Okeanis Eco Tankers Corp (ECO) 2025 Q2 法說會逐字稿

Welcome to OET's second quarter 2025 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. Iraklis will begin the presentation now.

歡迎參加 OET 2025 年第二季財務業績報告。我們很快就要開始了。Okeanis Eco Tankers 執行長 Aristidis Alafouzos 和財務長 Iraklis Sbarounis 將帶您進行示範。他們將很樂意在通話結束時解答提出的任何問題。我想通知您，本次會議正在錄音。伊拉克利斯現在開始演講。

Thank you. Welcome, everyone to the presentation of Okeanis Eco Tankers results for the second quarter of 2025. 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。歡迎大家參加 Okeanis Eco Tankers 2025 年第二季業績發表會。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所反映的預期不同。請閱讀投影片 2 上的相關免責聲明。

Starting on slide 4 and the executive summary. I'm pleased to present the highlights of the second quarter of 2025. We achieved fleet-wide time charter equivalent of about $50,500 per vessel per day. Our VLCCs were almost at $50,000 and our Suezmaxes at $51,500.

從第 4 張投影片和執行摘要開始。我很高興介紹 2025 年第二季的亮點。我們實現了相當於每艘船每天約 50,500 美元的全船期租租金。我們的超大型油輪價格接近 50,000 美元，而蘇伊士型油輪價格為 51,500 美元。

We report adjusted EBITDA of $47.3 million, adjusted net profit of $26.7 million and adjusted EPS of $0.83. Continuing to deliver on our commitment to distribute value to our shareholders, our Board declared the 13th consecutive distribution in the form of a dividend of $0.70 per share. Total distributions over the last four quarters stand at $1.82 per share or approximately 9% of our earnings for the period.

我們報告的調整後息稅折舊攤銷前利潤 (EBITDA) 為 4,730 萬美元，調整後淨利潤為 2,670 萬美元，調整後每股收益為 0.83 美元。為了繼續履行我們為股東分配價值的承諾，董事會宣布連續第 13 次派息，每股派息 0.70 美元。過去四個季度的總分配額為每股 1.82 美元，約佔該期間收益的 9%。

On slide 5, I will show the detail of our income statement for the quarter and the first half of 2025. TCE revenue for the six months period stood at $113 million, EBITDA was almost $80 million, and reported net income was over $39 million or $1.23 per share. Moving on to slide 6 and our balance sheet. We ended the quarter with $65 million of cash. Balance sheet debt was $631 million. Book leverage stands at 57%, while our market adjusted net LTV basis on most recent broker values is around 40%.

在第 5 張投影片上，我將展示 2025 年本季和上半年的損益表的詳細資訊。六個月期間，TCE 的收入為 1.13 億美元，EBITDA 接近 8,000 萬美元，報告淨收入超過 3,900 萬美元或每股 1.23 美元。繼續看投影片 6 和我們的資產負債表。本季末我們的現金為 6,500 萬美元。資產負債表債務為 6.31 億美元。帳面槓桿率為 57%，而我們根據最新經紀商價值調整後的市場淨 LTV 基礎約為 40%。

On slide 7, we go over our main driver behind our operational and commercial performance. That's our fleet. We have a total of 14 vessels, six Suezmaxes and eight VLCCs with an average age of only 5.9 years. That's the youngest fleet amongst listed crude tanker peers.

在第 7 張投影片中，我們介紹了我們營運和商業績效背後的主要動力。那是我們的艦隊。我們共有14艘船舶，其中6艘蘇伊士型油輪和8艘超大型油輪，平均船齡僅5.9年。這是上市原油油輪船隊中最年輕的船隊。

All vessels are built in South Korea and Japan, are scrubber-fitted and eco designed. From a capital expenditure perspective, we're in a very good spot with only our two 2020 built Suezmaxes scheduled to undergo their five-year dry dock at the end of the third and beginning of the fourth quarter, later this year. In 2026, we only have one Suezmax for the entire year.

所有船舶均在韓國和日本建造，配有洗滌器並採用生態設計。從資本支出的角度來看，我們的處境非常好，只有兩艘 2020 年建造的蘇伊士型油輪計劃在今年稍後第三季末和第四季初進行為期五年的干船塢維修。2026 年，全年我們只有一艘蘇伊士型油輪。

Slide 8. Moving on to our capital structure. In May, we announced that we declared the option to purchase back our three Chinese leased vessels, the Nissos Nikouria, Nissos Kea and Nissos Anafi. The Nissos Nikouria and Nissos Anafi has been refinanced with the Greek bank at very attractive terms, priced at 140 basis points over SOFR, seven-years maturity and competitive amortization profile.

幻燈片 8。繼續討論我們的資本結構。五月，我們宣布選擇回購我們在中國租賃的三艘船，即「Nissos Nikouria」、「Nissos Kea」和「Nissos Anafi」。Nissos Nikouria 和 Nissos Anafi 已以非常優惠的條件與希臘銀行進行了再融資，定價為 SOFR 的 140 個基點，期限為七年，攤銷情況具有競爭力。

The Nissos Kea has been refinanced with a syndicate of Taiwanese banks led by E.SUN at similarly attractive terms, price at 135 basis points over SOFR with seven years maturity and also competitive amortization profile. The Nissos Nikouria and the Nissos Kea transactions closed in June within the second quarter, while the Nissos Anafi closed last week at the beginning of August.

Nissos Kea 已由 E.SUN 牽頭的台灣銀行財團以同樣誘人的條件進行了再融資，價格為 SOFR 的 135 個基點，期限為七年，攤銷情況也具有競爭力。Nissos Nikouria 和 Nissos Kea 的交易於第二季 6 月完成，而 Nissos Anafi 的交易於 8 月初上週完成。

With respect to the Nissos Nikouria and the Nissos Kea, we recorded in our second quarter P&L, a non-cash, nonrecurring write-off of the unamortized portion of the previously recorded modification gain of approximately $1.1 million. This relates to a non-cash modification gain recorded in 2024 under our IFRS accounting policies due to the amendment of the then applicable terms and reduction of margin negotiated with our finance years. No such modification gain was recorded to the Nissos Anafi. As such, we do not expect a similar write-off in the third quarter.

對於 Nissos Nikouria 和 Nissos Kea，我們在第二季損益表中記錄了非現金、非經常性註銷，註銷了先前記錄的修改收益中未攤銷的部分，金額約為 110 萬美元。這與根據我們的 IFRS 會計政策於 2024 年記錄的非現金修改收益有關，原因是當時適用條款的修改以及與我們的財政年度協商的保證金減少。Nissos Anafi 沒有記錄到此類改裝收益。因此，我們預計第三季不會出現類似的減記。

This recent refinancing transactions underscore the strong confidence our financiers have in Okeanis and the resilient, well-balanced capital structure we have built. They have lowered financing margins by 55 basis points to 60 basis points, extended average maturities by roughly 1.5 years per vessel and further strengthened our cost efficiency.

最近的再融資交易凸顯了我們的金融家對 Okeanis 的強烈信心以及我們所建立的彈性、均衡的資本結構。他們將融資保證金降低了 55 個基點至 60 個基點，將每艘船的平均期限延長了約 1.5 年，並​​進一步提高了我們的成本效率。

We expect to realize annual interest savings of around $1 million in the first year alone, while reducing our daily cash breakeven by more than $1,000 per vessel per day. Our loan maturities are now staggered between 2028 and 2032, and we are set to soon turn our attention to declaring and refinancing the last of our legacy leases on the Nissos Rhenia and Nissos Despotiko in the first half of next year.

我們預計僅在第一年就能節省約 100 萬美元的年度利息，同時每艘船每天的現金損益平衡點可降低 1,000 多美元。我們的貸款到期日目前在 2028 年至 2032 年之間交錯，我們很快將把注意力轉向在明年上半年宣布和再融資我們在 Nissos Rhenia 和 Nissos Despotiko 上的最後遺留租約。

If our last transactions are indicative of what we can achieve buying back of these two vessels will present a compelling opportunity to deliver another meaningful improvement in our capital structure and drive breakeven costs even lower.

如果我們最近的交易表明我們可以實現回購這兩艘船的目標，那麼這將為我們的資本結構帶來另一個有意義的改善，並進一步降低損益平衡成本。

Before passing it on to Aristidis taking the opportunity and as we have been going through the highlights of the quarter. Since our last call in May, I'm pleased with the further expansion of the universe of back to (inaudible) covers our name.

在將其傳遞給 Aristidis 之前，我們抓住機會，回顧了本季的亮點。自從我們五月上次通話以來，我很高興看到回到（聽不清楚）的宇宙範圍進一步擴大，涵蓋了我們的名字。

In the spring, the DNB merger with Carnegie closed, effectively getting us covered by the combined team. And recently, we had our second US analyst Jefferies initiating coverage. As we continue our work to expand our investor base and sell the story of our vision of becoming the public platform of choice within the crude oil tanker space for investors and other stakeholders, these are important milestones within our still young journey in the public capital markets. So thank you to the team of the new and older analysts and the work that they put.

今年春季，DNB 與卡內基的合併完成，實際上我們得到了合併團隊的保障。最近，我們的第二位美國分析師 Jefferies 開始對我們進行報告。隨著我們繼續努力擴大投資者基礎，並宣傳我們成為投資者和其他利益相關者在原油油輪領域首選的公共平台的願景，這些都是我們在公共資本市場尚處於起步階段的旅程中的重要里程碑。因此，感謝新舊分析師團隊以及他們所做的工作。

I will now pass the presentation to Aristidis for the commercial and market update.

我現在將把簡報交給 Aristidis，以了解商業和市場最新情況。

Thank you, Iraklis. Q2 was a clear improvement from Q1. We had a fleet-wide TCE climbing over 12,000 per day quarter-on-quarter. We had a 100% utilization in both our -- in the segments that we own on the VLCCs and the Suezmaxes. And I think what made the difference this quarter is how we use the fleet's flexibility to adapt to the market dynamics of that quarter. On the VLCC side, we kept our balance of East and West positions while capitalizing on front-haul voyages from the West to the East to lock in strong earnings.

謝謝你，伊拉克利斯。Q2 較 Q1 有明顯改善。我們全船隊的 TCE 環比每天攀升超過 12,000。在我們擁有的 VLCC 和蘇伊士型油輪板塊中，我們的使用率都達到了 100%。我認為本季的不同之處在於我們如何利用船隊的靈活性來適應該季度的市場動態。在超大型油輪方面，我們保持了東西方部位的平衡，同時利用從西到東的前端航線鎖定了強勁的收益。

We fixed two vessels to go east on these long-haul voyages, which were profitable and then fix them after they discharge in the East on again, profitable West on dock-hauls. We fixed another VLCC from Guyana to the far East at attractive levels. And importantly, we cleaned up another VLCC that loaded diesel in the AG for discharge in Europe at attractive levels.

我們安排了兩艘船去東部長途航行，這些航行是有利可圖的，然後等它們在東部卸貨後再去西部進行碼頭運輸，也是有利可圖的。我們以極具吸引力的價格租下了另一艘從圭亞那開往遠東的超大型油輪。重要的是，我們清理了另一艘在 AG 裝載柴油的 VLCC，以便以有吸引力的價格在歐洲卸貨。

That gave us a dual benefit of strong earnings on the voyage itself as well as optimizing back in the West ahead of Q4. So we put a lot of focus on both fixing ships to come from the West to the East that we position to lock in these like strong front-haul earnings, but we need to keep bringing ships from the East to the West when we find attractive opportunities to keep this fleet balance.

這為我們帶來了雙重好處，既可以在航行中獲得豐厚的收益，又可以在第四季之前在西方進行最佳化。因此，我們非常重視固定船舶從西方到東方的運輸，以鎖定強勁的前端運輸收益，但當我們發現有吸引力的機會時，我們需要繼續將船舶從東方運往西方，以保持船隊平衡。

And either we do that with backhauls from West Africa to the Europe or with the cleanup voyages that we've really successfully been able to do systematically over the past year. On the Suezmaxes, once again, we outperformed our VLCCs on a dollar per day basis. And we focus heavily on trading them in the West, in Europe, West Africa and using triangulation and vessel substitution to keep the ships full and moving with high (inaudible) base.

我們要麼透過從西非到歐洲的回程運輸，要麼透過過去一年來我們真正成功有系統地進行的清理航行來實現這一目標。在蘇伊士型油輪方面，我們再次以每天一美元的價格超越了超大型油輪。我們主要在西方、歐洲、西非進行貿易，並使用三角測量和船舶替換來保持船舶滿載並以高（聽不清楚）基數運行。

These tactics allowed us to capture stronger earnings where possible and keep the fleet fully employed throughout the quarter. As Iraklis mentioned earlier, we achieved the fleetwide PC of 50,500 per day with 49,800 on Vs and 51,400 on ours Suezmaxes.

這些策略使我們能夠盡可能地獲得更高的收益，並在整個季度保持船隊充分投入使用。正如 Iraklis 之前提到的，我們全船隊的日均運力達到 50,500 噸，其中 V 型船為 49,800 噸，而我們的蘇伊士型船為 51,400 噸。

And now moving into Q3, the market has eased compared to Q2, although we had brief spikes that were more on paper, like the brief war with Iran. And this is a seasonal low quarter anyways, and the outlook remains very healthy and optimistic looking towards Q4. As of today, we fixed 77% of our Vs in the spot market, which they all are at 44,200 per day and 60% of our Suezmaxes pays at 34,200 for a fleetwide average of 40,800.

現在進入第三季度，市場與第二季度相比有所放緩，儘管我們經歷了紙面上的短暫飆升，例如與伊朗的短暫戰爭。無論如何，這是一個季節性的淡季，對第四季度的前景仍然非常健康和樂觀。截至今天，我們在現貨市場上固定了 77% 的 V 型油輪，日均租金均為 44,200 美分，而 60% 的蘇伊士型油輪的日均租金為 34,200 美分，全船隊平均租金為 40,800 美分。

The current Suezmax market though is very firm, and we are either in the process of fixing or we'll shortly fix voyages that are far higher rates than our Q3 guidance. So that's looking good, and we're excited about these one-, two-, three voyages that we have coming up. In Q3, our approach has been to maximize earnings, given it's the summer period and also keep this geographical balance that we like.

不過，目前的蘇伊士型油輪市場非常堅挺，我們要么正在修復航次，要么很快就會修復航次，其費率遠高於我們第三季度的指導價格。一切看起來都很好，我們對即將到來的一、二、三次航行感到非常興奮。在第三季度，我們的方法是最大化收益，因為現在是夏季，同時保持我們喜歡的地理平衡。

On the Vs, that meant staying in the east if we felt that the TD3 or local East runs outperformed what we would expect to the churn on a triangulated basis. So we did fix multiple AG East voyages. Alternatively, when we did find backhaul opportunities for vessels opening in the East that we -- that earned similar to the TD3 round voyage.

在 Vs 上，這意味著如果我們認為 TD3 或當地東部地區的運行表現超出了我們對三角測量基礎上的流失率的預期，那麼我們就留在東部。因此我們確實修復了多次 AG East 航行。或者，當我們確實發現東部開放的船隻的回程機會時，我們的收入與 TD3 往返航程相似。

We jumped on those fixtures and took them immediately. And that also allowed us by bringing one ship from the East to the West to fix another ship that we had in the West to come East and lock in good earnings. The benefit also of these longer voyages that fixing East and West and West and East is that if we do them in July or August, the vessel opens up in Q4. And hopefully, this Q4 is a lot longer than last Q4, which is quite disappointing.

我們立即抓住這些裝置並將它們拿走。這也使我們能夠將一艘船從東方開到西方，以便修好我們在西方的另一艘船，使其能夠開到東方，從而鎖定良好的收益。這些較長的航行還有一個好處，如果我們在七月或八月進行航行，船隻就會在第四季度開放。希望今年的第四季比去年的第四季長很多，去年的第四季相當令人失望。

On our Suezmaxes, Nissos Sikinos and Nissos Sifnos have been fixed to go East for their scheduled dry docks and they've picked up long-haul voyages on the way with minimal ballast. The drydocks are expected to be just below 20 days as Iraklis mentioned, it will take place in September and October.

在我們的蘇伊士型油輪中，Nissos Sikinos 和 Nissos Sifnos 已安排向東前往其預定的乾船塢，並在途中以最少的壓載水開始了長途航行。正如伊拉克利斯所說，乾船塢建造預計耗時不到 20 天，並將於 9 月和 10 月進行。

After the remainder of the fleet, we capitalized on the seasonal market softness by executing short duration voyages in the West, which we liked on the Suezmaxes, we can swap them in. So if a ship is a little bit late or early, we can swap in another ship to optimize ballast and waiting time. And this really gives a big difference to earnings if the voyages are short and you're able to limit it to [55%].

在剩餘的船隊之後，我們利用季節性市場疲軟的機會，在西方執行短途航行，我們喜歡蘇伊士型油輪，我們可以將它們換成其他油輪。因此，如果一艘船稍微晚點或早點，我們可以換成另一艘船來優化壓載和等待時間。如果航程較短，並且你能夠將其限制在[55%]。

Now going into -- in September with OPEC now beginning to unwind production cuts. We expect additional barrels to come into the market -- and this to lead into higher utilization of tankers. We'll come back to this a bit later, but we're quite constructive looking at the market for the next quarter.

進入九月份，OPEC 開始解除減產措施。我們預計會有更多石油進入市場——這將導致油輪利用率更高。我們稍後會再討論這個問題，但我們對下一季的市場前景持相當建設性的展望。

Moving on to slide 12. We continue to outperform the market and our peers with our modern fleet and very strong chartering team. As we mentioned before, the gap widens when the market trends. As we can use our nimble fleet to position quickly and take advantage of short-term opportunities. I think this is a benefit that having a smaller fleet has that a larger fleet can't do. And it allows us to deliver consistent results above our peers.

移至投影片 12。憑藉我們現代化的船隊和強大的租船團隊，我們繼續超越市場和同行。正如我們之前提到的，當市場趨勢改變時，差距就會擴大。因為我們可以利用靈活的艦隊快速定位並利用短期機會。我認為這是小型艦隊具有而大型艦隊無法做到的優勢。它使我們能夠提供高於同行的一致成果。

Moving on to slide 13 and the following slide. We've kept quite sure since it's August and talk about the market. We keep coming back to this slide because it tells one of the most important stories of our segment, that the supply side remains structurally tight, especially on the large vessels.

轉到第 13 張投影片和下一張投影片。自八月以來，我們一直非常確定並談論市場。我們不斷回顧這張投影片，因為它講述了我們這個領域最重要的故事之一，即供應方面仍然結構緊張，特別是在大型船舶上。

It's not just about age or order book. A large part of the fleet is in the shadow trade, and we believe it's almost impossible for these vessels to return to normal trading and compete with modern and compliant convetion. Most of the sanctioned tonnage is also overaged, meaning that at some point, even the subsegment will require replacement. And that replacement will have to come from the conventional fleet. This is again positive for compliant vessels like ours.

這不僅與年齡或訂單有關。船隊的很大一部分都在進行影子貿易，我們認為這些船隻幾乎不可能恢復正常貿易並與現代合規的貿易競爭。大多數獲準噸位的船舶也已超齡，這意味著到某個時候，即使是子段也需要更換。而替代者必須來自常規艦隊。對於我們這樣的合規船隻來說，這又是一個好消息。

By 2028, more than half of the VLCC and Suezmax fleets will be over 15 years old. Many of them, all of them belonging to the non-eco generation, fuel-thirsty, less efficient and increasingly uncompetitive to our modern eco design fleet. Nearly 30% will across the 20-year mark, with only a modest number of new builds scheduled for delivery. This is exactly the kind of market backdrop that we position our vessels as a preferred choice for our charters.

到 2028 年，超過一半的 VLCC 和蘇伊士型油輪船隊船齡將超過 15 年。其中許多都屬於非生態世代，耗油量大、效率低，與我們現代生態設計車隊相比越來越沒有競爭力。其中近 30% 的建築將使用 20 年，只有少量新建築計劃交付。正是在這樣的市場背景下，我們將我們的船舶定位為租賃的首選。

Meanwhile, the pace of new orders remains firmly in check despite some recent orders, reinforcing the supply dynamic that we believe will be highly supportive for tanker earnings in the years ahead.

同時，儘管近期有一些訂單，但新訂單的速度仍然受到嚴格控制，這加強了供應動態，我們認為這將對未來幾年油輪的盈利產生很大的支持作用。

Moving on to the final slide. On the overall demand and market dynamics, we continue to see a supportive set up for tankers, with September, Middle East cargo is expected to be released soon, momentum to quickly adjourn. OPEC plans to fully restore the eight members, 2.2 voluntary cuts by September with about 1.1 million barrels returning in August and September. Moving this extra crude would require roughly 20 VLCCs or roughly 1.5% of the global tanker fleet supporting VLCC spot rates.

繼續看最後一張投影片。從整體需求和市場動態來看，我們繼續看到油輪市場受到支撐，隨著9月中東貨物預計很快釋放，油輪市場動能將迅速延續。OPEC計劃在9月全面恢復八個成員國220萬桶的自願減產，8月和9月將恢復約110萬桶的減產。運輸這些額外的原油需要大約 20 艘 VLCC，或占全球油輪船隊的約 1.5%，以支持 VLCC 現貨價格。

In Guyana, Exxon has started production at Yellow Tail, as announced last week, its fourth offshore development in the Stabroek block, and this is a 250,000 barrels per day of capacity, lifting the natural output capacity over 900,000 barrels. Brazil also came online and is exporting at the peak numbers as well.

在圭亞那，埃克森美孚已於上周宣布開始生產黃尾油田，這是其在斯塔布魯克區塊的第四個海上開發項目，日產量為 25 萬桶，使自然產量超過 90 萬桶。巴西也開始上線並且出口量也達到了高峰。

While much of this moves on (inaudible) and Suezmax over shorter businesses, it is also a large VLCC trade, the additional volumes still contributed positively to regional flows. Looking ahead to Q4, OPEC is weighing the partial reversal of the 1.66 million barrel production cut excluding Russia's 0.5 million barrels, bringing back roughly two-thirds of the remaining cuts would add about 0.7 million barrels with Saudi potentially accounting for 0.5 million barrels a day. More supply from the region means more demand for VLCCs to move that crude.

雖然其中大部分貨物在短途運輸中透過（聽不清楚）和蘇伊士型油輪運輸，但這也是一項大型 VLCC 貿易，額外的運輸量仍然對區域流量做出了積極貢獻。展望第四季度，歐佩克正在考慮部分撤銷 166 萬桶的減產計畫（不包括俄羅斯的 50 萬桶），恢復剩餘減產計畫的約三分之二將使石油產量增加約 70 萬桶/日，其中沙烏地阿拉伯的產量可能為 50 萬桶/日。該地區供應量的增加意味著對運輸原油的超大型油輪的需求將增加。

On the geopolitical front, Trump has reportedly threatened tougher measures on Russia, including higher secondary tariffs on buyers such as India and China and has agreed to meet with Putin. Separately, the EU will cut the Russian price cap down to $47.6 per barrel in September, which is 15% below the margin and we'll have more regular adjustments to this cap going forward. The outcome of these moves remains to be seen but could materially shift trade flows as we've already seen with India.

據報道，在地緣政治方面，川普威脅對俄羅斯採取更嚴厲的措施，包括對印度和中國等買家徵收更高的二級關稅，並同意與普丁會面。另外，歐盟將於9月將俄羅斯原油價格上限削減至每桶47.6美元，比保證金低15%，並且我們將在未來對此上限進行更定期的調整。這些舉措的結果仍有待觀察，但可能會實質地改變貿易流向，正如我們在印度所看到的。

We've seen a material shift of their crude oil purchases and inquiries from the US, Brazil and West Africa. Just with a small example of our VLCC fleet, multiple vessels in our fleet have either been fixed to India recently or existing voyages -- on existing voyages, charters have asked for India discharge options. This shows us that India is diverting a percentage of its crude purchases away from Russia towards the US compliant crews.

我們看到他們對美國、巴西和西非的原油購買量和詢價發生了重大轉變。僅以我們的 VLCC 船隊為例，我們船隊中的多艘船隻要么最近被安排前往印度，要么在現有航次中，租船人要求提供印度卸貨選項。這表明，印度正在將其原油採購量的一部分從俄羅斯轉移到符合美國規定的船員手中。

And we find that this is very supportive of the [turn] oil structure. In Iran, closer monitoring of the shadow fleet could curb on sanctioned exports and redirect volumes in the conventional fleet. But we also have the European threatening snapback measures which seem to be due by the end of August. So we'll see if the pressure could return on their own as well. All of these factors reinforce our constructive outlook for the remainder of the year and beyond.

我們發現這對[轉向]石油結構非常有利。在伊朗，對影子船隊的更密切監控可能會抑制受制裁的出口，並改變常規船隊的出口量。但我們也面臨歐洲威脅性的快速復原措施，這些措施似乎將在 8 月底到期。因此我們將看看壓力是否也會自行回歸。所有這些因素都強化了我們對今年剩餘時間及以後的積極展望。

And I'm handing back to you, operator.

現在我把麥克風交還給你，接線生。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jefferies.

諾克塔（Omar Nokta），傑富瑞集團。

Thanks for the detailed update. As usual, very helpful color. Did have maybe just a couple of market-related questions and maybe just perhaps on the [RSDDs] you referenced the VLCC that you cleaned up to trade diesel.

感謝您的詳細更新。像往常一樣，非常有用的顏色。確實可能只有幾個與市場相關的問題，也許只是在 [RSDDs] 上，您提到了您清理過的用於交易柴油的 VLCC。

Just in general, kind of could you give maybe an overview of what you think this vessel will do after this voyage will continue in the diesel trade or the clean trade? And is it possible to maybe just give a sense of kind of what the economics look like in terms of the cost of cleaning it and then what you captured in terms of earnings relative to what you could have gotten had it stayed dirty?

總的來說，您能否概述一下您認為這艘船在這次航行之後將繼續從事柴油貿易還是清潔貿易？是否可以簡單介紹一下清潔成本方面的經濟狀況，以及與如果污水一直處於污染狀態相比，您獲得的收益是多少？

First of all, Omar, again, thank you for taking up coverage. It's nice to hear your voice on our call as well. We've heard you on so many other calls that it's quite familiar. In terms of -- your first question on the cleanups. We've been doing it for over a year now, and we've been fixing on a spot basis with two counterparties.

首先，奧馬爾，再次感謝你接受我們的報道。我也很高興在通話中聽到您的聲音。我們在許多其他電話會議上都聽過您的聲音，所以這聲音很熟悉。關於——你的第一個問題是關於清理工作。我們這樣做已經一年多了，並且一直與兩個交易對手進行現貨定價。

We've developed a strong element of trust with the counterparties that we fix with where we clean up the vessels ourselves and proceed to load the cargoes. So the charter doesn't need to get involved or take the risk to clean up the ships. This gives us a unique ability to be one of the very, very few spot owners who was able to offer their ships for these types of voyages. And we don't see it usually happen by anyone else. Otherwise, it tends to be on a time charter basis where the charter cleaned the vessels for the trade.

我們與合作方建立了牢固的信任關係，我們自行清理船隻並裝載貨物。因此租船公司不需要介入或承擔清理船舶的風險。這使我們擁有獨特的能力，成為極少數能夠提供船舶進行此類航行的現貨船東之一。我們通常不會看到其他人發生這種情況。否則，往往採用定期租船的方式，即租船人清理船舶以供貿易使用。

We have tried to take the vessels once they've opened up after discharging in Europe with clean cargo for clean business, whether it's a US-Gulf to Europe or some kind of voyage-similar, but we've never been able to. So I can say with 99% certainty that the ship will end up loading a crude cargo either from the US-Gulf, maybe from the North Sea, maybe from Malta, but she'll load crude cargo and go lease.

一旦這些船隻在歐洲卸下乾淨的貨物並開放後，我們便嘗試搭乘它們進行乾淨的業務，無論是從美國墨西哥灣到歐洲還是類似的航程，但我們從未成功過。因此，我可以 99% 肯定地說，這艘船最終將從美國墨西哥灣、北海或馬耳他裝載原油，但她將裝載原油並進行租賃。

Now on your -- on the second part of the question about the economics. So what we look at is two things. I mean, if the clean market is really strong and we can -- and TD3, for example, makes $40,000 just to open in China, load in AG and come back to China, makes $40,000. And we can earn $40,000 to go clean up in the AG, load the diesel and come to the West. For us, that makes absolute sense because the next voyage will earn $60,000 or $70,000 we load in the US-Gulf and the average will be far higher than whatever you are in the AG.

現在談談您關於經濟問題的第二部分。因此我們要關注兩件事。我的意思是，如果清潔市場真的很強勁，我們就可以——例如，TD3 僅僅在中國開業就能賺 40,000 美元，在 AG 中加載並返回中國，就能賺 40,000 美元。我們可以賺 40,000 美元去 AG 打掃衛生，裝上柴油，然後前往西部。對我們來說，這絕對有意義，因為下一次航行將在美國墨西哥灣賺取 60,000 美元或 70,000 美元，平均值將遠高於您在 AG 中的值。

If the backhaul voyage doesn't earn as much as TD3, then we start looking at what the averages of backhaul voyage plus a fronthaul voyages would make versus what TD3 run would make plus one or two more TD3 runs at what the paper curve is pricing or what our expectations for the market. And if we think that the back of the triangulated basis outperforms, we would choose that option.

如果回程航程的收益不如 TD3 航程多，那麼我們就開始研究回程航程加上去程航程的平均收益與 TD3 航線加上一兩次 TD3 航線的收益，以紙面曲線定價或我們對市場的預期為準。如果我們認為三角基礎的背面表現優異，我們會選擇該選項。

In general, the triangulation has worked very well for us over the past three years. We've established our relationships with the backhaul players and with the front haul players, and it's something we like. But we're not fixed on it. So in Q2 and Q3, we fixed three-, four-, five voyages for local AG East runs when we count that it was more profitable to do that.

總體而言，過去三年來，三角測量對我們非常有效。我們已經與回程球員和前程球員建立了關係，這是我們喜歡的。但我們並不執著於此。因此，在第二季度和第三季度，當我們認為這樣做更有利可圖時，我們為當地 AG East 航線安排了三、四、五次航行。

Again, very detailed. I appreciate you giving that overview. Okay. And then maybe just one follow-up and just in terms of OPEC and you mentioned Suezmax have obviously done better than what you are guiding and we're seeing rates doing decently here recently. I guess maybe just big picture as we think about these OPEC barrels. There's been a lot of talk and a lot of expectations of this production increase.

再次強調，非常詳細。感謝您給予這個概述。好的。然後也許只有一個後續問題，就 OPEC 而言，您提到蘇伊士型油輪的表現顯然比您指導的要好，而且我們看到最近的費率表現不錯。我想，當我們思考這些 OPEC 石油桶時，也許這只是一個宏觀的畫面。人們對此次產量成長有很多討論，也抱持著很高的期望。

And it looks like what's being produced now sort of outpaces the typical summer cooling consumption in the region. And so it seems that we should be seeing some of these barrels actually hit the export markets fairly soon. And just from your vantage point, are you seeing any of that? Are you seeing any incremental cargoes coming out of the Middle East as a result of these OPEC boost? Or is it still some weeks away before we start to see that?

看起來現在的產量已經超過了該地區典型的夏季冷氣消耗量。因此，我們似乎很快就會看到其中一些石油進入出口市場。從您的角度來看，您看到這些了嗎？您是否看到由於 OPEC 增產而從中東出口的貨物量增加？或者說我們還需要幾週的時間才能看到這一點？

Well, I mean two-, two and half weeks ago, three weeks ago, TD3 was at world-scale 44, 45. And we made it up a couple of days ago to 57.5. We've seen more than a 20% increase of VLCC rates. And this has been -- it's obviously there's a short-term cycles where it's a reason that this happens. The position less ebbs and flows.

嗯，我的意思是兩週前、兩個半星期前、三週前，TD3 的世界規模是 44、45。幾天前，我們的費率已經回升至57.5。 VLCC的費率上漲了20%以上。顯然，這是短期週期導致的，這也是發生這種情況的原因。職位不太起伏。

But the bigger picture is that, yes, these cargoes are coming back to the market. And at the same time that you also have the Indians diverting their supplies -- supply acquisitions. So I think it's a multitude of factors. But this week was expected to soften a little bit on the VLCCs. That's what our team had felt. And yesterday, it was indeed quite and the day before, but today, it was actually quite a bit busier on the VLCCs.

但從更大角度來看，這些貨物確實正在重返市場。同時，印第安人也在轉移他們的補給——補給採購。所以我認為這是由多種因素造成的。但預計本週超大型油輪 (VLCC) 的銷量將略有下降。這就是我們團隊的感受。昨天和前天確實很安靜，但今天 VLCC 上實際上更加繁忙。

And we think that we made up to 57.5. It came off of a few points. There's a view internally that it's bottomed now. And this only can be because there's more cargoes coming out and the charters aren't able to sit back like they would have in other times and hold the cargoes off the market to have the position less grow before they come back in.

我們認為我們達到了57.5分。這得益於幾分。內部有一種觀點認為，現在已經觸底。而這只能是因為有更多的貨物流出，租船人無法像其他時候那樣袖手旁觀，將貨物從市場上撤走，以便在貨物回來之前減少倉位增長。

They clearly have more cargoes to cover, so they can't be as patient as they were. So I think that this is leading into an interesting September where we could see further upside. And I mean, the paper market is definitely pricing that as well. And the paper market is not -- it doesn't predict the future, but it is traded by the most informed parties in the shipping market who are the oil majors and predominantly the traders.

他們顯然還有更多的貨物需要運送，所以他們不能像以前那麼有耐心。因此我認為這將引領我們進入一個有趣的九月，我們可能會看到進一步的上漲。我的意思是，紙本市場肯定也對此進行了定價。紙面市場不能預測未來，但它是由航運市場上最知情的各方進行交易的，這些各方是石油巨頭和主要的貿易商。

Appreciate that. We'll see how things develop here.

非常感謝。我們將看看事情如何發展。

Petter Haugen, ABG.

Petter Haugen，ABG。

The first question I have written was partly at least answered now after Omar's questions. But in terms of cleaning up, as you said, not many companies do that. But is it possible to say something about the levels, call it, the spreads between either the Vs or the Suezmaxes versus the MR rates that will put that trade into profits?

在奧馬爾提出問題之後，我所寫的第一個問題至少已經得到了部分解答。但就清理而言，正如您所說，沒有多少公司會這樣做。但是，我們是否可以說一下 V 型油輪或蘇伊士型油輪與 MR 型油輪之間的價差，從而讓該交易獲利呢？

Do you sort of need MR rates in sort of be high 20s, 30s or is it an inflection point prior to that? So the economics as specific as you assume that you can be, please, in terms of switching.

您是否需要 MR 率達到 20 多歲或 30 多歲，或者在此之前有一個拐點？因此，就轉換而言，請盡可能具體地考慮您所假設的經濟學。

Peter, thank you for your question. I think it depends a lot on each charter. So if the vessel is able to load directly from the terminal and load the full cargo or load the majority of the cargo. And then you limit the further FTS operation that's required, you really reduce the cost of the loading operations. And this is the cost of the charter bearers.

彼得，謝謝你的提問。我認為這很大程度取決於每份章程。因此，如果船舶能夠直接從碼頭裝載並裝載全部貨物或裝載大部分貨物。然後，您可以限制所需的進一步 FTS 操作，從而真正降低載入操作的成本。這就是承租人的費用。

If you're able -- if some of the charters who control the terminals and have births that can load a VLCC, obviously, you're much more competitive than a trader who might have to buy five- or six cargoes and load them individually by STS because then you need to pay for each ship that comes and the operation. So that's a huge benefit.

如果您有能力 — — 如果一些租船人控制碼頭，並且擁有可以裝載 VLCC 的船隻，那麼顯然，您比那些可能需要購買五六批貨物並通過 STS 單獨裝載的貿易商更有競爭力，因為那樣的話，您需要為每艘到達的船隻和操作支付費用。這是一個巨大的好處。

And then I think when does the deal make sense? Usually, when the clean market is high and the VLCC market is low because you need to have that arbitrage where it makes sense to use a VLCC but you can't have the VLCC market flying because then our alternative options will be too good.

然後我想什麼時候這筆交易才有意義？通常，當清潔市場價格高而 VLCC 市場價格低時，因為您需要套利，使用 VLCC 是有意義的，但您不能讓 VLCC 市場飛速發展，因為那樣我們的替代選擇就會太好了。

So obviously, the clean market needs to be firm. The VLCC market needs to not be relatively as firm. And the charter needs to be able to control the loading to limit its expenses. And the best way to do that is to discharge and load into terminals and avoid multiple SPS operations, which are expensive.

因此顯然，清潔市場需要堅挺。VLCC市場不需要相對堅挺。並且租船方需要能夠控制裝載量以限制其費用。而最好的方法就是在終端卸載和裝載，避免多次昂貴的 SPS 操作。

Okay. And a follow-up on that topic. How much of your fleet is currently now doing clean products? And how has that developed now over the past year, roughly, so to speak? We do remember, I think -- well, I think at least I remember that was that ships doing clean trade last summer at one time?

好的。並對主題進行跟進。你們的車隊中有多少目前在銷售清潔產品？那麼，過去一年來，情況大致如何？我想我們確實記得——好吧，我想至少我記得去年夏天有一艘船在進行清潔貿易？

Yes. I mean right now, we had one ship in Q2 and one ship in Q3. So it's not a big amount of the fleet. At times this year, we've had no vessels being on clean. So it really has to do, like you said, there's an inflection point between diesel pricing East to West, MR, LR2 rates and VLCC rates.

是的。我的意思是現在，我們在第二季有一艘船，在第三季有一艘船。因此艦隊數量不大。今年有時，我們沒有船隻處於清潔狀態。所以，正如您所說，這確實與東西方柴油價格、MR、LR2 費率和 VLCC 費率之間存在一個拐點有關。

Okay. Now that's at least, well, very interesting to see that someone is capable of doing this on a spot basis? Second question, and I do know this is a very sort of difficult question, but I just wanted to hear your thinking around what could potentially happen now in the case of any deal between the US and/or Europe and Russia?

好的。現在至少，嗯，很有趣地看到有人能夠在現場做到這一點？第二個問題，我知道這是一個非常困難的問題，但我只是想聽聽您對於如果美國和/或歐洲與俄羅斯達成任何協議可能會發生什麼的看法？

I guess the big question is to what extent Russian barrels, both on crude and product will return to Europe? But yes, just wanted to hear your thinking around that, yes, the coming meeting and afterwards.

我想最大的問題是，有多少俄羅斯原油和成品油會回流到歐洲？但是的，我只是想聽聽你對即將召開的會議以及會議之後的事情的看法。

Well, I mean, the only thing that we know how to do well is fix ships or hopefully by ships cheap. But from what our view is, I think that the bid ask between Ukraine and Russia is still very wide. There's clearly a very big interest from Trump to come to a deal. But I don't know what Russia would currently offer would satisfy Ukraine and the Europeans.

嗯，我的意思是，我們唯一知道如何做好的事情就是修理船隻，或者希望以便宜的價格修理船隻。但從我們的角度來看，我認為烏克蘭和俄羅斯之間的出價差距仍然很大。川普顯然非常希望達成協議。但我不知道俄羅斯目前提供的條件能讓烏克蘭和歐洲人滿意。

So I mean I think that if there's a ceasefire, perhaps we could see something from the United States, softening a bit on its sanctions. But I think that I don't see that Europe changing its policy anytime soon on importing Russian crude into the European markets or any removal of sanctions on the shadow fleet. I also don't think that there is any material risk of US removal of independently owned tankers in the shadow fleet.

所以我的意思是，我認為如果停火的話，也許我們可以看到美國採取一些措施，稍微放鬆其製裁。但我認為，歐洲不會很快改變進口俄羅斯原油到歐洲市場的政策，也不會取消對影子船隊的製裁。我也不認為美國從影子艦隊中撤走獨立擁有的油輪會有任何實質風險。

Maybe there will be pressure for the Sovcomflot, which is the Russian state-owned company. But -- and that's a relatively small percentage of the shadow fleet, but I do not see the US rewarding independent owners who trade in the shadow fleet with sanctions removals. So I think that the ton-mile effect of Europe not importing will remain. Perhaps we see some fuel or VGO going to the United States. But I think my base case is that Trump and the US remain frustrated in the medium term and we don't see very much progress and potentially more strict sanctions coming.

俄羅斯國營企業 Sovcomflot 或許會面臨壓力。但是 — — 這只佔影子船隊的一小部分，但我不認為美國會透過取消制裁來獎勵從事影子船隊交易的獨立船東。因此我認為歐洲不進口的噸英里效應將會持續存在。也許我們會看到一些燃料或VGO運往美國。但我認為我的基本情況是，川普和美國在中期內仍然感到沮喪，我們看不到太大的進展，而且可能會出現更嚴格的製裁。

Just a final very sort of [a philosophic] question in the end here. Looking into second half and also 2026, G&A is now running at approximately $4 million. It's been well up and down a few times over the past quarters. But -- is this now the level that we should pencil in for second half and onwards?

最後這只是一個非常哲學的問題。展望下半年以及 2026 年，G&A 目前約為 400 萬美元。在過去幾個季度中，它經歷了幾次起伏。但是──這是我們應該為下半年及以後規劃的水平嗎？

Let me jump in here. No, a rate of $4 million a quarter is not -- should not be the base case assumption. Let me just say that over the last couple of quarters, especially in Q2, because a lot of our G&A and OpEx for that matter is expensed in Euros. There's been an increase due to the exchange rate spike between the Euro and USD.

讓我插話一下。不，每季 400 萬美元的利率不應該是基本假設。我只想說，在過去幾個季度，特別是在第二季度，因為我們的許多 G&A 和 OpEx 都是以歐元支出的。由於歐元和美元之間的匯率飆升，出現了增長。

Of course, this is countered by an exchange rate swap that we have put in place, although this is below the EBITDA line. So there is a gain that you will notice through our interest rate hedge. Now, setting aside the exchange rate factor, there is some seasonality on our G&A. I expect that half 2 will be will have a lower rate than what we had in half 1. But of course, a lot of this is determined by the listing expenses that continue to creep up.

當然，我們實施的匯率互換可以抵消這一影響，儘管這低於 EBITDA 線。因此，透過我們的利率對沖，您會注意到收益。現在，撇開匯率因素，我們的 G&A 有一些季節性。我預計第二部分的利率會低於第一部分的利率。但當然，這很大程度取決於持續攀升的上市費用。

Understand and for 2026.

了解並面向 2026 年。

I think it's a little too early to have visibility. My base case assumption would be consistent with -- both in terms of seasonality and overall level as we have this year, assuming that nothing crazy happens with the exchange rate that would skew the figures. Again, we are significantly hedged, but you just don't see those numbers above the EBITDA line. You see them below.

我認為現在判斷還為時過早。我的基本假設與今年的季節性和總體水平一致，假設匯率不會發生任何會扭曲數據的瘋狂變化。再次，我們進行了大量對沖，但您就是看不到 EBITDA 線以上的數字。您可以在下面看到它們。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Yes. We discussed the unlikely event of sanctions being lifted, but the lifting of sanctions is always highlighted as a risk to the crude tanker sector. But even if sanctions were lifted, wouldn't that shift traffic away from the shadow fleet to the more conventional vessels and still put you in a win-win situation?

是的。我們討論了不太可能發生的製裁解除事件，但制裁解除始終被視為對原油運輸業的一大風險。但即使製裁被取消，這難道不會將交通從影子船隊轉移到更傳統的船隻上，並仍然讓你處於雙贏的局面嗎？

Thank you for your question. I mean, there's so many different parameters that it's so complicated. And -- but what I -- one of the likely bullish scenarios that I see is that the United States allows -- and the price cap is removed, and it allows the trade to go on normal vessels again. But the shadow fleet remains sanctioned.

感謝您的提問。我的意思是，有太多不同的參數，所以它非常複雜。但我認為最有可能出現的樂觀情況之一是，美國允許取消價格上限，允許貿易再次透過普通船隻進行。但影子艦隊仍然受到製裁。

And in terms of, let's say, the Chinese and the Indian buyers and the utilization of ships, we've seen that OFAC sanctions are by far the most effective at limiting utilization. But this is for the shadow trade if -- we are talking about the compliance trade, whether you're sanctioned by the US or the UK or Europe, it doesn't make a difference. And I think just an example is that the entire insurance market is controlled by US and European insurance companies.

就中國和印度買家以及船舶的使用而言，我們已經看到，OFAC 制裁在限制使用方面是迄今為止最有效的。但這是影子貿易，如果我們談論的是合規貿易，無論你受到美國、英國或歐洲的製裁，都沒有差別。我認為舉個例子，整個保險市場都被美國和歐洲的保險公司控制。

No owner of a sanctioned vessel in the US, UK, Australia will be able to ensure their vessels or have classification or have a first-class flag while have sanctions on them. And there's a very small overlap between sanctions of the EU, the US and the UK. It has not been coordinated at all.

在美國、英國和澳大利亞，任何受制裁船隻的船主在受到製裁期間都無法確保其船隻獲得分類或懸掛一流旗幟。歐盟、美國和英國的製裁之間重疊很小。根本就沒有協調好。

So the fact that they're not overlapping means it's very complicated for these vessels to have -- if the US removes sanctions, it doesn't mean that they still won't be sanctioned by the other two authorities. So I think, yes, there's many cases in the different scenarios of how sanctions reduction scenario plays out that could remain very bullish for tanker.

因此，它們之間沒有重疊這一事實意味著這些船隻的處境非常複雜——如果美國取消制裁，並不意味著它們不會受到其他兩個當局的製裁。所以我認為，是的，在製裁減少的不同情境中，有很多情況可能對油輪市場非常有利。

And your operating cost per vessel ticked up again this quarter. Is there anything unusual? Or is it just your normal quarter-to-quarter variability?

本季每艘船的營運成本再次上升。有什麼不尋常的嗎？或者這只是正常的季度間變化？

I'll let Iraklis answer because that is focused on bringing in the money.

我讓伊拉克利斯來回答，因為這主要是為了賺錢。

I'd say this is focusing on running the vessels as best as possible in bringing the revenue. So that obviously has a bit of an impact on OpEx. But I think the larger impact has to do with what I explained to Peter earlier. Because a significant part of our OpEx more so than other peers, I expect due to our crew composition is based on Euros, the exchange rate does play a bit of an impact. So I think partially, it's explained by that, that is just again seasonality.

我想說的是，重點在於盡可能地運行船隻以帶來收入。所以這顯然對營運支出有一定影響。但我認為更大的影響與我之前向彼得解釋的內容有關。由於我們的營運支出很大一部分比其他同行要高，我預計由於我們的船員組成是以歐元為基礎的，匯率確實會產生一些影響。所以我認為部分原因是因為季節性。

Overall, I think compared to last year, setting aside the exchange rate difference, we expect that the cost should be relatively flat, maybe slightly above. But nothing significant.

總體而言，我認為與去年相比，撇開匯率差異，我們預計成本應該相對持平，甚至可能略高。但沒有什麼重大意義。

(Operator Instructions)

（操作員指示）

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

My first question is also on the geopolitical side. You mentioned you're seeing a large shift in India's import preferences. Should this continue or even accelerate? Where do you think the Russian volumes will end up? Do you think China would be willing to further increase its imports of Russian crude?

我的第一個問題也是關於地緣政治方面的。您提到您看到印度的進口偏好發生了巨大變化。這種現像是否應該繼續下去，甚至加速？您認為俄羅斯的產量最終會流向哪裡？您認為中國是否願意進一步增加俄羅斯原油的進口量？

Climent, thanks for your question. I mean, I think Trump is able to use his power against certain countries to force them to double their crude at the expense of tariffs or sanctions. And these are countries that are more your allies or your friends. And I think that Turkey and India are more susceptible to Trump's pressure.

Climent，感謝您的提問。我的意思是，我認為川普能夠利用他的權力對付某些國家，以關稅或製裁為代價迫使他們把原油產量翻一番。這些國家更像是你的盟友或朋友。而且我認為土耳其和印度更容易受到川普的壓力。

The Russian crude that is no longer being bought by the Turks and the Indians will have to be sold into China. They're the only other buyer of this crude. I expect that the Indians are price sensitive. So if we see a big decrease in the Russian pricing of their crude and the discount to other grows a lot, perhaps they buy a bit more again. But the only other outlet of Russian crude is China.

土耳其和印度不再購買的俄羅斯原油將不得不賣給中國。他們是這種原油的唯一其他買家。我預計印度人對價格很敏感。因此，如果我們看到俄羅斯原油定價大幅下降，而對其他國家的折扣大幅增加，也許他們會再次購買更多。但俄羅斯原油的唯一另一個出口國是中國。

So Turkey, India reduced, China increases, and it's a dramatic effect to tonne miles for that trade, which will -- we already see that it stretched the shadow fleet. The shadow fleet, the positions being up in the north or diminished. The rates in that market are rumored to have increased substantially. And as we go into the winter, I do expect that there will be more purchase inquiries for older tonnage to slot into that fleet and service that trade.

因此，土耳其、印度的運輸量減少了，而中國的運輸量增加了，這對該貿易的噸英里數產生了巨大影響，我們已經看到，這拉長了影子船隊規模。影子艦隊，其陣地位於北方或被削弱。據傳該市場利率已大幅上漲。隨著冬季的到來，我確實預計會有更多購買舊噸位船舶的詢價，以加入該船隊並服務該交易。

And this one is more on the product side, but Europe is set to crack down on its imports of refined Russian crude, which was previously allowed. To what extent do you believe that's enforceable and do you envision any impact on the overall market?

這次更多的是產品方面的問題，歐洲將嚴厲打擊先前允許進口的俄羅斯精煉原油。您認為該規定在多大程度上是可以執行的？您認為這會對整個市場產生什麼影響嗎？

Well, I mean, the imports of Indian and Turkish products -- it's a sizable percentage of the European clean product consumption, but it's nowhere near the majority. It's a relatively small percentage. So I do think that trade flows will adjust. But it is complicated.

嗯，我的意思是，印度和土耳其產品的進口——佔歐洲清潔產品消費的相當大比例，但遠遠不是大多數。這個比例相對較小。所以我確實認為貿易流量將會調整。但它很複雜。

I mean I don't understand the workings of a refinery very well, but I assume that they have multiple storage tanks, I assume that they blend different types of crudes to produce the optimum output of different clean products and part of that could be Russian crudes, and you know issuing certificates for some crudes that some products that do or don't have Russian fruit inside is messy and it's definitely nothing that's occurred in the industry so far.

我的意思是，我不太了解煉油廠的運作，但我認為他們有多個儲罐，我認為他們混合不同類型的原油以生產出不同清潔產品的最佳產量，其中一部分可能是俄羅斯原油，你知道，為某些原油頒發證書，證明某些產品含有或不含有俄羅斯原油，這是很混亂的，而且到目前為止，業內肯定沒有發生過這樣的事情。

So we'll have to see how they how that's dealt with in the future. But it will definitely be interesting to see it.

所以我們必須看看他們將來如何處理這個問題。但看到它肯定會很有趣。

Definitely. Only time will tell. Congratulations for the quarter.

確實。只有時間才能告訴我們答案。恭喜本季。

Hopefully, next quarter, we're able to do the same.

希望下個季度我們也能做到同樣的事情。

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

我們的問答到此結束。現在我將發言權交還給 Iraklis Sbarounis，請他做最後的評論。

Yes. Thanks, everyone, for dialing in and participating. It's been a long call for middle of the summer. We look forward to touching base again in November. Thank you very much. Bye-bye.

是的。感謝大家撥入電話並參與。這是仲夏時節的漫長通話。我們期待十一月再次聯繫。非常感謝。再見。

Ladies and gentlemen, today's call has 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。我們感謝您的參與。現在您可以斷開線路了。