Golden Ocean Group Ltd (GOGL) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2023 Golden Ocean Group Limited Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到金洋集團有限公司 2023 年第一季度收益電話會議。 （操作員說明）

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

我現在想將會議交給首席執行官 Ulrik Andersen。請繼續，先生。

Ladies and gentlemen, good afternoon. It's my pleasure to welcome you to Golden Ocean's quarterly release presentation. Thank you very much for tuning in.

女士們，先生們，下午好。很高興歡迎您參加 Golden Ocean 的季度發布演示。非常感謝您收聽。

In today's call, we follow our usual procedure. Peder Simonsen, Golden Ocean's CFO, will talk us through the financial highlights. And hereafter, I will be discussing the market and the outlook for the company. Towards the end, I will also offer some insight into how our decarbonization journey is developing.

在今天的電話會議中，我們遵循我們通常的程序。 Golden Ocean 的首席財務官 Peder Simonsen 將向我們介紹財務亮點。此後，我將討論公司的市場和前景。最後，我還將就我們的脫碳之旅的進展情況提供一些見解。

So in the next 15 to 20 minutes, you will see that, one, despite a weak first quarter, the gradual recovery of China is on and combined with the seasonal uplift, it provides momentum for a strong freight rate environment for the rest of the year.

因此，在接下來的 15 到 20 分鐘內，你會看到，儘管第一季度表現疲軟，但中國正在逐步復甦，並結合季節性上漲，為其他地區的強勁運價環境提供動力年。

That two, our fuel-efficient fleet continues to outperform the benchmark indices significantly. And finally, three, we will show how Golden Ocean has invested in reducing emissions and reducing fuel costs, while future-proofing the company.

這兩個，我們的節油車隊繼續顯著優於基準指數。最後，第三，我們將展示 Golden Ocean 如何在減少排放和降低燃料成本方面進行投資，同時確保公司的未來發展。

With that, let's take a look at the main highlights for the quarter. In Q1, we recorded an adjusted EBITDA of $55 million, which resulted in a net loss of $9 million or $0.04 per share. We achieved average net TCE rates of $13,600 per day for our Capesize and $16,600 per day for the Panamaxes. Like the last 4 quarters, these earnings are well above the benchmark indices. The fleet made $4,900 per day per vessel more than the market every day throughout the quarter. Our modern fuel-efficient fleet fixed paying contracts and scrubbers drive the premiums.

有了這個，讓我們來看看本季度的主要亮點。第一季度，我們記錄了 5500 萬美元的調整後 EBITDA，導致淨虧損 900 萬美元或每股 0.04 美元。我們的好望角型平均淨 TCE 費率為每天 13,600 美元，巴拿馬型平均淨 TCE 費率為每天 16,600 美元。與過去 4 個季度一樣，這些收益遠高於基準指數。在整個季度中，船隊每天每艘船的收入比市場高出 4,900 美元。我們現代的節能車隊固定支付合同和洗滌塔推動了保費。

Rate guidance. And looking at this quarter, Q2, we have so far secured $20,000 per day for 74% of our Cape days and $14,600 per day for 76% of our Panamax days. Looking ahead and into Q3, we have secured $22,300 per day for 26% of our Cape days and $19,600 per day for 38% of our Panamax days.

率指導。看看這個季度，即第二季度，到目前為止，我們已經為 74% 的好望角天數確保了每天 20,000 美元，為 76% 的巴拿馬型船天數確保了每天 14,600 美元。展望第三季度，我們為 26% 的好望角天數確保了每天 22,300 美元，為 38% 的巴拿馬型船天數確保了每天 19,600 美元。

During the quarter, we took delivery of the first of our 10 Kamsarmax new buildings. We will take delivery of another 5 vessels in this series before the turn of the year. In addition, we also acquired 6 new Kamsarmax vessels. 2 have already been delivered, the rest will follow before end June.

本季度，我們交付了 10 座 Kamsarmax 新建築中的第一座。我們將在今年年初之前接收該系列的另外 5 艘船。此外，我們還獲得了 6 艘新的 Kamsarmax 船。 2 個已經交付，其餘的將在 6 月底之前交付。

We also entered into an agreement to sell our 2 oldest Capesize vessels as we continue to divest less efficient tonnage and take advantage of firm asset markets.

隨著我們繼續剝離效率較低的噸位並利用堅挺的資產市場，我們還簽訂了一項協議，出售我們最老的 2 艘好望角型船舶。

Finally, we announced our ninth consecutive quarterly dividend. We will pay out $0.10 per share for Q1. The dividend is a reflection of our belief in the market and underlining the dividend remains a central element of our capital allocation.

最後，我們宣布了連續第九個季度的股息。我們將為第一季度支付每股 0.10 美元。股息反映了我們對市場的信心，並強調股息仍然是我們資本配置的核心要素。

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 we move to Slide 5, we achieved a fleet-wide time charter equivalent rate of $14,900 in Q1, which was down from $20,400 in Q4. We had 3 ships dry-docked in Q1 versus 2 shifts drydock in Q4, resulting in 146 days off-hire versus 120 days in Q4. We have 6 ships expected to drydock in Q2 this year with 3 completed at the date of this report.

謝謝你，烏爾里克。如果我們轉到幻燈片 5，我們在第一季度實現了 14,900 美元的全機隊期租等效費率，低於第四季度的 20,400 美元。我們在第一季度有 3 艘船停靠幹船塢，而在第四季度有 2 班輪班停靠幹船塢，導致停租時間為 146 天，而第四季度為 120 天。我們預計今年第二季度將有 6 艘船停靠幹船塢，其中 3 艘已在本報告發布之日完成。

We had the time charter revenues of $132.3 million, which compared to $180.4 million in Q4. We recorded sales gains of $2.6 million versus $2.8 million in Q4. which will both relate to the sale of 2 Panamax vessels previously announced that were delivered before and after the year-end.

我們的定期租船收入為 1.323 億美元，而第四季度為 1.804 億美元。我們錄得 260 萬美元的銷售收益，而第四季度為 280 萬美元。這都與出售之前宣布的 2 艘巴拿馬型船舶有關，這些船舶在年底前後交付。

On the operating expenses, we recorded $61.6 million in total, which is up $3.5 million from Q4. This is attributable to higher dry-docking costs and also higher OpEx reclassification from charter hire, which is due to higher trading activity. OpEx ex drydock, and reclassification was 6,300 unchanged from Q4.

在運營費用方面，我們總共記錄了 6160 萬美元，比第四季度增加了 350 萬美元。這歸因於更高的干塢成本以及更高的租船運營成本重新分類，這是由於更高的貿易活動。 OpEx ex drydock，重新分類為 6,300，與第四季度持平。

Looking at our general and administrative expenses. We came in at $4.2 million in Q1, which is down from $5 million in Q4, due to lower personnel expenses. Our daily G&A came in at just below $450 per day, net of cost recharge to affiliated companies, down from $540 in Q4, and still by far the lowest G&A per day among our peers.

看看我們的一般和行政費用。由於人事費用減少，我們在第一季度的收入為 420 萬美元，低於第四季度的 500 萬美元。我們的日常 G&A 略低於 450 美元，扣除關聯公司的成本補給，低於第四季度的 540 美元，並且仍然是我們同行中每天 G&A 最低的。

Our charter hire expense were $16.8 million versus $12.5 million in Q4. And this, as mentioned, is due to higher trading activity, which was offset by lower chartered-in rates in the quarter.

我們的包租費用為 1680 萬美元，而第四季度為 1250 萬美元。如前所述，這是由於較高的交易活動，這被本季度較低的特許率所抵消。

Our adjusted EBITDA was $54.7 million versus $112.4 million in Q4. We -- in connection with the sale of the 2 older Capesize vessels announced, we recorded an impairment loss of $11.8 million in the quarter.

我們調整後的 EBITDA 為 5470 萬美元，而第四季度為 1.124 億美元。我們——與宣布的 2 艘舊好望角型船舶的出售有關，我們在本季度記錄了 1180 萬美元的減值損失。

Moving to the net financial expenses. We saw interest rate expenses increase and record a $20.5 million expense versus $17.6 million in the previous quarter. This change is due to higher LIBOR and SOFR rates and slightly higher average debt in Q1.

轉向淨財務費用。我們看到利率支出增加並記錄了 2050 萬美元的支出，而上一季度為 1760 萬美元。這一變化是由於 LIBOR 和 SOFR 利率較高以及第一季度平均債務略高。

On the derivatives and other finance income, we recorded a gain of $2.7 million, which compares to a gain of $10.9 million in Q4. On the derivative side, we saw a $2 million loss versus a gain of $2.7 million in Q4. And this is mainly due to falling mark-to-market values on our interest rate swap portfolio.

在衍生品和其他金融收入方面，我們錄得 270 萬美元的收益，而第四季度為 1090 萬美元。在衍生品方面，我們看到第四季度虧損 200 萬美元，而第四季度盈利 270 萬美元。這主要是由於我們的利率掉期投資組合的市值下降。

On the results from investments in associates, we recorded a gain of $4.9 million, which was down from $7.8 million in Q4, which relates to our investments in SwissMarine, TFG and UFC. And a net loss for the quarter of $8.8 million or a $0.04 per share. And as Ulrik mentioned, we have announced a dividend of $0.10 per share.

根據對聯營公司的投資結果，我們錄得 490 萬美元的收益，低於第四季度的 780 萬美元，這與我們對 SwissMarine、TFG 和 UFC 的投資有關。本季度淨虧損 880 萬美元或每股虧損 0.04 美元。正如 Ulrik 提到的，我們已經宣布派發每股 0.10 美元的股息。

Looking at our cash flow on Slide 6. We saw a net decrease in cash of $14.9 million. On cash flow for operations, we saw positive cash flow of $76.5 million. And this includes a total of $15.3 million in dividends received from our investments in associated companies.

查看幻燈片 6 中的現金流量。我們看到現金淨減少 1,490 萬美元。在運營現金流方面，我們看到了 7650 萬美元的正現金流。這包括從我們對關聯公司的投資中獲得的總計 1530 萬美元的股息。

Our cash flow provided from financing came in at $32 million. We had dividend payments relating to the Q4 results of $40.1 million. We drew down a total of $80 million relating to the delivery of 2 Newcastlemax vessels. We saw net refinancing proceeds of approximately $15 million for the previously announced $250 million facility. And we saw scheduled debt and lease repayments of $23.3 million.

我們從融資中獲得的現金流為 3200 萬美元。我們支付了與 4010 萬美元的第四季度業績相關的股息。我們提取了與 2 艘 Newcastlemax 型船舶交付相關的總計 8000 萬美元。我們看到先前宣布的 2.5 億美元融資的淨再融資收益約為 1500 萬美元。我們還看到了 2330 萬美元的預定債務和租賃還款。

On the cash flow used in investment we recorded $123.3 million. This mainly relates to the sale proceeds relating to Golden Strength of $15.3 million. Payment of deposits and purchase price of $123.8 million relating to the announced Newcastlemax acquisition, payment of newbuilding installments of $15.7 million and received repayment of shareholder loans of $0.9 million or $900,000.

在用於投資的現金流方面，我們記錄了 1.233 億美元。這主要涉及與 Golden Strength 相關的 1530 萬美元銷售收益。支付與宣布的 Newcastlemax 收購相關的定金和購買價 1.238 億美元，支付新造船分期付款 1570 萬美元，並收到 90 萬美元或 900,000 美元的股東貸款償還。

On the balance sheet on Slide 7. We recorded cash and cash equivalents of $123.2 million, which includes $4.8 million in restricted cash. And in addition to that, we have $100 million in undrawn available credit facilities at quarter end.

在幻燈片 7 的資產負債表上。我們記錄了 1.232 億美元的現金和現金等價物，其中包括 480 萬美元的受限現金。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 finance lease liabilities totaled $1.3 billion, up approximately $75 million since Q4. Average fleet-wide loan-to-value under our debt facilities was 44.5%, which was unchanged quarter-on-quarter. Book equity was $1.9 billion, and the ratio of equity to total assets was approximately 57%.

我們的債務和融資租賃負債總計 13 億美元，自第四季度以來增加了約 7500 萬美元。根據我們的債務安排，整個車隊的平均貸款價值比為 44.5%，與上一季度相比沒有變化。賬面權益為19億美元，權益佔總資產的比例約為57%。

And with that, I'll give the word back to Ulrik.

有了這個，我會把話還給烏爾里克。

Thank you, Peder. We start off with a quick review of the market developments in Q1.

謝謝你，佩德。我們首先快速回顧一下第一季度的市場發展。

The Cape market came under severe pressure from the beginning of the quarter impacted both by seasonal slowdown and economic slowdown. The market reached a low point just above $2,000 per day at the end of February. But as the Chinese economy started to react to the policymakers' efforts to stimulate the economy, we saw increasing demand for iron ore and particular coal. Chinese iron ore imports in Q1 were up 9% year-on-year, while coal was up 100%.

受季節性放緩和經濟放緩的影響，開普敦市場從本季度初開始承受著巨大壓力。市場在 2 月底達到每天略高於 2,000 美元的低點。但隨著中國經濟開始對政策制定者刺激經濟的努力做出反應，我們看到對鐵礦石和特別是煤炭的需求不斷增加。中國一季度鐵礦石進口同比增長 9%，煤炭增長 100%。

The Cape market, both spot and FFA reacted promptly and firm throughout March. It gained further in April, although, of course, that did not contribute to our Q1 results. Despite the rally in March, it was a case of it too late and the Cape market averaged just $9,000 per day over the quarter. However, as we will see later, Golden Ocean achieved a premium of 50% ,5-0, with the Capes making close to $14,000 per day.

開普敦市場，包括現貨和 FFA，在整個 3 月份都反應迅速且堅挺。它在 4 月份進一步上漲，當然，這對我們的第一季度業績沒有貢獻。儘管 3 月份出現反彈，但為時已晚，開普敦市場在本季度平均每天僅為 9,000 美元。然而，正如我們稍後將看到的，Golden Ocean 實現了 50% ,5-0 的溢價，Capes 每天賺取接近 14,000 美元。

In the Panamax segment, we saw the typical Q1 seasonality playbook. We saw pressure on the rates until the post Chinese New Year activity gave way to a decent recovery, which, however, was kept somewhat by a severe drought in Argentina and weak Chinese grain demand.

在巴拿馬型船段，我們看到了典型的第一季度季節性劇本。在農曆新年過後，我們看到了利率的壓力，直到出現了體面的複蘇，然而，由於阿根廷的嚴重干旱和中國糧食需求疲軟，這種複蘇在一定程度上得到了抑制。

The Panamax market averaged 11,300 per day during Q1, although Golden Ocean's efficient fleet sell in daily TCE of almost 50% above that. The world GDP outlook is uncertain amid financial sector turmoil, high inflation, a war in Europe and increasing interest rates to mention a few.

第一季度巴拿馬型市場平均每天 11,300 艘，儘管 Golden Ocean 的高效船隊每天銷售的 TCE 比這高出近 50%。由於金融部門動盪、高通脹、歐洲戰爭和利率上升等因素，世界 GDP 前景不確定。

Yet, we remain optimistic for 2 reasons. The first is that the global economy could prove more resilient than feared a few months back. The problems in the supply chain are easing and the pace of U.S. inflation is slowing. It increases the possibility of soft or at least a softer landing.

然而，我們仍然保持樂觀，原因有二。首先是全球經濟可能比幾個月前擔心的更有彈性。供應鏈中的問題正在緩解，美國通脹步伐正在放緩。它增加了軟著陸或至少軟著陸的可能性。

Secondly, and this is very important, the market for the large-sized dry bulk vessels that Golden Ocean owns is highly correlated with China, more so than with the growth in the rest of the world. In this respect, we note that China has had a much better-than-anticipated start to the year. The Chinese economy grew a solid 4.5% year-on-year in Q1, well above the consensus prediction of 4%.

其次，也是非常重要的一點，Golden Ocean擁有的大型乾散貨船市場與中國高度相關，超過了與世界其他地區的增長。在這方面，我們注意到中國今年的開局好於預期。中國經濟第一季度同比增長 4.5%，遠高於 4% 的普遍預期。

Moreover, growth gained momentum over the quarter and Q2 is now widely projected to come in substantially stronger. Consequently, many analysts have lifted their outlooks significantly, and the consensus across the investment banks now predict the Chinese economy to grow nearly 6% this year. GDP growth is, of course, a headline rate and the effect on demand for dry bulk shipping will depend on manufacturers.

此外，本季度增長勢頭強勁，目前普遍預計第二季度將大幅走強。因此，許多分析師大幅上調了他們的預期，投資銀行現在一致預測中國經濟今年將增長近 6%。 GDP 增長當然是一個總體增長率，對乾散貨運輸需求的影響將取決於製造商。

We have on previous calls, pointed to the property sector as critical, not only for the Chinese economy, but also for dry cargo. The property sector is faring better. It expanded in Q1 following 6 quarters of contraction. In addition, new home prices rose at a faster pace in 21 months in March. Meanwhile, steel production has been strong in Q1, increasing 6.1% year-on-year further reducing the already low iron ore inventories, of course, supporting near-term demand.

我們在之前的電話會議中指出，房地產行業至關重要，不僅對中國經濟如此，對乾貨也是如此。房地產行業表現較好。在經歷了 6 個季度的收縮後，它在第一季度有所擴張。此外，3 月份新房價格上漲速度為 21 個月以來的更快。與此同時，第一季度鋼鐵產量強勁，同比增長 6.1%，進一步減少了已經很低的鐵礦石庫存，這當然支持了近期需求。

Having said that, all the data points paint a more negative picture. The P&I fell below 50 in April, indicating a contraction in factory activity. Iron ore and steel prices have softened in recent months, while there are rumors of a cap on steel production.

話雖如此，所有數據點都描繪了一幅更加負面的畫面。 4 月份 P&I 跌破 50，表明工廠活動收縮。近幾個月鐵礦石和鋼材價格走軟，同時有傳言稱鋼鐵產量將受到限制。

In conclusion, China has clearly shaken off the COVID-related drag on its economy, and is settling on a trajectory of very decent growth. The rebind is fragile, and we have to watch the space, particularly the steel production. But indication thus far are that the Chinese compact is on, which bodes well for dry bulk demand.

總之，中國顯然已經擺脫了 COVID 相關的經濟拖累，並走上了非常可觀的增長軌道。重新綁定是脆弱的，我們必須關注空間，尤其是鋼鐵生產。但迄今為止的跡象表明，中國契約正在開啟，這預示著幹散貨需求。

Demand for dry bulk commodities has grown consistently over the past 30 years. on average, 30% more pro annal than global GDP. In other words, historically, it was not a lack of demand causing dry bulk shipping markets to suffer. It was the shipowners sealing their own pace by contracting too much. This is not the situation today.

過去 30 年來，對乾散貨商品的需求一直在增長。平均而言，每年比全球 GDP 高出 30%。換句話說，從歷史上看，導致幹散貨航運市場受到影響的並不是需求不足。是船東通過簽訂過多合同來限制自己的步伐。這不是今天的情況。

The highly positive supply situation persists with growth rates at 30-year lows. Particularly, the Capesize segment looks favorable with the lowest order book of all dry bulk classes. In the Cape segment, good notion is with our 62 Capes, the largest owner in the world.

高度積極的供應形勢持續存在，增長率處於 30 年低點。特別是，好望角型細分市場看起來很受歡迎，在所有乾散貨類別中訂單最少。在好望角部分，我們的 62 個好望角是世界上最大的所有者。

Another reason for supply-side optimism is the commencement of the IMO 2023 regulations, which are reducing the efficiency of the fleet as a majority of the global dry bulk fleet has forced to slow down to comply. The exact effect of CII and EEXI is hard to quantify. But all other things equal, it will require more vessels to move the same amount of cargo, if the global fleet is slowing down.

供應方樂觀的另一個原因是 IMO 2023 法規的開始實施，這些法規正在降低船隊的效率，因為全球大多數幹散貨船隊被迫放慢速度以遵守規定。 CII 和 EEXI 的確切影響很難量化。但在所有其他條件相同的情況下，如果全球船隊正在放緩，將需要更多的船隻來運送相同數量的貨物。

The impact of the IMO regulations will grow over time as the threshold for compliance increases. We expect limited impact this year, but from next year and onwards, we expect a meaningful effect.

隨著合規門檻的提高，IMO 法規的影響將隨著時間的推移而增加。我們預計今年的影響有限，但從明年及以後，我們預計會產生有意義的影響。

Finally, we expect ordering to stay muted. Prices remain elevated. There are question marks over future-proof technology, and there are a few, if any, available slots until 2026. 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.

最後，我們希望訂單保持靜音。價格保持高位。面向未來的技術存在問號，並且在 2026 年之前有一些可用的槽位（如果有的話）。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。正常化的需求增長將足以超過供應並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, bank sector, turmoil, slowing economies. However, it is not enough to upset the outlook for dry bulk shipping.

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、銀行業、動盪、經濟放緩等不利因素。然而，這還不足以擾亂幹散貨航運的前景。

In the short-term, the freight market looks to have bottomed up in February and with the Chinese rebound on track combined with the typical seasonality, we see sufficient momentum to sustain a healthy market through the rest of the year.

短期內，貨運市場似乎在 2 月觸底反彈，隨著中國經濟復甦步入正軌，加上典型的季節性，我們認為有足夠的動力在今年餘下時間維持健康的市場。

In this respect, it is important to point out that the most promising class of vessels in the dry space is the Capesize. There are 3 reasons for this. The first is that the Capes have the highest correlation with China. The handies and supers depend more on global GDP, therefore, often referred to as GDP carriers. The outlook for the rest of the world is not as good as for China.

在這方面，重要的是要指出乾燥空間中最有前途的船隻類別是好望角型。這有3個原因。首先是好望角與中國的相關性最高。 handies 和 super 更依賴於全球 GDP，因此，通常被稱為 GDP 載體。世界其他地區的前景不如中國。

Secondly, in recent years, the smaller vessels enjoyed significant support from the red-hot container markets, many small dry cargo vessels carry containers. That demand is gone, and it will not come back. Finally, the Capes have the lowest order book.

其次，近年集裝箱市場火爆，小船得到大力支持，許多小型乾貨船裝載集裝箱。這種需求消失了，不會再回來了。最後，Capes 的訂購量最低。

In the longer term, the historical low fleet growth looks to be the main driver of a favorable market balance well into 2026. In other words, we remain highly optimistic about the prospects for Golden Ocean, both short-term and long-term.

從長遠來看，歷史低位的船隊增長似乎是 2026 年有利市場平衡的主要驅動力。換句話說，我們對 Golden Ocean 的短期和長期前景保持高度樂觀。

As we usually explain in our calls, we always seek to secure fixed paying 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 spottier at any time. For Q2, we have approximately 3/4 of our fleet fixed above $20,000 per day net of all permissions. For Q3, we have 26% of our Cape days fixed at $22,000 per day, and 38% of our Panamax days fixed at $19,600 per day.

正如我們通常在電話中解釋的那樣，我們總是尋求在水平有吸引力時獲得固定支付合同，並且我們在提供最佳價值的 Cape 或 Panamax 的任何部分都這樣做。我們不想在任何時候都變得一團糟。對於第二季度，我們有大約 3/4 的機隊固定在每天 20,000 美元以上，扣除所有許可。對於第三季度，我們有 26% 的好望角天數固定在每天 22,000 美元，38% 的巴拿馬型天數固定在每天 19,600 美元。

We believe the near-term prospects for the Capesizes are more promising than any other classes, given the high correlation with China. Therefore, we have taken more fixed paying contracts on the Panamaxes than the Capes.

鑑於與中國的高度相關性，我們認為好望角型船的近期前景比任何其他類別都更有希望。因此，與好望角相比，我們在巴拿馬型船上獲得了更多的固定支付合同。

In 2021, Golden Ocean set ambitious emission reduction targets. Compared to our 2019 baseline, we want to reduce our carbon intensity by 15% in 2026, 30% by 2030 and have net 0 emissions by 2050.

2021年，金洋制定了雄心勃勃的減排目標。與我們的 2019 年基線相比，我們希望到 2026 年將碳強度降低 15%，到 2030 年降低 30%，到 2050 年實現淨零排放。

We believe decarbonization is changing the traditional ship-owning model and will impact cost of capital, asset prices, customers buying criteria and much more. A low carbon business model is much more resilient. It will have superior earning capabilities and be much better suited to service customers and comply with future regulations.

我們認為脫碳正在改變傳統的船舶擁有模式，並將影響資本成本、資產價格、客戶購買標準等。低碳商業模式更具彈性。它將具有卓越的盈利能力，更適合為客戶提供服務並遵守未來的法規。

In Golden Ocean, we have a pragmatic approach to decarbonization. We want to monetize it. And as can be seen, it is entirely possible to invest profitably in decarbonization.

在 Golden Ocean，我們採用務實的脫碳方法。我們想通過它獲利。並且可以看出，完全有可能在脫碳方面進行有利可圖的投資。

In 2021, we commenced our efforts to reduce our emissions. We began divesting high-emitting tonnage often with lower cargo capacity and replaced it with fuel-efficient tonnage often with higher cargo capacity.

2021 年，我們開始努力減少排放。我們開始剝離通常具有較低載貨量的高排放噸位，並用通常具有較高載貨量的節油噸位取而代之。

We also initiated a digital transformation, in which we rolled out a performance management IT infrastructure that through sensors and data allows for real-time monitoring of our ship's performance. In addition, we now use digital speed and route optimization, have improved hole cleaning procedures to reduce drag and much more.

我們還啟動了數字化轉型，推出了性能管理 IT 基礎設施，通過傳感器和數據實時監控我們船舶的性能。此外，我們現在使用數字速度和路線優化，改進了孔清潔程序以減少阻力等等。

Our efforts have paid off and radically increased the fleet's efficiency, and in turn, of course, also save large amount in bunkers. Last year alone, we reduced our carbon intensity compared to our baseline by 9.2%. That translated into sale cost of around $20 million.

我們的努力得到了回報，從根本上提高了船隊的效率，當然也節省了大量的燃油。僅去年一年，我們的碳強度就比我們的基準降低了 9.2%。這轉化為約 2000 萬美元的銷售成本。

In the years to come, Golden Ocean will continue our decarbonization efforts to the benefit of the shareholders and the environment. The green transition and making money is a duality not mutually exclusive.

在未來的歲月裡，Golden Ocean 將繼續我們的脫碳努力，以造福股東和環境。綠色轉型和賺錢是一種並不相互排斥的二元性。

On the last slide today, I will talk about cash flow generation. Golden Ocean has the industry's lowest cash breakeven and one of the most efficient fleets. It means we have substantial cash flow potential. For instance, to achieve $20,000 per day on an annualized basis, which is close to whether Q3, Q4 FFA curve is trading, we stand to generate $229 million in free cash.

在今天的最後一張幻燈片中，我將討論現金流的產生。 Golden Ocean 擁有業內最低的現金收支平衡和最高效的船隊之一。這意味著我們擁有巨大的現金流潛力。例如，要實現年化每天 20,000 美元，接近第三季度、第四季度 FFA 曲線是否正常交易，我們將產生 2.29 億美元的自由現金。

Note that the graph does not take our fleet to superior performance into consideration, it only looks at a cheap rates. It's a bold decision what we do with future earnings, but we have, for the past 9 quarters paid dividends even with acquiring vessels. So it is a fair assumption that dividend continues to be a top priority when it comes to capital allocation.

請注意，該圖表並未考慮我們的機隊的卓越性能，它只考慮了便宜的價格。我們對未來收益所做的決定是一個大膽的決定，但在過去的 9 個季度中，即使收購船隻，我們也支付了股息。因此，在資本配置方面，股息仍然是重中之重是一個合理的假設。

Before opening up for questions, I'd shortly wrap up 3 main points from today's presentation.

在開始提問之前，我將簡要總結今天演講的 3 個要點。

Golden Ocean outperformed the market in Q1, beating the indices by an average of 4,900 per day across our entire fleet. Golden Ocean is not taking the foot off the gas when it comes to monetizing decarbonization and building a more resilient and future-proof business model.

Golden Ocean 在第一季度的表現優於市場，我們整個船隊平均每天超過指數 4,900。在脫碳貨幣化和建立更具彈性和麵向未來的商業模式方面，Golden Ocean 並沒有鬆懈。

Golden Ocean continues to focus on returning capital to our shareholders through dividends. We pay out of dividend for Q1, despite making a small loss, it emphasizes our belief in the market fundamentals and marked our ninth consecutive quarterly payout.

Golden Ocean 繼續專注於通過股息向股東返還資本。我們支付了第一季度的股息，儘管出現了小幅虧損，但它強調了我們對市場基本面的信念，並標誌著我們連續第九個季度派息。

And now I'll start the Q&A session. I therefore hand the word back to the operator. Thank you for your attention.

現在我將開始問答環節。因此，我將這個詞交還給接線員。感謝您的關注。

(Operator Instructions) And the first question from Greg Lewis from BTIG.

（操作員說明）來自 BTIG 的 Greg Lewis 提出的第一個問題。

Good afternoon, and thank you for those comments. Clearly, your -- it sounds like the team is a little more bullish on Capes than maybe the smaller vessels here. Could you talk a little bit about what's going on in the FFA markets. As I look at the Capes, they are now -- it looks like they're in backwardation in the medium -- near medium term, while if I look at something like the smaller vessels, they're in contango as we kind of head into like Q3.

下午好，謝謝你的評論。很明顯，你的 - 聽起來團隊比這裡的小型船隻更看好好望角。你能談談 FFA 市場的情況嗎？當我看好望角時，它們現在——看起來它們在中期處於現貨溢價——接近中期，而如果我看像較小的船隻，它們處於正價差，因為我們有點頭變成像Q3。

Just kind of curious, if you have any kind of not that I expect -- yes, just kind of what your view is on maybe what's driving that difference between the larger ships and the small ones?

只是有點好奇，如果你有任何不符合我的預期——是的，只是你的觀點是什麼，也許是什麼導致了大船和小船之間的差異？

Yes. Greg, thank you for listening in, and thank you for your question.

是的。格雷格，感謝您的收聽，也感謝您提出問題。

Of course, when we look at the FFA curve, it's a snapshot of what is happening right now. Our comments are more in the -- can you say, in the longer-term perspective, when we look down at 12 month and the general outlook for the various segments.

當然，當我們查看 FFA 曲線時，它是當前正在發生的事情的快照。當我們向下看 12 個月和各個細分市場的總體前景時，我們的評論更多地是 - 你能說，從更長遠的角度來看。

So I won't be able to comment specifically on the FFA curve between the 2 -- the different segments, I don't think it's relevant here. Can you hear me, Greg, sorry.

因此，我無法具體評論 2 個不同細分市場之間的 FFA 曲線，我認為這與此無關。你能聽到我說話嗎，格雷格，對不起。

Yes, absolutely. Okay.

是的，一點沒錯。好的。

I just got a message that there may be some audio problems, but I suppose it's all fine.

我剛收到一條消息，說可能存在一些音頻問題，但我想一切都很好。

So I think our comments are more on a -- can you say on a high level in the sense that where we have seen in the past couple of years, the smaller-sized vessels performed relatively well compared to the larger sizes than what we see is a return to the -- can you say, normal hierarchy in terms of freight rates where the large sizes are also the ones making the most money and also with the biggest upside.

所以我認為我們的評論更多地是關於——你能不能從高層次上說，在過去幾年我們看到的情況下，與我們所看到的相比，與大型船舶相比，小型船舶的表現相對較好是回歸到——你能說嗎，就運費而言，正常的等級制度是大尺寸的，也是賺錢最多的，也有最大的上行空間。

So I think it's in that light that you need to see the comments and also, I will say that it's not that we believe that there's a collapse happening for any of the dry cargo -- can we say segments. We think that they all are looking to have some strong years. It is more this conclusion that we are maybe seeing a more normalized world now that there's less or, let's say, no support from the containers anymore for the handies.

因此，我認為正是鑑於此，您需要查看評論，而且我要說的是，我們並不是認為任何干貨都會發生崩潰——我們可以說是細分市場嗎？我們認為他們都希望有一些強勁的歲月。更多的結論是，我們現在可能會看到一個更加規範化的世界，因為容器不再支持或可以說不再支持 handies。

Got you. Okay. So -- okay. So really, you're just -- your -- the point to that is just you're expecting more of a normalization in the historical patterns of the various vessel spreads, okay.

明白了好的。所以——好吧。所以真的，你只是 - 你的 - 就是你期望各種船隻價差的歷史模式更多地正常化，好吧。

So then as I think about India, there's always been a debate about India becoming more impactful into dry bulk demand, specifically around the coal side. As we think about that and obviously, we have the -- that the huge, not the huge -- we're taking delivery of the first of -- I guess what's going to be 10 or 11 Kamsarmaxes here.

因此，當我想到印度時，一直存在關於印度對乾散貨需求產生更大影響的爭論，特別是在煤炭方面。當我們考慮到這一點時，很明顯，我們有——巨大的，而不是巨大的——我們正在接收第一艘——我想這裡將是 10 或 11 艘 Kamsarmax。

Kind of what's your view. And how do you expect those vessels to -- where do you see the sweet spot in terms of what's going to be the driver of demand for the Kamsarmax fleet as you take delivery of those -- as you boost your fleet in that sector?

你有什麼看法。你如何期望這些船隻 - 當你在該領域增加你的船隊時，你如何看待 Kamsarmax 船隊需求的驅動因素？

Yes. No, I mean the demand for the -- from the Kamsarmaxes will definitely depend on the coal flows for once. It will also depend on how the Cape vessels are faring. And ultimately, it will, of course, also depend on how the smaller vessels are faring as is a correlation between the -- I think the [key] that we need right now to have the Panamaxes perform better as we need to see more grains flow, which has been weak.

是的。不，我的意思是對 - 來自 Kamsarmaxes 的需求肯定會一次取決於煤炭流量。這也將取決於開普敦船隻的狀況。當然，最終，它也將取決於小型船隻的表現，因為它與 - 我認為我們現在需要的 [關鍵] 讓巴拿馬型船表現更好，因為我們需要看到更多的穀物流量，一直很弱。

I think we also need to remember that the Russian market is more or less gone. It was a big offtake of Panamax tonnage as well. And we don't see that much become almost a cabotage trade now. And that's also why we say here with our eyes open that it looks more tilted towards the larger sizes. It looks better in the short-term.

我認為我們還需要記住，俄羅斯市場或多或少已經消失了。這也是巴拿馬型船噸位的大承購。而且我們現在沒有看到那麼多幾乎成為沿海貿易。這也是為什麼我們在這裡睜大眼睛說它看起來更傾向於更大的尺寸。短期內看起來更好。

We also, as I just said on the call, have taken more coverage on the Panamaxes than we have on the larger sizes. So we need to see, certainly, the grains keep flowing out of the black sheet. And we surely would like to see more coming out of the -- out of the, I can say, all South America. And then finally, we need to continue seeing the culture, which really are there to a large extent, but that needs to keep on flowing.

正如我剛剛在電話會議上所說，我們對巴拿馬型的報導也比對更大尺寸的多。所以我們需要看到，當然，顆粒不斷地從黑色床單中流出。我們當然希望看到更多來自——我可以說，來自整個南美洲。最後，我們需要繼續看到文化，它在很大程度上確實存在，但需要繼續流動。

Okay. And then just one more for me and congrats on the Newcastlemax acquisition, realizing you already have a fairly -- one of the youngest Cape fleets or Cape plus, we'll call it, fleets out there in the market. As we think about that decision, is part of that a function of renewal as kind of -- you do have, I guess, a handful of Capes that are now, I guess, 2009, 2010 vintage. Is part of that, like, I guess, just the normal renewal strategy? Or is it -- we're really looking at this as incremental growth here over the next couple of years for our fleet?

好的。然後再為我祝賀 Newcastlemax 的收購，意識到你已經擁有了相當 - 最年輕的 Cape 艦隊之一或 Cape plus，我們稱之為市場上的艦隊。當我們考慮這個決定時，它是更新功能的一部分——我猜你確實有一些 Capes，我猜它們現在是 2009 年、2010 年的年份。我想，其中的一部分只是正常的續訂策略嗎？還是——我們真的將此視為未來幾年我們機隊的增量增長？

I'm not sure I understood the question or was it more common?

我不確定我理解這個問題還是更常見？

So really, as I think about the decision for these Newcastlemax -- the Newcastlemax acquisition, was this more of a build an incremental increase in the fleet as these vessels get delivered? Or is this more of the renewal strategy given the fact that you now have some vessels that are 10-plus years old?

所以，真的，當我考慮這些 Newcastlemax 的決定時——Newcastlemax 的收購，這是否更多地是在這些船隻交付時增加船隊的建設？還是考慮到您現在擁有一些船齡超過 10 年的船舶，這更多是更新策略？

Yes. I think it was a combination. I mean to begin with, the market for S&P transactions is not a Bloomberg terminal, as I like to say. So you have to wait for the right opportunities. And before we did this transaction, we have been turning a lot of stones without finding any possibility.

是的。我認為這是一個組合。我的意思是，首先，標準普爾交易市場不是彭博終端，正如我想說的那樣。所以你必須等待合適的機會。而在我們做這個交易之前，我們已經翻了很多塊石頭，沒有找到任何可能。

So the first -- the first thing is to find attractive tonnage and then, of course, trying to time it. which we think we happen to do very well. So I think it's part of the overall strategy of continuously, can you say, renewing the fleet, keeping a low age, and striking when you have the opportunity.

所以第一件事——第一件事是找到有吸引力的噸位，然後，當然，試著計時。我們認為我們碰巧做得很好。所以我認為這是整體戰略的一部分，你可以說，更新艦隊，保持低年齡，並在有機會時出擊。

What you have noticed that perhaps we did is that we've sold 2 Capes. I don't think we would have sold those Capes if it wasn't because we've got the possibility of buying these 6 Newcastlemaxes. So this is, I think, a classical ship-owning move. You sell something all recycle the equity into some newbuildings, you lower your average age, and you have a, I can say, higher generating vessels are coming in.

您已經註意到，也許我們所做的是我們已經售出 2 件斗篷。如果不是因為我們有可能購買這 6 艘 Newcastlemax，我認為我們不會出售這些 Capes。所以我認為，這是一個典型的擁有船舶的舉動。你賣掉一些東西，將股權全部回收到一些新建築中，你降低了你的平均年齡，我可以說，你有一艘更高發電量的船進來了。

So it was kind of an optimistical transaction. It became possible and then we were striking forward, because it fits well into the strategy that we have, which is, as I say, to have a modern and young fleet.

所以這是一種樂觀的交易。這成為可能，然後我們開始向前推進，因為它非常符合我們的戰略，正如我所說，擁有一支現代化的年輕艦隊。

(Operator Instructions) There are no further questions at the moment. I will hand back the conference over for closing remarks.

（操作員說明）目前沒有其他問題。我將把會議交還給閉幕詞。

All right. Then we would like to say thank you very much for the attention. As always, please remember, you can find more information about the Golden Ocean on LinkedIn, either by following myself or the Golden Ocean profile. And to those of you based in Norway, Happy 17th of May and see you all next time.

好的。然後我們想說非常感謝您的關注。一如既往，請記住，您可以在 LinkedIn 上找到有關 Golden Ocean 的更多信息，方法是關注我自己或 Golden Ocean 個人資料。對於居住在挪威的那些人，5 月 17 日快樂，下次再見。

That conclude 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。