Okeanis Eco Tankers Corp (ECO) 2025 Q3 法說會逐字稿

Welcome to OET's Third quarter 2025 financial results presentation. We will begin shortly.

歡迎參加OET 2025年第三季財務業績發表會。我們馬上開始。

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

Okeanis Eco Tankers 的執行長 Aristidis Alafouzos 和財務長 Iraklis Sbarounis 將帶您了解此示範。

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

通話結束時，他們將樂於解答您提出的任何問題。

I would like to advise you that this session is being recorded.

我想告知各位，本次會議正在錄音。

Iraklis will now begin the presentation.

伊拉克利斯現在將開始演講。

Thank you. Hi everyone. Welcome to the presentation of the earnings results of Hoani eco tankers for the third quarter of 2025. 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 on slide two.

謝謝。大家好。歡迎參加 Hoani eco tankers 2025 年第三季獲利結果發表會。我們將討論一些具有前瞻性的事項，實際結果可能與此類前瞻性聲明中反映的預期有所不同。請閱讀第二張投影片上的相關免責聲明。

So starting on slide four in the executive summary, I'm pleased to present the highlights of the third quarter of 2025. We achieved fleet-wide time charter equivalent of about $47,000 per vessel per day. Our VLCC were almost at $46,000 and our Suezmax is at $48,000. We report adjusted the BA of $45.2 million adjusted net profit of $24.7 million. And adjust the BPS of $0.77.

因此，從執行摘要的第四張投影片開始，我很高興地向大家介紹 2025 年第三季的重點內容。我們實現了船隊整體的定期租船等效收益，每艘船每天約 47,000 美元。我們的超大型油輪價格接近 46,000 美元，我們的蘇伊士型油輪價格為 48,000 美元。我們報告稱，經調整後的帳面收入為 4,520 萬美元，經調整後的淨利潤為 2,470 萬美元。並將 BPS 調整為 0.77 美元。

Continuing to deliver on our commitment to distribute value to our shareholders, our board declared the 14th consecutive distribution in the form of a dividend of $0.75 per share.

為了繼續履行我們為股東創造價值的承諾，董事會宣布連續第 14 次派發股息，每股 0.75 美元。

Total distributions over the last four quarters stand at $2.12 per share, or approximately 9% of our earlier productivity.

過去四個季度的總分紅為每股 2.12 美元，約占我們先前生產力的 9%。

Since the end of the quarter, we have declared the purchase options for our last sale and lease by financing on the Nissos RNA and NOS (Inaudible), which will be delivered to us in the second quarter of next year.

自本季末以來，我們已宣布了對 Nissos RNA 和 NOS（聽不清楚）的最後一筆銷售和租賃融資的購買選擇權，這些車輛將於明年第二季交付給我們。

Moving on to slide five.

接下來是第五張投影片。

We have, over the years stated our clear and strategic policy of distributing and maximizing value directly to our shareholders. Since we have had a fully delivered fleet in 2022, we have distributed over 90% of our adjusted EPS. Since our IPO in Norway in 2018, we have distributed approximately 435 million in dividends, or 1.8 times our initial market cap.

多年來，我們一直明確闡述我們的策略方針，即直接向股東分配和最大化價值。由於我們在 2022 年已全面交付車隊，我們已分配了超過 90% 的調整後每股收益。自 2018 年在挪威上市以來，我們已派發約 4.35 億挪威克朗的股息，相當於我們初始市值的 1.8 倍。

This quarter with visibility into very strong Q4 bookings, as well as pictures that run in Q1 and our view on the current market dynamics, our board decided to distribute 100% of our reported EPS at $0.75 per share.

本季度，鑑於第四季度預訂量非常強勁，以及第一季上映的影片和我們對當前市場動態的看法，董事會決定將報告的每股收益的 100% 以每股 0.75 美元的價格進行分配。

On slide six, we show the detail of our income statement for the quarter and the nine-month period ending in September of 2025. TC revenue for the nine months stood at $172.5 million. EBITDA was almost $125 million and reported net income was over $63.5 million or almost $2 per share.

在第六張幻燈片中，我們詳細展示了截至 2025 年 9 月的季度和九個月期間的損益表。TC公司前九個月的營收為1.725億美元。EBITDA 接近 1.25 億美元，報告淨收入超過 6,350 萬美元，即每股近 2 美元。

Moving on to slide seven and our balance sheets. We ended the quarter with $58 million of cash and approximately $51 million of trade receivables on top.

接下來請看第七張投影片，我們的資產負債表。本季末，我們擁有 5,800 萬美元現金，此外還有約 5,100 萬美元的應收帳款。

Our balance sheet debt was $617 million. Book leverage stands at 57%, while our market adjusted net LDP is around 40%.

我們的資產負債表債務為 6.17 億美元。帳面槓桿率為 57%，而我們經市場調整後的淨 LDP 約為 40%。

On slide eight, I'm taking the opportunity to go over one of our key competitive advantages, our fleet.

在第八張投影片中，我將藉此機會介紹我們的一項關鍵競爭優勢—我們的機隊。

We have a total of 14 vessels, six Suezmax and eight BSSCs with an average age of only six years. That's the youngest fleet amongst listed crew tanker peers. All our vessels are built in South Korea and Japan, a scrubber fitted and eagle-designed. Our focus on modern assets is clearly paying off in our commercial performance.

我們共有 14 艘船舶，其中 6 艘為蘇伊士型油輪，8 艘為 BSSC 型油輪，平均船齡僅 6 年。這是上市船員油輪同級別船隊中最年輕的一支。我們所有的船舶均在韓國和日本建造，配備洗滌器，並採用鷹牌設計。我們對現代化資產的重視已在商業績效中取得了顯著成效。

We have recently completed the dry dock of the Nissos Kythnos. while the Nissos Kythnos follows during the quarter. I may remind you that for 2026, the only capital expenditure we have is for ones match, the 10-year dry dock of the minis.

我們最近完成了尼索斯·基斯諾斯號的乾船塢改造，而尼索斯·基斯諾斯號將在本季繼續進行改造。我提醒各位，到 2026 年，我們唯一的資本支出是用於一項賽事，即迷你賽車的 10 年乾船塢維護。

Slide nine, moving on to our path obstruction.

第九張投影片，接下來我們來看路徑障礙。

At the end of the summer, we concluded the refinancing of the Nissos with a great dang, completing the series of (Inaudible) over three Chinese leased vessels, all three at margins between 135basis and 140 basis points. These transactions continued within the strategy we said when we commenced the cycle of improving pricing and break-even, extending maturities, and adding flexibility.

夏末，我們以巨大的成功完成了 Nissos 的再融資，完成了三艘中國租賃船舶的系列（聽不清），這三艘船的利潤率都在 135 個基點到 140 個基點之間。這些交易延續了我們當初提出的策略，即改善定價和損益平衡點、延長期限和增加靈活性。

Since 2023, our margin has improved by 155 basis points on the 12 refinanced vessels or 125 basis points across the entire fleet. That's a benefit of about $8 million and $0.01 year of our current debt levels, or $1500 per vessel per day across each vessel of our fleet.

自 2023 年以來，我們 12 艘再融資船舶的利潤率提高了 155 個基點，整個船隊的利潤率提高了 125 個基點。這相當於每年節省約 800 萬美元，相當於我們目前債務水平的 0.01 美元，或者說，我們船隊中每艘船每天節省 1500 美元。

As I mentioned earlier, we recently declared the purchase options for the (Inaudible).

正如我之前提到的，我們最近公佈了購買選擇權（聽不清楚）

The former is expected to be delivered to us in, early May, and the latter in early June of 2026. We have several options available to us at the moment on how to refinance those vessels, and we look forward to the opportunity to further improve our capital structure and breakeven levels. As an illustration, we have calculated the imputed margin across ALL14 vessels in the second half of next year, assuming we finance these two BFCCs at similar terms as the ones we have achieved in our recent revise, potentially bringing our fleetwide average margin down to 160 basis points.

前者預計將於 2026 年 5 月初交付給我們，後者預計將於 2026 年 6 月初交付給我們。目前我們有幾種方案可以對這些船舶進行再融資，我們期待有機會進一步改善我們的資本結構和損益平衡水準。舉例來說，我們計算了明年下半年 ALL14 艘船舶的估算利潤率，假設我們以與我們最近修訂中實現的類似條款為這兩艘 BFCC 船舶提供融資，這可能會使我們整個船隊的平均利潤率降至 160 個基點。

I will not pass the presentation but see this for the commercial market.

我不會通過這次演示，但我認為它適合商業市場。

Thank you, doctor.

謝謝您，醫生。

Firstly, I would like to thank the whole OET team and the technical manager.

首先，我要感謝整個 OET 團隊和技術經理。

As this is a genuine team effort, these results are a product of, in-house management and Greek ship loving devotion.

由於這是團隊的共同努力，這些成果是內部管理和希臘人對船舶的熱愛與奉獻的結晶。

Q3 is traditionally the seasonal low point of the year, but once again we were able to deliver very solid operational performance.

第三季通常是一年中的淡季，但我們再次取得了非常穩健的營運表現。

Fleet YTC came in at $46,600 per day with VLCCs at $45,500 and $48,200 on our sewage maxis and we achieved near perfect utilization across the city.

YTC 船隊每天的成本為 46,600 美元，VLCC 船隊每天的成本為 45,500 美元，污水運輸船隊每天的成本為 48,200 美元，我們在全市範圍內實現了近乎完美的利用率。

If we compare our earnings with peers that have already reported Q3 results.

如果我們把我們的收益與已經公佈第三季業績的同業進行比較。

Our out performance for the quarter stood at 30% for the VLCCs and 45% for the sz maxism.

本季度，VLCC 的超額收益為 30%，sz maxism 的超額收益為 45%。

Our commercial strategy this quarter focused on positioning the VLCC's to open.

本季我們的商業策略重點是為VLCC的營運做好準備。

In mid Q4, with a strong balance in the west ahead of the winter market.

第四季中期，西部市場在冬季市場到來之前保持強勁的供需平衡。

One of our VLCC's performed a clean air product backhaul voyage to reposition to the west.

我們的一艘超大型油輪執行了一次清潔空氣產品回程航行，以重新部署到西部。

And 3 other of our VLCC's fixed transatlantic voyages to capture improving summer rates.

還有 3 條我們 VLCC 的固定跨大西洋航線，以抓住夏季不斷上漲的運價。

As well as keeping the position in the west for our preferred Q4.

同時，我們將繼續保持在西部地區的領先地位，以實現我們理想的第四季目標。

On the Suez side, the Sikinos and the (Inaudible) both secured long haul front haul voyages heading east for their dry dock schedules.

在蘇伊士運河一側，Sikinos 號和（聽不清楚）號都獲得了前往東方的長途航程，以進行乾船塢維修。

While a remaining force to his maxiate in the west and capitalized on very healthy regional conditions.

而他則在西部保留了一股殘餘力量，並充分利用了該地區非常健康的條件。

Thes max is a very versatile asset that we really love. If you optimize on triangulation, niche trades, and limit waiting time, you can really outperform the market.

這款 Max 是一款用途非常廣泛的資產，我們非常喜歡它。如果你優化三角交易策略、利基交易並縮短等待時間，你就能真正跑贏大盤。

And these decisions maximize returns, protected our utilization, and continued the trend we've seen all year. Our Suez maxes once again outperform the VLCCs on a per day basis, and this is the fifth consecutive sector.

這些決策最大限度地提高了收益，保護了我們的利用率，並延續了我們全年看到的趨勢。我們的蘇伊士運河最大噸位船舶再次在每日業績上超越了超大型油輪，這已經是連續第五個航段了。

Looking ahead to Q4, it's shaping up to be a fantastic quarter.

展望第四季度，預計這將是一個非常棒的季度。

What is most exciting though is that the rates have continued to strengthen, and we're covering days in Q1 already at six digit figures.

不過最令人興奮的是，利率持續走強，我們第一季的覆蓋天數已經達到了六位數。

As of today, 80% of our VLCC spot days are fixed at $88,100 per day, and 48% of our suezmax days at $60,800 per day. This gives us a fleetwide average of $80,700 per day on the fixed portion, and this is roughly 2/3 of the quarter.

截至今日，我們80%的VLCC現貨交易日價格固定為每天88,100美元，48%的蘇伊士型油輪現貨交易日價格固定為每天60,800美元。這使得整個船隊的固定部分平均每天收入為 80,700 美元，這大約是季度的 2/3。

Similarly to the Q3 results and based on peers that have already reported earnings, our guidance how performance on fixed days stands at 30%, 37% for the BCCs and 33% for the swis maxis.

與第三季業績類似，並根據已公佈收益的同行，我們對固定日業績的預期為：BCC 為 30%，瑞士 Maxis 為 37%，瑞士 Maxis 為 33%。

The positioning choices we we made in Q3 are now paying off wonderfully.

我們在第三季做出的市場定位選擇現在正取得非常好的成效。

four VLCCs, which we had in the west, had been fixed on long haul eastbound voyages, locking in strong returns for long duration.

我們在西部擁有的四艘超大型油輪 (VLCC) 已固定用於長途東行航線，從而鎖定了長期強勁的收益。

Nisa kay fixed the a prompt cargo out of west coast India to do Ag to the east at very attractive levels as well.

Nisa Kay 也以非常優惠的價格，安排了從印度西海岸到東部的快速貨物運輸。

We also fixed the VLCC for a backhaul at rates we would love to do on a front haul voyage. When she's open in the west.

我們也以我們非常希望在前程航程中執行的價格，為回程航線預訂了超大型油輪。當她在西部開門營業時。

If we are able to fix the US Gulf East cargo with limited weighting at today's rates, we will have covered over four months north of $125,000 per day on that particular ship.

如果我們能夠以今天的費率解決美國墨西哥灣東部貨物的有限重量問題，那麼我們將為這艘特定船舶支付超過四個月、每天超過 125,000 美元的費用。

And the Suezmax segment remains firm as well, with Cynos now out of dry dock and Sikinos next in line. Our earnings on our on our six Suezmaxes were impacted though by repositioning the Suez to and from dry dock.

蘇伊士型油輪市場也保持穩定，Cynos號已完成乾船塢維修，Sikinos號緊跟在後。不過，由於蘇伊士號貨輪往返乾船塢的調動，我們六艘蘇伊士型貨輪的收益受到了影響。

And we have yet to see delays in the Turkish Straits, which is a huge driver of Suez strength in the winter.

而且我們還沒有看到土耳其海峽出現延誤，而土耳其海峽是冬季蘇伊士運河航運實力的重要驅動因素。

And now a little bit about the market. This is a real tanker bull market. Rates showed strength from the end of the summer, which is seasonally a weak period, and continue to push onwards. What gives me confidence today is that we have all sides pushing. The VLCCs will drive 20 points higher one week, and the next week you have Alha and Suez catching up. Then the VLCCs happen again. This has happened consistently throughout Q4.

現在簡單介紹一下市場狀況。這是真正的油輪牛市。利率從夏季末期（通常是淡季）開始走強，並持續攀升。今天讓我感到信心的原因是，各方都在努力。VLCC油輪一週內可能會推動油價上漲20點，但下週Alha和Suez油輪就會迎頭趕上。然後，超大型油輪（VLCC）的悲劇再次上演。這種情況在整個第四季持續發生。

The increased flow of cargoes does not give charters the time to sit back, let the positionless grow, and push down rates.

貨物流量的增加並沒有給租船公司留下坐視不管、任由無頭寸貨物增加並壓低運費的時間。

Tightening global sanctions continue to restrict supply of compliance on it.

全球製裁力度不斷加大，持續限制了合規產品的供應。

And with OpEx plus announcing incremental production over the past months, plus rising ton miles out of the US Gulf, Brazil, Guyana, and West Africa, we expect a strong winter in Q1 across both our asset classes.

過去幾個月，OpEx Plus 宣布增加產量，加上美國墨西哥灣、巴西、圭亞那和西非的噸英里數不斷增加，我們預計第一季我們兩大資產類別都將迎來強勁的冬季業績。

It is evident that the UK, US, and EU sanctions have created challenges for Indian, Chinese, and Turkish receivers, but we'll get into this a bit later in further detail.

很明顯，英國、美國和歐盟的製裁給印度、中國和土耳其的接收者帶來了挑戰，但我們稍後會更詳細地探討這個問題。

And we continue to outperform the market on slide 13 and our peers quarter after quarter. As the only listed pure eco and fully scrubber fitted tanker platform, we consistently sit at the top of the earnings stack. Since late 2019, we have generated roughly 220 million of cumulative outperformance, 113 from our VLCCs and 107 from our Suezmax's.

正如幻燈片 13 所示，我們持續跑贏市場，並且每季都超越同業。作為唯一上市的純環保全脫硫油輪平台，我們始終處於獲利榜首。自 2019 年底以來，我們累積了約 2.2 億美元的超額收益，其中 1.13 億美元來自我們的 VLCC，1.07 億美元來自我們的蘇伊士型油輪。

This may just be luck.

這或許只是運氣。

But it could also be the result of a disciplined strategy, fleet quality, and an agile commercial mindset that lets us react faster than the broader market.

但這也可能是嚴謹的策略、高品質的機隊以及敏捷的商業思維共同作用的結果，使我們能夠比整個市場更快地做出反應。

And on this slide we've been showing versions of this for a long time because the trend is unchanging and extremely supportive.

在這個投影片上，我們已經展示了這個內容的各種版本很長一段時間了，因為這種趨勢沒有改變，而且得到了極大的支持。

More than 40% of the global BLCC and Suezmax lead is over 40, 15 years old, and around 20% is involved in sanctioned trades.

全球BLCC和蘇伊士型油輪船隊中，超過40%的船隊成員年齡超過40歲，15歲，約20%參與了受制裁的貿易。

These vessels are effectively removed from mainstream employment.

這些船隻實際上已經脫離了主流就業市場。

At the same time, the order book remains modest. Around 14% reveals and less than 20% pursuers maxis, with many of those delivering after 2027.

與此同時，訂單量仍然不大。約 14% 的玩家將揭曉，不到 20% 的玩家會追捧，其中許多玩家將在 2027 年之後發布。

Now it's true that ordering has picked up recently, but there are several important mitigating factors that prevent us from feeling any stressfulness.

雖然最近訂單量確實有所增加，但有幾個重要的緩解因素使我們不會感到任何壓力。

Most new orders are scheduled far out, in many cases 28 and 29, because earlier yard slots simply are not available.

大多數新訂單的安排時間都很遠，很多情況下是 28 和 29 天，因為更早的堆場時段根本無法使用。

A meaningful portion of orders is replacement tonnage for very old ships, not incremental growth.

相當一部分訂單是用來取代老舊船舶的噸位，而不是新增噸位。

And importantly, sanctioned tonnage continues to grow faster as a share of the global fleet than the order book.

更重要的是，獲批噸位在全球船隊中所佔的比例持續以比訂單量更快的速度成長。

This further reduces the mainstream flee.

這將進一步減少主流的逃亡潮。

Available for compliance trades.

可用於合規交易。

I am personally convinced that sanctioned vessels and non-sanctioned vessels that use dodgy flag states and insurances, while engaging in sanctioned business will never return to the mainstream market.

我個人確信，受制裁的船舶和使用可疑船旗國和保險，同時從事受制裁業務的未受制裁船舶，永遠不會重返主流市場。

So even with an uptick in ordering, the broader picture improves. Retirements are not being replaced fast enough, effective compli continues to shrink, and the modern end of the market, where OET sits, remains exceptionally tight.

因此，即使訂單量有所上升，整體情況也會有所改善。退休人員的補充速度不夠快，有效合規性持續下降，而 OET 所在的現代市場末端仍然異常緊張。

Building on the previous slide in the current current order book, another mitigating factor is yard capacity. Even if reporters wanted to owners wanted to place large orders today, they simply couldn't on any scale for anytime soon. Global shipbuilding capacity has halved since 2010. Both the number of active yards and total output, and yards are allocating capacity to higher margin projects.

在前一張投影片的基礎上，目前訂單簿的另一個緩解因素是堆場容量。即使記者們想讓老闆們今天下大訂單，他們根本不可能在短期內大規模下單。自 2010 年以來，全球造船能力減少了一半。活躍船廠的數量和總產量都在增加，船廠正在將產能分配給利潤更高的項目。

This reinforces our conviction that the value of a modern efficient fleet like ours will continue to rise.

這更加堅定了我們的信念，即像我們這樣現代化的高效車隊的價值將會繼續上升。

Against this backdrop, OET is resilient by design. Our fleet is young, fully echo, and 100% scrubber fitted, purpose built to outperform in an aging market where a large portion of older non-compliant vessels will struggle with EEXI and CAI requirements.

在此背景下，OET 從設計上就具有很強的適應力。我們的船隊年輕，全部符合排放標準，100% 安裝了脫硫裝置，專為在老齡化市場中脫穎而出而建造，因為在這個市場中，很大一部分老舊不合規的船舶將難以滿足 EEXI 和 CAI 的要求。

Roughly 40% of the global VLCC and Suz max speed are eco design. At OAT the number is 100%.

全球約 40% 的 VLCC 和 Suz 最大航速船舶採用環保設計。在 OAT，這個數字是 100%。

Turning to the broader macro environment, fundamentals remain constructive.

從更廣泛的宏觀環境來看，基本面依然保持良好。

The the EBITDA remains projects that supply.

EBITDA 仍然是供應項目。

Will modestly exceed demand through 2026, leading to some stockpis. Even more supportive, recently, EBITDA brought back the no peak oil scenario. In this view, oil and gas keep rising through 2050, while coal use declines more slowly than many expected.

到 2026 年，供應量將略微超過需求量，導致一些庫存積壓。更令人振奮的是，最近 EBITDA 數據再次印證了石油無高峰的假設。在這種觀點看來，石油和天然氣的使用量到 2050 年將持續成長，而煤炭的使用量下降速度將比許多人預期的要慢。

This effectively drops the idea of peak demand and points to a longer and stronger role for fossil fuels in the global energy system.

這實際上否定了尖峰需求的概念，並表明化石燃料在全球能源系統中將發揮更持久、更強大的作用。

I personally do not subscribe to the large stock theory.

我個人並不認同大盤股理論。

OpEx plus has underproduced to its quota, and effectively a lot of sanctioned crude is floating. Effective supply of compliant crude is much more manageable. Saying this, a flat forward price on crude or even a slight contango is the healthiest for our market. It does not incentivize drawing storage like when in degradation, nor does it pay for real storage.

OpEx plus 的產量未達配額，實際上有許多受制裁的原油處於閒置狀態。有效供應符合規定的原油要容易得多。也就是說，原油遠期價格持平甚至略微溢價對我們的市場來說才是最健康的。它既不會像降級時那樣激勵用戶提取儲存空間，也不會為真正的儲存空間付費。

When in a deep contango, which could be a short-term boom, but will create medium-term pain.

當處於深度期貨溢價狀態時，短期內可能會出現繁榮，但中期會造成痛苦。

The shallow contango or a flat oil market which we are in, makes longer haul business affordable, which is exactly what the tenanger gang wants.

當前石油市場處於淺層期貨溢價或平穩狀態，使得長途運輸業務變得經濟實惠，這正是租客們所希望的。

What matters, however, is the composition of where those barrels come from. Incremental supplies coming from the Atlantic basin, the US, Brazil, Guyana.

然而，真正重要的是這些桶子的來源地及其成分。來自大西洋盆地、美國、巴西、圭亞那的增量供應。

While demand is growing, growth is driven by China, India, and wider Asia. India has been a surprise this year and has shown formidable growth in oil demand.

雖然需求在成長，但成長主要由中國、印度和更廣泛的亞洲地區推動。今年印度的表現令人意外，石油需求出現了強勁成長。

This all means longer voyages, more 10 miles, and higher utilization for large food carriers.

這意味著更長的航程，更多的 10 英里航程，以及大型食品運輸船更高的利用率。

On sliding team we illustrate visually a point made.

在投影片簡報中，我們用視覺方式來說明提出的觀點。

Most incremental production is coming from the Atlantic, while demand is anchored in Asia.

大部分新增產量來自大西洋，而需求則主要集中在亞洲。

This dynamic increases 10 miles and tightens vessel availability, precisely the environment in which our fleet is optimized to perform.

這種動態增加了 10 英里航程，提高了船舶可用性，而這正是我們船隊最能發揮最佳性能的環境。

This slide is very pertinent if we tie in what was happening with sanctions, which we cover in the next slide.

如果我們把製裁措施的情況連結起來，這張投影片就非常貼切了，我們將在下一張投影片中介紹制裁措施。

As India, Turkey, and China divert some of their purchases to Western compliant crude, where do they buy from?

印度、土耳其和中國將部分採購轉向符合西方標準的原油，那麼它們從哪裡購買原油呢？

Some comes from the AG.

部分資金來自美國農業部。

While also West Africa, Brazil, the US Gulf, and Guyana.

此外，還有西非、巴西、美國墨西哥灣沿岸地區和圭亞那。

Sitting next to my SpaT team and following cargo cos every day, it is abundantly evident that the that this replacement is occurring.

每天坐在我的 SpaT 團隊旁邊，跟著貨運公司，很明顯，這種替換正在發生。

And this is exactly what we need to drive our market, new compliant cargoes replacing non-compliant cargoes.

而這正是我們推動市場發展所需要的，用新的合規貨物取代不合規貨物。

This is a very bullish phrase and time chart and time charter is, but it's also bullish values, which I'll explain in the next slide.

這是一個非常看漲的短語，時間圖表和定期租船也是如此，但它也代表著看漲的價值，我將在下一張幻燈片中解釋這一點。

Now sanctions.

現在開始實施制裁。

Sanctions haven't been a major structural driver. Roughly 16% of the global fleet is under sanctions, and when you include shadow tonnage, that is unlikely to return to the compliant trade, the mainstream crude fleet is actually shrinking.

制裁並非主要的結構性驅動因素。全球約 16% 的船隊受到製裁，如果算上不太可能回歸合規貿易的影子噸位，主流原油船隊實際上正在萎縮。

This is the first time in many years we've seen negative effectively growth on the compliance side.

這是多年來我們首次看到合規出現負成長。

And I repeat, I strongly believe these ships are never coming back to compete on compliant trades.

我再次重申，我堅信這些船隻永遠不會再回來參與合規貿易競爭。

More importantly, Iranian and Russian exports remain near record levels.

更重要的是，伊朗和俄羅斯的出口額仍接近歷史最高水準。

But barrels are harder to place and pushing more crude into floating storage.

但是，原油桶的放置越來越困難，因此需要將更多的原油輸送到浮式儲存設施。

Repeating myself, this storage is increasingly covered.

我再說一遍，這個儲物空間越來越多地被遮蓋起來。

By older shadow tonnage, which is unlikely to re-enter the compliant trade, shrinking the mainstream fleet.

由於老舊的影子噸位不太可能重新進入合規貿易，導致主流船隊規模縮小。

So let's look at what is the effect of Turkey, India, and China reducing purchases of Russian crude.

那麼，讓我們來看看土耳其、印度和中國減少購買俄羅斯原油會產生什麼影響。

Firstly, until now, exports do not stop, and nor do we expect them to shutting down production in Russia, just as too many medium term problems that weigh out that outweigh short-term challenges. So the cargo flows. India and Turkey reduce reduce imports, and where do these laden ships go?

首先，到目前為止，出口並未停止，我們也不認為出口會停止，俄羅斯的生產也不會停止，因為有太多中期問題比短期挑戰更重要。於是貨物運輸就此展開。印度和土耳其減少了進口，那麼這些滿載貨物的船隻都跑到哪裡去了？

They go towards China. This is the most likely eventual buyer. Right off the bat, the average voyage has doubled.

他們朝中國方向走去。這是最有可能的最終買家。一開始，平均航程就翻了一番。

Then, as the Chinese cannot just absorb all this extra crude, every voyage incurs additional waiting time while the cargo is waited while the cargo is waiting to be sold. This can easily add another 20 to 30 days per voyage.

然後，由於中國無法消化所有這些額外的原油，每次航行都會產生額外的等待時間，因為貨物需要等待出售。這樣很容易使每次航行增加 20 到 30 天。

Next, due to the most recent sanctions on Rosneth and Lukegoil, compliant tonnage that was moving Russian cargo legally under the price cap has greatly reduced.

其次，由於最近對俄羅斯石油公司和盧克石油公司的製裁，在價格上限下合法運輸俄羅斯貨物的合規噸位大幅減少。

Finally, Ukrainian drone attacks have impacted Russian refinery outputs.

最後，烏克蘭無人機襲擊也影響了俄羅斯煉油廠的產量。

Where product exports have been meaningfully restricted. What does this mean? More crude to be exported.

產品出口受到實質限制的情況。這是什麼意思？更多原油將出口。

These 4 points have severely stretched the Dark Fleet. In my opinion, the Dark fleet size as of this summer, cannot move the cargo base today, incorporating longer voyages, more waiting time, less compliant tonnage, and more crude exports. So the Dark fleet needs to grow. The Dark fleet will grow, and this will further reduce the size of the compliant fleet while pushing up values.

這四點嚴重削弱了黑暗艦隊的實力。在我看來，截至今年夏天，黑暗艦隊的規模不足以應對當今的貨物運輸需求，因為航程更長、等待時間更長、合規噸位更少，原油出口量更大。所以黑暗艦隊需要壯大。黑暗艦隊將會壯大，這將進一步縮小合規艦隊的規模，同時推高其價值。

Replacing sanctioned barrels with compliance supply would lift demand for mainstream ships, tightening effective supply and supporting freight rates.

以合規供應取代受制裁的原油將提振對主流船舶的需求，收緊有效供應，從而支撐運費。

For owners of modern assets like us, this is a powerful tailwind.

對於像我們這樣擁有現代資產的所有者來說，這是一個強勁的順風。

Last interesting point for today's market overview is inventories and oil on the water.

今天市場概覽的最後一個有趣點是庫存和海上石油。

OECD inventories remain near the low of the 10 year range, while crude in transit is at multi-year highs. China is buying for their SPR while a lot of the floating crude in transit is sanctioned crude, having a challenge to discharge due to stricter sanctions enforcement.

經合組織原油庫存仍處於 10 年來的低點附近，而原油在途庫存則處於多年來的高點。中國購買原油是為了滿足其戰略石油儲備需求，而目前過境的大量原油是受制裁原油，由於制裁執行更加嚴格，這些原油的卸載面臨挑戰。

That's a clear sign of a tight market, and it supports an elevated freight environment, especially for modern efficient vessels like ours.

這清楚地表明市場供應緊張，也支撐了較高的貨運環境，尤其對於像我們這樣的現代化高效船舶而言更是如此。

With all the above backdrops from both supply and demand side, crude tanker utilization is now 93%.

鑑於上述供需雙方的背景，原油油輪利用率目前為 93%。

The highest level in 3 years, corresponding to a highly attractive rates, similar to the period before the EU ban on Russian crude.

這是 3 年來的最高水平，對應的利率非常有吸引力，類似於歐盟禁止俄羅斯原油之前的時期。

Every 1% point increase in utilization equates to roughly $25,000 per day for a VLCC and $15,000 per day for a sewage max.

利用率每提高 1%，VLCC 每天約可增加 25,000 美元，污水處理船每天約可增加 15,000 美元。

Having our cost basis in mind, this illustrates the significant operating leverage of our platform.

考慮到我們的成本基礎，這說明了我們平台的顯著營運槓桿作用。

For the past few years, Q1 has been a very strong quarter and often the strongest. We do not think that 95 to 96% utilization in Q1 is unlikely at all.

過去幾年，第一季一直是業績非常強勁的季度，而且往往是業績最好的季度。我們認為第一季達到 95% 到 96% 的利用率並非不可能。

To close the presentation, rates have strengthened meaningfully. We also see earnings on the Middle East to China route are above 2022 highs today, and sewage mask rates are firming in tandem. Eco and scrubber fitted vessels earn a clear and constant premium.

最後要指出的是，利率已經顯著走強。我們也看到，中東到中國的航線收益目前高於 2022 年的最高水平，污水口罩價格也隨之走強。環保船舶和配備洗滌器的船舶可獲得明確且穩定的溢價。

And OET sits at the very top of that curve.

而OET考試則位於這條曲線的頂端。

We have absolute spot exposure, a lean balance sheet, and a young high spec fleet. This combination gives us exceptional torque to sustained crude tanker upcycle.

我們擁有絕對的現貨敞口、精簡的資產負債表和一支年輕且高規格的車隊。這種組合為我們提供了卓越的扭矩，能夠持續提升原油油輪的航行效率。

As a team, we're now focused on continuing this level of out performance when it really matters like today.

作為一個團隊，我們現在專注於在像今天這樣真正重要的時刻，繼續保持這種優異的表現水準。

Thank you.

謝謝。

Operator, we're opening up for questions.

接線員，我們現在開始接受提問。

Thank you.

謝謝。

(Operator Instruction) (Inaudible)

（操作說明）（聽不清楚）

Thank you. Hi, guys.

謝謝。嗨，大家好。

My first question is, yeah, thanks.

我的第一個問題是，嗯，謝謝。

So yeah, you've clearly benefited from being spot exposed. My question is really, how do you see time charter opportunities now, what's the duration, what type of levels can you achieve, and what type of, what do you need to see to change out of being fully spot.

所以，沒錯，你顯然從這種曝光中受益匪淺。我的問題其實是，您如何看待目前的定期租船機會，租期是多久，可以達到什麼樣的水平，以及您需要看到哪些改變才能擺脫完全即期租船的局面。

Hey (Inaudible), thank you for your question and I think that the strength of the market really caught off guard most of the charters, and the The rates that makes sense for owners have adjusted so materially since the summer, that charters are still trying to reassess and.

嘿（聽不清楚），謝謝你的提問。我認為市場的強勁勢頭確實讓大多數包船公司措手不及，自夏季以來，對船東來說合理的費率已經發生瞭如此大的調整，以至於包船公司仍在試圖重新評估。

Get comfortable paying these levels. At the moment, I think these past few months, especially on the Suezmax, have been very busy in that one to two year segment. We've seen some three year deals, the VLCC as well.

習慣支付這些費用。我認為，目前這幾個月，尤其是在蘇伊士型油輪領域，對於一到兩年的航程來說非常繁忙。我們看到了一些為期三年的合同，包括超大型油輪（VLCC）的合約。

You're not seeing very much longer period deals than this, but also a lot of the oil majors have really reduced their time charter size of their fleet, and they will have to grow that in the near future. And time charter, oil majors are a lot more selective on who they want to do long-term business with, and they look to, established owners rather than, funds owning ships or more speculative setups. So I would say that if you want to fix time charters, you definitely can, but when you're earning, like on a west position of the VLCC that we have.

目前很少見到比這更長期限的租船合同，而且許多大型石油公司也確實減少了船隊的定期租船規模，他們近期將不得不擴大租船規模。至於定期租船，石油巨頭在選擇長期合作夥伴時更加挑剔，他們更傾向於與成熟的船東合作，而不是與擁有船舶的基金或更具投機性的機構合作。所以我想說，如果你想固定定期租船合同，你當然可以，但是當你賺錢的時候，比如在我們擁有的VLCC的西部位置。

Is earning $145,000 to go to the US Gulf, China, and back to Singapore for 80, 90 days. The TC rates of the charters need to increase, a little bit more, and I think that in Organis's perspective, given our outlook for the next, 6 to 12 months.

去美國墨西哥灣沿岸、中國，再返回新加坡，行程 80 到 90 天，就能賺到 14.5 萬美元。包機的 TC 費率需要再提高一點，我認為從 Organis 的角度來看，考慮到我們對未來 6 到 12 個月的展望，情況就是如此。

It's so attractive that the TC rates have to be.

它的吸引力如此之大，以至於TC利率必然如此。

Materially higher than where they're being quoted today.

比目前的報價高很多。

Yeah.

是的。

Makes totally sense. So it sounds like you're going to be spot for the time being at least. So, maybe my second question is, can we talk more broadly on your strategy, today? I guess you mentioned in your IPO a few years ago. At that time, I think, you're more, like an asset play, and growth, of course, that was a different time, and different point in the cycle, right?

完全有道理。聽起來你至少暫時不會有事了。那麼，我的第二個問題是，今天我們能否更廣泛地談談您的策略？我想你在幾年前的IPO中提到過吧。我認為，那時候你更像是在做資產投資，而不是追求成長。當然，那是一個不同的時代，也是周期中的一個不同階段，對吧？

And now you've clearly been more in the harvest mode and just, Paying out dividends, but, things are changing, I guess, again, and so where do you see invest investment or buying ships in today's market, No, it seems like if I look at the the broad peer group, equities are trading above NEV again, and then that might be more tempting again. I don't know, what's your view on investments?

現在你們顯然更多地處於收穫階段，只是在派發股息，但是，我想情況又在發生變化，那麼在當今的市場中，您認為應該在哪裡進行投資或購買船舶呢？不，如果我看一下整個同業群體，股票的交易價格再次高於淨資產值，那麼這可能又會更有吸引力。我不知道，你對投資有什麼看法？

So I think that for these, the most important thing for our shareholders is for us to continue paying dividends.

所以我認為，對這些股東來說，最重要的是我們繼續派發股息。

So as we've said over multiple calls.

正如我們在多次電話會議中所說。

The main focus will be being able to pay out dividends to the share to shareholders at levels similar that we do today.

主要目標是能夠以與今天類似的水平向股東派發股息。

In terms of investments, but I think the most attractive investments are assets that you can have deliver quickly, I mean, I think purchasing something that delivers in three or four years, is too far out, and it's too much capital committed for a company like us at the moment.

就投資而言，我認為最有吸引力的投資是能夠快速產生收益的資產。我的意思是，我認為購買需要三、四年才能產生收益的資產時間太長，而且對於像我們這樣的公司來說，目前投入的資金也太多了。

But overall, is like any shareholder, I think that we continue by dividends, and more dividends.

但總的來說，就像其他股東一樣，我認為我們會繼續派發股息，而且會派發更多股息。

Perfect.

完美的。

Thank you guys.

謝謝大家。

Thanks, brother.

謝謝兄弟。

(Operator Instruction) Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞。

Thank you. Good afternoon, Aristides. Iraqklis, thank you, and, yeah, congratulations on the quarter and obviously the bookings for 4Q look amazing.

謝謝。下午好，阿里斯蒂德斯。Iraqklis，謝謝。是的，恭喜你本季業績出色，顯然第四季的預訂情況看起來也很棒。

Wanted to follow-up a little bit on Froda's question and your answer about assets from here. Clearly, after a good amount of outperformance, I guess fairly consistently, the stock has garnered a premium valuation relative to the group, and you are at a significant premium to NAV, and that seems obviously well earned, and it. It looks like the market's basically saying, listen, we want you to grow, or at least we want more assets in your portfolio to continue capturing this top performance, and so, if you mentioned new buildings, perhaps out of the question, looking for assets on the water, two part question. One, would you want to continue to scale into Vs and Sus maxes, or do you go down into the afro axis? And then 2, how do you think about being able to continue to capture that premium you have been getting? If you were to go from 8 VLCCs today to 16, do you think your platform would be able to continue to capture its premium rates?

我想就 Froda 的問題以及您在這裡關於資產的回答做一些補充說明。顯然，經過相當長時間的優異表現（我想應該是相當持續的），該股票相對於同類股票獲得了溢價，並且其淨資產值也獲得了顯著溢價，這顯然是理所當然的。市場似乎在說，聽著，我們希望你發展壯大，或至少我們希望你的投資組合中擁有更多資產，以繼續獲得這種優異的表現。因此，如果你提到新建建築，那可能就不切實際了。尋找水邊的資產，這是一個包含兩個部分的問題。第一，你是想繼續往 V 型和 Sus 型極限發展，還是往下發展到非洲軸？第二，您如何看待繼續獲得您一直以來所獲得的溢價？如果從今天的 8 艘 VLCC 增加到 16 艘，您認為您的平台還能繼續獲得高費率嗎？

Thank you.

謝謝。

Hi, Omar, firstly, thank you for The question also, your report was the first one I read before I took my kids to school, so it was a nice positive report and it made me feel good about the morning.

嗨，奧馬爾，首先感謝你的提問。另外，你的報道是我送孩子上學前讀的第一篇報道，內容積極正面，讓我對早上的學習生活充滿期待。

And In terms of opportunities, I think that we examined many opportunities and up until now we haven't found one that fits, and we're very careful about selecting the right opportunity for the company and our shareholders. And in terms of looking at which assets we scale into, I think.

至於機會方面，我認為我們考察了很多機遇，但到目前為止還沒有找到合適的，我們非常謹慎地為公司和股東選擇合適的機會。至於我們應該擴大規模投資哪些資產，我認為。

Potentially, of course, so it's a theoretical question.

當然，這只是理論上的問題。

For us, the sweet spot is we also seess maxis. Historically as a family, we've also been very comfortable and traded after maxis a lot, but I think it's important right now to stay within.

對我們來說，最理想的情況是我們也能看到長裙。從歷史上看，我們家一直過著非常舒適的生活，經常在 Maxis 之後進行交易，但我認為現在最重要的是待在家裡。

The sectors that our investors know and not do any surprises by ordering, especially product tankers or stuff that's very foreign.

我們投資人熟悉的領域，不會因為訂購某些東西而造成任何意外，尤其是成品油輪或非常陌生的東西。

So we would like to stick in the sectors that we currently own and that we currently believe in the most, which is why we own them.

所以我們希望繼續投資我們目前擁有且我們最看好的產業，這也是我們持有這些產業股票的原因。

In terms of growing, we control you know Gan's VLCCs, and we have some more on the private side. And, I think that the footprint, it can comfortably grow to 20 or 25 ships without impacting how we'd like to trade our ships materially.

在成長方面，我們控制著甘氏集團的超大型油輪，而且我們還有一些私人油輪。而且，我認為，即使規模擴大到 20 或 25 艘船，也不會對我們想要交易船隻的方式產生實質影響。

And again, this is just a theoretical discussion. I'm not, that we don't, we're not going to surprise with the.

再次強調，這只是理論探討。我不是說，我們不會讓任何人感到驚訝。

16 VLCC new building order. But I think we can still manage with, another 468 VLCCs to continue trading on the back hauls that we like, making sure we pick the right front halls and not having too many ships overlap. But the more you grow, the more careful you have to be that you don't have too many ships opening in the same area at the same time. And having that overlap, which makes you forced to choose suboptimum cargoes. And, I think that looking at some of the very big fleets in our sector, they've been forced at times to do that. And It's obviously a huge benefit not to be forced to do that, and we just need to be very careful as a smaller company that when we do fix our ships, we have them spread out in a way that we can capture volatility throughout the quarter because, it's such a luckily Q4 has been so awesome that it's just been fantastic throughout. But we had this huge spike early in October. And we didn't have very many ships open for that. So we fixed one ship out of the 8. If that was the end of before, we wouldn't have locked in much, but we had spread our ships out throughout before, so we were able to fix ships in late October and throughout November, and we were able to fix the entire fleet.

16份超大型油輪新建造訂單。但我認為我們仍然可以再增加 468 艘 VLCC 來繼續在我們喜歡的回程航線上進行貿易，確保我們選擇正確的前艙，並且不要有太多船舶重疊。但是，隨著你的發展壯大，你就越要小心，不要在同一區域同時開設太多的船隻。這種重疊導致你不得不選擇次優的貨物。而且，我認為，看看我們這個行業中的一些大型船隊，他們有時是被迫這樣做的。顯然，不必被迫這樣做是一個巨大的好處，作為一家規模較小的公司，我們需要非常謹慎，當我們修復船隻時，要將它們分散開來，以便能夠捕捉整個季度的波動，因為幸運的是，第四季度非常出色，整個季度都非常棒。但我們在10月初出現了一次巨大的高峰。而且我們當時也沒有很多船可以用在這項工作上。所以我們修好了8艘船中的1艘。如果那是之前的事情，我們可能就無法鎖定太多資源了，但我們之前已經把艦船分散部署，所以我們能夠在十月下旬和整個十一月修復艦船，最終修復了整個艦隊。

So positioning becomes much more important as you scale up or scale down.

因此，隨著規模的擴大或縮小，定位變得更加重要。

Very good.

非常好。

Thank you, Aris. I really appreciate that. Those are my questions and I'll pass it back.

謝謝你，阿里斯。我非常感謝。這就是我的問題，我會把問題轉達給你們。

(Operator Instruction) Liam Burke, B. Riley Securities.

（操作員指示）Liam Burke，B. Riley Securities。

Yes, thank you and good afternoon.

是的，謝謝，下午好。

Hi Liam, good morning.

嗨，利亞姆，早安。

Hello, You traded, one vessel clean this quarter. Do you plan on continue trading clean, or, is the market on the crude side so good that you'll flip it back into the crude fleet?

你好，你本季進行了一筆交易，一艘船清洗完畢。您打算繼續進行清潔能源交易，還是原油市場行情極佳，您會重新轉而進行原油交易？

Thanks for your question, Liam.

謝謝你的提問，利亞姆。

We, we've mentioned previously, as hard as we tried, we've never been able to trade, a crude carrier for a consecutive voyage in the clean market. So we were able to get to clean her up, load in the load in the Arabian Gulf, come to Europe and discharge. We've tried to do some transatlantic voyages and we weren't able to get fixed on that, to go load in the US and come back to Europe.

正如我們之前提到的，儘管我們盡了最大努力，但我們始終無法在清潔油市場上進行原油運輸船的連續航行交易。因此，我們得以將她清理乾淨，在阿拉伯灣裝載貨物，然後運送到歐洲卸貨。我們嘗試過進行一些跨大西洋航行，但一直沒能確定下來，就是去美國裝貨再返回歐洲。

So the plan is that once we're, once we've discharged all the gas we have on board, we go over to the US Gulf or Guyana or Brazil and load a front haul east and make $145,000 a day for 75 plus days.

所以計劃是，一旦我們卸完船上所有的天然氣，我們就去美國墨西哥灣、圭亞那或巴西，裝載貨物向東運輸，每天賺取 145,000 美元，持續 75 天以上。

Nice business if you get it.

如果能做成這門生意，那真是不錯的生意。

And then on the, you talked about evaluating the capital structure. You've got taking care of some low-hanging fruit by buying the, your vessels out of sale leaseback. Where else along the capital structure do you see opportunity?

然後，您談到了評估資本結構。你可以透過回租的方式買回你的船隻，從而解決一些容易解決的問題。您認為資本結構的其他哪些面向還有機會？

Hi, Liam, let me take this one.

嗨，利亞姆，這關交給我來吧。

Yeah, the long, the low-hanging fruit have actually, provided quite a significant amount of value, both in terms of pricing, in terms of extending maturities, in terms of, improved, amortization profile. All of that effectively adds to the bottom line. So we look at it more from the perspective of how we can structure, anything that's accreted.

是的，那些長期的、容易實現的成果實際上已經提供了相當大的價值，無論是在定價方面，還是在延長到期日方面，亦或是改善攤銷情況方面。所有這些都有效地提高了最終利潤。所以我們更多是從如何建構任何累積起來的東西的角度來看待它。

So far, we have taken advantage of a, of an extremely competitive, financing market with, relationships that we have already, in the banking segment, as well as new markets that we have, been developing. And are achieving really good rates. So long as we continue to do that, I think it's a, it's an easy and good strategy, to improve, and increase value.

到目前為止，我們已經利用了競爭極其激烈的融資市場，憑藉我們在銀行業已有的關係，以及我們正在開發的新市場。而且收益率非常可觀。只要我們繼續這樣做，我認為這是一個簡單有效的策略，可以提高價值。

So now that we have indeed, Declare the purchase options for the two remaining leases. We have a bit of time. Those those come in in May and June.

既然我們已經確定了購買選擇權，那就宣布剩餘兩份租賃合約的購買選擇權。我們還有些時間。那些五月和六月來的。

This is obviously, still an option for us to go down that path. And so long as we continue to see the very competitive rates, I think there's a lot of value to be extracted there. The next maturities that come in line, I think we still have time. And given where the average cost of capital structure will be, hopefully, post June, I don't think that there's going to be anything imminent that we would need to be working on. But we have options and we continue to explore them, all the time.

顯然，這仍然是我們可以選擇走這條路的選項。只要繼續看到極具競爭力的利率，我認為其中就蘊藏著巨大的價值。對於接下來到期的那些債券，我認為我們還有時間。考慮到資本結構的平均成本在六月之後應該會處於什麼水平，我認為我們近期應該不會有什麼需要著手處理的事情。但我們還有其他選擇，我們會一直探索這些選擇。

Great.

偉大的。

Thank you very much.

非常感謝。

(Operator Instruction). (Inaudible).

（操作說明）。 （聽不清楚）

Hi, good afternoon and thank you for taking my questions.

您好，下午好，感謝您回答我的問題。

I wanted to start with a market question. Aframaxs have been consistently outperforming our tools for a couple of months, and the delta has been quite significant at times. Could you talk a bit about the factors that have kept the dirty, over clean premiums so wide?

我想先問一個市場方面的問題。在過去的幾個月裡，阿芙拉型油輪的表現一直優於我們的工具，而且有時差距相當大。您能否談談導致髒污車輛溢價高於清潔車輛溢價的因素？

Hi, (Inaudible).

你好，（聽不清楚）

Thank you for your question.

謝謝你的提問。

And, look, I mean, I just Aromax has been over.

而且，你看，我的意思是，Aromax 已經結束了。

Performing LR2s. So obviously the LR2 has had an order book that's been delivering, and I think that a lot of the LR2s have been more traditional Aromax owners.

執行 LR2。顯然，LR2 的訂單一直都在交付，而且我認為許多 LR2 的車主都是傳統的 Aromax 車主。

So perhaps the first voyage, you see them trade clean to come west, where is the preferred location for a modern romax, and then they dirty up. But as you've seen that, crude exports have increased and The compliance trade has increased overall, and its services, the Turks, the Indians, and the Chinese as they replace some of the Russian and the Venezuelan that they're struggling, and the Iranian that they're struggling to import. It creates more opportunities for the.

所以也許在第一次航行中，你會看到他們乾淨地進行貿易，向西而來，那裡是現代羅馬式帆船的理想地點，然後他們就弄髒了。但正如你所看到的，原油出口增加了，合規貿易總體上也增加了，土耳其、印度和中國的服務貿易也增加了，因為它們取代了部分難以進口的俄羅斯、委內瑞拉和伊朗服務貿易。它為…創造了更多機會。

Dirty Afa maxis. I think historically the dirty Aro maxes have also been much more volatile. They have a lot more regional trades, so, you have the CrossMed, which is a 15 day voyage. You have the US Golf TA.

骯髒的 Afa 大型貨車。我認為從歷史上看，髒的Aro型極地環流也更加不穩定。他們有許多區域性貿易航線，例如 CrossMed，這是一條 15 天的航線。您擁有美國高爾夫TA。

You have a lot more shorter runs where you can see like more local volatility than the LR2.

與 LR2 相比，LR2 提供了更多短期交易時段，因此可以看到更明顯的局部波動。

And I guess it's quite fluid. I mean, as we've shown that we can clean up an uncoded ship in now in about 15 days, and the VLCC, which is 3 times in ARA, I think you'll see a lot more flexibility on LR2s which are coded, so it's even easier trading between clean and dirty, and you'll see this swapping between, whichever market is stronger. So I guess over time we should see rates between the two, fine balances, and then they'll fall out of balance, and then you'll see one or other class clean up or dirty again and find balance and so on and so forth.

我覺得它相當靈活。我的意思是，我們已經證明，現在我們可以在大約 15 天內清理一艘未編碼的船隻，而 VLCC 的清理時間是 ARA 的 3 倍，我認為你會看到 LR2 型船（已編碼）的清理時間會更加靈活，因此在乾淨的和髒的船隻之間進行交易會更加容易，你會看到這種交易在哪個市場時進行更強勢。所以我想隨著時間的推移，我們應該會看到兩者之間的比率，達到微妙的平衡，然後它們就會失去平衡，然後你會看到其中一個或另一個類別再次清理或污染，並找到平衡，如此反复。

Makes sense. It's just that I would have expected some more switching, but the Primo has remained at least for a while. And final question from me, you've had several dry dockings throughout 2025, but it seems you only have one sweat max to dry dock in 2026. Would you tell us when you expect to conduct it?

有道理。只是我原本以為會有更多人更換設備，但Primo至少保留了一段時間。最後一個問題，你們在 2025 年進行了多次乾船塢維修，但似乎在 2026 年只有一次最大限度的乾船塢維修。請問您預計何時進行這項活動？

The Milos, which is the ship will dry off in 2026, we're looking at second half most likely. We have a bit of flexibility.

米洛斯號（Milos）這艘船將於 2026 年停泊，我們預計最有可能是在下半年。我們有一定的彈性。

So, definitely not in Q1, but we can push it around a bit.

所以，肯定不可能在第一季實現，但我們可以稍微調整一下。

We'll TRY to time it when the market's a bit weaker.

我們會盡量選擇市場行情稍弱的時候進行交易。

Perfect. That's helpful. I'll turn it over.

完美的。那很有幫助。我把它翻過來。

Thank you for taking my questions and congratulations for the quarter.

感謝您回答我的問題，並祝賀您本季取得佳績。

Thank you.

謝謝。

(Operator Instruction).

（操作說明）

Thank you. Thanks everyone for joining. We look forward to touching base again with the new year presenting, our Q4 results. We're pretty ex excited for that. So looking forward to that, in a few months.

謝謝。感謝大家的參與。我們期待在新的一年再次與大家見面，並公佈我們的第四季業績。我們對此感到非常興奮。非常期待幾個月後的那一天。

Thank you.

謝謝。

Thank you guys. We really appreciate your time.

謝謝大家。非常感謝您抽出時間。

(Operator Instruction).

（操作說明）