類型而言？這是世界上非常清潔的噴射燃料嗎？或者說它是品質的凝結型？

No, I don't think that we'd be able to carry jet fuel unless it was used for blending purposes. All the ships that we've done have carried diesel except for one that also carried some naphtha. You have a diesel car, you may be burning OET's cargo this winter in Europe.

不，我認為我們不能攜帶噴氣燃料，除非它用於混合目的。我們完成的所有船舶都載有柴油，除了一艘也載有一些石腦油。你有一輛柴油車，今年冬天你可能會在歐洲燃燒 OET 的貨物。

So if I'm stuck here somewhere between home and my office, I'll blame you guys for contaminating the diesel, obviously. So that's my second question, really. Are there any sort of -- well, first of all, are all the clean voyages now discharged or the cargo owner is happy with the quality on the other side?

因此，如果我被困在家裡和辦公室之間的某個地方，顯然我會責怪你們污染了柴油。這確實是我的第二個問題。有沒有任何形式——嗯，首先，所有乾淨的航次現在都已卸貨，或者貨主對對方的品質感到滿意嗎？

None of the cargoes are discharged. But the way we have structured the contracts is that the responsibility for any cargo contamination is with the charter. So together with the charter and our specialists, the ship is inspected prior loading, it's deemed acceptable.

沒有貨物被卸掉。但我們制定合約的方式是，任何貨物污染的責任都由租船合約承擔。因此，我們與租船公司和我們的專家一起，在裝載前對船舶進行了檢查，認為這是可以接受的。

And then within the contract, there is the liability of any future damages or discoloration or contamination of the cargo is it's not our responsibility. So you would have to pick up any issues with your car with the charters.

然後在合約中，貨物的任何未來損壞、變色或污染的責任不是我們的責任。因此，您必須透過包機來解決您的汽車的任何問題。

Okay, I'll do that. Does that mean that it's easier if you were to try to do another clean cargo now that you've sort of -- if you now discharge this is okay. Wouldn't it be, well, likely that you could repeat it with the same ship?

好的，我會這麼做的。這是否意味著，如果你現在嘗試再做一次乾淨的貨物，那就更容易了——如果你現在卸載了，那就沒問題了。難道你不能用同一艘船重複這個過程嗎？

Yes, you could. I just want to understand like geographically, let's say, Singapore where the previous voyage ended to the AG as a ballast is much shorter than the vessel opening up in, let's say, Rotterdam ballasting all the way back around Africa to the AG loading a cargo and going back. So we won't have that benefit of a shorter ballast, which we did. It will be around voyage. But even more importantly, clean freight has come off very significantly since then.

是的，你可以。我只是想從地理位置上理解，比如說，新加坡，之前的航程以壓載物的方式結束到AG 的位置，比在鹿特丹開的船要短得多，比如說，鹿特丹壓載水，一路繞非洲回到AG 裝載貨物然後回去。因此，我們不會獲得較短鎮流器的好處，而我們卻做到了。它將圍繞航行。但更重要的是，自那時以來，清潔貨運量大幅下降。

So I think that the rate that we could fix has fallen materially as well. So at the moment, the clean cargoes are not as easy because of the weakness or the relative weakness compared to two months ago in the clean market.

所以我認為我們可以修復的利率也大幅下降。因此，目前清潔貨物的運輸並不容易，因為與兩個月前相比，清潔市場疲軟或相對疲軟。

Understood. And that also brings me to my other question. Could you share your sort of round voyage equivalent TCEs for these clean fixtures?

明白了。這也讓我想到了另一個問題。您能否分享一下這些清潔裝置的往返航行等效 TCE？

I mean, yes, the first one was in the mid-50s. That was like timing -- very good timing and the following two were in the mid-, high-30s and low-40s.

我的意思是，是的，第一個是在 50 年代中期。這就像時機——非常好的時機，接下來的兩個是在 30 多歲中、30 多歲和 40 多歲以下。

Yes, it's probably one of the reasons why we had them. Well, we were at least surprised both of your -- or partly of the Q2 earnings, but also for the Q3 guidance given.

是的，這可能是我們擁有它們的原因之一。好吧，我們至少對你們的第二季收益或部分收益感到驚訝，而且對第三季的指導也感到驚訝。

What's good about -- sorry for interrupting you. The benefit of these voyages is that if there is any inefficiencies in the discharge because a VLCC cannot go in discharge into some small port in Europe that would usually receive 30,000 or 40,000 tons of diesel. We're going to have to go in lighter in Malta or off to Rotterdam.

有什麼好處——抱歉打擾你了。這些航次的好處是，如果存在卸貨效率低下的情況，因為 VLCC 無法卸貨到歐洲的一些小港口，而這些港口通常會接收 30,000 或 40,000 噸柴油。我們必須在馬耳他打駁船或前往鹿特丹。

And if there's any weather delays or vessel inability to source vessels for lightering, we can easily rack up demurrage and the demurrage is quite a bit higher than the time charter equivalent rate. So as the voyage is prolonged due to inefficient discharge, we will improve in our time charter equivalent of the voyage.

如果出現任何天氣延誤或船舶無法找到船舶進行駁運，我們可以輕鬆收取滯期費，而且滯期費比期租的同等費率高很多。因此，由於卸貨效率低下導致航程延長，我們將改善期租當量航次。

And this is going directly actually to what I was coming to. Any guidance for the remaining 40%-plus of the days for Q3? Yes, because my understanding from your earlier comments as well, was precisely that it could be better than at least the current spot and FFA market for the latter part of Q3 is suggesting today.

這實際上直接涉及到我即將要做的事情。對於第三季剩餘 40% 以上的時間有什麼指引嗎？是的，因為我從您之前的評論中也了解到，這可能比今天暗示的第三季後半段的當前現貨和 FFA 市場要好。

I mean, I mentioned that on a round voyage basis today, these are somewhere between $25,000 and $30,000 and Suezmaxes are in the low 20s. Now we'll do everything we can to outperform this like we try to always do. But if we were just fixing around voyage, that's where the rates would be for the balance of the Q3.

我的意思是，我提到過，按照今天的往返航程計算，這些船的價格在 25,000 美元到 30,000 美元之間，而蘇伊士型油輪則在 20 多美元左右。現在，我們將盡我們所能，像我們一直以來所做的那樣，超越這一點。但如果我們只是圍繞航程進行調整，這就是第三季剩餘時間的費率。

Right. Understood. But if instead, you're sort of slow moving outside Malta, you would have 2x to 3x those $25,000 per day, if I understand you right?

正確的。明白了。但如果你在馬耳他以外的地方行動緩慢，那麼你每天的收入將是這 25,000 美元的 2 到 3 倍，如果我理解正確的話？

Yeah. That's correct.

是的。這是正確的。

Okay, this was very interesting. Have you seen any other shipowners doing it at the same scale as yourselves?

好吧，這很有趣。您是否見過其他船東以與您相同的規模這樣做？

I think the only other companies managing to be so active and been the traders like Trafiguria and Mercuria. There are other owners that have done that one or two ships, but I'm not aware of anyone else doing more than that.

我認為唯一能夠如此活躍的公司是像托克和摩科瑞這樣的貿易商。還有其他船東已經完成了一兩艘船，但我不知道還有其他人做得更多。

Understood. Do you think that this crude tankers coming into the product trade is a reason for what you just -- well, also referred to the declining product tanker rates?

明白了。您認為原油油輪進入成品油貿易是您剛才提到的成品油輪運價下降的原因嗎？

It definitely affected product tanker rates in the East because you've had -- I think now there's 10 to 12 VLCCs and even more Suezmaxes competing for LR2 business and LR1 business. So it definitely impacted that.

這肯定影響了東部的成品油輪運價，因為我認為現在有 10 到 12 艘 VLCC 甚至更多的蘇伊士型油輪在爭奪 LR2 業務和 LR1 業務。所以它肯定影響了這一點。

And this is well, so I think that was all from me. Thank you so much.

這很好，所以我認為這都是我的。太感謝了。

Thank you. Have a nice afternoon.

謝謝。祝你有個愉快的下午。

Bendik Nyttingnes, Clarksons Securities.

本迪克‧尼廷尼斯 (Bendik Nyttingnes)，克拉克森證券公司。

Hey, guys. Congratulations on another strong quarter. I just have some questions on the fixtures for 3Q. Last quarter, you had quite some large portions of your VLCC coverage and now that portion seems quite a bit smaller. I mean besides the slightly earlier reporting date, are there any fundamentals driving that decrease in coverage?

嘿，夥計們。祝賀又一個強勁的季度。我只是對第三季的賽程有一些疑問。上個季度，您的 VLCC 覆蓋範圍相當大，現在該部分似乎要小一些。我的意思是，除了報告日期稍早之外，是否有任何基本面因素導致覆蓋率下降？

In terms of time charter coverage or percentage of the spot fixed?

就期租覆蓋率或固定現貨百分比而言？

The percentage of the spot fixed?

固定地點的百分比？

I think definitely one impact is that we have two ships going to drydock. So instead of being able to be commercially chartered they're in the process of being drydock. The Suezmax , as I mentioned earlier, they're staying local in the West. So they're doing shorter voyages overall. So they're coming open quicker.

我認為肯定的一個影響是我們有兩艘船要去乾船塢。因此，它們無法進行商業包租，而是正在進入乾船塢。正如我之前提到的，蘇伊士型油輪仍留在西方本土。所以他們總體上正在縮短航程。所以他們會更快開放。

If we had fixed something US Gulf, China or Brazil, China and Suezmax rather than Turkey to Europe, it shows you the difference. And we're also reporting slightly earlier as well. So those two impacts.

如果我們修復了美國海灣、中國或巴西、中國和蘇伊士型油輪而不是土耳其到歐洲的問題，它就會向您展示差異。我們的報告也稍早。這兩個影響。

Yes, that make sense. And another question. Previously, you've been really good at finding routes that are sort of niche and higher earnings. And recently, we've seen, I guess, the tension in the Middle East increasing. Are you experiencing any change in competition for those sort of more niche routes as potentially in the MEG increases.

是的，這是有道理的。還有一個問題。以前，您非常擅長尋找小眾且收入較高的路線。最近，我想，我們看到中東的緊張局勢正在加劇。隨著 MEG 的潛在成長，這些更利基的航線的競爭是否會發生任何變化？

I mean I think like most Western owners, especially listed owners, the Red Sea has been an area that we've stopped trading through. And it's been a while now that we've transited the Red Sea. So there are some niche businesses that go through the Red Sea, like fuel oil that gets delivered into the Red Sea or AG to Red Sea business that we can't do.

我的意思是，我認為像大多數西方業主，尤其是上市業主一樣，紅海一直是我們停止交易的地區。我們穿越紅海已經有一段時間了。因此，有一些經過紅海的利基業務，例如運送到紅海的燃油或AG到紅海的業務，我們不能做。

And there's even some European charters who still like to transit via the Red Sea, their cargoes. So I would say the impact of the tension in the Middle East and the Houthis is closing the Red Sea for a large part of the fleet has impacted everyone and opportunities have formed because of this.

甚至還有一些歐洲包機公司仍然喜歡透過紅海運送他們的貨物。所以我想說，中東緊張局勢和胡塞武裝正在關閉紅海，大部分艦隊已經影響了每個人，機會也因此而形成。

So one of these of the niche markets that we had found was that while Europe had been come accustomed to importing Iraqi crude on Suezmaxes via the Suez, while they were transitioning and finding alternatives to this crude instead of taking one Suezmax, they were taking -- they were parceling up two Suezmax cargoes on to VLCC.

因此，我們發現的利基市場之一是，雖然歐洲已經習慣了透過蘇伊士運河以蘇伊士型油輪進口伊拉克原油，但他們正在轉型並尋找這種原油的替代品，而不是採用一艘蘇伊士型油輪，他們正在採取— - 他們正在將兩艘蘇伊士型貨物包裝到 VLCC 上。

So in Q1 and Q2, we were quite quick to fix a couple of those voyages and taking two Suezmax cargo and the VLCCs from Basrah to Europe around Africa. In addition to that, there were also cargoes from Europe that were going to Korea to China on Suezmaxes.

因此，在第一季和第二季度，我們很快就修復了其中幾個航次，並將兩艘蘇伊士型貨物和 VLCC 從巴士拉繞非洲前往歐洲。除此之外，還有來自歐洲的貨物透過蘇伊士型油輪運往韓國至中國。

Again, it became inefficient to go around the Africa, and we were quick to grasp opportunities to parcel up two Suezmax cargoes and go around the Cape on VLCCs. So we look for opportunities. And for sure, all these conflicts create them.

繞行非洲的效率再次變得低下，我們很快就抓住了機會，打包了兩艘蘇伊士型貨物，並乘坐 VLCC 繞開好望角。所以我們尋找機會。可以肯定的是，所有這些衝突都是造成它們的。

Thank you. That's very helpful.

謝謝。這非常有幫助。

This concludes our Q&A. I'll now hand back to Iraklis for closing remarks.

我們的問答到此結束。現在我將請伊拉克利斯致閉幕詞。

Thanks, everyone, for dialing in. I wish you the best for the remainder of the summer and look forward to speaking again in November. Bye, everyone. Thank you.

謝謝大家撥通電話。我祝你在這個夏天剩下的時間裡一切順利，並期待在 11 月再次演講。再見，大家。謝謝。

Ladies and gentlemen, today's call has now concluded. Wei like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。魏感謝您的參與。現在您可以斷開線路。