Golden Ocean Group Ltd (GOGL) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2022 Golden Ocean Group Limited Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 2022 年第一季度金洋集團有限公司收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Ulrik Andersen. Please go ahead, sir.

我現在想把會議交給你今天的演講者 Ulrik Andersen。請繼續，先生。

Good afternoon, everyone. Welcome to Golden Ocean's First Quarter Release Call. My name is Ulrik Andersen, and I'm the CEO; and next to me, I have Peder Simonsen, our CFO.

大家下午好。歡迎來到 Golden Ocean 的第一季度發布電話。我的名字是 Ulrik Andersen，我是 CEO；在我旁邊，我有我們的首席財務官 Peder Simonsen。

Today is about looking back and ahead. We will give you insight and information on the key numbers from the first quarter, but also talk about how the outlook for dry bulk looks. Today's overall message is that we deliver another strong and solid financial performance, courtesy of a firm Panamax market and a high degree of contract coverage secured at attractive levels last year.

今天是回顧過去和展望未來。我們將為您提供有關第一季度關鍵數據的見解和信息，同時也討論幹散貨的前景如何。今天的總體信息是，由於巴拿馬型船市場的堅挺和去年以具有吸引力的水平確保了高度的合同覆蓋率，我們提供了又一強勁和穩健的財務業績。

In the next 15 to 20 minutes, we will show that we have refinanced debt, lowering our already industry low cash breakeven that we continue to pay out a significant portion of our net profit in dividend and that despite worldwide economic headwinds, the fundamentals remain in place for a sustained period of profitable markets.

在接下來的 15 到 20 分鐘內，我們將證明我們已經為債務進行了再融資，降低了我們已經處於行業低位的現金盈虧平衡點，我們將繼續以股息的形式支付大部分淨利潤，儘管全球經濟逆風，但基本面仍然處於一個持續盈利的市場的地方。

With that, let's take a look at the main highlights for the quarter. In Q1, we recorded an EBITDA of $149 million, which resulted in a net profit of $125 million or $0.63 per share. We achieved average time charter equivalent rates of $24,800 per day for the Capes and $23,600 for the Panamaxes. Worth noticing is that the average rate for Capesize vessel in Q1 was $14,700. In other words, our strategy of hedging Q1 with fixed paying Cape contracts last year paid dividends. Our average Cape earnings were $10,000 per day better than the market.

有了這個，讓我們來看看本季度的主要亮點。第一季度，我們的 EBITDA 為 1.49 億美元，淨利潤為 1.25 億美元或每股 0.63 美元。我們實現了 Cape 每天 24,800 美元和巴拿馬型船 23,600 美元的平均定期租船等價費率。值得注意的是，第一季度好望角型船的平均價格為 14,700 美元。換句話說，去年我們用固定支付開普敦合約對沖第一季度的策略帶來了紅利。我們開普敦的平均每天收入比市場高出 10,000 美元。

Looking at this quarter, Q2, we have so far secured $28,000 per day for 78% of our Cape days, $27,000 per day for 77% of our Panamax days. Looking ahead and into Q3, we have secured $38,000 per day for 15% of our Cape days and $35,000 per day for 33% of our Panamax days.

縱觀本季度，即第二季度，到目前為止，我們已經為 78% 的開普敦日獲得了 28,000 美元，在 77% 的巴拿馬型船日中獲得了 27,000 美元。展望第三季度，我們已經為 15% 的開普天和每天 35,000 美元的 33% 巴拿馬型船獲得了 38,000 美元。

During May, we signed a $275 million loan agreement. The new facility will reduce cash breakeven for the 14 vessels in the facility by $1,500 per day.

5 月份，我們簽署了 2.75 億美元的貸款協議。新設施將使設施中 14 艘船舶的現金盈虧平衡減少 1,500 美元/天。

Finally, we announced another significant dividend. We will pay out $0.50 per share for Q1. The dividend underlines our belief in the longer-term fundamentals and takes the total dividends paid over the past 11 months to more than $600 million.

最後，我們宣布了另一項重大股息。我們將為第一季度支付每股 0.50 美元。股息強調了我們對長期基本面的信念，並使過去 11 個月支付的股息總額超過 6 億美元。

Now I pass the word to Peder, who will dive into some of the numbers and financial details of the quarter.

現在我將這個詞傳遞給 Peder，他將深入探討本季度的一些數字和財務細節。

Thank you, Eric. If you look at our profit and loss, we recorded TCE revenues of $208.5 million, which was down from $306 million in the previous quarter. But as Ulrik mentioned, supported very much by strong performance from our Panamax segment and also the coverage in our Cape segment in an otherwise weak -- seasonally weak part of the year.

謝謝你，埃里克。如果您查看我們的損益，我們記錄的 TCE 收入為 2.085 億美元，低於上一季度的 3.06 億美元。但正如 Ulrik 所提到的，我們的巴拿馬型船分部的強勁表現以及海角分部的覆蓋率在很大程度上得到了支持，該分部在本年度的疲軟——季節性疲軟的部分。

The total TCE rate per day was $24,300, down approximately $11,000 from Q4. We had 6 ships drydocked in Q1 versus 5 ships in Q4, which resulted in approximately 3.5% of our total days off hire or 294 days. We have 5 ships dry docking in Q2 this year.

每天的總 TCE 費率為 24,300 美元，比第四季度減少了約 11,000 美元。我們在第一季度有 6 艘船停靠在幹船塢，而在第四季度則有 5 艘，這導致我們的總休假天數約為 3.5%，即 294 天。今年第二季度我們有 5 艘船幹塢。

Looking at our operating expenses, they were more or less flat adjusting for the additional ship that was dry-docked compared to previous quarter, coming in at around $58 million. Our OpEx continues to be impacted by COVID-19 pandemic, which impacted our OpEx by approximately $300 per day in Q1.

從我們的運營費用來看，與上一季度相比，他們對乾塢的額外船舶進行了或多或少的調整，約為 5800 萬美元。我們的 OpEx 繼續受到 COVID-19 大流行的影響，第一季度每天對我們的 OpEx 造成約 300 美元的影響。

Looking at our G&A, it was more or less unchanged, slightly up due to the impact of profit sharing accruals coming in just below $900,000. Charter expense was $10.3 million, which was slightly down from previous quarter, reflecting lower charter hire rates on charter in tonnage while the chartering activity increased in number of days. Our adjusted net EBITDA was $149 million versus $243 million in Q4.

看看我們的 G&A，它或多或少沒有變化，由於利潤分享應計收入略低於 900,000 美元的影響，略有上升。租船費用為 1,030 萬美元，比上一季度略有下降，反映出以噸位計的租船租金較低，而租船活動的天數有所增加。我們調整後的淨 EBITDA 為 1.49 億美元，而第四季度為 2.43 億美元。

Moving to our financial expenses. We saw the expenses unchanged quarter-on-quarter, say, for an addition of capitalized interest on the new buildings of $300,000 which we recorded this quarter.

轉到我們的財務費用。例如，我們看到本季度記錄的新建築物的資本化利息增加了 300,000 美元，費用環比保持不變。

On our derivatives and other financial income, we recorded a gain of $33 million in Q1 compared to a gain of $10 million in Q4. The main contributor share were the interest rates derivatives, which contributed with $16.4 million in gain as the LIBOR rates moved higher in the perfect curve. From FFA derivatives and bunker derivatives, they contributed with approximately $2.5 million. In addition, we had the results from investments in associates gain of $15.3 million, of which are investments in dry bulk operator, SwissMarine, contributed with $13.4 million. This resulted in a net profit of $125.3 million or $0.63 per share.

在我們的衍生品和其他財務收入方面，我們在第一季度錄得 3300 萬美元的收益，而第四季度的收益為 1000 萬美元。主要貢獻份額是利率衍生品，隨著 LIBOR 利率在完美曲線上走高，它貢獻了 1640 萬美元的收益。從 FFA 衍生品和燃油衍生品中，他們貢獻了大約 250 萬美元。此外，我們對聯營公司的投資收益為 1530 萬美元，其中對乾散貨運營商 SwissMarine 的投資貢獻了 1340 萬美元。這導致淨利潤為 1.253 億美元或每股 0.63 美元。

Moving to the cash flow. We can see that we recorded a net decrease in cash of $94.3 million, which is the aggregate of cash flow from operations of $123 million. The cash flow used in financing of $223 million and cash flow from investments of $4 million. The most notable here is the cash flow return from our investment in SwissMarine, which returned both a shareholder loan repayment of $5.4 million and a dividend of $6.5 million recorded in Q1.

轉向現金流。我們可以看到，我們記錄了 9430 萬美元的現金淨減少，這是 1.23 億美元的運營現金流總和。用於融資的現金流為 2.23 億美元，投資現金流為 400 萬美元。最值得注意的是我們對 SwissMarine 的投資所產生的現金流回報，該回報既返還了 540 萬美元的股東貸款償還額，也返還了第一季度記錄的 650 萬美元的股息。

In terms of debt repayments, we had scheduled a debt and lease repayments of $33.8 million, which -- of which $6.8 million related to (inaudible) repayments of the sale of 1 Panamax vessel.

在債務償還方面，我們安排了 3380 萬美元的債務和租賃償還，其中 680 萬美元與出售 1 艘巴拿馬型船的（聽不清）償還有關。

Moving to our balance sheet. We recorded a cash position of $115.7 million, which includes $8.4 million of restricted cash. In addition to this liquidity, we also have $100 million of undrawn available credit facilities at quarter end. We have debt and lease liabilities of a total of $1.4 billion, and an unchanged book equity of $1.9 billion, which gives a ratio of equity to total assets of approximately 56%.

轉到我們的資產負債表。我們記錄了 1.157 億美元的現金頭寸，其中包括 840 萬美元的受限現金。除了這種流動性之外，我們在季度末還有 1 億美元的未提取可用信貸額度。我們的債務和租賃負債總額為 14 億美元，賬面權益保持不變，為 19 億美元，權益與總資產的比率約為 56%。

Looking at the new financing that we have signed during this or prior to this release. We have put in place a $275 million credit facility, which includes the $50 million revolving credit capacity. This is our first financing based on the SOFR rate, which is the reference rate that will replace LIBOR in all new facilities and eventually in all our credit facilities. The financing is priced on the basis of SOFR plus 190 basis points and a 20-year repayment profile.

查看我們在此發布期間或發布之前簽署的新融資。我們已經建立了 2.75 億美元的信貸額度，其中包括 5000 萬美元的循環信貸能力。這是我們基於 SOFR 利率的第一次融資，該利率將在所有新設施以及最終在我們所有的信貸設施中取代 LIBOR。該融資的定價基於 SOFR 加上 190 個基點和 20 年的還款期。

If you look at the difference between SOFR and LIBOR, SOFR has traded approximately 15 to 30 basis points below the LIBOR rate historically, which means that the margin that we have put in place equals approximately 165 basis points on a LIBOR basis.

如果你看一下 SOFR 和 LIBOR 之間的差異，SOFR 的交易價格在歷史上比 LIBOR 利率低了大約 15 到 30 個基點，這意味著我們設置的保證金在 LIBOR 的基礎上大約等於 165 個基點。

And as Ulrik mentioned, this cash breakeven -- the cash breakeven for the new facility will be reduced by approximately $1,500 for the facility and approximately $400 per day for the full Cape fleet. If you look at our cash breakeven for the both segments, you can see that the cash breakeven has increased somewhat due to the increase in reference rate or in LIBOR during the quarter, which has impacted the Panamax cash breakeven by approximately $400 per day and the Cape approximately the same within the adjustment for this financing.

正如 Ulrik 所說，這個現金盈虧平衡點——新設施的現金盈虧平衡點將減少約 1,500 美元，整個開普敦機隊每天減少約 400 美元。如果您查看我們這兩個部分的現金盈虧平衡點，您會發現由於參考利率或本季度 LIBOR 的增加，現金盈虧平衡點有所增加，這對巴拿馬型船的現金盈虧平衡點造成了每天約 400 美元的影響，而開普在本次融資中的調整大致相同。

With that, I give the word back to Ulrik.

有了這個，我把這個詞還給了 Ulrik。

Thank you, Peder. Now let's begin with a quick review of the market developments in Q1. In some ways, the quarter developed as expected. We saw a return to normal seasonality, a seasonality that was largely absent in 2021, but there were also other events and drivers at play. We saw decreasing industrial production in China ahead of the Winter Olympics. We saw unusually heavy rainfalls in Brazil, hampering iron ore export. We saw the emergence of the Omicron variant and obviously, Russia launching an invasion of Ukraine.

謝謝你，佩德。現在讓我們先快速回顧一下第一季度的市場發展。在某些方面，該季度的發展符合預期。我們看到了正常季節性的回歸，這種季節性在 2021 年基本不存在，但也有其他事件和驅動因素在起作用。在冬奧會之前，我們看到中國的工業生產下降。我們看到巴西出現異常強降雨，阻礙了鐵礦石出口。我們看到了 Omicron 變體的出現，顯然，俄羅斯發動了對烏克蘭的入侵。

The Cape and Panamax markets responded differently with Cape rates coming under pressure and averaging shy of $15,000 per day, whereas the Panamax rates stayed firm throughout the quarter at an average of $23,000 per day.

Cape 和 Panamax 市場的反應不同，Cape 的運價面臨壓力，平均每天不到 15,000 美元，而 Panamax 的運價在整個季度保持穩定，平均每天為 23,000 美元。

A war in Ukraine and energy crisis and increasing inflation mean that the world is facing new challenges in the aftermath of COVID.

烏克蘭戰爭和能源危機以及通貨膨脹加劇意味著世界在 COVID 之後面臨新的挑戰。

The IMF forecast global GDP to grow 3.6% in each of 2022 and 2023, which is a slight downward revision since its last forecast. Having said that, the forecast remains high from a historical perspective and worth noticing as well is that the growth from the emerging economies remain strong. In this respect, it is interesting to look into the relationship between GDP growth and the demand for shipping. As it appears, seaborne trade has consistently grown over the last 32 years at a pretty solid 3.7% per year on average. Only during extreme events like the financial crisis and COVID did volumes retract.

IMF 預測 2022 年和 2023 年全球 GDP 將分別增長 3.6%，這是自上次預測以來的小幅下調。話雖如此，從歷史角度來看，預測仍然很高，值得注意的是新興經濟體的增長仍然強勁。在這方面，研究 GDP 增長與航運需求之間的關係是很有趣的。看起來，海運貿易在過去 32 年中一直以平均每年 3.7% 的速度穩步增長。只有在金融危機和 COVID 等極端事件期間，交易量才會回落。

There's a high correlation between GDP growth and seaborne trade. In fact, seaborne volumes are, on average, growing by 20% more than world GDP. In other words, it is the owners building too many vessels, which caused the markets to come under pressure, not the lack of demand.

GDP 增長與海運貿易之間存在高度相關性。事實上，海運量平均比世界 GDP 增長 20%。換句話說，是船東建造了太多的船隻，導致市場承壓，而不是需求不足。

On that note, of course, it is interesting to look at the supply side and see what the owners are doing. Counterintuitively perhaps the ordering is at a 30-year low. The fact is that the owners are not playing -- placing any orders and have not done for quite some time. There are several reasons for that. But the 3 main ones being that: newbuilding prices are very high in a historical perspective; the capacity is limited and available delivery slots are minimum 2 years out; and finally, there are question marks over what technology is truly future-proof. On the back of that, we expect the order book to stay muted for this foreseeable future.

當然，在這一點上，看看供應方並看看業主在做什麼是很有趣的。與直覺相反，訂購量可能處於 30 年來的最低點。事實是業主們沒有玩——下任何訂單並且已經有一段時間沒有下單了。有幾個原因。但主要的三個是： 從歷史角度看，新造船價格非常高；容量有限，可用的交貨時間至少為 2 年；最後，關於什麼技術真正面向未來還存在疑問。在此背景下，我們預計在可預見的未來訂單簿將保持沉默。

So pitching supply and demand together much point to an extended period of sustainable earnings. The world may be facing headwinds in terms of inflation and slowing economies, but it is not enough to offset the outlook for dry bulk, we believe. As we have shown today, demand will continue to grow. And at the same time, we are looking at a historically low influx of vessels, combined with inefficient allocation of coal and grain and inefficiencies from congestion and new IMO regulations next year. In our view, this will support a continued strong freight environment in the years to come.

因此，將供需放在一起在很大程度上表明了可持續收益的延長期。我們認為，全球可能面臨通脹和經濟放緩的不利因素，但這不足以抵消幹散貨的前景。正如我們今天所展示的，需求將繼續增長。與此同時，我們看到船舶流入量處於歷史低位，加上煤炭和糧食的低效分配以及擁堵和明年 IMO 新規定帶來的低效。我們認為，這將支持未來幾年持續強勁的貨運環境。

As we have been explaining on our last calls, we planned our commercial strategy around hedging a lot of Q1 and some of Q2 while keeping more exposure to the second half of the year, which traditionally is much stronger than the first part. It is important to underline we do not want to be fully spot exposed at any time, but we seek to take out fixed contracts in the best possible market conditions. It mitigates risk, improve visibility and protects our capacity to pay out dividends.

正如我們在上次電話會議中一直在解釋的那樣，我們計劃了我們的商業策略，圍繞對沖第一季度和第二季度的一些部分，同時保持對下半年的更多敞口，這通常比上半年強得多。重要的是要強調我們不希望在任何時候都完全暴露於現貨，但我們尋求在可能的最佳市場條件下獲得固定合約。它可以降低風險、提高可見性並保護我們支付股息的能力。

As of today for Q2, we have secured around 78% of our available vessel base at around $28,000 per day net. Looking into the next quarter, we have taken out 15% of our Cape days at $38,500 per day and 33% of our Panamax days close to $35,000 per day. As it appears, we are focused on securing Panamax days, simply because the pricing in the last few months has been much more attractive for [Panamaxes] than for Capes. We always balance our commercial strategy between the segments to extract maximum value at the lowest risk.

截至今天第二季度，我們以每天約 28,000 美元的淨額獲得了約 78% 的可用船舶基礎。展望下個季度，我們以每天 38,500 美元的價格淘汰了 15% 的 Cape 日，以及接近每天 35,000 美元的巴拿馬型船的 33%。看起來，我們專注於確保巴拿馬型船的船期，僅僅是因為過去幾個月的定價對 [巴拿馬型] 比對 Capes 更具吸引力。我們始終在各個細分市場之間平衡我們的商業戰略，以最低的風險獲取最大的價值。

On the last slide of today, we will focus on cash flow generation. Through well-timed acquisitions, economies of scale and access to competitive finance, we have achieved industry low cash breakeven as already laid out by Peder earlier. As it appears, the cash flow generation potential in Golden Ocean is substantial. For instance, looking at the FFA or futures market for this year, Golden Ocean stands to generate more than $500 million in free cash over the next 12 months.

在今天的最後一張幻燈片中，我們將關注現金流的產生。通過適時的收購、規模經濟和獲得有競爭力的融資，我們已經實現了行業低現金盈虧平衡，正如 Peder 早些時候已經提出的那樣。看起來，Golden Ocean 的現金流產生潛力是巨大的。例如，看看今年的 FFA 或期貨市場，Golden Ocean 將在未來 12 個月內產生超過 5 億美元的自由現金。

As we know, it is a board decision what we will do with future earnings, but with no material CapEx strong balance sheet and no appetite for newbuildings. I believe it's a fair assumption that Golden Ocean will continue to have dividends on top of the priority list when it comes to capital allocation. Something which certainly has been the case so far, seeing we have paid out more than $600 million in dividends in the past 11 months.

正如我們所知，我們將如何處理未來的收益是董事會決定，但沒有實質性的資本支出強勁的資產負債表，也沒有對新造船的興趣。我相信這是一個公平的假設，即在資本配置方面，Golden Ocean 將繼續將股息放在優先名單的首位。到目前為止，情況確實如此，我們在過去 11 個月中支付了超過 6 億美元的股息。

Before opening up for questions, I'd like to shortly wrap up the 3 main points from this release. Golden Ocean hedged Q1 and delivered a solid net profit of $125 million. Golden Ocean has refinanced part of the debt and lowered our already industry low cash breakeven. Despite a slowdown in economies around the world, the 30-year low order book means that fundamentals remain in place for continued strong freight environment.

在提出問題之前，我想簡要總結一下此版本的 3 個要點。 Golden Ocean 對第一季度進行了對沖，實現了 1.25 億美元的穩健淨利潤。 Golden Ocean 對部分債務進行了再融資，並降低了我們本已處於行業低位的現金盈虧平衡點。儘管全球經濟放緩，但 30 年來的最低訂單意味著貨運環境持續強勁的基本面仍然存在。

And now we'll start the Q&A session, and I therefore hand the word back to the operator.

現在我們將開始問答環節，因此我將這個詞交還給接線員。

(Operator Instructions) Your first question today comes from the line of Greg Miller.

（操作員說明）您今天的第一個問題來自 Greg Miller。

Is that me? Am I online?

是我嗎？我在線嗎？

Yes, you are.

是的，你是。

Okay. Yes. I think she mispronounced my name. Thanks for the detail on the slide where you kind of outlined some of the challenges facing the Cape market at the start of the year. Clearly, the last few weeks have been very constructive for the Cape market despite some of the ongoing challenges in China. Could you talk a little bit about what you're seeing in the Cape market that has really kind of helped that market start to recover and get back where it traditionally is above the smaller vessels sizes in terms of rates?

好的。是的。我想她念錯了我的名字。感謝幻燈片上的詳細信息，您在其中概述了開普敦市場在年初面臨的一些挑戰。顯然，儘管中國面臨一些持續挑戰，但過去幾週對開普敦市場非常有建設性。您能否談談您在開普敦市場看到的情況，這確實有助於該市場開始復蘇並回到傳統上高於小船尺寸的價格水平？

Yes, sure. Yes, it has been a quite a constructive few weeks, as you point out with now our cap rates in the mid-30s. So that's good to see. As always, with these things, it's a combination of several factors driving the market. But the main 2 reasons I would point to is the very, very inefficient allocation of coal with Russian coal now soon about to be banned. But in essence, in many -- for many practical purposes already being banned by many, we see coal going from places we have not seen before. That is helping.

是的，當然。是的，正如您所指出的，我們現在的上限利率在 30 年代中期，這是非常有建設性的幾週。所以很高興看到。與往常一樣，這些東西是推動市場的幾個因素的結合。但我要指出的兩個主要原因是，俄羅斯煤炭的分配效率非常非常低，現在俄羅斯煤炭即將被禁止。但從本質上講，在許多 - 出於許多實際目的已經被許多人禁止的情況下，我們看到煤炭來自我們以前從未見過的地方。那是有幫助的。

At the same time, we are now through the rain season in Brazil, and we have seen value return to the market with cargo, and that is obviously causing optimism and of course, longer we can say ton-mile heavy demand. So these would be the 2 main factors. I would point to being behind the driver -- being the drivers behind the uptick. And if you ask me just for one last comment, we think that we have turned the corner now with the rates burning amount here, well, about a month ago. And from here on, we expect a firm Cape market. Albeit as always, nothing is a straight line in shipping. There will be volatility, but we certainly see a strong market from here on.

與此同時，我們現在正經歷巴西的雨季，我們看到貨物價值回歸市場，這顯然引起了樂觀情緒，當然，我們可以說噸英里的需求量更長。所以這將是兩個主要因素。我要指出的是在驅動因素背後——作為上升背後的驅動因素。如果您只問我最後一條評論，我們認為我們現在已經轉過彎，這裡的費率燃燒量大約是一個月前。從現在開始，我們預計開普敦市場將堅挺。儘管與往常一樣，運輸中沒有什麼是直線。會有波動，但我們肯定會從這裡看到一個強勁的市場。

Yes. And then I did want to touch on that and thank you for those comments. Clearly, Russia has -- is important to the coal markets. Low -- loss of those volumes is disruptive. As we think about changing trade patterns, and realizing that the grain is later in the year, but let's talk about coal now. As we kind of go through that, has the market kind of stabilized around the disruption from Russian coal? Or is that something that probably continues to play out over the next few months?

是的。然後我確實想談一談並感謝您的評論。顯然，俄羅斯對煤炭市場很重要。低——這些數量的損失是破壞性的。當我們考慮改變貿易模式，並意識到穀物將在今年晚些時候出現時，但現在讓我們談談煤炭。當我們經歷這些時，市場是否在俄羅斯煤炭的破壞下穩定了下來？或者這可能會在接下來的幾個月裡繼續上演？

In my view, that's going to continue playing out. There's a scramble right now for coal primarily. Leading example on this is India that has been acquiring a lot of coal, but also Europe. We have seen coal cargoes from Australia going into Europe, which really tells a story about how efficient -- sorry, inefficient this is. We think that there's a, can you say there's like a structural change in the trade patterns around coal because we expect most countries to try and outpace energy and commodities in general from Russia. So we expect this to be, if not a permanent situation, then certainly a longer-term term thing. And this is very good news for the Capesize vessels, of course. So for the next few months and perhaps also until the end of the year into next, we expect coal to contribute to the ton-mile quite heavily for the Capesize vessels.

在我看來，這將繼續發揮作用。現在主要是對煤炭的爭奪。這方面的主要例子是已經獲得大量煤炭的印度，還有歐洲。我們已經看到來自澳大利亞的煤炭貨物進入歐洲，這確實講述了一個關於效率的故事——抱歉，效率低下。我們認為有一個，你能說圍繞煤炭的貿易模式發生了結構性變化，因為我們預計大多數國家將試圖超越俄羅斯的能源和大宗商品。因此，我們預計這將是，如果不是永久性的情況，那麼肯定是一個長期的事情。當然，這對好望角型船隻來說是個好消息。因此，在接下來的幾個月裡，甚至可能直到明年年底，我們預計煤炭將對好望角型船舶的噸英里做出相當大的貢獻。

Okay. Great. And then just one more for me. It's around fuel spreads. Clearly, those have risen again where the delta between high sulfur and low sulfur fuel oil is pretty attractive. As we think about vessels going into dry docking, maybe just we'll just think about this year, realizing that a lot of the larger vessels already have scrubbers installed. Are there thoughts or plans to install any additional scrubbers on any vessels as we move forward in 2022?

好的。偉大的。然後再給我一個。這是圍繞燃料價差。顯然，在高硫燃料油和低硫燃料油之間的差值非常有吸引力的情況下，這些燃料油價格再次上漲。當我們考慮船舶進入乾塢時，也許我們只會考慮今年，意識到許多大型船舶已經安裝了洗滌器。隨著我們在 2022 年前進，是否有想法或計劃在任何船隻上安裝任何額外的洗滌器？

We have a little more than 50% of our fleet scrubber fitted, and we are very happy with that. Investing more on scrubbers, I can categorically say we will not be doing that. We are focusing on decarbonization efforts and investing into upgrading our vessels with a lot of other can you say, energy-saving devices. And we think that is the way forward to reduce emissions and reduce bunker consumption rather than investing in a scrubber plan in a spread play in essence. So no, you will not be seeing us investing in scrubbers, but rather in other types of technologies to bring down emissions and power consumption.

我們安裝了超過 50% 的車隊洗滌器，對此我們感到非常滿意。在洗滌器上投資更多，我可以斷然地說我們不會這樣做。我們正專注於脫碳工作，並投資於升級我們的船舶，配備許多其他節能設備。我們認為這是減少排放和減少燃料消耗的前進方向，而不是投資於本質上的分散式洗滌器計劃。所以不，您不會看到我們投資於洗滌器，而是投資於其他類型的技術以降低排放和功耗。

Your next question comes from the line of Climent Molins from Value Investor's Edge.

您的下一個問題來自 Value Investor's Edge 的 Climent Molins。

You have one of the youngest fleets in the sector, which provides quite a significant edge in the current environment given lower fuel consumption. Vessel values remain well supported by freight rates. And I was wondering if you could provide some commentary on the oldest portion of your fleet, like the vessels built prior to the Echo component being widely available. Are they still being like a central part of the fleet? Or is it something you will potentially look to the best in the medium term?

您擁有該行業最年輕的車隊之一，考慮到較低的油耗，它在當前環境中提供了相當大的優勢。運價仍然很好地支持了船舶價值。我想知道您是否可以對您的船隊中最古老的部分提供一些評論，例如在 Echo 組件廣泛使用之前建造的船隻。他們仍然是艦隊的核心部分嗎？還是您在中期可能會看到最好的東西？

Climent, thank you for your question. So you're absolutely right. We have the youngest fleet among the large listed owners, and that is obviously giving us a good starting point, thinking about decarbonization and future regulations, but also, of course, extracting a lot of value out of the markets. Having said that, we cannot stand still. And we will be looking and we have already analyzed our fleet in that respect on which vessels are, can you say, possible to upgrade and to make future proof and which ones will have to be sold off because our strategy is to bring down emissions going forward.

克萊門特，謝謝你的提問。所以你是絕對正確的。我們擁有大型上市船東中最年輕的船隊，這顯然為我們提供了一個很好的起點，可以考慮脫碳和未來的法規，當然也可以從市場中提取大量價值。話雖如此，我們不能停滯不前。我們將研究並且已經分析了我們的船隊，您能說哪些船舶可以升級並在未來證明，哪些船舶必須出售，因為我們的戰略是降低排放量向前。

So it's always prudent as a ship owner to sell when markets are strong, and we will do that. But we will look not only at the age but also at the performance of the vessels and what investments would otherwise be required to keep them competitive. So the short answer is, yes, we will sell vessels. We have sold 7 vessels this year -- well, the last 12 months already. And we feel we can also do that having acquired 18 vessels last year and also have 7 on order.

因此，作為船東，在市場強勁時出售總是謹慎的，我們會這樣做。但我們不僅會關注船齡，還會關注船舶的性能以及需要哪些投資才能保持競爭力。所以簡短的回答是，是的，我們將出售船隻。今年我們已經售出了 7 艘船——嗯，過去 12 個月已經售出。而且我們覺得我們也可以做到這一點，去年收購了 18 艘船，並且還訂購了 7 艘。

Indeed, that's helpful. And do you expect incurring significant CapEx expenses due to the upcoming regulations? Or is it something you believe will be negligible for your fleet?

確實，這很有幫助。由於即將出台的法規，您是否預計會產生大量的資本支出？還是您認為對您的艦隊來說可以忽略不計的東西？

I will actually deem it relatively negligible. But what you have to remember is that I mean for us, we wouldn't have to do anything to be more or less and wouldn't have to do anything to be in compliance with IMO. But how you need to think about this is that if you can make an investment into an energy-saving device, let's say, low friction (inaudible). And you can get a payback time of 12 months. You bring that because you bring down your bunker consumption, and you have 4 years to the next dry dock, then it's just a good sound investment.

我實際上會認為它相對可以忽略不計。但是你必須記住的是，我的意思是對我們來說，我們不必做任何事情來或多或少地做任何事情，也不必做任何事情來遵守 IMO。但是您需要考慮的是，如果您可以投資節能設備，比如說低摩擦（聽不清）。您可以獲得 12 個月的投資回收期。你帶來它是因為你降低了燃料消耗，而且你有 4 年的時間去下一個乾船塢，那麼這只是一個很好的合理投資。

So you save, can you say you save bunkers and it's a relatively easy investment. So -- and low investment. So this CapEx will not be particularly significant, but they will all have at least those we are looking at in terms of upgrading the fleet will all have relatively short payback time. So it would be not very smart not to take these low-hanging fruits, and that's what we are doing.

所以你節省，你能說你節省了掩體，這是一項相對容易的投資。所以 - 和低投資。所以這個資本支出不會特別重要，但他們都將至少擁有我們正在考慮的那些在升級機隊方面的投資回報時間都相對較短。因此，不採取這些唾手可得的果實是不明智的，這就是我們正在做的事情。

Basically (inaudible) with the scrubbers. All right. That's all for me. Congratulations for this quarter.

基本上（聽不清）與洗滌器。好的。這就是我的全部。祝賀本季度。

(Operator Instructions) There are currently no further questions. I will hand the call back to you.

（操作員說明）目前沒有其他問題。我會把電話交還給你。

Thank you for dialing in, and have a nice continued day.

感謝您撥入，祝您有愉快的一天。

Thank you. This concludes today's conference call. Thank you for participating. You may all disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連接。