Okeanis Eco Tankers Corp. (ECO) 2026 Q2 法說會逐字稿

Welcome to OET's second quarter 2026 financial results presentation. We will begin shortly.

歡迎參加 OET 2026 年第二季財務業績簡報。我們將很快開始。

Erasidis Alephouzos, CEO, and Erakles Sthulonis, CFO of Okeanis Ecotankers 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.

Okeanis Ecotankers 的執行長 Erasidis Alephouzos 與財務長 Erakles Sthulonis 將帶您進行本次簡報。他們很樂意在電話會議結束時回覆任何提問。我們將討論具前瞻性之事項，實際結果可能與此等前瞻性陳述所反映之預期不同。

Please read through the relevant disclaimer on slide 2. I would like to advise you that this session is being recorded. Aracides will begin the presentation now.

請閱讀第 2 張投影片上的相關免責聲明。提醒您，本場次將被錄音。Aracides 現在開始簡報。

Thank you for taking the time to join our Q2 2026 call.

感謝您撥冗參加我們 2026 年第二季電話會議。

Q2 was the strongest quarter in our history, and the first half of 2026 was also the strongest six months period since our inception.

第二季是我們公司史上最強的一季，而 2026 年上半年也同樣是自成立以來最強的六個月期間。

Adjusted EPS was $5.91 for the quarter.

本季調整後每股盈餘（Adjusted EPS）為 5.91 美元。

And $8.28 for the first half of the year.

上半年則為 8.28 美元。

Hirakli will take you through the financial results in detail shortly.

Hirakli 稍後將為您詳細說明財務結果。

I want to thank the whole OET team, as well as Piklatis for amazing work this quarter, which allowed us to achieve these results.

我要感謝整個 OET 團隊，以及 Piklatis 在本季的出色工作，使我們得以達成這些成果。

During the period, we also completed the delivery of the four SWZMAX vessels acquired through our two equity raises.

在此期間，我們也完成了透過兩次股權募資所收購的四艘 SWZMAX 船舶之交付。

With Nisos Tigani delivered in May and Nisos Rus in July, our 18-vessel fleet is now fully delivered.

隨著 Nisos Tigani 於 5 月交付、Nisos Rus 於 7 月交付，我們的 18 艘船隊現已全數交付完成。

The second half of this year has similarly fantastic prospects, and the team here is focused on continuing to deliver.

今年下半年同樣前景極佳，團隊也專注於持續交出成果。

I will now hand over to Raklis.

我現在把時間交給 Raklis。

Thank you, Sidi. I'm pleased to go through our second quarter earnings, a quarter that has been a record in our history, starting with slide 4.

謝謝你，Sidi。我很高興從第 4 張投影片開始，帶大家回顧我們第二季的盈餘表現；這一季創下公司歷史紀錄。

We achieved fleet-wide time charter equivalent of about $181,000 per vessel per day.

我們達成全船隊等同期租（TCE）約每艘每日 181,000 美元。

That's $214,000 per day on our spot and $188,000 on operating DHCC dates and $175,000 on our series max operating days all day in spots.

其中，我們現貨船隊約每日 214,000 美元；在營運 DHCC 日數約每日 188,000 美元；而在我們的 series max 營運日數方面，現貨全日約每日 175,000 美元。

We report adjusted EBITDA of $252 million. Adjusted net profit of $231 million and adjusted EPS of $5.91. Our board declared the 17th consecutive quarterly dividend of $5.25 per share. This represents almost 90% of our reported and adjusted net income.

我們報告調整後 EBITDA 為 2.52 億美元。調整後淨利為 2.31 億美元，調整後每股盈餘為 5.91 美元。我們董事會宣布第 17 次連續季度股利，每股 5.25 美元。這約占我們已報告及調整後淨利的近 90%。

This is by far the highest quarterly dividend amount since the company's inception and equals the total dividends paid over the previous five quarters together.

這是公司成立以來迄今最高的單季股利金額，且相當於前五個季度合計發放的股利總額。

Including this one, over the last four quarters, we have distributed $9.55 per share, or 90% of our reported net income for the period.

包含本次在內，過去四個季度我們已配發每股 9.55 美元，約為該期間已報告淨利的 90%。

Since our last update in May, we have taken the delivery of our two remaining insurersmax recent acquisitions, then issues began in issues.

自我們 5 月上次更新以來，我們已接收交付剩餘兩艘 insurersmax 的近期收購船舶，之後問題開始出現。

Moving on to slide 5.

接著看第 5 張投影片。

Since our IPO in Oslo, we have distributed approximately 3.5 times our initial market cap with over $780 million paid in dividends.

自我們在奧斯陸 IPO 以來，我們已配發股利約為初始市值的 3.5 倍，累計股利超過 7.8 億美元。

Since we have had a fully delivered fleet in 2022, we have paid out 90% of our reported net income, clearly demonstrating our commitment to distributing value to our shareholders.

自 2022 年我們擁有全數交付的船隊以來，我們已配發已報告淨利的 90%，清楚展現我們將價值回饋股東的承諾。

On Slide 6, we show the detail of our income statement for the quarter and the first half of the year. TCE revenue for the first six months due to over $400 million.

在第 6 張投影片，我們展示本季及上半年損益表的明細。前六個月的 TCE 收入超過 4 億美元。

EBITDA was $362 million and net income was about $320 million or $8.28 per share.

EBITDA 為 3.62 億美元，淨利約 3.20 億美元，或每股 8.28 美元。

Moving on to Slide 7 and our balance sheet, at quarter end, we had $248 million of cash that includes about $35 million earmarked for a portion of the equity for the acquisition of the initial FUSH, which was delivered to us a few days later in early July.

接著看第 7 張投影片與資產負債表：截至季末，我們持有現金 2.48 億美元，其中包含約 3,500 萬美元，已指定用於收購初始 FUSH 的部分股權款；該船於 7 月初、幾天後交付給我們。

Our restricted cash figures as of June 30.

我們截至 6 月 30 日的受限制現金數字，

Include an amount of approximately $17 million we have deposited on short-term under certain of our loan facilities, which have the feature that reduced the interest rate, providing a better return than what we would have achieved placing those funds under our time deposit rates for that amount at that time.

包含約 1,700 萬美元：我們依據部分貸款融資安排，將其以短期方式存入；該安排具備降低利率的特性，因此相較於當時以該金額存放於定期存款利率下所能取得的報酬，能提供更佳回報。

We may roll forward such cash characterized as restricted or a different amount on a short-term basis depending on our cash and applicable rates.

我們可能會依據現金狀況與適用利率，在短期基礎上將此類被歸類為受限制的現金續作，或調整為不同金額。

Our balance sheet debt was $722 million.

我們資產負債表上的負債為 7.22 億美元。

Reflecting the drawdown for the acquisition of the Nixos Tigana in May.

反映了 5 月為收購 Nixos Tigana 所進行的提款。

Our book leverage stands at 35%, while our market-adjusted net LPV base's latest broker values and pro forma for the acquisitions and recent transactions and end-of-quarter cash balance is now below 25%. On Slide 8, looking at our fleet, I'm pleased to now fully reflect the addition of our most recently acquired modern and high-spected vessels.

我們的帳面槓桿為 35%；而以市場調整後的淨 LPV（基於最新船舶經紀估值），並納入收購與近期交易及季末現金餘額之備考（pro forma）計算後，現已低於 25%。在第 8 張投影片，檢視我們的船隊，我很高興能完整反映我們最新收購之現代化且高規格船舶的加入。

With the delivery of the Nissio Tigani on May 29th and that of the Nissio Refus on July 8th, we now have a total of 18 vessels on the water, eight modern ECO scrubber-fitted sewage maxes, 10 modern ECO scrubber-fitted sewage maxes, and eight modern ECO scrubber-fitted VLCCs, with an average age of only 5.6 years.

隨著 Nissio Tigani 於 5 月 29 日交付、Nissio Refus 於 7 月 8 日交付，我們目前共有 18 艘船舶在營運中：八艘現代化、ECO 並配備洗滌器的 sewage maxes、10 艘現代化、ECO 並配備洗滌器的 sewage maxes，以及八艘現代化、ECO 並配備洗滌器的 VLCC，平均船齡僅 5.6 年。

As a reminder, from a CAVEX perspective, our only dry dock for 2026 is out of the Milos 10-year survey, which is currently expected to take place in the next couple of months.

提醒一下，從 CAVEX 的角度來看，我們 2026 年唯一的進塢是 Milos 的 10 年特檢，目前預期將在未來幾個月內進行。

Slide 9, moving on to our capital structure, with all the financings I updated you on in May now effective, the financing for the delivery of the Tigani and Vous and the refinancing of our legacy leases of the Nissius Ring and Nissius Respotico, we have now reduced our weighted average margin to 1.47%. That's an improvement of over 200 basis points since we commenced our refinances exercise in 2023.

第 9 張投影片，接著看資本結構：我在 5 月向各位更新的所有融資目前均已生效，包括 Tigani 與 Vous 交付的融資，以及對 Nissius Ring 與 Nissius Respotico 既有租賃的再融資；我們已將加權平均利差降至 1.47%。相較於我們 2023 年啟動再融資作業以來，改善超過 200 個基點。

On Slide 10, with a little over half a year passed since the delivery of the first two sues max resale vessels, the Nishos Pipedia and Nishos Shell Fopula, we wanted to take the opportunity and reflect on those transactions.

在第 10 張投影片，距離前兩艘 sues max 轉售船舶 Nishos Pipedia 與 Nishos Shell Fopula 交付已超過半年，我們希望把握機會回顧這些交易。

We look at this from a value creation perspective, and we see three pillars that contribute. The first, we have talked about before. We financed the acquisitions with competitive bank debt on one hand and highly accretive equity on the other. Having done a negative placement at approximately 30% above RNAV at the time, that implied a benefit or arbitrage in a way against the acquisition cost of the vessels of approximately $12 million on each vessel or $24 million on aggregate.

我們從價值創造的角度來看，認為有三大支柱促成。第一點我們之前談過：一方面以具競爭力的銀行負債為收購提供融資，另一方面以高度增厚（highly accretive）的股權資金搭配。當時我們以較 RNAV 高約 30% 的價格完成私募配售，等同於相對於船舶收購成本產生某種程度的利益或套利：每艘約 1,200 萬美元，合計約 2,400 萬美元。

The second pillar and maybe the most important, the vessels in approximately seven months are estimated to have generated a combined free cash flow of about $43 million. This is realized one-for-one, the risking of the investment. Out of approximately $104 million in equity invested in these two vessels, $52 million each. We have already got back 41% of that by trading them in this market, $25 million on the PIPERI and $18 million on the SERI for pull.

第二個支柱、也許是最重要的：這些船舶在約七個月內，估計合計產生約 4,300 萬美元的自由現金流。這是逐一實現、降低投資風險的成果。在投入這兩艘船舶約 1.04 億美元股權（每艘 5,200 萬美元）之中，我們已透過在此市場的營運交易收回其中 41%：PIPERI 約 2,500 萬美元，SERI for pull 約 1,800 萬美元。

The third, yes, unrealized, but with a direct impact in our NAV and subsequently our stock price and indicative of the opportune timing of these transactions. We bought those vessels at $97 million each.

第三項，是的，尚未實現，但會直接影響我們的NAV，進而影響股價，並顯示這些交易時點掌握得宜。我們以每艘9,700萬美元買入這些船舶。

While latest asset value estimates marked them at over $120 million each. That's over 25% uplift on an enterprise value basis and over 50% uplift against REG, all that in a little over half a year.

而最新的資產價值估算將其標示為每艘超過1.2億美元。以企業價值口徑計算，這相當於超過25%的上升空間；相較於REG則超過50%的上升幅度，而這一切發生在略多於半年之內。

Adding these three elements for both vessels is $121 million of value creation just from the mission of Piperi and issue of Sid Fukuli.

把這三個要素加總、並套用到兩艘船上，僅就Piperi的任務以及Sid Fukuli的發行，就創造了1.21億美元的價值。

I'm very eager to update this slide in a couple of quarters when the mission of Piperi initial push. We'll also have traded for a few months to reflect on the overall transaction across all four businesses.

我非常期待在接下來幾個季度更新這張投影片，屆時Piperi的任務將有初步進展。我們也將已交易數個月，得以回顧涵蓋四項業務的整體交易表現。

I will now turn into other studies for the commercial market update.

我現在把時間交給其他同事，進行商業市場最新情況的更新。

Thank you, Iraklis.

謝謝你，Iraklis。

Slide 12 shows the commercial performance that drove the record financial results we have just discussed.

第12頁顯示了商業表現，這也推動了我們剛剛討論的創紀錄財務成果。

FleetYTC for the quarter was $181,200 per day.

本季度船隊TCE為每日181,200美元。

Our spot VLCCs earned $213,000. $600 per day, while our Suizmaxes earned $174,900 per day.

我們的現貨VLCC日均收入為213,000.600美元，而我們的Suezmax日均收入為174,900美元。

Including the Nisros Nikuria time charter at $90,000 per day and the Greek compensation earned by Nisros Keiros while waiting to resume her voyage to the Hormuz, total BLCC earnings were $187,700 per day, with fleet utilization at 99%. This quarter was, to a large extent, the realization of commercial decisions made during the first quarter.

包含Nisros Nikuria以每日90,000美元的期租，以及Nisros Keiros在等待恢復前往霍爾木茲航程期間所獲得的希臘補償，VLCC總日均收入為187,700美元，船隊利用率為99%。本季度在很大程度上，是第一季度所做商業決策的成果落地。

On the VLCC side, we secured long-haul voyages into the East at premium levels during the strongest part of the market in the frenzy right after the war began.

在VLCC方面，我們在市場最強的時段、也就是戰爭剛開始後的狂熱期，以溢價水準鎖定了前往東方的長航程航次。

Three vessels were employed on long-haul Eastern voyages, while repeating trading patterns and limited ballast legs allowed us to convert exceptional headline rates into exceptional realized earnings.

三艘船投入長航程東向航次；同時，透過重複的交易模式與有限的壓艙航段，我們得以把亮眼的名目運價轉化為卓越的實現收益。

We also were able to capitalize on the solid diversion of crude exports to Yambu and the ensuing market spike that caused.

我們也把握了原油出口改道至延布（Yanbu）的穩健分流，以及其引發的市場飆升。

The Suezmax market was also extremely active. Oil traders were competing for cargoes in the Atlantic Basin, which allowed us to maintain very limited waiting time and execute consecutive voyages across the Mediterranean and other preferred Western trading areas.

Suezmax市場同樣極為活躍。石油交易商在大西洋盆地競相爭奪貨源，使我們能維持極短的等待時間，並在地中海及其他偏好的西方交易區域執行連續航次。

The shorter voyage duration of the SUSMAX fleet gave us repeated exposure to a rapidly strengthening market and enabled us to compound the benefit of the rate environment.

Suezmax船隊較短的航程週期，使我們能反覆暴露於快速走強的市場，並得以複利化運價環境帶來的效益。

We also took delivery of Nisos Tirani during the quarter and repositioned her quickly to participate in the strong eastern market.

我們也在本季度接收了Nisos Tirani，並迅速將其重新部署，以參與強勁的東方市場。

Nisos Piperi and Nisos Servopula contributed for the full quarter, demonstrating, as Yraclis went over on the previous slide, how quickly the vessels acquired through our first equity raise were integrated into our operating platform.

Nisos Piperi與Nisos Servopula在整個季度都有貢獻，正如Iraklis在上一張投影片所說明的，這顯示透過我們第一次股權募資所收購的船舶，能多快整合進我們的營運平台。

It is important to emphasize that this was not the result of one fortunate fixture. It was the cumulative effect of positioning, void selection, triangulation, minimizing balance time, and maintaining vessel availability.

需要強調的是，這並非源自某一筆幸運的租約。而是定位、空航選擇、三角航線安排、將壓艙時間降到最低，以及維持船舶可用性等因素的累積效果。

The rates were extraordinary, but operational execution is what converted those rates into earnings. So, as previously, we need to thank our technical manager, Kyclades, who have allowed us to operate so well in these challenging times.

運價確實非同尋常，但把運價轉化為收益的是營運執行力。因此，如同以往，我們要感謝技術管理方Kyclades，使我們能在這些充滿挑戰的時期仍維持優異營運。

Turning to our Q3 guidance, the numbers remain exceptionally strong.

接著談我們對第三季的指引，數字仍然異常強勁。

We have fixed 48% of our VLCC spot days at approximately $207,000 per day and 42,000 of our Suicimax spot rates at $133,000 per day. Across the fleet, the fixed spot portion stands at $166,500 per day on 681 days. We also have 92 time charter days at 90,000 per day, while approximately 52% of total fleet days remain open.

我們已以約每日207,000美元鎖定48%的VLCC現貨天數，並以每日133,000美元鎖定42,000的Suicimax現貨運價。就全船隊而言，已鎖定的現貨部分為每日166,500美元、合計681天。此外，我們還有92個期租天數，日租金為90,000美元，而約52%的總船隊天數仍為未鎖定。

For a quarter that is normally softer, these are remarkable levels. They also demonstrate that Q2 was not simply an isolated earnings event.

對於通常較疲弱的一個季度而言，這些水準相當驚人。也顯示第二季並非只是一次孤立的獲利事件。

The market has remained highly volatile, and the volatility has continued to create attractive commercial opportunities for our fleet. On the BLCCs, discharge positions developed in the East at a time when available AG capacity remained constrained.

市場仍高度波動，而這種波動持續為我們的船隊創造具吸引力的商業機會。在VLCC方面，當可用的AG運力仍受限之際，東方出貨位置出現了需求。

We were able to secure AG employment for two vessels at premium to prevailing market conditions.

我們得以為兩艘船以高於當前市場條件的溢價，取得AG航線的用船安排。

We continue to balance the attraction of locking in long-haul earnings against the value of retaining prompt exposure to a market that can move very quickly.

我們持續在鎖定長航程收益的吸引力，與保留即期曝險於可能快速變動市場的價值之間取得平衡。

On the Suis and Axis, we have maintained a broad Western presence across the Black Sea, Mediterranean, and West Africa. This gives us access to several trading markets and allows us to pursue triangulation opportunities while reducing violence and waiting time.

在Suis與Axis方面，我們在黑海、地中海與西非維持廣泛的西方佈局。這使我們能接觸多個交易市場，並在降低空航與等待時間的同時，追求三角航線機會。

The Milos is also scheduled to undergo dry dock around the end of September, beginning of October, depending on the exact timing of your trading program and yard availability.

Milos也預計在9月底至10月初左右進行乾塢修理，具體時間取決於交易計畫的精確時點以及船廠可用性。

Finally, we also took delivery of Nisos Luth on July 8, the final vessel in our series of four SUISMAX acquisitions.

最後，我們也在7月8日接收了Nisos Luth，這是我們四艘SUISMAX收購系列中的最後一艘。

We therefore enter Q3 with the entire 18 vessel fleet on the water and contributing earning days.

因此，我們進入第三季時，18艘船的完整船隊都已在水上營運並貢獻可計費天數。

There is a meaningful portion of the quarter to fix, which is both an opportunity and a risk for us.

本季度仍有相當一部分需要鎖定，這對我們而言既是機會也是風險。

We cannot predict every market move. Our aim is to preserve optionality, remain disciplined, and position the fleet so we can quickly respond as cargo flows and vessel availability change.

我們無法預測市場的每一次波動。我們的目標是保留選擇權、保持紀律，並為船隊做好部署，以便在貨物流向與船舶可用性變化時能迅速回應。

As said before, the tanker market was exceptionally strong in Q2 and was available to all owners.

如先前所述，第二季油輪市場異常強勁，所有船東都能受惠。

Based on the peers that have reported so far, our spot earnings were approximately 50% above the peer average on the BLCCs and approximately 60% above the peer average on the Suez Maxes.

根據目前已公布的同業資料，我們的現貨收益在VLCC上約高於同業平均50%，在Suezmax上約高於同業平均60%。

I look forward to seeing how this adjusts over the next reporting period.

我期待看到在下一個財報期這一差距將如何調整。

In a market at these levels, commercial outperformance becomes very meaningful in absolute dollar terms. A relatively modest daily difference multiplied across our spot days, and the size of our fleet translates directly into substantial incremental cash flow and earnings per share.

在這樣的市場水準下，商業端的超額表現以絕對美元金額計就變得非常可觀。相對不大的每日差異，乘上我們的現貨天數與船隊規模，會直接轉化為可觀的增量現金流與每股盈餘。

This quarter reinforces the point we've made consistently since 2019. The value of OET lies not only in our exposure to the crude cycle, but also in the combination of our fleet and a highly skilled operating platform positioned to capitalize on market opportunities.

本季度再次印證了我們自2019年以來一貫強調的觀點。OET的價值不僅在於我們對原油循環的曝險，也在於我們的船隊與高技能營運平台的結合，使我們能把握市場機會。

Slide 15 addresses the order book, which is clearly one of the principal questions facing the taker market today.

第15頁討論訂單簿，這顯然是當今油輪市場面臨的主要問題之一。

We should not ignore it. The VLCC order book has reached approximately 32% of the existing fleet, while the Suizmax order book is approximately 30%. Those are high headline numbers, and they represent the genuine medium-term supply consideration.

我們不應忽視它。VLCC訂單簿已達現有船隊約32%，而Suezmax訂單簿約為30%。這些是很高的表面數字，代表中期供給面的真實考量。

However, the timing and composition of the order book matter. Only a small portion is scheduled to deliver in '26. The largest delivery years are concentrated in '28 and '29.

然而，訂單簿的交付時點與組成同樣重要。只有一小部分預計在26年交付。交付高峰年集中在28年與29年。

The immediate supply response is therefore much more limited than the headline order book percentages imply.

因此，短期供給的實際回應遠比訂單簿百分比的表面數字所暗示的更為有限。

At the same time, the existing fleet continues to age as we mention every quarter.

同時，正如我們每季提到的，現有船隊仍在持續老化。

Age alone, though, does not force the vessel to leave the market, but it increasingly affects charter acceptance, maintenance requirements, financing, regulatory compliance, and vessel trading efficiency.

然而，僅憑船齡並不會迫使船舶退出市場，但它會日益影響租家接受度、維修保養需求、融資、法規遵循，以及船舶交易效率。

A substantial portion of the older fleet is operating in sanctioned or less transparent trades and is not interchangeable with a compliant fleet competing for mainstream cargoes.

較老舊船隊中有相當大一部分正在從事受制裁或透明度較低的貿易，無法與遵循合規、競逐主流貨載的合規船隊相互替代。

Our conclusion is not that the order book is irrelevant, it is that its near-term effect is tempered by the delivery schedule and by the aging and fragmentation of the existing fleet.

我們的結論並非認為新船訂單量（order book）無關緊要，而是其短期影響會受到交付時程，以及現有船隊老化與分散化的抑制。

For OET, the key point is that our fleet is now fully delivered, has an average age of approximately five and a half years, and is designed to remain highly competitive across a range of market environments.

對 OET 而言，關鍵在於我們的船隊現已全數交付完成，平均船齡約五年半，並且設計上可在各種市場環境中維持高度競爭力。

The final commercial slide brings together the geopolitical and fundamental forces currently shaping the market.

最後一張商業面投影片彙整了目前正在塑造市場的地緣政治與基本面力量。

We're seeing simultaneous pressures across the three of the world's most important energy arteries, the Hormuz, the Red Sea, and the Black Sea. The combination is unprecedented in the modern tanker market. The situation remains fluid and conditions can change very quickly.

我們看到全球三條最重要的能源動脈同時承受壓力：荷姆茲海峽、紅海與黑海。這樣的組合在現代油輪市場中前所未見。情勢仍在變動中，狀況可能非常迅速地改變。

Hormuz transits were recovering under the June Memorandum of Understanding, but the recovery remains fragile and highly sensitive because of the renewed escalation and have reduced since June.

在 6 月的諒解備忘錄之下，荷姆茲通行量曾出現復甦，但由於再度升級的緊張局勢，這種復甦仍然脆弱且高度敏感，且自 6 月以來已經下降。

In the Black Sea, attacks on tankers and export infrastructures continues to disrupt loadings and create inefficiencies. In the Red Sea, the threat of renewed attacks is pushing more traffic away from the Red Sea and around the Cape of Good Hope, adding distance and further inefficiency to global trade.

在黑海，對油輪與出口基礎設施的攻擊仍持續干擾裝載並造成效率損失。在紅海，重新遭受攻擊的威脅正使更多航運流量避開紅海、改繞好望角，增加航程距離並進一步降低全球貿易效率。

For example, a VLCC voyage can be double the duration than it was if it was exiting from the bent straits.

例如，一趟 VLCC 航程的時間可能是原本的兩倍，如果它是從（bent）海峽出口的話。

The oil balance is also important. The EBITDA currently expects 2026 supply to decline by approximately 3.7 million barrels per day, compared with the demand decline of approximately 1 million barrels per day. In other words, supply has fallen almost four times faster than demand. Since the onset of the conflict, inventories have drawn by approximately 3.8 million barrels per day on average.

油品供需平衡也很重要。EBITDA 目前預期 2026 年供給將下降約 370 萬桶/日，相較之下需求下降約 100 萬桶/日。換言之，供給下滑速度幾乎是需求的四倍。自衝突爆發以來，庫存平均每天下降約 380 萬桶。

For tankers, the key dynamic has been volumes down, but distances up.

對油輪而言，關鍵動態是運量下降，但運距上升。

Atlantic to Asia trades now represent approximately 35% of VLCC liftings, compared with only around 22% before the conflict.

大西洋至亞洲的貿易目前約占 VLCC 裝運量的 35%，而在衝突前僅約 22%。

A voyage from the US Gulf to China is approximately 2.6 times the distance of the Arabian Gulf to China. With only around 7.4 million barrels per day of pipeline rerouting capacity available, a meaningful portion of the Middle East exports shortfall can only be replaced by long-haul barrels.

從美國墨西哥灣到中國的航程距離約為從阿拉伯灣到中國的 2.6 倍。在僅約 740 萬桶/日的管線改道能力可用的情況下，中東出口缺口中相當一部分只能以長程運輸的原油來替代。

Looking further ahead, the expected normalization of Gulf output and increase in OpEx plus production during the 2027 period should allow inventories to be rebuilt.

再往後看，預期在 2027 年期間，海灣地區產量正常化，以及 OpEx 加上產量的增加，應可讓庫存得以重建。

The estimates reflected on this page are approximately 1.8 million barrels per day of crude supply would be required over roughly a year and a half to rebuild stocks. That inventory build translates directly into tanker demand.

本頁所反映的估算為：為了重建庫存，在約一年半的時間內需要約 180 萬桶/日的原油供給。這樣的庫存回補將直接轉化為油輪需求。

So the shape of the opportunity may change, but the underlying message remains as supportive. Current disruption creates inefficiencies in longer 10 miles, while eventual normalization creates a substantial restocking need.

因此，機會的樣貌可能會改變，但核心訊息仍然偏向支持。當前的干擾透過更長的運距（ton-miles）造成效率損失，而最終的正常化則會帶來可觀的補庫需求。

Our focus at OET is to position our fleet to respond across a range of outcomes and to try to maximize shareholder returns.

OET 的重點是讓我們的船隊能在各種可能結果下做出回應，並努力最大化股東報酬。

To conclude, and I said at the beginning, this was the strongest quarter and strongest first half of our history.

總結來說，正如我一開始所說，這是我們史上最強的一季，也是史上最強的上半年。

We have returned a record amount to our shareholders, completed the delivery of our expanded fleet, and entered the second-half with substantial earnings, visibility, and flexibility.

我們向股東回饋了創紀錄的金額，完成擴編船隊的交付，並以可觀的獲利、能見度與彈性進入下半年。

I hope by the end of the year, we can have returned over $1 billion to shareholders since our inception in 2018.

我希望到今年年底，我們自 2018 年成立以來回饋股東的金額能超過 10 億美元。

I will now hand it back to the moderator for Q&A.

接下來我把時間交回主持人進行問答。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instruction)

（接線員指示）

If you would like to ask the question, please press star 1 to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.

若您想提問，請按星號 1 舉手。若要取消提問，請再按一次星號 1。為了獲得最佳音質，提問時請拿起話筒。若您在本地端被靜音，請記得解除裝置靜音。請稍候，我們正在彙整問答名單。

Your first question comes from the line of Evan Colesgaard with Clarkson Securities AS. Your line is open, Evan, please go ahead.

第一個問題來自 Clarkson Securities AS 的 Evan Colesgaard。Evan，您的線路已開通，請發言。

Hi, and thank you. So, my first question is on the market. In general. So last quarter, you had quite a good analysis on what would happen in different scenarios when it comes to the close of Strait of Hormuz.

嗨，謝謝。我第一個問題是關於市場。整體而言。上個季度，你們對於荷姆茲海峽關閉在不同情境下會發生什麼，做了相當不錯的分析。

I was just wondering how you think about how a reopening of the Strait of Hormuz could look like this time and if you think there will be any differences compared to last time.

我想請教你們這次如何看待荷姆茲海峽重新開放可能會是什麼樣子，以及你們是否認為會與上次相比有任何不同。

With that in mind, how do you position your fleet today for a potential reopening?

基於此，你們目前如何為潛在的重新開放來配置船隊？

Thank you for your question.

謝謝你的提問。

I think that we had a pretty good example of how the reopening would work from the previous time in June.

我認為我們在 6 月上一次的情況中，已經有一個相當好的例子可以看出重新開放會如何運作。

I think one difference that we'll see is that.

我想我們會看到的一個差異是。

In June, some of the more independent oil companies went to lift cargoes for this traditional, AG to Far East type run, which is difficult because of the open and shut nature of the Hormuz and the dangers and risk for crossing it. So, I think what we'll likely see if it when it reopens, if it reopens again, is that we'll continue to see the more.

在 6 月時，一些較獨立的石油公司去提取貨載，走的是傳統的阿拉伯灣（AG）到遠東這類航線；但由於荷姆茲海峽時開時關的特性，以及穿越時的危險與風險，這其實很困難。因此，我認為我們很可能會看到的是：如果它重新開放、如果再次重新開放，我們將會繼續看到更多的。

National oil companies and larger oil traders use shuttling services to shuttle crude from inside the AG to right outside of Fujairah. And then the normal mainstream fleet can go and lift cargoes from the ships in Fujairah.

國家石油公司與大型石油貿易商使用接駁（shuttling）服務，把原油從阿拉伯灣內部接駁到富查伊拉外海。接著一般主流合規船隊就可以到富查伊拉，從那些船上提取貨載。

And, I think the current market is a lot like the middle example we gave in our last quarter where the Hormuz. Has some oil coming out. I mean, there's definitely oil exiting the Kuwaitis, the Iraqis, the Qataris and the Emiratis principally are moving oil and shuttling it out. The Saudis also have found this export path through Yambu. So it's definitely not as closed as it was at the beginning of the war. So there is significant oil being exported, but it's inefficient because of the shuttling. The Saudi's crude being exported is even more inefficient than it was because instead of going to Yambu and out of the Red Sea, it has to be shuttled up to Egypt and into the pipeline and through the Suez and then all the way around Africa.

而且我認為目前市場很像我們上季所舉的中間那個例子：荷姆茲。仍有一些原油流出。我的意思是，確實有原油在外運，主要是科威特、伊拉克、卡達與阿聯酋在運油並以接駁方式把油運出。沙烏地也透過延布（Yanbu）找到了這條出口路徑。所以它肯定不像戰爭初期那樣封閉。因此仍有大量原油出口，但因為接駁而效率不佳。沙烏地出口原油的效率甚至比之前更差，因為原本可到延布並經紅海外運，現在必須接駁到埃及、進入管線、穿越蘇伊士，然後再繞行非洲一整圈。

And that's why we see continued strong demand for Atlantic crudes on the VLCCs, which is why, that portion of VLCC liftings is so much higher than it was before the war started. So, all these together are creating excellent ton mile effects for the Vs.

這也是為什麼我們看到 VLCC 對大西洋原油的需求持續強勁，亦即為何 VLCC 裝運量中那一部分占比遠高於戰爭開始前。因此，這些因素共同為 VLCC 創造了極佳的噸海里（ton-mile）效應。

Thanks. And then just more on this strategy. So, we are seeing that other owners are taking on more time charter coverage and some are also selling more than tonnage. While you have been largely spotted posed.

謝謝。接著再多問一點策略面。我們看到其他船東正在承作更多定期租船（time charter）覆蓋，有些也在出售更多船舶資產。而你們則大多維持現貨部位。

And basically 100% spot and it's risk on still. So how do you think about the spot market going forward versus the current time chart rates and how you compare that towards the current asset values?

基本上是 100% 現貨，仍屬於承擔風險（risk on）。那麼你們如何看待未來現貨市場相對於目前的定期租船租金水準，以及你們如何把這些與當前資產價值做比較？

Look, I think we fixed the time chart rate at 90,000 in February.

你看，我認為我們在二月把期租（TC）租金固定在 90,000。

And it was a huge mistake. I mean, we probably, we've earned just as much on that one ship in less than six months, on one of our spot ships in less than six months, and we will have earned on her in a whole year. And I think that goes for every single other VLCC owner who's mistakenly fixed their ships on TCs.

而那是一個巨大的錯誤。我的意思是，我們可能在不到六個月內，僅靠那一艘船——我們其中一艘現貨船在不到六個月內——賺到的錢，就等同於她整整一年會賺到的。而我認為，這也適用於每一位誤把船以期租（TC）固定出去的 VLCC 船東。

Because the earnings are so high now that even if you do a one or two or three-year time charter, when you're earning $200,000 a day or $150,000 a day for three quarters, it just, what you need to earn for the balance period becomes zero or negative potentially. So I think that from our perspective for OET, there's no interest at the moment to fix any more time charters. We're very happy with the coverage we have. In the short-term on the VLCC.

因為現在的收益太高了，即使你做一到兩年或三年的期租，當你在三個季度裡每天賺 200,000 美元或 150,000 美元時，剩餘期間你需要賺到的金額就會變成零，甚至可能是負的。所以我認為，從我們 OET 的角度來看，目前沒有興趣再去固定更多期租。我們對目前的覆蓋（coverage）非常滿意。短期內在 VLCC 方面。

Sorry, we're very happy with the spot exposure we have on the VLCC fleet. In terms of asset sales, we're lucky because some of the companies that we have been seen selling ships are also renewing their fleet. So they're selling some of the older ships and they have newer ships coming in. Or other companies that have been selling VLCCs, their core fleet composition isn't tankers or they might be funding. Other sectors that they have on the order book. So, I think many owners are doing TCs and sales are case by case and depends on each company. But for us, we see a lot of continued upsides to this market, and we don't want to reduce our exposure in terms of the number of vessels or number of spot trading vessels.

抱歉，我們對 VLCC 船隊目前的現貨曝險（spot exposure）非常滿意。就資產出售而言，我們很幸運，因為我們看到一些正在賣船的公司也在更新船隊。所以他們在出售一些較老的船，同時有較新的船交付進來。或者其他正在出售 VLCC 的公司，其核心船隊組成並不是油輪，或他們可能是在為。他們訂單簿（order book）上的其他產業部門籌資。所以，我認為很多船東在做期租（TC），而出售是逐案而定，取決於各家公司。但對我們而言，我們看到這個市場仍有很多持續上行空間，我們不想在船舶數量或現貨交易船舶數量方面降低曝險。

Okay.

好的。

Thank you. That's all for me.

謝謝。我這邊就到這裡。

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

下一個問題來自 B. Riley Securities 的 Liam Burke。Liam，你的線路已開通。請發問。

Thank you. Aristides, how are you doing today?

謝謝。Aristides，你今天過得如何？

Good, Liam. Good to hear from you.

很好，Liam。很高興聽到你的聲音。

Thank you.

謝謝。

Thank you.

謝謝。

Can we talk about the Atlantic Basin?

我們可以談談大西洋盆地嗎？

And I know you touched on normalization, and I'm sure we're not sure when that's going to happen. But there are a couple of things. With increased production out of the Atlantic Basin and the lifting of sanctions in Venezuela, do you see longer-term lift for SUEZMAX rates?

我知道你提到過正常化（normalization），而我也確定我們都不確定那會在什麼時候發生。但有幾件事。隨著大西洋盆地產量增加，以及委內瑞拉制裁解除，你是否看到對 SUEZMAX 運價的長期提振？

Hi, Liam.

嗨，Liam。

Thank you for your question.

謝謝你的問題。

Look, the Suez Max is a very versatile asset. So, anything that will be traded in the shorter haul will be optimized onto Suez Max. So, for sure, a lot of Venezuelan flows will move on Suez Maxes.

你看，Suezmax 是一種非常多用途的資產。所以，任何在較短航程中交易的貨量，都會更適合由 Suezmax 來承運。因此可以肯定，很多委內瑞拉的貨流會由 Suezmax 來運。

The same as West Africa, Black Sea, Guyana and US Gulf when the cargoes are staying shorter haul.

西非、黑海、圭亞那以及美國墨西哥灣也是一樣，當貨物是較短航程時。

But if the cargoes are. And the arbs, the crude oil arbs make sense for the cargo to be transported long distance, you'll see that these cargoes make much more economic sense on BLCCs.

但如果貨物是。而且當原油套利（arbs）使得貨物長距離運輸有利可圖時，你會看到這些貨物用 VLCC 承運在經濟上更合理。

So for sure that the lifting of sanctions has been very positive on the Suez Max market in Venezuela, as well as the increased production from Guyana, as well as the SPR.

所以可以肯定，制裁解除對委內瑞拉的 Suezmax 市場非常正面，同時也包括圭亞那增產，以及 SPR。

As a as well as a factor of other a number of other factors. But yeah, I think that definitely the Suzanne Max is buoyed by. And it's very nice place.

以及作為其他。以及其他多項因素之一。但對，我認為 Suezmax 確實受到支撐。

Great.

很好。

Thank you.

謝謝。

Iraq lease 90% dividend payout.

伊拉克租賃 90% 股利配發率。

You've opportunistically reinvested in the fleet and that's seeing the benefit in terms of asset appreciation.

你們機會性地再投資於船隊，並在資產升值方面看到效益。

does it stay the course on the capital structure, or do you see opportunity to pay down debt faster or are you just going to amortize it in a normal as it matures?

在資本結構上是否會維持既定方針，還是你看到更快償還債務的機會？或者你們只是會在到期時按正常節奏攤還？

No, absolutely, we stay the course.

不，絕對是維持既定方針。

We will continue with our strategy to distribute as much as possible. No intention to accelerate paying down debt. We feel pretty comfortable with where we are.

我們會持續我們的策略，盡可能多地分配。沒有打算加速償還債務。我們對目前的狀況相當放心。

It has amortized naturally.

它已自然攤還。

Over quarter-on-quarter.

按季對季（quarter-on-quarter）。

And we think that our leverage position is actually a competitive advantage that we have into such a positive market to be able to crystalize that value towards shareholders. So, yes, we'll stay the course.

而且我們認為，我們的槓桿水位其實是一項競爭優勢；在如此正向的市場中，能夠把這個價值具體實現（crystalize）並回饋給股東。所以，是的，我們會維持既定方針。

Your next question comes from the line of Oliver Dunvold with ABG Sandal Collier. Your line is open, Oliver. Please go ahead.

下一個問題來自 ABG Sandal Collier 的 Oliver Dunvold。Oliver，你的線路已開通。請發問。

Hey guys, thank you for taking my question.

嗨各位，謝謝你們回答我的問題。

On Suisbach rates, there has been some pressure over the last couple of days. TD20 is now around $70,000 today. Do you have any market insight explaining this move and is this the level we should expect to see for the remainder of Q3?

關於 Suezmax 運價，過去幾天有一些壓力。TD20 今天大約在 70,000 美元左右。你們是否有任何市場觀點可以解釋這個走勢？以及這是否會是我們在第三季剩餘時間應該預期看到的水準？

Thank you.

謝謝。

Hello.

你好。

Look, I think, thank you for your question, Oliver. And it's an interesting question as well because TD20 is.

你看，我想，謝謝你的問題，Oliver。這也是個有趣的問題，因為 TD20 是。

Is let's say it's one of the more global Suez Max routes that wherever a Suez Max is can usually fix a TD-20 cargo. And this creates a problem when the Hormuz is closed and when there's fewer cargoes in the east because as the Suez Maxes do go east on their way back, they don't have any cargoes to take from the Arabian Gulf or from Fujairah. So this forces them to look to West Africa.

可以說它是較全球性的 Suezmax 航線之一，Suezmax 不論在哪裡通常都能去承攬一票 TD-20 貨。而當荷姆茲海峽關閉、東方貨量較少時，這就會造成問題，因為 Suezmax 往東走、在回程途中時，從阿拉伯灣或富查伊拉（Fujairah）沒有貨可載。因此這迫使它們轉而看向西非。

And when you're sailing back, the West Africa TD-20 run is a backhaul effectively. And that will allow the owner to be quite competitive in order to find the cargo office dates because he's just looking to get that cargo loaded as efficiently as possible and quickly and then go discharge it so he can be back in position. So I think TD-20 is negatively impacted by being a place that balusters.

而當你在回航時，西非 TD-20 航次實際上是回程貨（backhaul）。這會讓船東為了找到貨、配合裝貨期（laycan/office dates）而變得相當有競爭力，因為他只是想盡可能有效率、快速地把貨裝上，然後去卸貨，好讓他能回到有利位置。所以我認為，TD-20 受到負面影響，是因為它是一個壓艙航行（ballast）船舶。

Are so exposed to. And this is very different than the US Gulf or Mediterranean or Black Sea cargoes on Swiss maxes.

曝險很高的地方。而這與美國墨西哥灣、地中海或黑海的 Suezmax 貨載非常不同。

So I would say that that's one reason that TD-20 has been underperforming at the moment. I also think that with what happened in CPC in overseas terminal and the attacks on some ships, a lot of ships. A lot of owners were a bit worried about fixing their vessels from there, and they decided to divert instead to other cargoes, and that made them go down to West Africa as an alternative. So there was, like, quite a prompt oversupply of ships looking for a new business.

所以我會說，這是 TD-20 目前表現較弱的一個原因。我也認為，隨著 CPC 海外碼頭發生的事情以及對部分船舶的攻擊，很多船。很多船東對從那裡承租他們的船有些擔心，因此決定改道去找其他貨，於是轉往西非作為替代。所以，出現了相當即期的船舶供給過剩，大家都在尋找新的生意。

And those are two reasons. I'm actually quite bullish on TD-20. I think that we'll see it's probably bottomed about now, and we'll see it moving back upwards in the next couple days.

以上是兩個原因。其實我對 TD-20 相當看多。我認為它大概已經在現在附近打底，接下來幾天會看到它再度走高。

All right, perfect.

好，完美。

Thank you.

謝謝。

Your next question comes from the line of Frederick Dibwad with Fernleys. Your line is open, Frederick. Please go ahead.

下一個問題來自 Fernleys 的 Frederick Dibwad。Frederick，您的線路已開通。請開始。

Thank you, and congratulations, guys, with an incredible quarter. You're doing a great job, so I have to offer that.

謝謝，也恭喜各位，這一季表現非常出色。你們做得很棒，我必須這麼說。

I just saw some, reports today about two VLCC's of yours being fixed inside of the AG.

我今天看到一些報導，提到你們有兩艘 VLCC 在 AG 內部被敲定租約。

This was the call on Keros. Could you provide some details about that, if you're able?

這是 Keros 的那通電話提到的。如果方便的話，你能提供一些細節嗎？

Sure. I mean, generally, we don't comment on the individual fixtures, but we haven't done any of that business at the moment.

當然。我的意思是，一般來說我們不評論單一的租船成交，但目前我們並沒有做那筆業務。

Okay. Now, thanks. That was it for my end.

好的。那謝謝。我這邊就這樣。

You're a spot broker today, I guess, looking for to make a position list.

我想你今天是現貨經紀人吧，想要做一份船位清單。

Your next question comes from the line of Clement Molin with Value Investors Edge. Your line is open. Clement, please go ahead.

下一個問題來自 Value Investors Edge 的 Clement Molin。您的線路已開通。Clement，請開始。

Hi, good afternoon, Tim.

嗨，Tim，下午好。

Thank you for taking my questions.

謝謝你回答我的問題。

I wanted to follow-up on the question on sweatmaxis. A week ago you disclosed that the MRC was targeted while loading crew at the CPC terminal.

我想追問一下關於 suezmax 的問題。一週前你們披露 MRC 在 CPC 碼頭裝載期間船員遭到鎖定攻擊。

I'm not sure the amount of color you can provide on this, but any updates on the state of the vessel? And secondly, any color you can provide on how this may have affected your willingness to continue calling the CPC terminal?

我不確定你能提供多少細節，但船舶目前狀況有任何更新嗎？第二，你能否說明這是否影響你們未來繼續靠泊 CPC 碼頭的意願？

Sure.

當然。

Thank you for the question, Clement.

謝謝你的問題，Clement。

The vessel sailed from CPC after she completed loading and she's in Turkey now for some inspections and she will go and complete her voyages after some quick temporary repairs and then following the discharge she might have to come back for some further repairs in Turkey which we don't expect to take very long.

該船在完成裝載後已自 CPC 啟航，目前在土耳其進行一些檢查；在做完一些快速的臨時修復後，她將繼續完成航程。之後在卸貨完成後，可能需要回到土耳其做進一步維修，我們預期不會花太久。

Look I think the issue with CPC.

你看，我認為 CPC 的問題。

Is very complex and political. CPC is a terminal that is, it's a joint venture, but Chevron and Exxon are big equity holders in that terminal.

非常複雜且帶有政治性。CPC 是一個碼頭，它是一個合資企業，但 Chevron 和 Exxon 是該碼頭的重要股權持有人。

And the crude from CPC is a critical part of the European oil refining and process. So.

而且 CPC 的原油是歐洲煉油與加工流程中的關鍵部分。所以。

In the medium term, and even in the short-term, CPC cannot be a market that's not available to Europe.

在中期，甚至短期內，CPC 不可能成為歐洲無法取得的市場。

And with partners who are involved in the CPC trades, like Exxon and Chevron, and their interest to keep this cargo flowing, as well as, the government of Kazakhstan, where the producers of the oil, the Europeans, even more importantly, the Americans, I'm.

而且參與 CPC 貿易的合作夥伴，如 Exxon 和 Chevron，他們有維持貨物流動的利益；同時還有哈薩克政府、原油生產商、歐洲人，更重要的是美國人，我。

Almost positive that a solution will be found to protect the exports of the CPC blend from that terminal. And I think that over time, owners will find comfort that this crude is safe to load. But for sure, it's a difficult time for vessels to go there, for the crews to go there it's dangerous. Luckily, we didn't have any injuries on our ships, and I think most of the ships. That have been attacked over the past few weeks have also avoided injuries and that's something that is thankful for but it's a critical export and the flow will have to go on and I mean hopefully there will be owners who are willing to go there because CPC is a very strict and terminal that you need to fix with Exxon and Chevron and a bunch of other oil majors who have very strict policies you know this is not in no way a shadow fleet this is one of the most demanding. Quality trades in the business. So I hope security can be found so these flows can continue because they're critical for Europe.

幾乎可以肯定會找到解決方案，以保護從該碼頭出口的 CPC 混合油。我認為隨著時間推移，船東會更有信心，覺得這種原油裝載是安全的。但毫無疑問，現在船舶去那裡、船員去那裡都很困難且危險。幸運的是，我們的船沒有任何人員受傷，我想過去幾週遭到攻擊的大多數船舶也都避免了傷亡，這點值得感謝；但這是一項關鍵出口，貨流必須持續。我希望會有船東願意去，因為 CPC 是一個非常嚴格的碼頭，你需要與 Exxon、Chevron 以及一群其他石油巨頭敲定，而他們都有非常嚴格的政策；你知道，這絕不是什麼影子船隊，這是業內要求最高的。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

I also wanted to follow-up on Liam's question on capital location. Working capital has increased meaningfully quarter over quarter on the back of their higher grades.

我也想追問 Liam 關於資本配置的問題。由於運價較高，營運資金較上一季明顯增加。

Did this have an impact on the board's decision on the dividend?

這是否影響董事會對股利的決策？

Should we expect you to regard to, let's say, the $50 million cash raised on the road as working capital balances normally?

我們是否應該預期你們會把例如在路演中募集的 5,000 萬美元現金視為正常的營運資金餘額？

Thanks for the question.

謝謝你的問題。

You're spot on in the sense that working capital movements and receivables balances quarter on quarter have had a significant fluctuation in the past period. This is mostly.

你說得很對，過去一段期間，營運資金變動與應收帳款餘額在季與季之間出現了顯著波動。這主要是。

Reflective of significantly increased rates.

反映運價大幅上升。

So long as the market continues to be like that, I expect that we will have similar types of working capital movements every quarter.

只要市場持續維持這樣的狀況，我預期每一季都會出現類似型態的營運資金變動。

Now, in terms of how that impacts our liquidity position, et cetera, obviously, to a very significant extent, such receivables are typically collected. We capture, our balance is reflective of, that particular date, but typically, we are usually able to collect.

至於這如何影響我們的流動性狀況等等，顯然在很大程度上，這些應收款通常都會收回。我們的餘額反映的是特定日期的狀況，但一般而言，我們通常能在相對短的時間內收回。

Such receivables relatively shortly after this quarter end.

這些應收款通常在季末後不久就能收回。

We've even seen elevated figures towards year end, and then everything is collected in the first 10 days of January. So from a liquidity perspective, this isn't something that concerns me, but of course, we are monitoring it.

我們甚至看過在年底時數字偏高，然後在一月前 10 天就全部收回。所以從流動性角度來看，這不是我擔心的事情，但當然我們正在監控。

In terms of cash balance, I think that the $60 million.

就現金餘額而言，我認為我們過去的 6,000 萬美元。

Cash balances that we have had in the past were also impacted by working capital movements.

現金餘額也受到營運資金變動的影響。

I would be expecting that for a fleet of even back then of 14 vessels, but certainly now the 18 vessels, a steadier cash balance at slightly higher levels would be prudent to address such working capital movements.

我會預期，即便當時船隊只有 14 艘，但尤其是現在有 18 艘船，維持略高一些、更穩定的現金餘額會更為審慎，以因應這類營運資金變動。

But of course, we continue to monitor.

但當然，我們會持續監控。

Having said all of that, I think we have been quite consistent. And as I have explained to Liam in his earlier question, our policy is maintained to be to distribute value to shareholders as much as possible. So we take all of this into account every quarter, but then.

話雖如此，我認為我們一直相當一致。正如我在先前回答 Liam 的問題時所說，我們的政策仍是盡可能將價值分配給股東。因此我們每一季都會把這些因素納入考量，但接著。

We continue to pay out as much as possible and I think that our track record has been supportive of of all this.

我們仍會盡可能多地配發，我認為我們的過往紀錄也支持這一點。

Make sense thank you I'll turn it over congratulations for the quarter thank you K.

了解，謝謝。我把時間交回去，也恭喜這一季的表現，謝謝。

We have reached the end of the Q&A session I will now turn the call back to eres esrunis CFO for closing remarks.

我們已到問答環節結束，現在我將把電話交回給 CFO Eres Esrunis 作結語。

Thank you yeah thanks everyone for joining.

謝謝，是的，也謝謝大家參與。

Look forward to touching base again in November for the Q3 results.

期待在 11 月就第三季（Q3）業績再次與各位交流。

Thank you very much.

非常感謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝出席。您現在可以掛線。