Okeanis Eco Tankers Corp. (ECO) 2025 Q4 法說會逐字稿

Welcome to OET’s fourth 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. Matters that are forward-looking in nature will be discussed, and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide 2. I would like to advise you that this session is being recorded. Aristidis will begin the presentation now.

歡迎參加 OET 2025 年第四季財務業績發表會。我們馬上開始。Okeanis Eco Tankers 的執行長 Aristidis Alafouzos 和財務長 Iraklis Sbarounis 將帶您了解此示範。通話結束時，他們將樂於解答您提出的任何問題。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。請閱讀第二頁的相關免責聲明。我想告知各位，本次會議正在錄音。Aristidis 現在開始演講。

Thank you. Since August of last year, the large crude tanker market entered the freight cycle that we’ve been waiting for and prepared for all these years. This is a unique opportunity to have exposure to a fleet that is on the water and able to capitalize today. For a shipping investor, on-the-water exposal, exposure is critical in the current circumstances.

謝謝。自去年八月以來，大型原油油輪市場進入了我們多年來一直期待和準備的貨運週期。這是一個難得的機會，可以接觸到一支正在水上運作並能立即獲利的船隊。對於航運投資者而言，在當前情況下，水上投資至關重要。

As our conviction strengthened after the summer, we executed two opportunistic transactions and acquired four resale Suezmax new buildings from Korea. The first two have already delivered, one has loaded her first cargo, and the other one is about to load, while the remaining two will be delivered in the next two, three months. We have already had a structurally strong freight market with strong asset values.

隨著夏季過後我們信心的增強，我們進行了兩筆機會性交易，從韓國收購了四棟二手蘇伊士型新船。前兩艘船已經交付，一艘船已經裝載了第一批貨物，另一艘船即將裝載，而剩下的兩艘船將在未來兩到三個月內交付。我們原本就擁有結構性強、資產價值高的貨運市場。

But we added the Venezuelan barrels coming back to the normal fleet and the new trade flows that creates. India materially reducing Russian imports, the Iranian question looming, and likely, most importantly, Sinokor consolidating the VLCC market in a manner that has not been done before. They are currently owning and operating and waiting to be delivered a fleet of around 150 VLCCs.

但我們也考慮到委內瑞拉原油回歸正常船隊以及由此產生的新貿易流。印度大幅減少俄羅斯進口，伊朗問題迫在眉睫，而且，最重要的是，Sinokor 以前所未有的方式鞏固了 VLCC 市場。他們目前擁有並運營一支約 150 艘 VLCC 的船隊，並等待交付。

As a result, our NAV has been consistently and rapidly increasing and our NAV premium attempting to continue to catch up, but it has somewhat compressed, especially given these absolutely unique fundamentals in our market. We currently have no additional opportunistic transactions in play. Our focus is clear: disciplined outperformance and maximizing shareholder returns through both dividends and sustainable share price appreciation. We will catch up later, and I’ll hand you over to Ira right now.

因此，我們的淨資產價值一直持續快速成長，淨資產值溢價也在努力追趕，但由於市場基本面的絕對獨特性，溢價已經有所收窄。我們目前沒有其他正在進行的機會性交易。我們的目標很明確：透過分紅和可持續的股價上漲，實現有紀律的超額收益並最大化股東回報。我們稍後再聊，我現在把你交給艾拉。

Thanks, Aristidis. Let’s dive into it. Starting on slide four and the executive summary, I’m pleased to present the highlights of the fourth quarter of 2025. We achieved fleet-wide time charter equivalent of about $77,000 per vessel per day. Our VLCCs were at $92,000, and our Suezmax is at $53,000.

謝謝你，阿里斯蒂迪斯。讓我們深入探討一下。從第四張投影片和執行摘要開始，我很高興地向大家介紹 2025 年第四季的重點內容。我們實現了船隊整體的定期租船等效收益，每艘船每天約 77,000 美元。我們的超大型油輪（VLCC）單價為 92,000 美元，我們的蘇伊士型油輪單價為 53,000 美元。

We report adjusted EBITDA of $79 million, adjusted net profit of $60 million, and adjusted EPS of $1.78. This is basis our average share count for the quarter. Continuing to deliver on our commitment to distribute value to our shareholders, our board declared the fifteenth consecutive quarter distribution in the form of a dividend of $1.55 per share.

我們報告調整後 EBITDA 為 7,900 萬美元，調整後淨利潤為 6,000 萬美元，調整後每股收益為 1.78 美元。以上數據基於本季平均流通股數量。為了繼續履行我們為股東創造價值的承諾，董事會宣布連續第十五個季度派發股息，每股股息為 1.55 美元。

With visibility on very strong Q1 fixtures and our outlook on the market, that figure represents 102% of our net income, i.e., on our current fully diluted share count, post our recent equity transactions. Total distributions over the last four quarters stand at $3.32 per share, or approximately 95% of our reported net income for the period. In November, we executed a successful and accretive equity raise of $115 million in gross proceeds against the acquisition of the Nissos Piperi and Nissos Serifopoula that were delivered by the yard in early January.

鑑於第一季強勁的市場前景和我們對市場的展望，該數字占我們淨收入的 102%，即在我們最近的股權交易後，以我們目前的完全稀釋股份數量計算。過去四個季度的總分紅為每股 3.32 美元，約占我們同期報告淨收入的 95%。11 月，我們成功完成了一筆增值股權融資，總收益為 1.15 億美元，用於收購 Nissos Piperi 和 Nissos Serifopoula 兩艘船，這兩艘船已於 1 月初由船廠交付。

This quarter, we did another similar transaction, bringing the total amount of gross proceeds raised to $245 million, acquiring at the same time another two recent Suezmaxes, which are expected to be delivered to us in the second quarter. Moving on to slide 5. Since our IPO in Oslo, we have distributed over two times our initial market cap with over $461 million in dividends paid.

本季度，我們進行了另一筆類似的交易，籌集的總收益達到 2.45 億美元，同時收購了另外兩艘較新的蘇伊士型油輪，預計將於第二季度交付給我們。接下來是第5張投影片。自從我們在奧斯陸上市以來，我們已分配了超過初始市值兩倍的股息，支付的股息總額超過 4.61 億美元。

Since we have had a fully delivered fleet in 2022, we have paid out 92% of our reported net income, clearly demonstrating our commitment to distributing value to our shareholders. On slide 6, we show the detail of our income statement for the quarter and the full year 2025.

自 2022 年我們全面交付車隊以來，我們已將報告淨收入的 92% 支付給了股東，這清楚地表明了我們致力於為股東創造價值的承諾。在第 6 張投影片中，我們展示了 2025 年季度和全年的損益表詳情。

TC revenue for the year stood at $265.4 million, EBITDA was almost $204 million, and the reported net income was about $130 million, or $3.77 per share. Moving on to slide 7 and our balance sheets. We ended the year with $122.5 million of cash.

TC公司當年的營收為2.654億美元，EBITDA接近2.04億美元，報告的淨收入約為1.3億美元，即每股3.77美元。接下來請看第 7 張投影片，我們的資產負債表。年底我們擁有1.225億美元的現金。

That included a portion of the equity earmarked for the acquisition of the Nissos Piperi and Nissos Serifopoula a couple of weeks after. We also had, at the end of the year, approximately $85 million in trade receivables. Our balance sheet debt was $605 million, and we subsequently drew $90 million for the two Suezmaxes.

其中包括幾週後用於收購 Nissos Piperi 和 Nissos Serifopoula 的部分股權。截至年底，我們的應收帳款約為 8,500 萬美元。我們的資產負債表債務為 6.05 億美元，隨後我們提取了 9,000 萬美元用於購買兩艘蘇伊士型油輪。

Our book level stands at 46%, while our market-adjusted net FVP, based on latest broker values and pro forma for the acquisition and recent transactions, is around 35%. Slide 8, looking at our fleet. I’m pleased to show the addition of 4 modern and high-spec vessels.

我們的帳面持股比例為 46%，而根據最新的經紀商估值和收購及近期交易的備考數據，我們經市場調整後的淨 FVP 約為 35%。第 8 張投影片，看看我們的艦隊。我很高興地向大家展示新增的4艘現代化高規格船舶。

We have a total of 16 vessels on the water, 8 Suezmaxes and 8 VLCCs, with an average age of only 6 years, which will further improve once we get delivered in Q2 of our 2 Suezmax resales currently under construction in South Korea. With the Nissos Sifnos and Nissos Sikinos dry docks out of the way in Q4 of last year, our only dry dock for 2026 is that of the Nissos Milos ten-year survey. Slide 9, moving on to our capital structure.

我們目前共有 16 艘船舶在水上運營，其中 8 艘為蘇伊士型油輪，8 艘為超大型油輪，平均船齡僅 6 年。隨著我們在韓國建造的 2 艘蘇伊士型轉售船舶於第二季交付，船齡也將進一步提高。隨著 Nissos Sifnos 和 Nissos Sikinos 的乾船塢在去年第四季完工，我們 2026 年唯一的乾船塢是 Nissos Milos 的十年期調查。第 9 張投影片，接下來介紹我們的資本結構。

I have been very pleased with how our capital structure has been shaping up with our recent refinancings and new financings for the recently acquired vessels. Our margin has improved by about 140 basis points, with meaningful further reduction expected once we decide how to refinance the Nissos Rhenia and Nissos Schinoussa.

我對我們的資本結構目前的狀況非常滿意，這得益於我們最近的再融資以及為新收購的船舶提供的新融資。我們的利潤率提高了約 140 個基點，一旦我們決定如何為 Nissos Rhenia 和 Nissos Schinoussa 進行再融資，預計利潤率將進一步大幅下降。

The Nissos Piperi and Nissos Serifopoula were financed by the Greek market at record terms at 130 basis points over SOFR for 7- and 8-year terms respectively. The debt financing market continues to be open and extremely competitive for us as we’re exploring our options for the four vessels in the second quarter. Slide 10. We wanted to spend some time going through the two transactions we executed since our last quarterly updates.

Nissos Piperi 和 Nissos Serifopoula 專案皆由希臘市場以創紀錄的利率融資，貸款期限分別為 7 年和 8 年，利率為 SOFR 加 130 個基點。債務融資市場依然開放，競爭也異常激烈，我們正在探索第二季四艘船舶的各種融資方案。第10張幻燈片。我們想花些時間回顧一下自上次季度更新以來我們執行的兩筆交易。

In November, we raised $115 million at 35.5 per share, priced at roughly 1.25 times our NAV at the time. In January, we followed with $130 million at $36 per share, priced at approximately 1.2 times our NAV at the time. Both transactions were heavily oversubscribed, executed a significant premium to NAV, and were completed with third-party vessels locked on subjects.

11 月，我們以每股 35.5 美元的價格籌集了 1.15 億美元，當時的定價約為我們淨資產值的 1.25 倍。1 月份，我們以每股 36 美元的價格發行了 1.3 億美元的股票，當時的定價約為我們淨資產價值的 1.2 倍。這兩筆交易均獲得超額認購，成交價均遠高於淨資產值，且均由第三方船舶鎖定標的物完成交易。

That combination is extremely rare. Very few companies, particularly in shipping, have been able to raise equity at a significant premium to NAV, secure modern tonnage, execute cleanly, and immediately create value for shareholders, and we managed all four. And here’s the most important one: Since those two raises, shareholders have generated more than 20% return, plus dividends.

這種組合極為罕見。很少有公司，尤其是在航運業，能夠以遠高於淨資產值的價格籌集股權，獲得現代化的噸位，順利完成交易，並立即為股東創造價值，而我們做到了這四點。而最重要的是：自這兩次升息以來，股東們獲得了超過 20% 的回報，外加股息。

That is not theoretical accretion, that is realized value. We view it as a very strong statement of our shareholder-aligned capital allocation discipline. We do not raise equity to grow for growth’s sake. We decide to raise equity when it is accretive, it lowers break-even, it strengthens the balance sheet, it enhances per share value, and increase company share trading liquidity.

那不是理論上的增值，那是實際價值。我們認為這非常有力地顯示了我們以股東利益為導向的資本配置紀律。我們不會為了成長而成長，從而進行股權融資。我們決定在以下情況籌集股權：增加股權可以帶來收益，降低損益平衡點，增強資產負債表，提高每股價值，並增加公司股票交易流動性。

Both transactions match those parameters. Slide 10, 11. Walking through the mechanics for the first transaction, vessel acquisition price was $97 million each. Imputed price, taking into account the NAV arbitrage on the equity portion of the funding of the transaction, implies $85.5 million. On the second transaction in January, vessel acquisition price, $99.3 million. Imputed price after the NAV arbitrage implies $88.5 million.

兩筆交易均符合這些參數。第 10、11 頁。仔細分析第一筆交易的運作機制，船舶收購價格為每艘 9,700 萬美元。考慮交易融資中股權部分的淨資產值套利，估算價格為 8,550 萬美元。1 月的第二筆交易，船舶收購價格為 9,930 萬美元。扣除淨資產值套利後的估算價格為 8,850 萬美元。

We effectively acquired recent vessels with prompt delivery at the cost of a new build. Now, the pure capital markets arbitrage. Above NAV acquisitions funded asset par, asset purchases at or below NAV, resulting in immediate NAV accretion. But it didn’t stop there, and as I briefly mentioned before, the raises also increased free float and liquidity, expanded and diversified the shareholder base, strengthened capital markets credibility, and reduced fleet-wide break-even levels. Importantly, we executed while asset values were rising. So not only did we buy accretively, we bought ahead of further appreciation.

我們以建造新船的成本，有效地獲得了近期交付的船舶。現在，我們來談談純粹的資本市場套利。高於淨資產值的收購以資產面額進行融資，以淨資產值或低於淨資產值的價格購買資產，從而立即增加淨資產值。但這還不是全部，正如我之前簡要提到的，這些增資還增加了自由流通股和流動性，擴大和多元化了股東基礎，增強了資本市場的信譽，並降低了整個船隊的盈虧平衡水平。重要的是，我們是在資產價值上漲的時候執行了交易。因此，我們不僅進行了增值買入，而且還提前買入了未來可能進一步升值的股票。

We consider this a textbook example of shareholder-friendly execution. Growth only makes sense when it improves per share economics, and that is the filter we apply. I will now pass over the presentation back to Aristidis for the commercial market update.

我們認為這是股東友善執行的教科書式案例。只有當成長能夠改善每股盈餘時，成長才有意義，這也是我們採用的篩選標準。現在我將把簡報交還給 Aristidis，讓他報告商業市場的最新情況。

Thank you, Iraklis. Again, we had another great quarter. OET, Q4 was a fantastic quarter with a consistent strong freight market and appreciating asset values. We positioned our fleet to take advantage of the seasonal strong quarter, and this year it worked out for us quite well. The market dipped, aggressively right after Christmas on the VLCCs, but we were lucky to have limited exposure during this brief window. Fleet-wide TC came in around $76,700 per day, with $92,000 on our VLCCs and $53,100 on Suezmax, and we achieved 100% utilization across the fleet. Q4 looked like it would be a strong quarter since August, when rates in the spot market and futures started moving in a period that is usually quiet.

謝謝你，伊拉克利斯。我們又迎來了一個非常棒的季度。OET第四季表現出色，貨運市場持續強勁，資產價值不斷上漲。我們調整了船隊配置，以充分利用季節性旺季的優勢，而今年這項策略對我們來說非常有效。聖誕節過後，超大型油輪市場大幅下跌，但我們很幸運，在這段短暫的時間裡，我們的投資部位有限。整個船隊的 TC 每天約為 76,700 美元，其中 VLCC 為 92,000 美元，Suezmax 為 53,100 美元，我們實現了船隊 100% 的利用率。第四季看起來會是一個強勁的季度，因為現貨市場和期貨市場的利率在通常較為平靜的8月份開始出現波動。

On the Suezmax , as usual, we tried to minimize waiting time, fix shorter voyages as the market was going up through the quarter, and triangulate as best as possible. We were penalized by dry docking our two 2020-built Suezmax in China. The freight rates to move out east were actually the discount to the local Western voyages, while the backhauls were also below round-trip economics. We have a Suezmax requiring dry dock this year, and we are strongly considering putting her into dry dock in Turkey, which is slightly more expensive as a dry dock cost, but we’ll be able to earn a lot more, as we do not have to position her and reposition her outside of our preferred trading areas. On the VLCCs, we were quite pragmatic.

像往常一樣，我們在蘇伊士型油輪上盡量減少等待時間，隨著市場在本季度上漲，我們盡量縮短航程，並儘可能地進行三角定位。我們因在中國對兩艘 2020 年建造的蘇伊士型油輪進行乾船塢維修而受到處罰。向東運輸的運費實際上是當地西部航線的折扣價，而回程運費也低於往返運輸的經濟效益。今年我們有一艘蘇伊士型油輪需要進塢維修，我們正在認真考慮將其送到土耳其進行維修。雖然土耳其的進塢維修費用略高，但我們無需將其部署到我們首選貿易區域之外，因此可以賺取更多利潤。對於超大型油輪，我們採取了相當務實的態度。

On our western positions, we fixed long voyages to go east and capture the front-haul economics, and on the vessels in the east, we minimized waiting time to optimize time, TC, time charter equivalent, while also fixing a couple backhauls when we were able to find the cargo offer dates and achieve a triangulated outperformance over the equivalent round voyage. The Nissos Rhenia was lucky to fix a voyage loading in the Aegean and discharging in the US Gulf. Her next voyage had the no ballast passage. This was the first quarter where our VLCCs outperformed our Suezmax since Q2 2024.... Q1 started with a bang. We already had an excellent structural setup in crude tankers. Then, as a New Year’s gift and Christmas gift as well, two developments reinforced the market.

在我們的西部航線上，我們安排了長途航程向東航行，以獲取前程經濟效益；在東部航線上，我們最大限度地減少了等待時間，以優化時間、總成本和期租等效成本，同時，當我們能夠找到貨物供應日期時，我們也安排了一些回程航線，並在等效往返航線的基礎上實現了三角優勢。Nissos Rhenia 號很幸運地安排了一次在愛琴海裝貨、在美國墨西哥灣卸貨的航程。她的下一次航行是無壓載航段。這是自2024年第二季以來，我們的超大型油輪（VLCC）業績首次超過蘇伊士型油輪（Suezmax）的季度業績…第一季開局驚艷。我們在原油油輪上已經擁有非常優秀的結構配置。然後，作為新年禮物和聖誕節禮物，兩項發展進一步鞏固了市場。

Venezuelan barrels returned exclusively to the compliant fleet, and Sinokor aggressively consolidating the VLCC market, controlling over 90 ships and now operating roughly 150 vessels. We will elaborate on both shortly. We think that our Q1 guidance is strong. We have very strong fixtures from Q4 flowing into Q1, and even stronger fixtures getting concluded in Q1. We fixed a 12-month charter at $91,000 and $140 on the Nissos Nikouria. While I strongly believe our spot vessels will outperform this over this year, we still have another 15, soon to be 17 spot ships, and we deemed it prudent.

委內瑞拉原油全部回流到合規船隊，而 Sinokor 積極整合 VLCC 市場，控制了 90 多艘船舶，目前運作約 150 艘船舶。我們稍後會詳細說明這兩點。我們認為第一季業績預期強勁。在第四季到第一季期間，我們有非常強勁的賽程安排，而第一季結束時，還有更多強勁的賽程安排即將結束。我們以 91,000 美元的價格租下了 Nissos Nikouria 號，租期為 12 個月，租金為 140 美元。雖然我堅信我們現貨船舶今年的表現會優於今年，但我們還有另外 15 艘（很快就會達到 17 艘）現貨船舶，我們認為謹慎起見，還是應該這樣做。

In addition, the previous batch of fixtures in the mid-$70,000s were quite low, and we took the opportunity to set the bar higher, which has now been set even higher with multiple fixtures done at $100,000 per day for 12 months. At the moment, we do not have any interest to fix further ships on T/C, but with the volatility and rapidly appreciating market, this could change, even though we really like and want to continue our current spot exposure. As of today, we have 67% of our VLCC spot days fixed at $104,200 per day, and 64% of our Suezmax days fixed at $84,600 per day, giving us a fleet-wide average about $94,800 per day on the fixed portion, roughly two-thirds of the quarter.

此外，之前那批價值 7 萬美元左右的燈具價格相當低，我們藉此機會提高了標準，現在又提高了標準，連續 12 個月每天安裝價值 10 萬美元的燈具。目前，我們對進一步鎖定T/C船舶沒有任何興趣，但鑑於市場的波動性和快速升值，這種情況可能會改變，儘管我們非常喜歡並希望繼續我們目前的現貨敞口。截至今日，我們 67% 的 VLCC 現貨交易日價格固定為每天 104,200 美元，64% 的 Suezmax 型油輪交易日價格固定為每天 84,600 美元，因此，我們整個船隊在固定交易部分的平均價格約為每天 94,800 美元，約佔季度的三分之二。

On the VLCCs, we fixed a combination of longer and shorter voyages in order to structure their next fixing cargo fixing windows. The Suezmax have also been performing wonderfully, with many opportunities for them to earn over $100,000 a day. Take note that our Q1 guidance also includes repositioning our two new build vessels from South Korea into the West, where we like to trade our ships. We secured crude cargoes on both vessels from West Africa, where now they’re going to move up into our preferred areas. CPC Black Sea volumes have resumed at full force, as the SPM that was damaged a few earlier is back in use. This is a great support on the Suezmax market, as we see around 40 cargoes a month from that port alone.

對於超大型油輪 (VLCC)，我們安排了較長航程和較短航程的組合，以建造其下一個貨物裝卸窗口。蘇伊士型油輪的表現也十分出色，它們有許多機會每天賺取超過 10 萬美元的收入。請注意，我們第一季的業績指引還包括將我們在韓國建造的兩艘新船調往西方，我們喜歡在那裡進行船舶交易。我們從西非為兩艘船都裝載了原油，現在它們將駛往我們首選的區域。中船黑海航線的運量已全面恢復，先前受損的SPM已重新投入使用。這對蘇伊士型散裝貨船市場來說是一個巨大的支持，因為僅該港口每月就有大約 40 批貨物通過。

While recently, we have seen these barrels also getting sold into the East, which has not been the case for months. This is very supportive ton miles, as a vast majority of the flows usually go into Europe. Another large factor in the strength of the market and our earnings has been the Venezuela being back in the open market. But again, we’ll talk about this Sinokor and sanctions in the following slides. We were able to capitalize on many opportunities in this quarter and look to do so going forwards. On slide 15, apologies for the repetitive slide, and I’ll keep this one brief. Since Q4 2019, we’ve generated approximately $235 million of cumulative outperformance versus our peers. So this is a 22% outperformance on our Vs and 39% outperformance on our Suezmax over a 5.5-year period.

不過最近，我們看到這些桶裝酒也被賣到了東方，這種情況幾個月來都沒有發生過。這對噸英里來說非常有利，因為絕大多數流量通常都流向歐洲。市場走強和我們獲利的另一個重要因素是委內瑞拉重返公開市場。但是，我們將在接下來的幻燈片中再次討論 Sinokor 和製裁問題。本季我們抓住了許多機遇，並期待未來繼續如此。第 15 張投影片內容重複，請諒解，我會盡量簡短。自 2019 年第四季以來，我們與同業相比累計獲得了約 2.35 億美元的超額收益。因此，在過去 5.5 年裡，我們的 V 型船表現優於市場平均 22%，我們的 Suezmax 型船表現優於市場平均 39%。

This reflects consistent commercial execution, not just one strong quarter. On the following slide, we look a little bit at the order book and the fleet structure. The order book has grown on the VLCCs since our Q4 report, but context matters. If we consider the 20-year mark as the end of the useful life of a normal fleet vessel, the fleet is declining year by year. We saw an interesting development of how a change in sanctions affects oil flows and shipping flows with Venezuela. Oil sanctions are lifted, flows resume in the normal market. The world’s best traders and oil majors get involved in the trading and production. What else do we see? That the ships that were sanctioned or engaged in this dark trade remain isolated. They will not be coming back to compete against us.

這反映的是持續穩定的商業表現，而不僅僅是某一季的強勁業績。下一張幻燈片，我們將簡要地了解訂單簿和船隊結構。自我們第四季度報告以來，VLCC 的訂單量有所增長，但背景很重要。如果我們把 20 年當作普通船隊船舶使用壽命的終點，那麼船隊的數量正在逐年減少。我們看到了一個有趣的現象，即制裁措施的變化如何影響委內瑞拉的石油流動和航運。石油製裁解除，市場恢復正常流通。世界頂尖的交易員和石油巨頭都參與交易和生產。我們還看到了什麼？那些受到製裁或參與這種非法貿易的船隻將被隔離。他們不會再回來和我們競爭了。

As we look on the next weeks to Iran, is this how it plays out there? Eventually, when the Ukrainian conflict comes to an end, is that again the same pattern? I strongly believe that sanctions and dark fleet-tainted ships do not come back to the normal market. The only window, potentially for some to return, are those owned by national oil companies, whether it’s the National Iranian Tanker Company or Sovcomflot. But this is a very small number in the overall dark fleet. And looking at our fleet, we are sitting exactly where investors want to be. We have a young ECO design, fully scrubber-fitted fleet, and most importantly, in the water, earning today. In our opinion, what does a shipping investor want? Exposure and returns today. This is what OET delivers. And now for the more exciting slides.

展望未來幾週伊朗局勢的發展，情況會是這樣嗎？最終，當烏克蘭衝突結束時，是否又會重蹈覆轍？我堅信，受到製裁和被暗黑艦隊污染的船隻不會回到正常的市場。對某些人來說，唯一可能的返回窗口是國家石油公司擁有的窗口，無論是伊朗國家油輪公司還是Sovcomflot公司。但這在整個黑暗艦隊中只是很小的一部分。從我們的船隊來看，我們正處於投資者希望看到的境地。我們擁有年輕的環保設計、配備齊全的洗滌器船隊，最重要的是，它們現在就在水上運營，正在獲利。我們認為，航運投資者想要的是什麼？今日曝光與回報。這就是OET所提供的。接下來是更精彩的投影片。

We have over 20%, 20% of the fleet of large tankers sanctioned and even more engaged in the trade, tainted, but not yet sanctioned. Against all oil analysts and traders’ predictions, we do not have a massive oil glut in the market. What we see instead is an inability for sanctioned barrels to find a buyer and a lot of floating sanctioned cargoes. This inability has stretched the dark fleet, increased freight rates for them, and forces them to absorb more tonnage, which further restricts the size of the normal fleet. The result is simple: fewer ships available for the compliant market. That is structurally bullish.... Against this, we have three main non-compliant trades: Venezuela, Iran, and the non-price capped Russian business. Today, Venezuela is gone. The oil exporting from Venezuela is only on the normal fleet.

我們有超過 20% 的大型油輪船隊受到製裁，還有更多參與貿易的船隻涉嫌違法，但尚未受到製裁。與所有石油分析師和交易員的預測相反，市場上並沒有嚴重的石油過剩。我們看到的卻是受制裁原油找不到買家，以及大量受制裁原油滯留在海上。這種無能為力導致黑暗艦隊規模擴大，貨運價格上漲，迫使它們吸收更多噸位，這進一步限制了正常艦隊的規模。結果很簡單：符合規定的船舶數量減少了。從結構上看，這是一個利好訊號…與之相反，我們有三項主要的不合規交易：委內瑞拉、伊朗以及不受價格上限限制的俄羅斯貿易。如今，委內瑞拉已不復存在。委內瑞拉的石油出口僅由正常船隊負責。

Every single barrel from Venezuela is a cargo that wasn’t around in 2025. This is extremely positive for tanker ton-mile demand. As the market settles and the trade grows, it will become even more pronounced. Another sign on the tightening, tightening enforcement of sanctions, which many respected oil and political analysts doubted, was Trump’s ability to impact oil flows. But he succeeded, and India has materially decreased their purchases of Russian crude. So instead, we are seeing constant market quotes from the Arabian Gulf, from West Africa, from Brazil, from the US Gulf, and even flows from Venezuela. Again, every cargo from these places is a new cargo from the compliant fleet that’s replacing the Russian crude. The final and most bullish part of our three-slide tanker dream section is the massive, unprecedented consolidation in the VLCC sector by a privately owned non-trader.

來自委內瑞拉的每一桶原油，都是2025年還不存在的貨物。這對油輪噸英里需求來說是極其利好的。隨著市場趨於穩定，交易量成長，這種現象會變得更加明顯。許多受人尊敬的石油和政治分析家對此表示懷疑，但川普對石油流動的影響能力，卻顯示制裁正在收緊和加強執行。但他成功了，印度大幅減少了對俄羅斯原油的購買量。因此，我們看到來自阿拉伯灣、西非、巴西、美國海灣地區，甚至委內瑞拉的資金流動不斷湧入市場。再次強調，來自這些地方的每一批貨物都是來自合規船隊的全新貨物，這些貨物正在取代俄羅斯原油。我們三張投影片中關於油輪夢想的最後一部分，也是最樂觀的部分，是私人非貿易公司對 VLCC 產業的空前大規模整合。

Sinokor has or will take control of over 85 ships since Christmas. Their total fleet footprint should be around 150 ships. This is just unbelievable. They control 17% of the total fleet, while almost 40% of the smaller part of the pie of the fleet, which we actually compete with in the spot market. They have been very effective at pushing up the market. Hats off and congratulations to Sinokor for this. They have done the heavy lifting and let the rest of the market reap the rewards. The market must, must understand that this is a seismic shift, and the biggest owner-operator of tonnage is not a charter or a state oil company. They are not trying to protect their own oil trading P&L, they are only trying to maximize freight for themselves.

自聖誕節以來，Sinokor已經或將要接管超過85艘船舶。他們的艦隊總規模應該在150艘左右。簡直難以置信。他們控制著總船隊的 17%，而我們在現貨市場上實際與之競爭的較小船隊的份額卻佔了近 40%。他們在推高市場價格方面非常有效。向 Sinokor 致敬，並表示祝賀。他們完成了前期的艱苦工作，讓市場上的其他參與者享受了回報。市場必須、必須明白，這是一個巨大的轉變，而最大的噸位所有者兼運營商既不是租船公司，也不是國有石油公司。他們並非試圖保護自身的石油貿易損益，而只是想最大限度地提高自身的貨運收益。

Looking at utilization on slide 22, when I started my career, a good friend and a highly respected broker, Chuck Monson, always told me that as you move forward, as you move toward the high end of the utilization curve, rates don’t increase linearly, they move exponentially. That’s exactly what this slide illustrates. When the market tightens at these levels, even a small shift in utilization can translate into very meaningful move in earnings. With how fast the market has moved recently, I suspect that as we give this presentation, we are most likely out of the light blue box and perhaps one click to the right. This is precisely where modern, fully spot-exposed fleets like our, ours benefit the most. If this trajectory continues, I look forward to making our Q1 presentation even more exciting. Thank you for joining us today.

看看第 22 張幻燈片上的利用率，當我開始我的職業生涯時，一位好朋友兼備受尊敬的經紀人 Chuck Monson 總是告訴我，隨著你不斷前進，隨著你向利用率曲線的高端邁進，費率不會線性增長，而是呈指數級增長。這張投影片正是說明了這一點。當市場收緊到這種程度時，即使利用率發生微小的變化，也可能轉化為獲利的重大波動。鑑於最近市場變化如此之快，我懷疑在我們進行這次演示時，我們很可能已經走出了淺藍色框，或許已經向右點擊了一下。這正是像我們這樣的現代化、完全暴露在外的船隊能夠獲得最大好處的地方。如果這種勢頭持續下去，我期待著讓我們的第一季業績報告更加精彩。感謝您今天蒞臨。

We will now begin the question and answer session. If you’d like to ask a question. And now, if you have dialed into today’s call, please press star nine to raise your hand and star six to unmute. Please stand by while we compile the Q&A roster. Your first question comes from the line of Even Kolsgaard with Clarksons Securities. Your line is now open. Please go ahead.

現在開始問答環節。如果你想問一個問題。如果您已撥入今天的電話會議，請按星號 9 舉手，按星號 6 取消靜音。請稍候，我們正在整理問答名單。你的第一個問題來自 Clarksons Securities 的 Even Kolsgaard。您的線路已開通。請繼續。

Thank you. Thank you for your presentation. So you mentioned it yourself as well, but I’m interested in your take on the VLCC market versus the Suezmaxes, because I think the market today is mostly focused on the VLCCs. The rates are good, and you have this Sinokor event. But as you mentioned, the VLCC market has finally begun to outperform the Suezmax, reversing basically the trend we’ve seen for the last few years. So how do you think about the Suezmax versus VLCC market going forward, both for earnings and values?

謝謝。感謝您的演講。所以你自己也提到了這一點，但我對你對 VLCC 市場與蘇伊士型油輪市場的看法很感興趣，因為我認為目前的市場主要集中在 VLCC 上。利率不錯，還有 Sinokor 活動。但正如您所提到的，VLCC 市場終於開始超越 Suezmax 型油輪，基本上扭轉了過去幾年我們看到的趨勢。那麼，您如何看待蘇伊士型油輪與超大型油輪市場未來的發展，包括獲利與價值兩方面？

Hi, Evan. Thanks for your question. I mean, even in Q4 and like potentially in, I mean, at least to our guidance in Q1, on a dollar per, you know, metric ton or on a relative basis, the Suezmax is still outperforming the VLCC. So I mean, you know, obviously, it’s a cheaper ship, but the delta between price and earnings isn’t still justified. So we think that the Suezmax is a really attractive asset, and as the VLCC market continues to tighten, and charters do their best to find ways to reduce the cost of transporting the oil from A to B, we think that the Suezmax will become a very versatile asset in order to do it.

嗨，埃文。謝謝你的提問。我的意思是，即使到了第四季度，甚至可能到了第一季度，至少按照我們第一季的預期，以每公噸美元或相對價格計算，蘇伊士型油輪的表現仍然優於超大型油輪。所以我的意思是，你知道，很明顯，這是一艘更便宜的船，但價格和收益之間的差距仍然不合理。因此，我們認為蘇伊士型油輪是一項非常有吸引力的資產，隨著超大型油輪市場持續收緊，租船方竭盡全力尋找降低石油從 A 地運輸到 B 地成本的方法，我們認為蘇伊士型油輪將成為實現這一目標的用途非常廣泛的資產。

So we could, you know, I mean, there’s some trades which will never make sense on a Suez instead of a VLCC, or rarely. You know, this is like the really long-haul business, US Gulf to China, or a lot of the AG business to China. But a lot of the voyages, you know, WAF, Med or backhauls and the shorter runs, Suezmax can easily jump in and, you know, find a lot of opportunities to do backhauls or non, you know, traditional Suezmax cargoes, which we would consider, you know, like a triangulated bonus over the normal Suezmax market. So, for this reason, we think that the strength in VLCCs will be equally beneficial to the Suezmax, and for savvy owners, can give them even more opportunities to, you know, creatively trade their ships in this market.

所以，你知道，我的意思是，有些交易在蘇伊士運河上進行永遠沒有意義，而用超大型油輪（VLCC）進行交易則很少有意義。你知道，這就像是真正的長途運輸，從美國墨西哥灣到中國，或是很多農產品運輸到中國。但是，你知道，很多航次，例如西非航線、地中海航線或回程航線以及較短的航線，蘇伊士型船都可以輕鬆加入，並且有很多機會從事回程運輸或非傳統的蘇伊士型船貨物運輸，我們認為這就像是在正常的蘇伊士型船市場中獲得的額外收益。因此，我們認為 VLCC 的強勢對蘇伊士型油輪同樣有利，對於精明的船東來說，還能讓他們有更多機會在這個市場上創造性地交易他們的船舶。

Got it. Thanks. Just a follow-up, I guess you said you don’t want to get and take on any more time charter contracts at these rates, so you’re pretty bullish towards the market. When it comes to Sinokor, seems like they’re bidding for VLCCs from basically every owner. Have you been tempted to sell some of your ships to, to Sinokor?

知道了。謝謝。補充一下，我猜您說過您不想再以這些價格簽訂任何定期租船合同，所以您對市場相當看好。就 Sinokor 而言，他們似乎在向幾乎所有船東競購超大型油輪。你有沒有想過把一些船隻賣給西諾科爾？

In Okeanis, and my personal view is that Sinokor will be successful in what he’s trying to achieve. So I think that the exposure to the spot market, and in the future, potentially TC market or a sales market, is what we want to have today. Now, going forwards, you know, once things continue to reprice higher, I can’t tell you what’s the best choice for us to do, but I think right now there’s a lot of upside left in what’s happening in the market. And, you know, right now we’ve seen rates move up 20 points a little bit more this week, and I still feel like that’s just the beginning of the current spike that we’re entering. So, at the moment, you know, no, we haven’t seriously considered selling our Okeanis vessels to Sinokor.

在奧克阿尼斯，我個人認為，西諾科爾將會成功實現他想要達成的目標。所以我認為，我們現在想要的是接觸現貨市場，以及未來可能接觸到TC市場或銷售市場。現在，展望未來，你知道，一旦價格繼續上漲，我無法告訴你我們最好的選擇是什麼，但我認為目前市場還有很大的上漲空間。你知道，目前我們看到利率本週又上漲了 20 個百分點，但我仍然覺得這只是我們即將進入的這波飆升的開始。所以，目前，我們還沒有認真考慮將我們的 Okeanis 船隻出售給 Sinokor。

Okay. Thank you. That’s all from me.

好的。謝謝。這就是我全部要說的了。

Your next question comes from the line of Liam Burke with B. Riley. Your line is now open. Please go ahead.

你的下一個問題來自利亞姆·伯克和B·萊利的血脈。您的線路已開通。請繼續。

Hi, Liam. Good morning.

你好，利亞姆。早安.

Yes, thank you. You’re generating a lot of cash at this level. You’ve got a nice hefty cash balance to support the acquisition of the two new Suezmax. Is your capital allocation strategy gonna change from how it has been in the past?

是的，謝謝。你在這個級別賺了很多錢。您擁有相當可觀的現金儲備，足以支持購買兩艘新的蘇伊士型油輪。你的資本配置策略會和以往有所不同嗎？

Hey, Liam. It’s Iraklis here. I don’t think it has changed. I mean, it has been, for some time, a key priority for us to distribute as much value as possible to shareholders. You know, the transactions that we did were structured in a way where that was not jeopardized by any means. And, you know, this quarter and the distribution we’re giving is indicative of such strategy. So, not really. We’re trying to give out as much as possible, and we’re just focusing on extracting as much value as possible from the market to deliver that to shareholders.

嘿，利亞姆。這裡是伊拉克利斯。我不認為情況有所改變。我的意思是，一段時間以來，盡可能為股東創造價值一直是我們的首要任務。你知道，我們進行的交易結構經過精心設計，確保這一點不會受到任何損害。你知道，本季以及我們進行的分配都體現了這種策略。所以，其實不是。我們正努力盡可能地放貸，我們只專注於從市場中榨取盡可能多的價值，並將這些價值回饋給股東。

Okay. Just to follow on the market, the prepared comments, the spot market is still continuing to move, I mean, exponentially at this point. But is there any thought to taking some money off the table and moving some vessel or more vessels to term charters?

好的。繼續關注市場動態，根據準備好的評論，現貨市場仍在持續波動，我的意思是，目前正呈指數級增長。但有沒有考慮從中抽取一些資金，並將一些或多艘船舶轉為定期租船呢？

Hi, Liam. We answered that one during the presentation as well. At the moment, the answer is no. I think what we want is to have a vast majority of the fleet in the spot market, especially as we feel that there’s a lot more upside to spot rates and to the, you know, charters and owners’ expectations of spot rates over the next considerable period. So I think for now, we need to keep our ships in the spot market so we have all the optionality we need. And then, you know, in a few months, we look at it again, but for the time being, the answer is a clear no.

你好，利亞姆。我們在演講中也回答了這個問題。目前答案是否定的。我認為我們希望絕大多數船隊都能進入現貨市場，尤其因為我們認為現貨價格還有很大的上漲空間，而且租船方和船東對未來相當長一段時間內的現貨價格也有很大的上漲空間。所以我認為目前我們需要讓我們的船舶保持在現貨市場，這樣我們才能擁有所需的全部選擇權。然後，你知道，幾個月後我們會再看看，但就目前而言，答案顯然是否定的。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Liam.

謝謝你，利亞姆。

Your next question comes from the line of Frederick Dibwat with Firm News. Your line is now open. Please go ahead.

你的下一個問題來自 Firm News 的 Frederick Dibwat。您的線路已開通。請繼續。

Hi, Frederick.

你好，弗雷德里克。

As a reminder to unmute, please press star six on your telephone keypad.

提醒您，要取消靜音，請按電話鍵盤上的 6 號鍵。

Sorry, guys, I forgot to unmute, but yeah. Hello. Congratulations with the strong results and strong bookings. I was just, you know, trying to circle a bit back to the Sinokor. I was a bit interested in hearing your take on how... Can you guys hear me?

抱歉各位，我忘了取消靜音，不過就這樣吧。你好。恭喜你們取得優異的成績和強勁的預訂量。我只是想稍微繞回一下錫諾科爾河那邊。我很想聽聽你對此事的看法…你們聽得到我說話嗎？

Yeah. You got cut off right when you were asking the question.

是的。你剛問完問題就被打斷了。

Okay. Sorry. Okay, yeah. I was just circling back to the Sinokor stuff. Interested in hearing your take about how, or in practical terms, how is he going to be able to corner the market? As we know, he hasn’t fixed that many ships yet. He has fixed a couple. And then lastly, how long do you think that can last if he’s successful?

好的。對不起。好的，是的。我剛才又想起了Sinokor的事。很想聽聽你對如何或說從實際角度來看，他將如何壟斷市場的看法？據我們所知，他還沒有修好那麼多船。他修好了一對。最後，你認為如果他成功了，這種情況還能持續多久？

You know, I think that’s a better question for Sinokor than for Okeanis. I do see that his ships have been fixing, and I mean, I think that he has... The company has stated where they think the market should be, and they will fix at those levels, and they’ve been very consistent with that. So I assume once rates get to the levels that they want, they’ll fix some ships, they’ll assess where the market is, and they’ll continue to raise their expectations and put their rates higher and continue pushing this market higher. So I don’t know. Again, you know, the specific strategy of the company and it’s a question for Sinokor.

你知道嗎，我覺得這個問題比較適合問 Sinokor，而不是 Okeanis。我確實看到他的船隻一直在修繕，我的意思是，我認為他已經…該公司已經表明了他們認為市場應該處於什麼水平，他們將​​把價格固定在這些水平上，而且他們一直堅持這樣做。所以我認為，一旦運價達到他們想要的水平，他們就會修復一些船隻，評估市場狀況，然後繼續提高預期，提高運價，繼續推動市場走高。所以我不知道。再說一遍，你知道，這是公司的具體策略，這個問題應該要問 Sinokor。

Yeah. Okay, thank you.

是的。好的，謝謝。

Your next question comes from the line of Clement Moulin with Value Investors Edge. Your line is now open. Please go ahead.

你的下一個問題來自 Clement Moulin 的 Value Investors Edge。您的線路已開通。請繼續。

Hey, guys. Thank you for taking my questions. First of all, congratulations on the two accretive offerings you pursued in recent months. I wanted to start by asking about where you see your maximum fleet size, say, on VLCCs and on Suezmaxes, where you can still capture this kind of premium you’ve been able to realize in recent years?

嘿，夥計們。謝謝您回答我的問題。首先，恭喜您在最近幾個月成功完成了兩項增值投資。我想先問一下，您認為您的船隊規模在哪些方面可以達到最大，例如在超大型油輪（VLCC）和蘇伊士型油輪上，這樣您還能繼續獲得近年來所實現的溢價？

Hi, Clement. Thank you for the question and being on the call. You know, I think, I think we answered it on a previous call as well, that we would be comfortable for the fleet to continue to... Like, we, on, on a, you know, theoretical level, we’d be comfortable if the VLCC or Suezmax fleet was slightly larger, and we could still capture the same earnings. But what I can tell you for sure is that the fleet is the right size today for us to continue doing so. So it’s not just about fleet size, it’s also about the team and personnel and the, the technical manager. So it’s, there’s many facets to how we hope, how we have and hope to continue outperforming. But I can tell you that currently our fleet size is perfect for us to keep doing so.

你好，克萊門特。感謝您的提問和參與通話。你知道，我想，我們在之前的電話會議中也回答過這個問題，我們認為艦隊可以繼續…例如，從理論層面來說，如果 VLCC 或 Suezmax 船隊規模稍大一些，我們仍然可以獲得同樣的收益，我們會感到很滿意。但我可以肯定地告訴你們，就目前而言，我們的船隊規模正好適合我們繼續這樣做。所以，這不僅關乎車隊規模，還關乎團隊、人員以及技術經理。所以，我們希望、已經並希望繼續超越自我，這其中有許多面向。但我可以告訴你，目前我們的機隊規模非常適合我們繼續這樣做。

Makes sense. Thanks for the color. This one is a bit more on the modeling side, but you mentioned you were thinking about potentially doing a dry docking in Turkey. Could you talk a bit about the delta between doing that in Turkey versus, say, in China?

有道理。謝謝你提供的色彩。這個問題更偏向模型製作方面，但你提到你正在考慮是否要在土耳其進行一次乾船塢維修。您能否談談在土耳其做這件事與在中國做這件事有何不同？

Yeah, I mean, I think that depending on the type of paint specification you want, and maybe you have an expectation of like, you know, $250,000-$500,000 more expensive. But in a strong market, you save way more of that by being able to keep your earnings higher and not repositioning all the way out there and all the way back. You know, some owners prefer to trade in the East. Historically, as a company, you know, we’ve always... We started off on smaller ships as well, like before we were public on Aframaxes, and our strongest relationships are in the West and with the more Western-based oil companies and traders.

是的，我的意思是，我認為這取決於你想要的油漆規格類型，也許你會預期價格會貴25萬到50萬美元。但在強勁的市場中，你可以透過維持較高的收益，而無需進行大幅度的重新佈局，從而節省更多成本。你知道，有些業主喜歡在東方進行交易。從公司歷史上看，我們一直…我們最初也是從小型船舶起步的，就像我們在公開運營阿芙拉型油輪之前那樣，我們最牢固的關係是在西方，以及與總部設在西方的石油公司和貿易商的關係。

So we really feel that this is the area that we can outperform, and if we have a ship that goes in the East for dry docking, or she gets a, you know, a Suezmax gets an option declared out there, we never think, "Okay, let’s trade it in the East." It’s always about bringing her back home into the West. And by dry docking in Turkey, we can avoid the whole positioning out there and repositioning her back. Now, I think at times this can be easier. So let’s say now, like CPC Korea is $9.5 million in freight to go around the Cape. So those, those are great earnings to position your ship out there. But the CPC volumes that I mentioned during our call aren’t always flowing east. Sometimes they flow only into Europe.

所以我們真的覺得這是我們可以做得更好的領域，如果我們有一艘船去東方進行乾船塢維修，或者一艘蘇伊士型油輪在那裡被宣布有選擇權，我們從來不會想，“好吧，讓我們在東方交易它。”一切都是為了把她帶回西方的家。透過在土耳其進行乾船塢維修，我們可以避免在那裡進行定位和重新定位的整個過程。現在，我覺得有時候這會比較容易。假設現在，中郵韓國公司繞道好望角的運費為 950 萬美元。所以，這些都是不錯的收入來源，可以幫助你開拓市場。但我在通話中提到的 CPC 流量並不總是流向東方。有時它們隻流入歐洲。

Now, I assume that with Venezuela, you know, and all the knock-on effects of the Venezuelan oil and what displaces what, and down the line, perhaps that has something to do with why we see more CPC going east, but it’s not something consistent. Then you also have the issue of the backhaul. You know, in the, in, before the war started, before the war in, in, Gaza started, the Suezmaxes would be easy to go through the Suez Canal as well, and that was a way to have a backhaul, that it was always at a discount to the front haul. But because you’re going through the Suez Canal, it wasn’t such a long voyage. Now, being forced to go around the Cape both ways, it becomes an extremely long voyage.

現在，我假設，考慮到委內瑞拉的情況，以及委內瑞拉石油帶來的所有連鎖反應，以及由此產生的各種替代效應，從長遠來看，這或許與我們看到更多中共企業向東擴張有關，但這並不是一個始終如一的規律。此外，還有回程連結的問題。你知道，在戰爭爆發之前，在加薩戰爭爆發之前，蘇伊士型貨輪很容易通過蘇伊士運河，這是一種回程運輸的方式，回程運輸的價格總是比前程運輸便宜。但因為你要經過蘇伊士運河，所以航程不算長。現在，由於必須繞道好望角往返，航程變得異常漫長。

You kind of lengthen those lower rate economics, which is something that we don’t prefer for the next dry dock.

這樣一來，低費率的經濟效益就會延長，而我們不希望在下一個乾船塢專案中出現這種情況。

Yeah, makes sense. The opportunity cost is simply too high. Thanks for the call again. I’ll turn it over.

嗯，有道理。機會成本實在太高了。再次感謝您的來電。我把它翻過來。

No problem. Thank you.

沒問題。謝謝。

There are no further questions at this time. I will now turn the call back to Iraklis for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給伊拉克利斯，請他作總結發言。

Thanks, thanks, everyone, for attending this call. We look forward to touching base in May for our first quarter update. Bye, everyone.

謝謝大家參加這次電話會議。我們期待在五月與您聯繫，進行第一季的工作進度報告。再見，各位。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。