Okeanis Eco Tankers Corp (ECO) 2024 Q3 法說會逐字稿

Welcome to Okeanis Eco Tankers Corp third quarter, 2024 financial results presentation. We will begin shortly.

歡迎觀賞 Okeanis Eco Tankers Corp 2024 年第三季財務表現示範。我們很快就會開始。

Aristidis Alafouzos, the CEO and Iraklis Sbarounis CFO of Oceanis Eco tankers will take you through the presentation.

Oceanis Eco 油輪執行長兼 Iraklis Sbarounis 財務長 Aristidis Alafouzos 將帶您完成示範。

They will be pleased to address any questions raised at the end of the call.

他們將很樂意回答通話結束時提出的任何問題。

I would like to advise you that this session is being recorded or at least will begin the presentation now.

我想告訴您，本次會議正在錄製中，或至少現在將開始演示。

Thank you. Hi, everyone. Welcome to the presentation of AK sequel tankers' results for the third quarter of 2024.

謝謝。大家好。歡迎觀看 AK 續集油輪 2024 年第三季業績報告。

We will discuss matters that are forward-looking nature. And actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer slide too.

我們將討論具有前瞻性的問題。實際結果可能與此類前瞻性陳述中所反映的預期有所不同。請同時閱讀相關的免責聲明投影片。

So starting on slide 4 and the executive summary, I'm pleased to present the highlights of the third quarter of 2024. We continue on the track of very healthy commercial and financial results. We achieved fleet wide time charter equivalent of about $44,000 per vessel per day. Our VMCCS were at 43,000 and our Ses Max is at 45,000.

因此，從投影片 4 和執行摘要開始，我很高興介紹 2024 年第三季的亮點。我們繼續保持非常健康的商業和財務表現。我們實現了船隊定期租船，相當於每艘船每天約 44,000 美元。我們的 VMCCS 為 43,000，Ses Max 為 45,000。

We report adjusted to be do 37.9 million adjusted net profit of 14.5 million and adjusted DPS of 45¢ continue to deliver on our commitment to distribute value to our shareholders. Our board declared the 10th consecutive capital distribution of 45¢ per share. That is a full payout of our ETS for the quarter on a four quarter rolling basis. We have distributed $3.31 per share or 94% of our adjusted net income during the quarter. We have successfully completed our five year drive up for the Mesos Kos, the Niss RNA and the Miso Anna with five or six planned dry docks this year behind us. We look forward to completing the initial the noa later this month on slide 5, we show the detail of our income statement for the quarter and the first nine months of the year PC revenue for the nine month period to that over $212 million if that was approximately 167 million and net income was over 95 million or $2.97 per share.

我們報告調整後淨利潤為 3790 萬美元，調整後淨利潤為 1450 萬美元，調整後股息為 45 美分，繼續履行我們為股東分配價值的承諾。我們的董事會宣布連續第十次資本分配為每股 45 美分。這是我們在四個季度滾動基礎上本季 ETS 的全額支付。我們在本季分配了每股 3.31 美元，即調整後淨利潤的 94%。我們已經成功完成了 Mesos Kos、Niss RNA 和 Miso Anna 的五年航行，今年計劃完成五到六個乾船塢。我們期待在本月晚些時候在幻燈片5 上完成最初的noa，我們將展示本季度和今年前9 個月的損益表的詳細信息，如果是的話，這9 個月期間的PC 收入將超過2.12 億美元約 1.67 億美元，淨利超過 9,500 萬美元，即每股 2.97 美元。

Moving on to slide 6 and our balance sheet, we ended the quarter with 56 million of cash. We also had a working capital increase. We got traded that trade receivable standing at $44 million and our balance sheet, the debt stood at 658 million on slide. Seven. We illustrate our most important competitive advantage. Our fleet is the main driver behind our operational and commercial success. Are 14 vessels all built at the first class yards in Korea and Japan have an average age of five years. That is the youngest crude oil tanker fleet amongst listed peers. And we are also the only pure eco and fullish scrubber fitted fleet. These elements allow allow us to set a benchmark above the spot market established by conventional remix fleets slide 8.

轉到投影片 6 和我們的資產負債表，本季結束時我們有 5,600 萬現金。我們也增加了營運資金。我們的交易應收帳款為 4,400 萬美元，而我們的資產負債表上的債務則為 6.58 億美元。七。我們展示了我們最重要的競爭優勢。我們的機隊是我們營運和商業成功的主要推動力。14艘船全部在韓國和日本的一流船廠建造，平均船齡為5年。這是上市同行中最年輕的原油油輪船隊。我們也是唯一一支純生態且配備全套洗滌器的船隊。這些元素使我們能夠設定高於傳統混音車隊建立的現貨市場的基準幻燈片 8。

Moving on to our to our capital structure post the recent refinancing exercise. We have successfully set the robust balance sheet. Our book leverage stands at 59% while our market adjusted net LTV is 4%.

在最近的再融資活動之後，繼續討論我們的資本結構。我們成功地建立了穩健的資產負債表。我們的帳面槓桿率為 59%，而經市場調整的淨 LTV 為 4%。

Our financings are a mix of traditional mortgage backed banking loans as well as saying the least back and their financiers are balanced with both traditional European shipping banks as well as Asian banks and leasing houses. We're particularly happy to have relationships in all these markets which will give us flexibility in the future.

我們的融資方式是傳統抵押貸款支持的銀行貸款以及最低迴報的組合，其融資者與傳統的歐洲航運銀行以及亞洲銀行和租賃公司保持平衡。我們特別高興能在所有這些市場建立關係，這將為我們未來提供靈活性。

Flipping over to slide 9. We walk in detail through the I back in August. Since we do not need, did not have the need for more capital, we were able to source funding with relatively low TVS and we focused on adding flexibility, improved pricing. We have estimated that we're saving $7.5 million in our 1st year and extended maturities. And our current maturity power is well balanced out of the two legacy leases on the ring and the call who purchase options kick in the first half of 2026. All other maturities are staggered between 2028 and 2031.

翻到幻燈片 9。我們將詳細回顧八月的 I。由於我們不需要，也不需要更多的資金，我們能夠以相對較低的 TVS 籌集資金，我們專注於增加靈活性，提高定價。我們估計，第一年和延長期限可節省 750 萬美元。我們目前的到期能力在環上的兩項遺留租賃和 2026 年上半年啟動的看漲期權中得到了很好的平衡。所有其他到期日均在 2028 年至 2031 年之間錯開。

We have plenty of time to focus on the R and this, but we look forward to the opportunity of further optimizing our structure. Then in the meantime, while we're not actively seeking further funding, we're always on the lookout for opportunities that could further add value than a creative way to our shareholders. I'm not passing over the presentation to the cities for the commercial market, I think.

我們有充足的時間專注於R和這個，但我們期待有機會進一步優化我們的結構。同時，雖然我們沒有積極尋求更多資金，但我們始終在尋找能夠為股東提供比創意方式進一步增加價值的機會。我想，我並不是想要放棄對商業市場城市的展示。

Thank you. This may be one of the quarters where your part is more interesting than mine.

謝謝。這可能是你的部分比我的部分更有趣的部分之一。

A Q3 was a weak quarter with consistent weakening beginning in June and with one period of free strength in late July on the deal and the market was hampered by weak refining margins, poor Chinese demand and refinery turnarounds.

第三季度是一個疲軟的季度，從 6 月開始持續疲軟，並在 7 月下旬交易出現一段自由強勢期，市場受到煉油利潤疲軟、中國需求疲軟和煉油廠週轉的阻礙。

We completed three dried up plans and repositioned for the West on three of these ships, we took advantage of the strength of the clean market to clean them up and diesel from the Raven Gulf to Europe.

我們完成了三個乾涸計劃，並在其中三艘船上重新定位到西方，我們利用清潔市場的力量來清理它們，並將柴油從烏鴉灣運往歐洲。

On one of our Western vessels, we found a favorable cargo to fix that earned a big premium to staying with the Suezmax market was more stable in Q3 and tailed off.

在我們的一艘西方船舶上，我們發現了一批有利的貨物需要修復，該貨物比留在蘇伊士型油輪市場上賺取了很大的溢價，在第三季度更加穩定並逐漸減少。

Towards the end of the quarter, we traded our suiters primarily in the West fixing cargoes from the Mediterranean or West Africa.

到本季末，我們的買家主要在西方進行貿易，固定來自地中海或西非的貨物。

And on two of our ships, we kind of track the front haul voyages from the west to the east that outperformed the local voyages by a big margin. And we took those and given that we have a Western focus on how we trade our fleet. We immediately come back haul on these ships and brought them back into their home territory.

在我們的兩艘船上，我們追蹤了從西到東的前程航程，其表現大大優於當地航程。我們採取了這些措施，並考慮到西方國家重點關注我們如何交易我們的機隊。我們立即回來拖運這些船隻並將它們帶回自己的領土。

It overall was an underwhelming quarter that required a lot of hard work and optimization to produce this result.

總體而言，這是一個平淡無奇的季度，需要大量的努力和優化才能產生這樣的結果。

Despite the seasonal weakness prevailing above segments towards the end of the quarter, we achieved a fleet wide PC of $43,900 for operating base.

儘管到本季末上述細​​分市場普遍存在季節性疲軟，但我們的營運基數 PC 價格達到了 43,900 美元。

Our VLTC is generated $43,100 per day in the stock market. That's a 14% out performance relative to all our tanker peers for over 42 p earnings.

我們的 VLTC 在股票市場上每天產生 43,100 美元的收益。與我們所有盈利超過 42 便士的油輪同行相比，這一業績高出了 14%。

Our Suezmax generated $44,800 per spot day, a 27% of performance relative to our take here of the recorded security.

我們的蘇伊士型油輪每個現貨日收益為 44,800 美元，相對於我們此處記錄的安全性而言，績效為 27%。

And these numbers reflect our actual book TC revenue within the quarter as per accounting standards.

這些數字反映了我們根據會計標準在本季度的實際帳面 TC 收入。

And we flip over to slide 12 for a dry dock company, as we mentioned in previous quarters, we plan our dry docks in order for the ship to be available for an unexpected and wonder for an expected and wonderful Q4, we executed our plan almost perfectly but the market isn't getting doing its part.

我們翻到一家乾船塢公司的幻燈片12，正如我們在前幾個季度提到的，我們計劃我們的干船塢，以便船舶能夠在預期的、精彩的第四季度中應對意外和奇蹟，我們幾乎執行了我們的計劃完美，但市場並沒有盡到自己的職責。

We completed dry dock on five of our six wheels which have their required special survey. This year, Nsos Donus is the final BLCC to go into dry dock and she will begin her survey shortly.

我們在六個輪子中的五個上完成了乾船塢，這些輪子進行了所需的特殊調查。今年，Nsos Donus 是最後一艘進入乾船塢的 BLCC，她很快就會開始調查。

In terms of budget, the dry ups were completed about 10% below our internal budget at around $2 million per vessel. All inclusive $600,000 of this was allocated to using high spec paint that will improve before it takes time for our performance department to gather a sample data to compare the current consumption to when the vessels was in a similar condition previously.

就預算而言，乾涸的完成時間比我們的內部預算低約 10%，每艘船約為 200 萬美元。其中 60 萬美元全部包含在內，用於使用高規格油漆，這種油漆將在我們的性能部門花時間收集樣本數據以將當前消耗量與船舶之前處於類似狀況時進行比較之前得到改善。

But the results we have so far are very encouraging. We are currently projecting a 10% consumption consumption benefit over a five year period with an annual saving for this year. Only of $1 million we also decided to use a new graphine graphene propeller coding on the propeller which will reduce marine growth and also contribute to better propeller performance.

但迄今為止我們所取得的成果非常令人鼓舞。目前，我們預計五年內消費效益將提高 10%，並且今年每年可節省開支。僅花費 100 萬美元，我們還決定在螺旋槳上使用新的石墨烯螺旋槳編碼，這將減少海洋生長，並有助於提高螺旋槳性能。

The total average off hire time of 29 days includes preparation for dried up entry after completing the previous voice. The average duration at the yard was closer to 20 days, moving on to Q4 guidance on slide 15.

平均停租總時間為 29 天，其中包括完成前一個語音後為枯竭的入口做準備。船廠的平均停留時間接近 20 天，請參閱幻燈片 15 上的第四季指示。

So far Q4 has materially underperformed our expectations.

到目前為止，第四季的表現大幅低於我們的預期。

Many factors such as poor Arbs keeping Atlantic cargoes in the West. Low exports in the US due to hurricane weak Chinese demand, terrible refining margins have met together to keep pressure on the trade market.

許多因素，例如可憐的套利者將大西洋貨物留在了西方。颶風造成的中國需求疲軟導緻美國出口低迷，加上煉油利潤慘淡，共同造成貿易市場壓力。

Even winter temperatures and weather delays have not creeped in yet. Right now in Athens, it's 20 degrees and sunny.

甚至冬天的氣溫和天氣延遲也還沒有悄悄到來。現在雅典氣溫 20 度，天氣晴朗。

I do believe we will see Windsor volatility at some point this winter and this will allow us to lock in some good pictures. But we need to be patient and remain positioned to grab these. When they come in Q4, we have so far fixed another back haul. I'm going to be able to see that we cleaned up and turned into an LR four here.

我確實相信我們會在今年冬天的某個時候看到溫莎的波動，這將使我們能夠鎖定一些好的照片。但我們需要保持耐心並保持位置來抓住這些。當他們在第四季度到來時，我們到目前為止已經修復了另一個回程。我將能夠看到我們已經清理乾淨並變成了LR 4。

The rate we achieved on this voyage outperformed the DPP, the dirty market backhaul earnings and due to the longer duration because the voyage is longer, we could open later in the quarter and hopefully stronger market will be.

我們在這次航次中實現的運價優於 DPP、髒市場回程收益，並且由於航程較長而持續時間較長，我們可以在本季度晚些時候開放，希望市場會更強勁。

Our focus is on maintaining positions to fix it. Attracted front haul business when rates for, but we're not fixated on this and we take opportunities to fix long haul business east East when we find good opportunities and it performs the local voices so far. In Q4, we have fixed 66% of our fleet wide days is $43,800 per day and that breaks down to 63,000, sorry, 63% of our VLCC spot is $46,900 per day. A 26% off performance.

我們的重點是維持立場來解決這個問題。費率吸引了長途業務，但我們並不專注於這一點，當我們發現良好的機會並且到目前為止它表現出當地的聲音時，我們會抓住機會修復東部的長途業務。在第四季度，我們將 66% 的船隊全日租金固定為每天 43,800 美元，然後分解為 63,000 美元，抱歉，我們 63% 的 VLCC 現貨價格為每天 46,900 美元。演出折扣 26%。

And 70% of our food max days is $40,200. Today. A 23 performa 23% of performance and both of these figures are relative to our center peers who have reported their Q4 pictures continuing on to the next slide.

我們 70% 的食品最高天數為 40,200 美元。今天。23 佔績效的 23%，這兩個數字都是相對於我們的中心同行而言的，他們在下一張幻燈片中報告了第四季度的圖片。

As we do every quarter, we emphasize our consistent performance relative to our peers.

正如我們每季所做的那樣，我們強調我們相對於同業的一致表現。

On slide 13, we highlight how our ability to adapt and capitalize on market opportunities has resulted in sustained and success regardless of market fluctuations, we are dedicated to maintaining this level of consistency moving forward.

在投影片 13 中，我們強調了我們適應和利用市場機會的能力如何在市場波動的情況下取得持續的成功，我們致力於保持這種水平的一致性向前發展。

And as we will discuss in the following slides, the outlook for the next year is highly promising.

正如我們將在下面的幻燈片中討論的那樣，明年的前景非常光明。

Our ability to outperform is even more pronounced in a strong market condition.

在強勁的市場條件下，我們表現出色的能力更加明顯。

Now, let's look at the market outlook, although as alluded to already, the market has been somewhat below expectations, it's still profitable with strong fundamentals, especially on the supply side of the food sector starting with supply side dynamics. In the VC two. As MAC segment, we see an encouraging outlook supported by controlled or book and an agent fee composition.

現在，讓我們來看看市場前景，雖然正如已經提到的，市場略低於預期，但由於基本面強勁，仍然有利可圖，特別是在食品行業的供應方面，從供應方面的動態開始。在VC中二．對於 MAC 細分市場，我們看到受控或預訂和代理商費用構成支持的令人鼓舞的前景。

Nearly 35% of the fleet is over 15 years old and will likely face pressure as it nears retirement or recycling.

近 35% 的機隊機齡超過 15 年，在接近退休或回收時可能會面臨壓力。

Currently, 17% of the fleet and Suezmax fleet, 17% of the Suezmax and B to C fleets are over 20 years old, making them cry on candidates for recycling in the near term.

目前，17%的船隊和蘇伊士型船隊、17%的蘇伊士型船隊和B to C船隊的船齡超過20年，這使得他們迫切需要在短期內回收的候選船。

2028 we anticipate the number of over 20 year old ships in the SW and BLC segment to be 30% or higher. That's a big figure.

到 2028 年，我們預計 SW 和 BLC 領域的 20 年以上船齡船舶數量將達到 30% 或更高。這是一個很大的數字。

In addition to above, in both classes, approximately 25% of non eco vessels are expected to face challenges in meeting regulatory requirements for the ex I and CI I compliance. These vessels may be forced into slow steaming in order to comply with these regulations.

除上述情況外，在這兩個類別中，預計約 25% 的非生態船舶在滿足 Ex I 和 CI I 合規性監管要求方面面臨挑戰。為了遵守這些規定，這些船舶可能會被迫慢速航行。

When we compare this agent fleet with an article of only 8% on the BCC and 16% on the Su Maxes. It is clear that the inflow of new technology is controlled and potentially still under supply.

當我們將此代理機隊與 BCC 上僅 8% 和 Su Maxes 上僅 16% 的文章進行比較時。顯然，新技術的流入受到控制，並且可能仍處於供應不足狀態。

The supply picture becomes favorable. When we consider yard pass as shown in slide 16, we're entering a new era of investive supply with two major challenges, an agent fleet and a significant reduction in our capacity in 2010. Global yard capacity has nearly halved, representing a 58% reduction.

供應情況變得有利。當我們考慮投影片 16 所示的堆場通行證時，我們正在進入一個投資供應的新時代，面臨著兩個主要挑戰：代理車隊和 2010 年產能的大幅減少。全球堆場產能幾乎減半，減少了 58%。

This decline in yard capacity is significant. It limits replacement potential and increases competition for new build plus especially as yards prioritize higher margin projects like LNG carriers and containers.

堆場容量的下降幅度很大。它限制了替代潛力並增加了新建項目的競爭，特別是當船廠優先考慮液化天然氣運輸船和貨櫃等利潤率較高的項目時。

As mentioned on the previous slide, we have substantial replacement need in the tanker market by 2030. The number of tankers over 20 years old will double the current or this creates a potential supply fleet as vessels leave the market faster than new ones are built even if the order book accelerate the current well into the 28 communal or orders, it's hard to envision an oversupplied market.

正如上一張投影片中所提到的，到 2030 年，我們的油輪市場有大量的更換需求。船齡超過20 年的油輪數量將是現有油輪數量的兩倍，或者這將創造一個潛在的供應船隊，因為船舶離開市場的速度比新船建造的速度要快，即使訂單簿加速當前油輪數量達到28 艘公共或訂單，也很難想像供應過剩的市場。

In summary, the combination of shrinking our capacity and an aging fleet creates more competitive supply environments with limited new build capacity. We anticipate that the fleet renewal will struggle to keep pace with retirement campaigns. In both sectors.

總之，產能的縮減和機隊的老化相結合，在新建產能有限的情況下創造了更具競爭力的供應環境。我們預計機隊更新將難以跟上退休活動的步伐。在這兩個領域。

The demand is less straightforward and compared to the supply, we expect steady growth all at a lower pace.

需求不那麼直接，與供應相比，我們預期穩定成長的速度會較低。

However, one positive factor is a 10 mile currently, most crude oil supply originates from the web. While most demand comes from the resulting in longer shipping.

然而，一個積極因素是目前10英里的大部分原油供應都來自網路。雖然大多數需求來自於由此導致的更長的運輸時間。

This imbalance supports high 10 miles demand as supply must be sourced from more different regions to meet global consumption.

這種不平衡支撐了 10 英里的高需求，因為供應必須來自更多不同的地區才能滿足全球消費。

Additionally, demand acts as a driver of volatility, volatility. And we believe that even minor positive signs could have a substantial impact on rates as traders. We appreciate volatility and our history shows that we tend to outperform during volatile periods to sum up. We believe there is a short term volatility. However, medium term fundamentals are very favorable for this handing back to you operator.

此外，需求也是波動性的驅動因素。我們相信，即使是微小的正面跡像也可能對交易者的利率產生重大影響。我們欣賞波動性，我們的歷史表明，總而言之，我們在波動時期往往表現優於大盤。我們認為存在短期波動。然而，中期基本面對於這種返還給運營商的做法非常有利。

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two.

謝謝。如果您想提問，請按下電話鍵盤上的星號，然後再按一個。如果您想撤回您的問題，請按星號，然後按兩顆星。

When preparing to ask a question. Please ensure your device is unmuted locally.

準備提問時。請確保您的裝置在本機已取消靜音。

First question comes from Liam Burke with B Riley. Your line is open. Please go ahead.

第一個問題來自 Liam Burke 和 B Riley。您的線路已開通。請繼續。

Yes, thank you. I was curious to hear in terms of directionally, I know that the quarter got off to a tough start in on the on the partial fixtures directionally. Could you give us any sense on how the quote is progressing or are we still seeing weakness as we finish the year?

是的，謝謝。我很好奇聽到方向性方面的消息，我知道本季在部分賽程中的方向性開局很艱難。您能否告訴我們報價進展如何，或者在今年結束時我們仍然看到疲軟？

Hello. Thanks for your question. You can always look at the indexes that are printed to roughly sky where the market is, for example, but given that we like the triangular vessels, we, we, well, we, we can consistently offer through our perform these indexes.

你好。謝謝你的提問。例如，您可以隨時查看列印在市場所在位置的大致天空上的指數，但考慮到我們喜歡三角形容器，我們，我們，我們，我們可以透過執行這些指數一致地提供。

I would say that in the last, we, we've seen rates bottom out on from the AG and from the West on the BLCC.

我想說的是，在過去，我們看到 AG 和西方 BLCC 的費率觸底。

Today, the sentiment is a bit stronger and you know, we've seen rates push up a couple of points from the A G on the CD three run on the smaller segments like Suezmaxes and Aframaxes. It's still needs a little bit of cargo, push to see rates pick up.

今天，市場情緒更加強勁，我們已經看到蘇伊士型油輪和阿芙拉型油輪等較小型油輪的 CD 三輪運價比 A G 上漲了幾個點。它仍然需要一點貨物，推動費率回升。

But for the moment, today's pictures, you know, rates continue at similar levels to where we reported our earnings so far. But hopefully in the next 23 weeks, you know, we'll see whether it's weather created delays or more cargo is coming into the market and we can see rates rally further.

但就目前而言，今天的圖片，你知道，利率繼續與我們迄今為止報告的收益相似的水平。但希望在接下來的 23 週內，我們會看到是否是天氣造成了延誤，或者更多的貨物進入市場，我們可以看到運價進一步上漲。

Leanne. Do you have any other followers?

莉安.你還有其他追隨者嗎？

I do, I'm sorry. You've always expressed that you're very happy with the size of your capacity and, and the and the formation of the fleet.

我願意，對不起。您一直表示，您對自己的運力規模以及機隊的組成非常滿意。

If I said value started backing off enough, would there be any consideration to grow the fleet?

如果我說價值開始大幅下降，是否會考慮擴大機隊規模？

Look, we've, we've talked about this in the past, but one of the the difficulties in answering a question like that is that, you know, we, we focus on a very specific sub segment of the business. So our scope is very, very narrow in terms of you know, the toners that we would look at modern scrubber fitted eco. So the opportunities haven't been there in general to pursue transactions that make sense. Now, having said that yes, we are, we're perfectly happy with our size. And but if we were able to source an opportunity that does fit within the scope and we could structure it the right way I created to shareholders. And without jeopardizing the dividend capacity, we would we would look at it. But you know, we have been disciplined, we will continue to be disciplined in the future. And we just focus on maximizing returns.

聽著，我們過去討論過這個問題，但回答這樣的問題的困難之一是，你知道，我們專注於業務的一個非常具體的子領域。因此，我們的範圍非常非常狹窄，就您所知，我們會專注於現代洗滌器安裝的生態碳粉。因此，總體上不存在進行有意義的交易的機會。現在，我們已經說過，是的，我們對我們的尺寸非常滿意。但如果我們能夠找到一個適合範圍的機會，我們就可以按照我為股東創造的正確方式來建構它。在不損害派息能力的情況下，我們會考慮它。但你知道，我們已經受到紀律處分，未來我們將繼續受到紀律處分。我們只專注於回報最大化。

Great. Thank you very much.

偉大的。非常感謝。

Thanks Brian.

謝謝布萊恩。

As a reminder. If you'd like to ask a question, please press star one on your telephone keypad. Now this concludes our Q&A and I hand back to our Aes Baroness for any final markets.

作為提醒。如果您想提問，請按電話鍵盤上的星號一。現在我們的問答就結束了，我將有關最終市場的問題交還給我們的 Aes 男爵夫人。

Perfect. Thanks. Thanks everyone for listening in. I guess we'll speak again in February. Thank you very much.

完美的。謝謝。感謝大家的收聽。我想我們會在二月再次交談。非常感謝。

Ladies and gentlemen, today's call is now concluded. We'd 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。我們衷心感謝您的參與。現在您可以斷開線路。