Golden Ocean Group Ltd (GOGL) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Q3 2022 Golden Ocean Group Limited Earnings Conference Call.

女士們，先生們，謝謝你們的支持。歡迎參加 Golden Ocean Group Limited 2022 年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把會議交給今天的演講者，首席執行官 Ulrik Andersen。請繼續，先生。

Good afternoon, ladies and gentlemen, and welcome to this conference call, presenting Golden Ocean's Q3 results. Thank you very much for listening in. Today's call is the same procedure as usual. Peder Simonsen, sitting next to me, the company CFO, will talk us through some of the financial highlights. And hereafter, I will be discussing the market and the outlook for the company.

女士們先生們，下午好，歡迎參加本次電話會議，介紹 Golden Ocean 第三季度的業績。非常感謝您的收聽。今天的電話會議與往常一樣。坐在我旁邊的公司首席財務官佩德·西蒙森 (Peder Simonsen) 將向我們介紹一些財務亮點。此後，我將討論公司的市場和前景。

In the next 15 to 20 minutes, we will show you that despite macroeconomic factors presenting a challenging backdrop, Golden Ocean generated solid results in the third quarter. And we continued to divest noncore and older tonnage, taking advantage of firm asset prices. And that, despite an expected slowdown at the beginning of next year, the long-term dry bulk fundamentals remain strong.

在接下來的 15 到 20 分鐘內，我們將向您展示，儘管宏觀經濟因素呈現出充滿挑戰的背景，但 Golden Ocean 在第三季度取得了可觀的業績。我們繼續剝離非核心和舊噸位，利用堅挺的資產價格。而且，儘管明年初預計會放緩，但乾散貨的長期基本面依然強勁。

With that, let's take the main highlights for the quarter. In Q3, we recorded an adjusted EBITDA of $118 million, which resulted in a net profit of $105 million or $0.52 per share. We achieved average TCE rates of $22.5 per day for our Capesizes and $23.5 for the Panamaxes.

有了這個，讓我們來看看本季度的主要亮點。在第三季度，我們錄得調整後的 EBITDA 為 1.18 億美元，淨利潤為 1.05 億美元或每股 0.52 美元。我們的好望角型船和巴拿馬型船的平均 TCE 費率分別為每天 22.5 美元和 23.5 美元。

Like in Q1 and Q2, these earnings are well above benchmark indices. For the Capes, it is $9,000 per day per vessel better than the index. The premium is driven by scrubbers and our modern fuel-efficient fleet. Looking at this quarter, Q4, we have so far secured $23,000 per day for 75% of our Cape days and $19,000 per day for 78% of our Panamax days.

與第一季度和第二季度一樣，這些收益遠高於基準指數。對於好望角，每艘船每天 9,000 美元比指數高。溢價是由洗滌器和我們現代化的節能車隊推動的。看看這個季度，第四季度，到目前為止，我們已經為 75% 的好望角天數確保了每天 23,000 美元，為 78% 的巴拿馬型船天數確保了每天 19,000 美元。

Looking into Q1 next year, we have secured $21,000 per day for 4% of our Cape days and $21,000 per day for 20% of our Panamax days. We also completed the sale of 2 Ultramax vessels which are outside our core segments with a profit of $22 million.

展望明年第一季度，我們已經為 4% 的好望角天數確保了每天 21,000 美元，為 20% 的巴拿馬型船天數確保了每天 21,000 美元。我們還完成了核心業務之外的 2 艘 Ultramax 船舶的出售，利潤為 2200 萬美元。

During the quarter, we also announced a share buyback program of up to $100 million. And finally, we announced our seventh consecutive quarterly dividend, we will pay out $0.35 per share. The dividend underlines our belief in the long-term fundamentals and take the dividend we have paid since 2021 to almost $800 million. Now I'll pass the word to Peder, who will dive into some of the numbers and financial details of the quarter.

本季度，我們還宣布了一項高達 1 億美元的股票回購計劃。最後，我們宣布了連續第七個季度的股息，我們將支付每股 0.35 美元。股息強調了我們對長期基本面的信念，使我們自 2021 年以來支付的股息達到近 8 億美元。現在我將消息轉告 Peder，他將深入研究本季度的一些數字和財務細節。

Thank you, Ulrik. If you move to Slide 5, we can have a look at our P&L for the quarter. Our time charter revenue was impacted by solid contract coverage and strong chartering performance in a volatile freight rate and fuel price environment.

謝謝你，烏爾里克。如果您轉到幻燈片 5，我們可以查看本季度的損益表。在運費和燃油價格波動的環境下，我們的定期租船收入受到穩固的合同覆蓋和強勁的租船表現的影響。

Our total fleet-wide TCE rate came in at $23,000, down from $29,400 in Q2. We had 6 ships dry docked in Q3 versus 1 ship dry docked in Q2, resulting in approximately 272 days off-hire versus 187 in Q2. This resulted in TCE revenues of $195.6 million compared to $250 million in the second quarter.

我們整個車隊的總 TCE 費率為 23,000 美元，低於第二季度的 29,400 美元。我們在第三季度有 6 艘船停靠在幹塢，而在第二季度有 1 艘船停靠在幹塢，導致停租時間約為 272 天，而第二季度為 187 天。這導致 TCE 收入為 1.956 億美元，而第二季度為 2.5 億美元。

On our operating expenses, we recorded $59.3 million versus $50.4 million, which, as mentioned, was a result of the increase in number of ships dry docked, and also installation of energy-saving devices and sensors of approximately $2 million in the quarter. We saw lower COVID-19 related costs. As costs relating to quarantine hotels and testing has been lower, while we see freight costs on spares and has increased quite a bit in the quarter.

在我們的運營費用方面，我們記錄了 5,930 萬美元，而 5,040 萬美元，如前所述，這是由於乾船塢的船舶數量增加，以及本季度安裝了約 200 萬美元的節能設備和傳感器。我們看到了較低的 COVID-19 相關成本。由於與檢疫酒店和測試相關的成本較低，而我們看到備件的運費在本季度增加了不少。

Our operating expenses, excluding dry dock, was $6,200 compared to $5,800 in Q2. while dry dock constituted $800 per day versus $74 per day in the last quarter. Our general and administrative expenses ended at $4.8 million. which is down from $5.5 million and constituting $529 per day net of recharge.

我們的運營費用（不包括幹船塢）為 6,200 美元，而第二季度為 5,800 美元。而乾船塢每天 800 美元，而上一季度為每天 74 美元。我們的一般和行政費用為 480 萬美元。低於 550 萬美元，扣除充值後每天為 529 美元。

Our charter hire expenses increased due to higher trading activity during the quarter, ending at $19.2 million, up from $15.4 million in Q2. Our adjusted EBITDA ended at $118.2 million versus $191.6 million in the second quarter. Moving to financial expenses. We have seen the higher reference rate being LIBOR and software, impacting both our interest rate expense. And income and the net financial expenses ended at $14.4 million versus $11.9 million in the second quarter.

由於本季度貿易活動增加，我們的租用費用增加，從第二季度的 1540 萬美元增加到 1920 萬美元。我們調整後的 EBITDA 為 1.182 億美元，而第二季度為 1.916 億美元。轉到財務費用。我們已經看到更高的參考利率是 LIBOR 和軟件，影響我們的利率費用。收入和淨財務費用為 1,440 萬美元，而第二季度為 1,190 萬美元。

Moving to derivatives and other financial income. We recorded a gain of $17.3 million compared to a gain of $19.9 million in the second quarter. Most notable, we saw derivative portfolio, which is a portfolio of interest rate swaps, FFA and bunker derivatives, recorded a gain of $11.4 million versus $7.1 million in the second quarter.

轉向衍生品和其他金融收入。我們錄得 1,730 萬美元的收益，而第二季度為 1,990 萬美元。最值得注意的是，我們看到衍生品投資組合，即利率掉期、FFA 和燃料衍生品的投資組合，錄得 1140 萬美元的收益，而第二季度為 710 萬美元。

In addition, we saw results from investments in associates come in with a gain of $5.9 million versus $12.7 million in Q2, which relates to our investments in Swiss Marine, TFG and UFC. Our net profit came in at $104.6 million or $0.52 per share and a dividend of $0.35 was declared for the quarter. Moving to our cash flow on Slide 6.

此外，我們看到對聯營公司的投資收益為 590 萬美元，而第二季度為 1270 萬美元，這與我們對 Swiss Marine、TFG 和 UFC 的投資有關。我們的淨利潤為 1.046 億美元或每股 0.52 美元，本季度宣布派發 0.35 美元的股息。轉到幻燈片 6 上的現金流量。

We recorded a net decrease in cash of $36.1 million. We had cash flow from operation of $98.7 million, down from $155.5 million in Q2. We saw cash flow used in financing of $171.3 million, which is the aggregate of dividend payments pertaining to the second quarter of $120.5 million, debt and lease repayments of $50.8 million, which included $20 million in extraordinary debt repayment relating to the sale of the 2 Ultramax vessels mentioned before.

我們記錄的現金淨減少 3610 萬美元。我們的運營現金流為 9870 萬美元，低於第二季度的 1.555 億美元。我們看到用於融資的現金流量為 1.713 億美元，這是與第二季度 1.205 億美元相關的股息支付、5080 萬美元的債務和租賃還款的總和，其中包括與出售 2 的 2000 萬美元特別債務償還前面提到的 Ultramax 船隻。

We saw cash flow provided by investments of $36.6 million, which is the sales proceeds of the 2 Ultramax vessels of $61.7 million net and payment of new building installments of $23.9 million. Moving to Slide 7, our balance sheet. We had cash on our balance sheet of $132.3 million at the end of the third quarter, which included $3 million in restricted cash securing our derivatives portfolio. In addition to that, we have $100 million in undrawn available credit lines at quarter end.

我們看到投資提供的現金流量為 3660 萬美元，這是 2 艘 Ultramax 船舶的銷售收入淨額 6170 萬美元和新建築分期付款的 2390 萬美元。轉到幻燈片 7，我們的資產負債表。截至第三季度末，我們的資產負債表上有 1.323 億美元的現金，其中包括 300 萬美元的受限現金，用於保護我們的衍生品組合。除此之外，我們在季度末還有 1 億美元的未提取可用信貸額度。

Our debt and lease liabilities totaled $1.3 billion at the end of the quarter. And our average fleet-wide loan-to-value on the company's credit facilities was 42% at the end of the quarter versus 37% at the end of the second quarter. Our book equity was $1.9 billion and a ratio of equity to total assets was approximately 58% at the end of the third quarter. With that, I give the word back to Ulrik.

截至本季度末，我們的債務和租賃負債總計 13 億美元。我們在本季度末對公司信貸額度的平均貸款價值比為 42%，而第二季度末為 37%。我們的賬面權益為 19 億美元，第三季度末權益與總資產的比率約為 58%。有了這個，我把話還給了 Ulrik。

Thank you. Let's start off with a quick review of the market developments in Q3. In the third quarter, the Panamax markets stayed firm, not as good as Q2, but still averaging $17,000 per day. The Panamax market was mainly driven by a healthy coal demand and new trade routes emerging from the Russian invasion of Ukraine including the UK grains corridor.

謝謝你。讓我們首先快速回顧一下第三季度的市場發展。第三季度，巴拿馬型市場保持堅挺，雖然不如第二季度，但仍平均每天 17,000 美元。巴拿馬型市場主要受到健康的煤炭需求和俄羅斯入侵烏克蘭後出現的新貿易路線（包括英國穀物走廊）的推動。

The Cape market has suffered this year with the main culprits being the unwinding of congestion in China and a weak Brazilian iron ore export. Those factors continue to suppress the Cape market through most of July and August before we saw a recovery in early September. However, overall Cape rates did disappoint and averaged only $9,000 per day.

開普敦市場今年遭受重創，主要原因是中國擁堵的緩解和巴西鐵礦石出口疲軟。在 9 月初出現復甦之前，這些因素在 7 月和 8 月的大部分時間裡繼續壓制開普敦市場。然而，總體開普敦費率確實令人失望，平均每天僅為 9,000 美元。

The war in Ukraine, energy crisis and central banks moving to tighten monetary policies mean that the world is facing new challenges in the aftermath of COVID. What was expected to be a continued strong recovery has been transformed into a stalling global economy with slower growth prospects and higher inflation.

烏克蘭戰爭、能源危機和中央銀行收緊貨幣政策意味著世界在 COVID 之後面臨新的挑戰。預計將持續強勁的複蘇已經轉變為增長前景放緩和通脹上升的停滯不前的全球經濟。

This is naturally densing the short-term demand prospects for dry bulk and has caused the markets to come under pressure, and we do expect a soft start to 2023. Having said that, the inflation rate in the U.S. slowed for the fourth month in a row in October and is now the lowest level since January. It eases the pressure on the U.S. Federal Reserve to continue its policy of increasing interest rates to battle inflation.

這自然會削弱幹散貨的短期需求前景，並導致市場承壓，我們確實預計 2023 年將出現軟啟動。話雖如此，美國的通脹率連續第四個月放緩排在 10 月份，現在是 1 月份以來的最低水平。它減輕了美聯儲繼續其加息政策以對抗通貨膨脹的壓力。

Also worth noticing is that China, for the first time since the pandemic began, has announced an easening of some of the COVID restrictions. In addition, extra measures to support the real estate and infrastructure sectors were announced last week. We expect that China will gradually reopen during 2023, which combined with [stimulus] will provide a boost to iron ore and steel demand.

同樣值得注意的是，自大流行開始以來，中國首次宣布放寬對 COVID 的一些限制。此外，上週還宣布了支持房地產和基礎設施行業的額外措施。我們預計中國將在 2023 年逐步重新開放，這與 [刺激] 相結合將提振鐵礦石和鋼鐵需求。

We are by no means out of the woods yet, and we do expect Q1 and most likely also part of Q2 to be challenging. However, with the historical low order book, I will talk about on the next slide, combined with the comeback of the Chinese economy next year, we remain optimistic that the market will rebound strongly.

我們還遠未走出困境，我們確實預計第一季度以及第二季度的一部分可能會充滿挑戰。然而，由於訂單處於歷史低位，我將在下一張幻燈片中談到，結合明年中國經濟的複蘇，我們仍然樂觀地認為市場將強勁反彈。

Turning the attention to the supply side on Slide 11. It is clear that the highly positive supply situation persist. As is well known, Golden Ocean is the largest listed owner of Capes. In this segment, the order book is below 6% which is a 30-year low. The already modest growth rate is before accounting for scrapping. So in other words, the net supply of Capesize vessels will be lower.

將注意力轉向幻燈片 11 上的供應端。很明顯，高度積極的供應形勢依然存在。眾所周知，Golden Ocean是Capes最大的上市公司。在這個細分市場中，訂單低於 6%，這是 30 年來的最低點。本已溫和的增長率是在考慮報廢之前。所以換句話說，好望角型船舶的淨供應量將會減少。

And with yards only taking orders for delivery in 2024, if your lucky, or 2025, the order book is fixed for at least 2 years. Another reason for supply-side optimism is the commencement of the IMO 2023 regulations, which will reduce the efficiency of the fleet as many vessels will be forced to slow down to comply.

由於船廠只接受 2024 年交付的訂單，如果幸運的話，或者 2025 年，訂單簿至少固定 2 年。供應方樂觀的另一個原因是 IMO 2023 法規的開始實施，這將降低船隊的效率，因為許多船隻將被迫減速以遵守規定。

The effect of IMO 2023 is hard to quantify. But all other things equal, it will require more vessels to move the same amount cargo if the global fleet on average is slowing down. Naturally, with such an attractive supply side, the market does not need particular growth. Normalized demand growth will be enough to outpace the supply and create very strong supply/demand fundamentals for the dry bulk market.

IMO 2023 的影響難以量化。但在所有其他條件相同的情況下，如果全球船隊平均速度放緩，將需要更多的船隻來運送相同數量的貨物。自然地，在如此有吸引力的供應方面，市場不需要特別的增長。正常的需求增長將足以超過供應，並為乾散貨市場創造非常強勁的供需基本面。

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, which means we are heading for softer start to 2023. However, it is not enough to upset the long-term outlook for dry bulk, we believe. While we acknowledge macroeconomic factors, we do expect China to lift COVID restrictions next year, which will boost demand for dry bulk commodities, primarily iron ore.

因此，將供需放在一起，我們預計將有一段較長的可持續健康收益期。世界可能面臨通貨膨脹和經濟放緩方面的不利因素，這意味著我們將在 2023 年開局較為疲軟。但是，我們認為，這不足以破壞幹散貨的長期前景。雖然我們承認宏觀經濟因素，但我們確實預計中國明年將取消 COVID 限制，這將提振對乾散貨商品（主要是鐵礦石）的需求。

At the same time, we are looking at a historically low vessel supply situation, and there's nothing that can change that in the short term given the lack of shipyard capacity. Combined with inefficient coal and grain trades and the impact of IMO 2023 regulation, it is practically impossible to have a negative view on the supply side, and it will support a strong freight environment in the years to come.

與此同時，我們看到船舶供應處於歷史低位，鑑於船廠產能不足，短期內沒有什麼可以改變的。結合效率低下的煤炭和糧食貿易以及 IMO 2023 法規的影響，供應方幾乎不可能持負面看法，這將在未來幾年支持強勁的貨運環境。

As we have explained on previous calls, we always seek to secure a fixed paid contracts when levels are attractive. And we do that in whatever segment, be it Cape or Panamax, that offers the best value. We do not want to be fully spotted (inaudible) at any time, and we seek to take out fixed contracts in the best possible market conditions.

正如我們在之前的電話中所解釋的那樣，我們總是尋求在水平有吸引力時獲得固定的付費合同。我們在提供最佳價值的任何細分市場（無論是好望角型還是巴拿馬型）都這樣做。我們不想在任何時候都被完全發現（聽不見），我們尋求在最佳市場條件下簽訂固定合同。

For Q4, we have 75% of the fleet covered at fixed rates averaging above $20,000 per day. That is $6,000 per day per vessel above the quarter-to-date benchmark rates. In other words, we are on track to beating the market significantly again this quarter. For Q1, we have 10% of our total fleet days covered. As it appears, we have focused on securing Panamax coverage rather than Cape coverage, simply because the Q1 pricing this year has been much more attractive for Panamaxes than for Capes.

對於第 4 季度，我們有 75% 的機隊以平均每天 20,000 美元以上的固定費率承保。這比本季度至今的基準費率高出每艘船每天 6,000 美元。換句話說，我們有望在本季度再次大幅跑贏市場。對於第一季度，我們覆蓋了車隊總天數的 10%。看起來，我們專注於確保巴拿馬型船的覆蓋範圍而不是好望角覆蓋範圍，這僅僅是因為今年第一季度的定價對巴拿馬型船比對好望角更具吸引力。

We always balance our commercial strategy between the 2 segments to extract maximum value at the lowest risk. On the last slide today, we will focus on cash flow generation. Through well-timed acquisitions, economies of scale, low G&A and access to competitive finance, we have achieved industry low cash breakeven. And as it appears, Golden Ocean's cash flow potential is substantial.

我們始終在這兩個部分之間平衡我們的商業戰略，以最低的風險獲取最大的價值。在今天的最後一張幻燈片中，我們將重點關注現金流的產生。通過適時的收購、規模經濟、低 G&A 和獲得有競爭力的融資，我們實現了行業低現金收支平衡。看起來，Golden Ocean 的現金流潛力巨大。

For instance, looking at the time charter equivalent rates we have achieved year-to-date despite a challenging macro backdrop, would, on an annualized basis, generate more than $400 million in free cash. This is a direct yield of 21% on today's share price. It's support decision what we do with future earnings, but with a strong balance sheet and a fully funded newbuilding program, 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.

例如，儘管宏觀背景充滿挑戰，但看看我們今年迄今取得的期租等效費率，按年化計算，將產生超過 4 億美元的自由現金。這是今天股價的 21% 的直接收益率。這是支持決定我們如何處理未來收益，但憑藉強大的資產負債表和資金充足的新造船計劃，我相信在資本配置方面，Golden Ocean 將繼續將股息排在優先列表的首位是一個合理的假設。

Before opening up for questions, I'd like to shortly wrap up 3 main points from this release. Golden Ocean outperformed the market again in Q3 and delivered a solid net profit above $100 million. Despite a slowdown in the world economy and an expected slow start to 2023 for dry bulk, the 30-year low order book means that the fundamentals are in place for a strong rebound in freight rates.

在開始提問之前，我想簡要總結一下本次發布的 3 個要點。 Golden Ocean 在第三季度再次跑贏大盤，實現了超過 1 億美元的穩定淨利潤。儘管世界經濟放緩，幹散貨預計到 2023 年開局緩慢，但 30 年來的低訂單意味著運費強勁反彈的基本面已經到位。

Golden Ocean continued to focus on returning capital to our shareholders. With the Q3 dividend, we have now paid almost $800 million since last year. And now we start the Q&A session. I therefore hand the word back to the operator. Thank you.

Golden Ocean 繼續專注於向股東返還資本。加上第三季度的股息，自去年以來我們已經支付了近 8 億美元。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)

（操作員說明）

The first question is from Greg Lewis from BTIG. Mr. Lewis, your line is open.

第一個問題來自 BTIG 的 Greg Lewis。劉易斯先生，您的電話已開通。

(Operator Instructions)

（操作員說明）

It's from the line of Omar Nokta from Jefferies.

它來自 Jefferies 的 Omar Nokta 系列。

I just have -- just a quick one for you on the buyback and return of capital to shareholders in general. You've declared a $0.35 dividend. And overall, the buyback is a pretty sizable piece of the market cap, roughly 5%. Just in general, how are you thinking about that?

我只是 - 只是一個關於回購和向一般股東返還資本的快速信息。您宣布了 0.35 美元的股息。總體而言，回購佔市值的相當大一部分，大約為 5%。總的來說，你是怎麼想的？

You announced it in October. I'm sure there's blackout periods and whatnot of restrictions when you can use it. But have you put that capital to work yet? And how do you think about putting that capital currently, given where the stock is in relation to NAV and then also in relation to your outlook as we go into '23?

你在 10 月宣布了它。我敢肯定在您可以使用它時存在停電期和諸如此類的限制。但是你已經把這筆資金投入使用了嗎？考慮到股票與資產淨值的關係，以及我們進入 23 年時與您的前景相關的情況，您如何考慮目前投入該資本？

Omar, yes, no, we haven't had blackout periods since we announced it. So we haven't really been able to utilize it if we wanted to. When it comes to the share price, we haven't traded that at a massive discount to NAVs following the announcement. So there has been some support on the share price.

奧馬爾，是的，不，自從我們宣布以來，我們就沒有過停電期。因此，如果我們願意，我們還沒有真正能夠利用它。就股價而言，我們並未在公告發布後以大幅折讓 NAV 的價格進行交易。因此，股價得到了一些支撐。

When it comes to -- but that is -- that part of the market that we're in, NAVs are always relative. But we are -- we announced in the buyback program that we will utilize it as part of our capital actuation strategy. While we continue to prioritize dividends as the main sort of source of allocation. We have a 12-month program in place. And if we see value in buying back shares at a discount to NAV, we will, of course, take that opportunity. And we do expect as in line with our market outlook that we will go into a weaker part of the year right now and that will open up opportunities to buy back stock at attractive prices.

當談到——但也就是——我們所處的那部分市場時，資產淨值總是相對的。但我們 - 我們在回購計劃中宣布，我們將利用它作為我們資本驅動戰略的一部分。雖然我們繼續優先考慮將股息作為主要的分配來源。我們有一個為期 12 個月的計劃。如果我們看到以低於資產淨值的價格回購股票的價值，我們當然會抓住這個機會。我們確實預計，與我們的市場前景一致，我們現在將進入今年較弱的時期，這將為以有吸引力的價格回購股票提供機會。

Okay. Yes. Understood. And then maybe just as a follow-up to that as we get into this potentially weaker part of the market. We've seen some softness in secondhand values. You clearly have critical mass across the Capes and Panamax. You have the handful of new buildings also. So there doesn't seem to be a real need to go out and think about expansion. But do you think there are opportunities that are developing that you would look to maybe pick off a few ships here and there if prices come in further?

好的。是的。明白了。然後，當我們進入這個潛在的市場薄弱部分時，也許只是作為後續行動。我們已經看到二手價值有些疲軟。你顯然在好望角和巴拿馬型船上擁有臨界質量。你也有一些新建築。所以似乎沒有真正需要出去考慮擴張。但是你認為如果價格進一步上漲，你是否認為有機會在這里和那裡挑選幾艘船？

Ulrik here. Yes, is the short answer. We will, of course, always monitor the market to see if there are attractive opportunities, whether that is buying or selling. On, we can say, a more general note, we continue to find it attractive to divest our older vessels despite a slight weakening of asset prices, they are still historically very high.

烏爾里克在這裡。是的，這是簡短的回答。當然，我們將始終監控市場，看看是否有誘人的機會，無論是買入還是賣出。我們可以說，更籠統地說，儘管資產價格略有走軟，但我們仍然發現剝離我們的舊船具有吸引力，它們在歷史上仍然非常高。

And we believe, at the same time, it's the right thing to do to focus on decarbonization and to modernizing the fleet and keeping our average age down. But naturally, we are always on the lookout for opportunities that create shareholder value that are accretive. So if something comes along, we would look at it. This is in our DNA.

我們相信，與此同時，專注於脫碳和使車隊現代化並降低我們的平均年齡是正確的做法。但很自然地，我們總是在尋找創造增值股東價值的機會。所以如果有什麼事情發生，我們會看看它。這是我們的 DNA。

We are now taking the next question from (inaudible) from BTIG.

我們現在接受來自 BTIG 的（聽不清）的下一個問題。

On IMO '23, you have a relatively new fleet, but are there any vessels that could be adversely affected by new regulations? I know you said you're looking to divest some of the older fleet. And then beyond slow steaming, what could the impact be for the broader fleet in terms of retrofitting?

在 IMO '23 上，你們擁有一支相對較新的船隊，但是否有任何船舶可能會受到新法規的不利影響？我知道你說過你想剝離一些舊機隊。然後除了慢速航行之外，在改裝方面對更廣泛的船隊會產生什麼影響？

The -- I didn't get the second part of the question, but maybe we can come back to that, then I'll answer the first to begin with. So our average age is 6 years for the fleet, which obviously puts us in a very good position. Hello? Is my sound coming through?

- 我沒有得到問題的第二部分，但也許我們可以回到那個問題，然後我會首先回答第一部分。所以我們機隊的平均年齡是 6 年，這顯然使我們處於非常有利的位置。你好？我的聲音傳過來了嗎？

Yes, I can hear you.

是的，我能聽到你。

Sorry, okay. Yes, that's just a bit of noise. So the average age we have is very low. In addition, we have been in the past 12 months or more vested quite heavily into the fleet and upgrades and digitalization. So our, you can say, fleet average today would be a B rating on the CII. But of course, that's a theoretical rating.

對不起，好吧。是的，那隻是一點噪音。所以我們的平均年齡很低。此外，在過去的 12 個月或更長時間裡，我們在機隊、升級和數字化方面投入了大量資金。所以我們的，你可以說，今天的機隊平均水平在 CII 上是 B 級。但當然，這是一個理論評級。

So in real life, it depends on how you utilize your fleet. And if your vessel is getting stuck somewhere in China for reasons outside your own control or the ship owner's control, you can still receive a lower score. But the point is that if you look at the fleet average, we have a very, very good starting point.

所以在現實生活中，這取決於你如何利用你的車隊。如果您的船隻由於您無法控製或船東無法控制的原因在中國某處被困，您仍然可以獲得較低的分數。但關鍵是，如果你看一下機隊的平均水平，我們就有了一個非常非常好的起點。

So we are ready for IMO 2023. We do have, of course, some outliers in our fleet. We have some that are around 10 years old. They are not actually that old if you look at the rest of the fleet out there. But for us, they are older, at least. And some of these vessels will have to be EPL, meaning that we will have to cap the top speed of this -- of the engine. And of course, that will give them less flexibility. And that's also what I referred to when I spoke previously on the supply side optimism.

所以我們為 IMO 2023 做好了準備。當然，我們的船隊中確實有一些異常值。我們有一些大約有 10 年的歷史。如果你看看外面的其他艦隊，它們實際上並沒有那麼老。但對我們來說，他們至少年紀大了。其中一些船隻必須是 EPL，這意味著我們必須限制發動機的最高速度。當然，這會降低他們的靈活性。這也是我之前談到供應方面的樂觀情緒時所提到的。

One of the, can you say, factors here is that there are a lot of vessels that are from [2010] and before that will have to cap their engines. And obviously, that means the less efficiently. So we are not -- can you say -- we will have to do some changes to our fleet, but they are minimal compared to the effect that it will have on a fleet-wide basis, on a global basis where it will take out capacity, which all other things equal, should aid the freight environment in a positive way. So I think -- I hope that was the answer to the first question.

其中一個，你能說，這裡的因素是有很多來自 [2010] 和之前的船隻將不得不關閉他們的引擎。顯然，這意味著效率越低。所以我們不會——你能說嗎——我們將不得不對我們的艦隊進行一些改變，但與它將在整個艦隊範圍內、在全球範圍內起飛的影響相比，這些改變是微不足道的在所有其他條件相同的情況下，運力應該以積極的方式幫助貨運環境。所以我認為——我希望這是第一個問題的答案。

Yes, that was very helpful. The second part to it was just kind of beyond -- like you say, your fleet is new, but beyond looking at the broader fleet, beyond slow steaming, what could the impact be in terms of could we see retrofits? Is there anything else that could drive utilization higher next year just beyond ships capping their speed?

是的，這很有幫助。它的第二部分只是有點超越——就像你說的，你的艦隊是新的，但除了看看更廣泛的艦隊，除了慢速航行之外，我們能否看到改造會產生什麼影響？除了船舶限速之外，還有什麼其他因素可以提高明年的利用率嗎？

I mean, there will presumably -- it's hard to quantify, but there will presumably be a number of shipowners out there that are doing what we are doing, which is to install energy saving devices. It could be new stock, which is say propeller (inaudible), it could be low friction paint, it could be other things. And these can you say upgrades can prolong dry dock stays so that could give some, can you say, inefficiency gain, if you like, or at least, can you say, reduce the efficiency of the fleet.

我的意思是，大概會有 - 很難量化，但大概會有很多船東正在做我們正在做的事情，即安裝節能設備。它可能是新庫存，比如螺旋槳（聽不清），可能是低摩擦塗料，也可能是其他東西。你能說這些升級可以延長干船塢的停留時間，這樣你可以說，如果你願意的話，可以降低效率，或者至少，你可以說，降低船隊的效率。

But I think the big kicker here is all the vessels that are being slowed down which is up to -- I mean, some say that up to 70% to 75% of the global fleet is noncompliant with IMO 2023. It means a lot of vessels will have to reduce their speed. The big kicker comes only when the markets are strong because in a weak market, the vessels are not full speeding anyways.

但我認為這裡最大的問題是所有正在減速的船隻——我的意思是，有人說全球船隊中多達 70% 到 75% 不符合 IMO 2023。這意味著很多船隻將不得不降低速度。只有在市場強勁時才會出現大問題，因為在市場疲軟時，船隻無論如何都不會全速行駛。

So a situation where at the moment that you read certain thresholds on the rates, depending on your ship, then you'd want to speed it up and you can't. So you remove the flexibility in the fleet, which in my world means that you will have higher highs because the normal situation is that there is an inherent flexibility in the fleet.

因此，在您讀取某些費率閾值（取決於您的船）的情況下，您想要加快速度，但您做不到。所以你去掉了機隊的靈活性，在我的世界裡這意味著你會有更高的高點，因為正常情況是機隊具有固有的靈活性。

So when rates increase and demand increases, then the fleet will start speeding up, which will, of course -- will, of course, soften the market, but that possibility would be gone for a lot of vessels. So the real effect you will only see when the markets are becoming stronger. And then I would also like to add that this is being gradually -- IMO 2023 has been gradually implemented over the course of 2023. So the full effect of this regulation will only really be present in -- from 2024.

因此，當費率增加和需求增加時，船隊將開始加速，這當然會 - 當然會軟化市場，但對於很多船隻來說，這種可能性將不復存在。因此，只有當市場變得更強勁時，您才會看到真正的影響。然後我還想補充一點，這是逐步實施的——IMO 2023 已在 2023 年期間逐步實施。因此，該法規的全部影響只會真正體現在——從 2024 年開始。

There are no further questions at the moment.

目前沒有其他問題。

Okay. In that case, we will say thank you very much for tuning into Golden Ocean's third quarter release. You can always follow us on LinkedIn, if you are in the need of more information. And with that, I'll say thank you very much for the attention, and have a good day.

好的。在這種情況下，我們將非常感謝您收看 Golden Ocean 的第三季度發布。如果您需要更多信息，可以隨時在 LinkedIn 上關注我們。然後，我要說非常感謝你的關注，祝你有美好的一天。

That concludes the conference for today. Thank you for participating. You may all disconnect.

今天的會議到此結束。感謝您的參與。你們都可以斷開連接。