Golden Ocean Group Ltd (GOGL) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2022 Golden Ocean Group Limited Earnings Call and Webcast. (Operator Instructions) Please note that today's conference is being recorded. I would now like to hand over the conference to speaker, Mr. Ulrik Andersen. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 2022 年第二季度金洋集團有限公司收益電話會議和網絡直播。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給演講者 Ulrik Andersen 先生。請繼續。

Good afternoon, everyone. Welcome to Golden Ocean's second release call in 2022, where we will talk you through the key highlights of our Q2 results. My name is Ulrik Andersen, I'm the CEO; and next to me, I have Peder Simonsen, Golden Ocean's CFO.

大家下午好。歡迎來到 Golden Ocean 2022 年的第二次發布電話會議，我們將向您介紹我們第二季度業績的主要亮點。我的名字是 Ulrik Andersen，我是 CEO；我旁邊是 Golden Ocean 的首席財務官 Peder Simonsen。

Today's main message is that Golden Ocean delivered another strong quarter while also having secured forward cover to weather the near-term headwinds. In the next 15 to 20 minutes, we will show you that Golden Ocean has taken fixed paying cover in Q3 and Q4 to manage near-term uncertainty. That, given our belief in the longer-term market fundamentals and our strong balance sheet, we continue to pay out meaningful dividends. And finally, that despite the uncertain macroeconomic context, dry bulk fundamentals are constructive, driven mainly by an attractive supply side.

今天的主要信息是，Golden Ocean 實現了又一個強勁的季度，同時還獲得了前鋒掩護以抵禦近期的逆風。在接下來的 15 到 20 分鐘內，我們將向您展示 Golden Ocean 在 Q3 和 Q4 已採取固定支付保障來管理近期的不確定性。鑑於我們對長期市場基本面和強勁資產負債表的信心，我們將繼續派發有意義的股息。最後，儘管宏觀經濟環境不確定，但乾散貨基本面是建設性的，主要受有吸引力的供應方推動。

With that, let's take a look at the main highlights of the quarter. In Q2, we recorded an EBITDA of $192 million, which resulted in a net profit of $164 million or $0.82 per share. We achieved average time charter rate equivalents of $30,600 per day for our Capesize vessels, while the Panamax vessels achieved an average TCE of $27,600 per day. Worth noticing in this respect is that our chief Capesize rates were $9,000 per day or 44% above the benchmark rate.

有了這個，讓我們來看看本季度的主要亮點。在第二季度，我們的 EBITDA 為 1.92 億美元，淨利潤為 1.64 億美元或每股 0.82 美元。我們的好望角型船舶實現了相當於每天 30,600 美元的平均定期租船費率，而巴拿馬型船舶實現了每天 27,600 美元的平均 TCE。在這方面值得注意的是，我們的主要好望角型船費為每天 9,000 美元，或比基準費率高 44%。

We have also divested 2 Ultramax vessels from 2015. These were vessels outside our core segment, Panamax and Cape. Including these vessels, we have sold 7 ships in total in the past 10 months, by which we have been releasing cash to continue adding more modern and competitive tonnage to our newbuilding program. We also published our 2021 history report, one of the main highlights being our commitment to decarbonization by introducing emission reduction targets of 30% by 2030 and net-zero emissions by 2050.

從 2015 年起，我們還剝離了 2 艘 Ultramax 船舶。這些船舶不在我們的核心部分巴拿馬型和海角型船舶。包括這些船舶在內，我們在過去 10 個月中總共售出了 7 艘船舶，通過這些船舶，我們一直在釋放現金，以繼續為我們的新造船計劃增加更多現代和有競爭力的噸位。我們還發布了 2021 年曆史報告，其中主要亮點之一是我們通過引入到 2030 年 30% 的減排目標和到 2050 年實現淨零排放來實現脫碳的承諾。

Looking at this quarter, Q3, we have so far secured $28,000 per day for 80% of our Cape days, $27,000 per day for 92% (sic) [96%] of our Panamax days. Looking into the next quarter, Q4, we have secured $29,000 per day for 25% of our Cape days and $22,000 per day for 27% of our Panamax days. In other words, we have taken out fixed paying cover at good rates for the remainder of the year to hedge against near-term uncertainty, something I will discuss later in the presentation.

回顧本季度，即第三季度，到目前為止，我們已經為 80% 的 Cape 日獲得了 28,000 美元，為 92%（原文如此）[96%] 的巴拿馬型船日獲得了 27,000 美元。展望下個季度，即第四季度，我們已經為 25% 的 Cape 日獲得了每天 29,000 美元的資金，為 27% 的巴拿馬型船日獲得了 22,000 美元。換句話說，我們已經在今年剩餘時間以優惠的利率購買了固定支付保險，以對沖近期的不確定性，我將在演示文稿的後面討論。

Finally, we announced another dividend. We will pay out $0.60 per share for Q2. The dividend underlines our belief in the longer-term fundamentals and takes the dividend we paid since 2021 to more than $720 million.

最後，我們宣布了另一筆股息。我們將為第二季度支付每股 0.60 美元。股息強調了我們對長期基本面的信念，並使我們自 2021 年以來支付的股息超過 7.2 億美元。

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

現在轉到佩德，他將深入探討本季度的一些數字和財務細節。

Thank you, Ulrik. If you move to our profit and loss, for Q2, we achieved TCE revenues of $250 million compared to TCE revenues of $208.5 million in Q1. This was driven by a modern fuel-efficient fleet and a solid base coverage, ending at a total fleet-wide TCE rate of $29,400.

謝謝你，烏爾里克。如果您考慮我們的損益，第二季度我們的 TCE 收入為 2.5 億美元，而第一季度的 TCE 收入為 2.085 億美元。這是由現代化的節油機隊和穩固的基地覆蓋率推動的，最終以 29,400 美元的全機隊 TCE 費率結束。

Looking at our operating expenses, we came in at $50.4 million, which was down by $7.8 million from $58.2 million in Q1. This was largely a result to fewer ships being dry docked and also lower COVID-19-related expenses. We had 1 ship dry docked in Q2 versus 6 ships dry docked, which resulted in off-hire days of 187 days versus 294 days in the previous quarter. We do, however, continue to see COVID costs continue, which for Q1 -- Q2 resulted in $142 per day impact. Our OpEx ex dry dock was $5,800 for Q2, and dry dock costs consisted of $74 per day versus over $600 per day in Q1.

查看我們的運營費用，我們的收入為 5040 萬美元，比第一季度的 5820 萬美元減少了 780 萬美元。這主要是由於乾塢的船舶減少以及與 COVID-19 相關的費用降低。我們在第二季度有 1 艘船幹塢，而 6 艘船幹塢，這導致停租天數為 187 天，而上一季度為 294 天。但是，我們確實繼續看到 COVID 成本繼續存在，這對第一季度 - 第二季度產生了每天 142 美元的影響。第二季度我們的前幹船塢運營支出為 5,800 美元，幹船塢成本為每天 74 美元，而第一季度每天超過 600 美元。

Moving to the general and administrative expenses. We saw our G&A end at $5.5 million, which is slightly up from $5.1 million in Q1. Daily G&A per ship day came in at $612 per day, net of recharge, which was impacted by profit sharing accruals and one-off personnel expenses amounting to $180 per day.

轉到一般和行政費用。我們看到我們的 G&A 以 550 萬美元結束，略高於第一季度的 510 萬美元。每艘船的每日 G&A 為每天 612 美元，扣除充值，這受到利潤分享應計和一次性人員費用每天 180 美元的影響。

Looking at our charter hire expense. This ended at $15.4 million versus $10.3 million in Q1, which mainly reflects higher average charter-in rates. This resulted in an adjusted EBITDA of $191.6 million, up from $149 million in Q1.

查看我們的包機租賃費用。最終為 1540 萬美元，而第一季度為 1030 萬美元，這主要反映了更高的平均租船費率。這導致調整後的 EBITDA 為 1.916 億美元，高於第一季度的 1.49 億美元。

Moving to our financial expenses. We saw the impact of higher reference rates, LIBOR and SOFR pushing our interest rate costs up slightly, ending at $11.9 million versus $10 million in Q1. Our derivatives and other financial income, we have seen, impacted our P&L significantly in the last quarters and also this quarter came in with a gain of just below $20 million, which compares to a gain of $32.9 million in Q1.

轉到我們的財務費用。我們看到更高的參考利率、LIBOR 和 SOFR 的影響推動我們的利率成本略有上升，最終為 1190 萬美元，而第一季度為 1000 萬美元。我們已經看到，我們的衍生品和其他財務收入在過去幾個季度對我們的損益產生了重大影響，而且本季度的收益略低於 2000 萬美元，而第一季度的收益為 3290 萬美元。

The most notable changes was a derivative gain of $7.1 million, down from $18.7 million in Q1, of which interest rate swaps was the main driver and also results from investments in associates, which came in with a gain of $12.7 million. And this mainly relates to investments in SwissMarine, TFG and UFC. And with that, we came in with a net profit, as Ulrik mentioned, of $163.7 million or $0.82 per share and a declared dividend of $0.60 per share for Q2.

最顯著的變化是衍生品收益為 710 萬美元，低於第一季度的 1870 萬美元，其中利率掉期是主要驅動力，也是對聯營公司的投資產生的，收益為 1270 萬美元。而這主要涉及對 SwissMarine、TFG 和 UFC 的投資。正如 Ulrik 所說，我們的淨利潤為 1.637 億美元或每股 0.82 美元，第二季度宣布的股息為每股 0.60 美元。

Moving to our cash flow on Slide 6. You can see that we had a net increase in cash of $52.6 million. This is the result of cash flow from operations of $156 million, which was up by -- from $123 million in Q1. Our cash flow used in financing was $140.7 million, in which we saw net refinancing proceeds of the $275 million facility that we refinanced last quarter of $6.7 million. We saw debt and lease repayments of $47.8 million (sic) [$47.6 million], which includes also $14 million in debt repayments related to the sale of 2 of the 3 Panamax vessels sold and of which 1 vessel was repaid in Q1.

轉到幻燈片 6 上的現金流。您可以看到我們的現金淨增加了 5260 萬美元。這是運營現金流為 1.56 億美元的結果，高於第一季度的 1.23 億美元。我們用於融資的現金流為 1.407 億美元，其中我們看到我們在上個季度再融資的 2.75 億美元融資的淨再融資收益為 670 萬美元。我們看到了 4780 萬美元（原文如此）[4760 萬美元]的債務和租賃償還，其中還包括與出售 3 艘巴拿馬型船舶中的 2 艘相關的債務償還，其中 1 艘已在第一季度償還。

Cash flow provided from investments of $37.8 million relates to the sale proceeds of the mentioned Panamax vessels of $51.5 million and offset by payment on our newbuilding program of $13.7 million (sic) [$13.8 million].

3780 萬美元投資提供的現金流與上述巴拿馬型船舶 5150 萬美元的銷售收益有關，並被我們的新造船計劃支付的 1370 萬美元（原文如此）[1380 萬美元] 所抵消。

Moving to our balance sheet on Slide 7. Cash position at quarter end was $168.3 million, which includes $4.3 million of restricted cash. And in addition, we have $100 million in undrawn available credit facilities at quarter end. Our debt and lease liabilities totaled $1.4 billion by the end of the quarter. And with a book equity of $1.9 billion, we had a ratio of equity to total assets of approximately 57% by quarter end.

轉到幻燈片 7 上的資產負債表。季度末的現金頭寸為 1.683 億美元，其中包括 430 萬美元的受限現金。此外，我們在季度末還有 1 億美元的未提取可用信貸額度。截至本季度末，我們的債務和租賃負債總計 14 億美元。賬面權益為 19 億美元，截至季度末，我們的權益與總資產的比率約為 57%。

Having a look at our cash breakeven, our CapEx and debt maturities on the next slide, we can see that following the $275 million refinancing last quarter, our next debt maturity falls due in Q3 2024. Debt financing on our newbuildings is expected to be established during the first half of 2023. On basis, the debt financing on newbuildings and the sale of the 2 Ultramax vessels, we consider our newbuilding program to be fully funded.

在下一張幻燈片上查看我們的現金盈虧平衡、資本支出和債務到期情況，我們可以看到，繼上個季度進行 2.75 億美元的再融資之後，我們的下一個債務到期日期將在 2024 年第三季度到期。我們的新造船債務融資預計將建立在 2023 年上半年。基於新造船的債務融資和 2 艘 Ultramax 船舶的銷售，我們認為我們的新造船計劃將獲得全部資金。

Looking at our cash breakeven on the right-hand graph, we can see that our -- the general interest rate level increase has impacted cash breakevens. Offsetting this on the Capes, we have had a reduction in our lease charter rates, which then keeps our Cape cash breakeven unchanged at $13,000 per day. While we see our Panamax cash breakeven come in $200 above last quarter, but we still maintain our absolute best-in-class industry cost levels.

查看右側圖表上的現金盈虧平衡點，我們可以看到，我們的總體利率水平上升影響了現金盈虧平衡點。在 Capes 上抵消了這一點，我們降低了租賃租金，這使我們的 Cape 現金盈虧平衡保持在每天 13,000 美元不變。雖然我們看到巴拿馬型船的現金盈虧平衡點比上一季度高出 200 美元，但我們仍保持絕對一流的行業成本水平。

With that, I give the word back to you, Ulrik.

有了這個，我把這個詞還給你，Ulrik。

Thank you, Peder. We begin with a quick review of the market developments in Q2. In the second quarter, the Panamax market built on the strong Q1 and continued to fare well, mainly driven by healthy coal demand and new trade routes emerging from the Russian invasion of Ukraine. The Panamax market averaged $26,500 per day in the quarter.

謝謝你，佩德。我們首先快速回顧第二季度的市場發展。第二季度，巴拿馬型船市場在第一季度強勁的基礎上繼續表現良好，這主要受健康的煤炭需求和俄羅斯入侵烏克蘭帶來的新貿易航線的推動。本季度巴拿馬型船市場平均每天 26,500 美元。

The Cape market also started off well, peaking at just shy of $40,000 per day in May. Also for the Capes, coal was an important driver. Towards the end of the quarter though, both segments came under pressure due to the unwinding of port congestions in China, which released vessels into the global fleet. Simultaneously, COVID-related inefficiencies pertaining to crew change, quarantine and so on eased as well. These factors are still contributing to the current market weakness.

Cape 市場的開局也不錯，5 月份達到每天 40,000 美元的峰值。同樣對於開普敦，煤炭是一個重要的驅動力。然而，在本季度末，由於中國港口擁堵的緩解，這兩個部分都面臨壓力，這使得船舶進入全球船隊。同時，與新冠病毒相關的船員換班、隔離等方面的低效率也有所緩解。這些因素仍在導致當前的市場疲軟。

And war in Ukraine and energy crisis and central banks moving to tighten monetary policy to tame inflation are the latest challenges the world is facing in the aftermath of COVID. What was expected to be a continued strong recovery has recently been transformed to stalling global economy with slower growth prospects and higher inflation. This is naturally densing the short-term demand prospects for dry bulk and has also caused the markets to come under pressure. However, we are optimistic that our soft landing is possible with the global economy forecasted to grow 2.9% next year, which remains high in a historical context.

烏克蘭戰爭和能源危機以及中央銀行收緊貨幣政策以抑制通貨膨脹是世界在 COVID 之後面臨的最新挑戰。預計將持續強勁復甦的情況最近已轉變為全球經濟停滯不前，增長前景放緩和通脹上升。這自然會加劇幹散貨的短期需求前景，也導致市場承壓。然而，我們樂觀地認為我們有可能實現軟著陸，預計明年全球經濟將增長 2.9%，在歷史背景下仍處於高位。

Looking at China specifically, the largest importer of dry bulk commodities. COVID restrictions have been eased, while economic policy stimulus measures increased and lending rates trimmed. It will take time for these to take effect and undoubtedly, more and tougher measures will be required in the fall of next year. However, with what has actually been done already in China, combined with increasing Vale iron ore output and continued inefficient allocation of coal, we believe the market will rebound to more profitable levels before the turn of the year.

具體來說，中國是最大的干散貨進口國。新冠疫情限制有所放鬆，經濟政策刺激措施增加，貸款利率下調。這些措施需要時間才能生效，毫無疑問，明年秋季將需要採取更多、更嚴厲的措施。然而，鑑於中國已經採取了實際行動，再加上淡水河谷鐵礦石產量的增加和煤炭的持續低效配置，我們相信市場將在今年年初反彈至更有利可圖的水平。

In conclusion, we believe the dry market will be challenged in the short term until China's growth normalizes and the rest of the world has battled inflation. Having said that, a rebound from the current levels is likely before the turn of the year.

總之，我們認為在中國經濟增長正常化以及世界其他地區與通脹作鬥爭之前，短期內乾燥的市場將受到挑戰。話雖如此，從當前水平反彈可能會在今年年初之前。

Turning the attention to the supply side on Slide 12. The highly positive supply situation for dry bulk persists. Golden Ocean is the largest owner of Capesize vessels. In this segment, the order book is below 6% of the global fleet and at 30-year lows. This -- sorry, the already modest projected growth rate based on the order book doesn't take scrapping into account nor the likely delays in delivery schedules caused by COVID. In other words, the net supply of Cape vessels is extremely limited and with most yards only taking orders for end 2024, 2025, the runway with minimal supply growth is at least 2.5 years, but likely longer as little points to increased appetite for newbuilding among the owners, mainly because of the high newbuilding prices.

將注意力轉向幻燈片 12 上的供應方面。幹散貨的高度積極供應形勢依然存在。 Golden Ocean 是好望角型船舶的最大擁有者。在這一領域，訂單量低於全球船隊的 6%，處於 30 年來的最低點。這 - 抱歉，基於訂單簿的本已適度的預計增長率沒有考慮報廢，也沒有考慮到 COVID 導致的交貨時間表可能延遲。換句話說，開普敦船舶的淨供應極為有限，而且大多數船廠僅在 2024 年底、2025 年接受訂單，供應增長最小的跑道至少為 2.5 年，但可能更長，因為這表明對新造船的需求增加業主，主要是因為新造船價格高。

Naturally, with fleet growth slowing significantly, the market does not need spectacular growth in the demand. Normalized demand growth would be enough to outpace supply growth and create very strong fundamentals for the dry bulk market. So the order book is reason to be optimistic, but there are other dynamics at play on the supply side as well.

自然，隨著船隊增長顯著放緩，市場不需要顯著的需求增長。正常化的需求增長將足以超過供應增長，並為乾散貨市場創造非常強勁的基本面。因此，訂單簿是樂觀的理由，但供應方面也存在其他動態。

From next year, the IMO 2023 regulations, also known by EEXI, are coming into force. In short, the new regulations stipulate that all vessels need to be as energy-efficient as a 2015-built vessel. If a vessel is not in compliance, there are 2 main paths to compliance. The first one is an engine power limitation or EPL. Essentially, you lower and cap the top sailing speed. Depending on the vessel, this will constitute an up to 25% reduction in the top speed.

從明年開始，也被 EEXI 所熟知的 IMO 2023 法規即將生效。簡而言之，新法規規定所有船舶都需要像 2015 年建造的船舶一樣節能。如果船舶不合規，則有 2 條主要的合規途徑。第一個是發動機功率限製或 EPL。從本質上講，您降低並限制了最高航行速度。根據船舶的不同，這將使最高速度降低 25%。

The second path is upgrading the vessel. Think air lubrication systems, (inaudible) and so on. Some upgrades require dry dock, some do not. For the vast majority of owners, a power engine limitation, an EPL, will be the preferred option since it doesn't cost anything. It is estimated that at least 73% of the global dry bulk fleet is noncompliant and the majority of vessels are likely to EPL.

第二條途徑是升級船舶。想想空氣潤滑系統，（聽不清）等等。有些升級需要幹船塢，有些則不需要。對於絕大多數車主來說，動力引擎限制，EPL，將是首選，因為它不需要任何費用。據估計，全球幹散貨船隊中至少有 73% 不合規，大多數船舶可能會 EPL。

It means that the fleet is no longer able to sail as fast and thus, of course, will be less efficient as it will require more ships to carry the same amount of cargo. In depressed market, it will have no impact. The vessels will not be full steaming anyway. But in good markets, there would be much less flexibility in the fleet.

這意味著船隊不再能夠以同樣快的速度航行，因此當然效率會降低，因為它將需要更多的船隻來運送相同數量的貨物。在低迷的市場中，它不會產生任何影響。無論如何，這些船隻都不會充滿蒸汽。但在良好的市場中，機隊的靈活性會小得多。

The effect of EEXI will come gradually through 2023 and be in full effect in 2024. So putting supply and demand together, we expect an extended period of sustainable, healthy earnings. The world may be facing headwinds in terms of inflation and slowing economies, but it is not enough to offset the longer-term outlooks for dry bulk, we believe.

EEXI 的影響將在 2023 年逐漸顯現，並在 2024 年全面發揮作用。因此，將供需結合起來，我們預計將在較長時期內實現可持續、健康的收益。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長期前景。

While we acknowledge macroeconomic factors, we do not expect the type of deep prolonged recession that would have an overweight impact on the demand side of the equation. In short, we expect demand will continue to grow, maybe not at the pace that was forecasted just a month ago but we think growth will be steady and sufficient. At the same time, we are looking at a historically positive vessel supply outlook, and there is nothing that can change that in the short term, given the lack of shipyard capacity and high newbuilding prices.

雖然我們承認宏觀經濟因素，但我們預計不會對等式的需求方產生超重影響的深度長期衰退類型。簡而言之，我們預計需求將繼續增長，可能不會以一個月前預測的速度增長，但我們認為增長將穩定且充足。與此同時，我們正在關注歷史上積極的船舶供應前景，鑑於造船廠產能不足和新造船價格高企，短期內沒有什麼可以改變這一點。

Combined with inefficient coal and grain trades, impact from the IMO regulations in 2023, it is practically impossible to have a negative view on supply. In our view, the favorable supply side will support a continued strong freight environment in the years to come.

再加上煤炭和糧食貿易效率低下，以及 2023 年 IMO 法規的影響，幾乎不可能對供應持負面看法。我們認為，有利的供應面將支持未來幾年持續強勁的貨運環境。

As we have discussed on prior earning calls, we have no intentions of being fully spot exposed at any time. We seek to take our fixed contracts in the best possible market conditions. It mitigates risks, improves visibility and protects our capacity to pay out dividend. During Q2, as rates weakened, we actively worked to secure cash flows through the balance of the year. While rates are likely to pick up as a result of seasonality and the current state of the coal trade in particular, taking coverage in Q3 and Q4 was the prudent thing to do.

正如我們在之前的電話會議上所討論的那樣，我們無意在任何時候完全暴露。我們力求在最好的市場條件下簽訂我們的固定合同。它可以降低風險、提高可見性並保護我們支付股息的能力。在第二季度，隨著利率走弱，我們積極努力確保全年餘額的現金流。雖然由於季節性因素，尤其是煤炭貿易的當前狀況，利率可能會回升，但在第三季度和第四季度進行覆蓋是謹慎的做法。

Thus, as per today, more than half of our available vessel days in 2022 are fixed. In Q3, we have 85% of the fleet booked at levels well above the market. On average, our daily earnings on a fleet-wide basis are $10,000 to $11,000 per day, better than the Q3 Cape and Panamax benchmark rates.

因此，根據今天，我們在 2022 年的可用船舶天數中有一半以上是固定的。在第三季度，我們有 85% 的機隊預訂量遠高於市場水平。平均而言，我們整個船隊的日收入為每天 10,000 至 11,000 美元，優於第三季度 Cape 和 Panamax 基準費率。

Looking into the fourth quarter, we have more than 25% of the fleet on fixed paying contracts on levels well above the FFA forward curve. We will continue to actively manage our exposure towards the 2 segments to attract as much value as possible with the lowest possible risk.

展望第四季度，我們有超過 25% 的船隊簽訂了遠高於 FFA 遠期曲線的固定支付合同。我們將繼續積極管理我們對這兩個細分市場的敞口，以盡可能低的風險吸引盡可能多的價值。

Finally, we will focus on cash flow generation. acquisitions, economics of scale and access to competitive finance, we have achieved industry-low cash breakeven. As it appears, Golden Ocean's cash flow generation potential is substantial despite the weakening freight environment. For instance, if we are achieving the same rates we have seen year-to-date, Golden Ocean stands to generate $463 million in free cash over the next 12 months. Be reminded that the graph does not take our strong forward book into account.

最後，我們將關注現金流的產生。收購、規模經濟和獲得有競爭力的融資，我們實現了行業最低的現金盈虧平衡。看起來，儘管貨運環境疲軟，但金洋的現金流產生潛力是巨大的。例如，如果我們實現與年初至今相同的利率，Golden Ocean 將在未來 12 個月內產生 4.63 億美元的自由現金。請注意，該圖表並未將我們強大的遠期賬簿考慮在內。

It is a Board decision what we do for future earnings, but we have made clear that dividends is top of our priority list. With today's dividend announcement, we have paid out $720 million in dividends since 2021.

董事會決定我們為未來的收益做什麼，但我們已經明確表示，股息是我們的首要任務。隨著今天的股息公告，我們自 2021 年以來已支付了 7.2 億美元的股息。

Before we open up for questions, I'd like to shortly wrap up the 3 main points from this release. Golden Ocean delivered a solid net profit of $164 million in Q2 on the back of a purposeful commercial strategy. The company has fixed 56% of the available base in 2022 at healthy levels. Despite a slowdown in economies around the world, supply-side fundamentals are better than they have been in decades.

在我們提出問題之前，我想簡要總結一下此版本的 3 個要點。在有目的的商業戰略的支持下，Golden Ocean 在第二季度實現了 1.64 億美元的穩健淨利潤。該公司已將 2022 年 56% 的可用基礎固定在健康水平。儘管全球經濟放緩，但供應方面的基本面比幾十年來要好。

Overall, while we acknowledge current headwinds, we believe we are well insulated from near-term rate weakness and are well positioned for the future with a strong forward book, a very modern and growing fleet and industry-leading cash breakeven levels.

總體而言，雖然我們承認當前的不利因素，但我們相信我們可以很好地避免近期利率疲軟的影響，並為未來做好準備，擁有強大的遠期賬簿、非常現代化和不斷增長的船隊以及行業領先的現金盈虧平衡水平。

And now we start the Q&A session. I therefore hand the word back to the operator. Thank you.

現在我們開始問答環節。因此，我將這個詞交還給接線員。謝謝你。

(Operator Instructions) We have the first question coming from the line of Omar Nokta from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Omar Nokta。

You guys have done obviously a very good job of fixing your ship on charters here, and as you said, insulating yourself from a lot of the weakness we're seeing here. I just wanted to ask maybe if you could characterize the market at the moment. And you did give, I think, a good overview, but I just wanted to ask if -- we've seen Capes completely come off here, now down towards sub-$10,000 a day. Clearly, a tough steel market has been an issue. But what's going on with the Panamaxes? As you've highlighted, the coal trade has been very strong, especially with where energy prices are. But what's driving the weakness in the Panamax as well?

顯然，你們在這裡的租船修理方面做得非常好，正如你們所說，使自己免受我們在這裡看到的許多弱點的影響。我只是想問一下你是否可以描述目前的市場。我認為你確實給出了一個很好的概述，但我只是想問一下 - 我們是否已經看到 Capes 完全在這裡脫落，現在每天跌至低於 10,000 美元。顯然，艱難的鋼鐵市場一直是個問題。但是巴拿馬型船怎麼了？正如您所強調的，煤炭貿易一直非常強勁，尤其是能源價格。但是，是什麼導致了巴拿馬型船的疲軟呢？

It's Ulrik here. Yes. So as you say, the crisis on the Capes has been pretty deep. And of course, there is a correlation between the segments to begin with. So that's the first I would point to. Otherwise, we have also seen, can you say weaker grain flows, given the Ukrainian and Russian conflict, so this has reflected poorly on the Panamaxes as well. So these are 2 of the reasons.

這裡是烏爾里克。是的。正如你所說，開普斯的危機已經相當嚴重了。當然，一開始的細分市場之間存在相關性。所以這是我要指出的第一個。否則，我們還看到，鑑於烏克蘭和俄羅斯的衝突，你能說糧食流動減弱嗎，所以這對巴拿馬型船的影響也很差。所以這是其中的兩個原因。

Finally, the last one I would point to is also decreasing congestion and higher efficiencies. And all combined here, we have seen pressure on the Panamax market as well, albeit not as much pressure as we have seen on the Capesizes.

最後，我要指出的最後一點也是減少擁堵和提高效率。綜合起來，我們也看到了巴拿馬型船市場的壓力，儘管沒有我們在好望角型船上看到的壓力那麼大。

Okay, got it. So a bit of cascading, a bit of a tough grains period and then the congestion. As you kind of think about how things are at the moment, what are you seeing in the sale and purchase market? Obviously, we've seen some gains over the past year in secondhand values. This soft patch that we're seeing currently, how do you see that affecting values for ships here in the near term?

好，知道了。所以有點級聯，有點艱難的穀物期，然後是擁堵。當您思考目前的情況時，您在買賣市場中看到了什麼？顯然，我們在過去一年中看到了二手價值的一些增長。我們目前看到的這個軟補丁，你如何看待短期內影響船舶價值的？

There is a correlation, albeit not directly 1:1, but certainly a correlation between the spot market and the asset prices for the secondhand prices. So when we see the pressure that we see now on the rate, it has an effect on the S&P market as well. I think the first thing that happens is that the market cools a bit because most people that are buying a vessel would like to buy it in a strong market so that they can go out and make a good picture on the first -- the first time that they employ the vessel. So it's cooling, can you say, the activity.

雖然不是直接的 1:1 的相關性，但現貨市場和二手價格的資產價格之間肯定存在相關性。因此，當我們看到我們現在看到的利率壓力時，它也會對標準普爾市場產生影響。我認為發生的第一件事是市場有點降溫，因為大多數購買船隻的人都希望在強勁的市場中購買它，這樣他們就可以第一次出去拍一張好照片——第一次他們使用這艘船。所以它正在冷卻，你能說，活動。

But of course, also, we do see a cooling of the prices here in the near term impacted by the spot market. How much and how little depends on the class and the size and the age, et cetera. But to say that the secondhand market, soaring I think it's a fair statement. It may also be cooling slightly.

但是，當然，我們也確實看到短期內受現貨市場影響，這裡的價格會降溫。多少和多少取決於班級、大小和年齡等。但要說二手市場的飆升，我認為這是一個公平的說法。它也可能稍微冷卻。

Okay. And just a follow-up then for -- as Golden Ocean sits today, obviously, you have a pretty sizable fleet. You've got critical mass in the Capes and the Panamax segments. In this cooling-off period potentially of asset values coming off a few percentage points, do you see that as an opportunity? Or are you more happy to sit back, harvest your cash flow and focus more on returning capital, as you said earlier?

好的。然後只是一個後續行動——就像今天的金色海洋一樣，顯然，你有一個相當大的艦隊。您在 Capes 和 Panamax 部分擁有臨界質量。在這個資產價值可能下降幾個百分點的冷靜期內，您認為這是一個機會嗎？還是如您之前所說，您更願意坐下來，收穫現金流並更多地關注資本回報？

Yes, as you say, we have to remember that we have been very steep journey from -- on the asset side, right? I mean, again, depending on class and size, some secondhand vessels have gone up 30%, 40%, maybe more on value. So that we are cooling a couple of percentage points. It's not something that makes us panic. I hear you asking whether we see this as a buying opportunity for secondhand tonnage, so that I can categorically say no. We are not looking to snap up tonnage.

是的，正如你所說，我們必須記住，我們從資產方面經歷了非常陡峭的旅程，對嗎？我的意思是，根據級別和大小，一些二手船的價格上漲了 30%、40%，甚至可能更多。所以我們正在冷卻幾個百分點。這不是讓我們恐慌的事情。我聽到你問我們是否認為這是一個購買二手噸位的機會，所以我可以斷然拒絕。我們不打算搶購噸位。

On the contrary, we are staying true to the strategy we have communicated in the past, well, 6, 8 months, which is that we have gone from a, can you say, a growing phase to more of harvesting phase. So we will continue to look for opportunities to divest older tonnage, which is high (inaudible) and not future-proof. And we will, of course, look for the right timing, which may not be right now. But as I just outlined in the presentation, we have an expectations that the markets will recover from where we are today, which could spark some life in the S&P market again and be a good opportunity to continue our strategy of divesting in firm markets.

相反，我們堅持我們過去傳達的策略，嗯，6、8 個月，也就是說，我們已經從一個，你可以說，一個成長階段進入更多收穫階段。因此，我們將繼續尋找機會剝離舊噸位，這是高（聽不清）且不是面向未來的。當然，我們會尋找合適的時機，這可能不是現在。但正如我剛才在演講中概述的那樣，我們預計市場將從今天的位置恢復，這可能會再次激發標準普爾市場的活力，並成為繼續我們在堅挺市場撤資戰略的好機會。

Yes. Well, very good. That's very clear.

是的。嗯，很好。這很清楚。

(Operator Instructions)

（操作員說明）

We appear to have no further questions at this time. I'll hand back the conference to you for any closing remarks. Thank you.

我們目前似乎沒有其他問題。我會將會議交還給您，以供結束髮言。謝謝你。

All right. Thank you, everyone, for dialing in. May I just add that I said -- I made a little mistake. I said 92% cover on our Panamaxes in this quarter. It's actually 96% as it was also written on the slide, I apologize for that. Otherwise, thanks everyone for tuning in. Please look at our website if you have a need for further information or reach out. Thank you for this session, and have a good day.

好的。謝謝大家撥入。我可以補充一下，我說過 - 我犯了一個小錯誤。我說本季度我們巴拿馬型船的承保率為 92%。實際上是 96%，因為它也寫在幻燈片上，對此我深表歉意。否則，感謝大家收看。如果您需要更多信息或聯繫我們，請查看我們的網站。感謝您參加本次會議，祝您有美好的一天。

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may now disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。