Golden Ocean Group Ltd (GOGL) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Golden Ocean Group Limited Earnings Conference Call. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加金海集團有限公司2023年第二季度業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Lars-Christian Svensen. Please go ahead, sir.

我現在想把會議交給今天的發言人拉斯-克里斯蒂安·斯文森。請繼續，先生。

Hello and good afternoon from Oslo. My name is Lars-Christian Svensen, and I'm the interim CEO of Golden Ocean. Today, CFO, Peder Simonsen and I will guide you through our Q2 numbers and share our views on the market going forward.

來自奧斯陸的大家好，下午好。我叫拉爾斯·克里斯蒂安·斯文森 (Lars-Christian Svensen)，是 Golden Ocean 的臨時首席執行官。今天，首席財務官 Peder Simonsen 和我將引導您了解我們的第二季度數據，並分享我們對未來市場的看法。

We start with the highlights for Q2. Our adjusted EBITDA in the second quarter came in at $80.4 million compared to $54.7 million in the first quarter of 2023. The net profit amounted to $34.9 million and earnings per share of $0.17. This compared to a net loss of $8.8 million and loss per share of $0.04 in the first quarter.

我們從第二季度的亮點開始。我們第二季度調整後的 EBITDA 為 8040 萬美元，而 2023 年第一季度為 5470 萬美元。淨利潤為 3490 萬美元，每股收益為 0.17 美元。相比之下，第一季度淨虧損 880 萬美元，每股虧損 0.04 美元。

Our TCE rates for Capesize and Panamax vessels were $19,100 per day and $15,600 per day, respectively. This amounts to a fleet-wide average net TCE of $17,660 per day. For the third quarter, we have secured a net TCE of $18,300 per day for 79% of the Capesize days and $13,510 for 98% of the Panamax days. For the fourth quarter, we have secured a net TCE of $21,500 per day for 34% of the Capesize days and $16,500 per day for 26% of the Panamax days.

我們對好望角型和巴拿馬型船舶的 TCE 費率分別為每天 19,100 美元和每天 15,600 美元。這相當於整個機隊的平均淨 TCE 為每天 17,660 美元。第三季度，我們在 79% 的海岬型船天數中獲得了每日 18,300 美元的淨 TCE，在 98% 的巴拿馬型船天數中獲得了 13,510 美元的淨 TCE。第四季度，我們確保 34% 的海岬型船天數的淨 TCE 為每天 21,500 美元，26% 的巴拿馬型船天數的淨 TCE 為每天 16,500 美元。

We also welcome new additions to the fleet with 6 of our 10, 85,000 deadweight Kamsarmax newbuildings being delivered and 6 modern Newcastlemax vessels, which have commenced long-term contract with the Brazilian iron ore miner. We entered into 2 credit facilities of an aggregate amount of $120 million, part financing the 6 new buildings at a highly competitive terms. And last but not least, we announced a dividend of $0.10 per share for the second quarter of 2023.

我們還歡迎新船隊的加入，我們已交付 10 艘 85,000 載重噸 Kamsarmax 型新造船中的 6 艘，以及 6 艘現代 Newcastlemax 船，這些船已與巴西鐵礦石開採商簽訂了長期合同。我們簽訂了兩項總金額為 1.2 億美元的信貸額度，以極具競爭力的條件為 6 座新建築提供部分融資。最後但並非最不重要的一點是，我們宣布 2023 年第二季度每股股息為 0.10 美元。

I will now pass the word over to Peder.

我現在將這句話轉告佩德。

Thank you, Lars-Christian. If we move to Slide 5 and our P&L, we can start looking at our revenues. As Lars-Christian mentioned, we achieved a TCE rate of $19,100 for our Capes and $15,600 for our Panamax and Ultramax fleet.

謝謝你，拉爾斯·克里斯蒂安。如果我們轉到幻燈片 5 和我們的損益表，我們可以開始查看我們的收入。正如 Lars-Christian 提到的，我們的好望角型船隊的 TCE 率為 19,100 美元，巴拿馬型和超靈便型船隊的 TCE 率為 15,600 美元。

Our total fleet of TCE was $17,700, up from $14,900 in Q1. We had 6 ships dry-docked in Q2 versus 3 ships in Q1, resulting in approximately 215 days off-hire in Q2 versus 146 days in Q1. We have 1 ship that we expect to dry docked for Q3, and this dry dock has been completed at today's date. Just below 375 vessel days have been added through new ship deliveries, net of ships leaving the fleet. So some of this resulted in TCE revenues of $153 million, which compares to $131.2 million in Q1.

我們的 TCE 機隊總額為 17,700 美元，高於第一季度的 14,900 美元。我們在第二季度有 6 艘船進乾塢，而第一季度有 3 艘船，導致第二季度大約停租 215 天，而第一季度停租 146 天。我們有 1 艘船預計在第三季度進行幹船塢，該干船塢已於今天完工。新船交付增加了略低於 375 個船舶天數（扣除離開船隊的船舶）。因此，其中一部分導致 TCE 收入達到 1.53 億美元，而第一季度為 1.312 億美元。

Looking at our operating expenses, we recorded $62.4 million in total OpEx compared to $61.6 million in Q1. The increase is a result of higher dry docking costs due to more ships being dry-docked. In addition, we incurred -- increased costs relating to the change of technical management for approximately 25 ships during the quarter. This was offset by lower OpEx reclassified from charter hire as we record each quarter.

從我們的運營支出來看，我們的運營支出總額為 6,240 萬美元，而第一季度為 6,160 萬美元。這一增長是由於更多船舶進入乾塢而導致幹塢成本增加的結果。此外，本季度我們還因約 25 艘船舶的技術管理變更而增加了成本。這被我們每個季度記錄的包機租賃重新分類的較低運營支出所抵消。

Our OpEx ex dry dock was $6,200, which was largely unchanged from Q1. Looking at our general and administrative expenses. We ended with a total expense of $5.2 million, which was up from $4.2 million in Q1. The increase is attributable to nonrecurring personnel expense, mainly relating to profit sharing. Our daily G&A came in at $556 per day net of cost recharge to affiliated companies, which is up from $444 per day in Q1. Our charter hire expense was reduced from $16.8 million in Q1 down to $10.2 million in Q2, which is a result of fewer vessel days in our trading portfolio.

我們的干船塢運營成本為 6,200 美元，與第一季度基本持平。看看我們的一般和行政開支。我們最終的總支出為 520 萬美元，高於第一季度的 420 萬美元。增加的原因是非經常性人員費用，主要與利潤分享有關。扣除向附屬公司充值的費用後，我們的日常管理費用為每天 556 美元，高於第一季度的每天 444 美元。我們的包租費用從第一季度的 1,680 萬美元減少到第二季度的 1,020 萬美元，這是由於我們的貿易組合中的船舶天數減少。

Moving to the net financial expenses. We recorded $23 million in net financial expenses versus $20.5 million in Q1. This is due to higher reference rates, both LIBOR and SOFR. And higher average debt during the quarter.

轉向淨財務費用。我們的淨財務費用為 2,300 萬美元，而第一季度為 2,050 萬美元。這是由於 LIBOR 和 SOFR 參考利率較高。本季度平均債務更高。

On our derivatives and other financial income, we recorded a gain of $14.3 million, which compares to a gain of $2.7 million in Q1. On our derivatives portfolio, we recorded a $9 million gain versus a $2.1 million loss in Q1 with interest rate swaps being the main positive contributor offset by a loss on FFA and bunker derivatives.

在我們的衍生品和其他財務收入方面，我們錄得 1,430 萬美元的收益，而第一季度的收益為 270 萬美元。在我們的衍生品投資組合中，第一季度我們錄得900 萬美元的收益，而第一季度則虧損210 萬美元，其中利率互換是主要的積極貢獻者，但被FFA 和燃油衍生品的損失所抵消。

On our results from investments in associates, we recorded a gain of $4.9 million, which is unchanged quarter-on-quarter. Stemming from our investments in SwissMarine, TFG and UFC. A net profit of $34.9 million, $0.17 per share and a dividend of $0.10 was declared for the quarter.

根據對聯營公司的投資結果，我們錄得 490 萬美元的收益，與上一季度相比沒有變化。源於我們對 SwissMarine、TFG 和 UFC 的投資。該季度淨利潤為 3490 萬美元，每股收益 0.17 美元，股息為 0.10 美元。

Moving to our cash flow. We see a net decrease in cash of $15.9 million. On our cash flow from operations, we recorded a positive cash flow of $45.5 million, which includes a $1.6 million of dividend received from associated companies.

轉向我們的現金流。我們預計現金淨減少 1590 萬美元。在運營現金流方面，我們錄得 4550 萬美元的正現金流，其中包括從聯營公司收到的 160 萬美元股息。

On cash flow provided from financing, we recorded $102.0 million drawdown relating to deliveries of 3 Newcastlemax vessels. And we drew down $80 million relating to delivery of 4 Kamsarmax newbuildings. We also drew $25 million under our revolving credit facilities, leaving $75 million undrawn and available at quarter end.

在融資提供的現金流方面，我們記錄了與交付 3 艘 Newcastlemax 型船舶相關的 1.02 億美元的提款。我們還提取了 8000 萬美元用於交付 4 艘 Kamsarmax 新船。我們還根據循環信貸額度提取了 2500 萬美元，尚有 7500 萬美元未提取並可在季度末使用。

We made prepayment of $25.8 million relating to the sale of Golden Feng and Golden Suek, and we recorded $30.3 million in scheduled debt and lease repayments. We recorded a dividend payment of $20 million. And finally, we spent $6.9 million in payments under our share repurchase program. As announced during the quarter.

我們預付了與出售 Golden Feng 和 Golden Suek 相關的 2580 萬美元，並記錄了 3030 萬美元的定期債務和租賃償還。我們記錄了 2000 萬美元的股息支付。最後，我們根據股票回購計劃支付了 690 萬美元。正如本季度所宣布的那樣。

On our cash flow used in investments totaled $184.6 million, which is mainly relating to $43.6 million in net proceeds received from the sale of Golden Feng and Golden Suek. $130.1 million in asset investments, the majority relating to purchase price per 3 Newcastlemax vessels and payment of newbuilding installments of $98 million.

我們用於投資的現金流總額為 1.846 億美元，主要與出售 Golden Feng 和 Golden Suek 獲得的 4360 萬美元淨收益有關。 1.301 億美元的資產投資，大部分與每 3 艘 Newcastlemax 船的購買價格和 9800 萬美元的新造船分期付款有關。

Moving to Slide 7 on our balance sheet. We can see that our cash and cash equivalents was $107.3 million, which includes $3.4 million of restricted cash. In addition, we have $75 million, as mentioned, undrawn and available under our revolving credit facilities at quarter end. Our debt and finance lease liabilities totaled $1.5 billion at the end of Q2, up by approximately $152 million since Q1. Average fleet-wide loan-to-value under our debt facilities per quarter end was 45% and our book equity of $1.9 billion led to a ratio of equity to total assets of approximately 54%.

轉到我們資產負債表上的幻燈片 7。我們可以看到我們的現金和現金等價物為 1.073 億美元，其中包括 340 萬美元的限制性現金。此外，如上所述，我們在季度末的循環信貸安排下還有 7500 萬美元未提取和可用。截至第二季度末，我們的債務和融資租賃負債總額為 15 億美元，較第一季度增加約 1.52 億美元。每季度末我們債務融資下的平均整個船隊貸款價值比為 45%，我們的賬面資產為 19 億美元，股本與總資產的比率約為 54%。

And with that, I'll give the word back to Lars-Christian.

說到這裡，我會把話轉告給拉斯-克里斯蒂安。

Thank you, Peder. Moving over to the GDP growth. GDP growth is the leading indicator for dry bulk demand. The graph on the left shows the G20 diffusion index. This index illustrates a number of G20 countries that are growing above the long-term potential. As you can see, this correlates well with historical cyclicality of the Baltic Dry Index and indicates another potential upturn in the near future. The global GDP outlook has been revised downwards over the course of the year but shows healthy growth rate's according to the IMF with China and India remaining important contributors. Over to the market development. We have all seen and read the macro news over the last 6 months, which has created unusual volatility in the freight and trading markets.

謝謝你，佩德。轉向GDP增長。 GDP增長是乾散貨需求的先行指標。左圖顯示了G20擴散指數。該指數表明許多 G20 國家的增長超出了長期潛力。正如您所看到的，這與波羅的海幹散貨指數的歷史週期性密切相關，並表明在不久的將來可能會再次出現好轉。根據國際貨幣基金組織的說法，今年全球 GDP 前景已向下修正，但顯示出健康的增長率，其中中國和印度仍然是重要的貢獻者。轉向市場開發。我們都看到並閱讀了過去 6 個月的宏觀新聞，這導致貨運和貿易市場異常波動。

For the Capesize market, especially the physical story paints a solid picture. Iron ore exports from Brazil are up substantially from last year, about 12 million tonnes to date. Bauxite from West Africa increasingly so, and China's appetite for imported coal, albeit record domestic production being high has surpassed 2022 year-to-date.

對於海岬型船市場，尤其是實體故事描繪了一幅堅實的圖景。巴西鐵礦石出口量較去年大幅增加，迄今約為 1200 萬噸。來自西非的鋁土礦越來越如此，儘管國內產量創歷史新高，但中國對進口煤炭的需求今年迄今已超過 2022 年。

We also need to mention the extremely high fleet efficiency currently well below 5 years average. Where the Capesize market has a large upside, much like to what we've seen in the Panamax space over the last month where sudden congestion in South American ports and a dry Panama Canal has pushed to freight markets. Panamax has so far trailed behind the Cape segment this year. However, with the congestion delayed soybean season and good corn crops from the U.S. Gulf. We foresee more Panamax activity for the second half as well.

我們還需要提及目前遠低於 5 年平均水平的極高機隊效率。海岬型船市場有很大的上漲空間，就像我們上個月在巴拿馬型船領域看到的那樣，南美港口突然擁堵和乾涸的巴拿馬運河推動了貨運市場。今年巴拿馬型船迄今為止一直落後於好望角船型。然而，由於交通擁堵，大豆季節和美國海灣玉米作物豐收推遲。我們預計下半年巴拿馬型船活動也會更多。

Moving over to the steel and iron ore inventories. The Chinese iron ore and steel mill inventories are also telling a very compelling story. Iron ore port inventories are down 25% and 40 million tonnes since last -- since the height or beginning of 2022.

轉向鋼鐵和鐵礦石庫存。中國的鐵礦石和鋼廠庫存也講述了一個非常引人注目的故事。自 2022 年高峰期或年初以來，鐵礦石港口庫存下降了 25%，至 4000 萬噸。

And steel inventories has also been drawn down almost 30% and 34 million tonnes over the same period. This is well below the 30-day critical consumption level for the country. It also explains the vast amount of iron ore volumes being shipped so far this year and thus indeed indicate that China is continuing to utilize steel. The iron ore price is currently trading around $115 per tonne and has so far not shown weakness, volatility rather on the back of macro news yet to be implemented.

同期鋼鐵庫存也減少了近 30%，達到 3400 萬噸。這遠低於該國 30 天的關鍵消費水平。這也解釋了今年迄今為止鐵礦石運輸量巨大的原因，從而確實表明中國正在繼續使用鋼鐵。鐵礦石價格目前交易在每噸115美元左右，迄今為止並未表現出疲軟、波動，而是受宏觀消息尚未落實的影響。

Finnish deal, as in terms of rebar, long and flat steel, is also at normal levels, i.e., steel in every shape and form is being absorbed and the underlying demand continues. Brazilian iron ore and bauxite, the tonne mile in the Capesize segment continues to increase. Last year, the iron ore tonne mile was down about 3%. However, with the aid of other commodities, much thanks to Guinean bauxite, the overall tonne mile for Capes increased 3% in 2022.

芬蘭的螺紋鋼、長材和扁鋼交易也處於正常水平，即各種形狀和形式的鋼材都在被吸收，潛在需求仍在持續。巴西鐵礦石和鋁土礦，好望角型船段的噸英里繼續增加。去年，鐵礦石噸英里下降了約 3%。然而，在其他商品的幫助下，特別是幾內亞鋁土礦，2022 年 Capes 的總噸英里增加了 3%。

The trade has become significant, currently 10% of Cape tonne mile with analysts expecting 30% to 40% growth in 2024. So far in '23, with more volumes being shipped from both Brazil and Guinea, the tonne mile will continue its positive trajectory.

該貿易已變得非常重要，目前佔開普噸英里的10%，分析師預計2024 年將增長30% 至40%。 23 年到目前為止，隨著巴西和幾內亞的運輸量增加，噸英里將繼續其積極的軌跡。

Another point we would like to raise in this call is the more structural impact of the bauxite trade. If I can draw your attention to the bottom left graph, you will see that seasonality in the Capesize market has experienced less volume during Q1 and also in turn, lower freight rates. This has been due to the wet season and maintenance of the iron ore terminals in Brazil.

我們想在這次電話會議中提出的另一點是鋁土礦貿易的結構性影響。如果我能讓您注意左下圖，您會發現海岬型船市場的季節性在第一季度成交量減少，運價也隨之下降。這是由於巴西的雨季和鐵礦石碼頭的維護造成的。

But as you can see, with the increased bauxite tonnes exported during the same period, the tonne mile gap narrows every year. We are under the belief that the so-called traditional Q1 slow season can be challenged and that we will have a more steady trade flow all year round for the larger sizes. If you have a look at the favorable supply dynamics, as mentioned previously in this presentation, we see limited downside in the larger sizes when it comes to efficiency. There is simply put little room to turn the fleet faster during port operations than what we're currently experiencing.

但正如您所看到的，隨著同期鋁土礦出口噸數的增加，噸英里差距逐年縮小。我們相信，所謂的傳統第一季度淡季可能會受到挑戰，並且我們將全年獲得更穩定的大規格貿易流量。如果您了解有利的供應動態，如本演示文稿前面提到的，我們會發現較大尺寸在效率方面的下行空間有限。在港口運營期間，幾乎沒有什麼空間可以比我們目前所經歷的更快地轉動船隊。

If anything, with the new CII regulations coming in full force in 2024, large parcel of fleets are likely to slow steam even further. At the same time, the order book and supply dynamics for dry cargo vessels are encouraging and very much unchanged over the last 12 months, largely due to uncertainty surrounding propulsion technology and yard capacity restraints.

如果說有什麼不同的話，那就是隨著新的 CII 法規將於 2024 年全面生效，大量船隊的速度可能會進一步放緩。與此同時，乾貨船的訂單和供應動態令人鼓舞，並且在過去 12 個月中基本沒有變化，這主要是由於推進技術和船廠產能限制的不確定性。

Next slide here, we go through the resilient business model of Golden Ocean. We strive to maintain our position of having the lowest breakeven in the industry, currently fleet-wide around $13,000 per day. With our premium fleet, hands on execution and good financing, we are continuing to outperform the markets every quarter.

下一張幻燈片，我們將介紹 Golden Ocean 的彈性商業模式。我們努力保持行業內最低盈虧平衡的地位，目前整個機隊的盈虧平衡點約為每天 13,000 美元。憑藉我們的優質機隊、實際執行力和良好的融資，我們每個季度的表現都繼續跑贏市場。

For the first half of 2023, we have across both Cape and Panamax segment outperformed the market with $4,700 a day. We aim to continue our fleet renewal program and enhance further energy efficiency devices across our fleet to bring our cash breakeven down further. With our low cash breakeven and fleet composition, we will float in almost any market as seen on the graph on the right side.

2023 年上半年，我們在好望角型和巴拿馬型船領域的表現均優於市場，每天 4,700 美元。我們的目標是繼續我們的機隊更新計劃，並進一步增強我們機隊的能效設備，以進一步降低我們的現金收支平衡。由於我們的現金盈虧平衡點和機隊構成較低，我們幾乎可以在任何市場上浮動，如右圖所示。

Now let us guide you through our next 2 quarters. The forward outlook from a market standpoint looks promising as discussed earlier in this presentation. We have for Q3 locked in 79% of the Capesize available days at $18,300 per day and 97% of the Panamax available days at $13,500 per day. Q3 to date, we have outperformed the market by $5,300 a day on a fleet-wide average.

現在讓我們引導您度過接下來的兩個季度。正如本演示文稿前面討論的那樣，從市場角度來看，前景看起來充滿希望。第三季度，我們將 79% 的海岬型船可用天數鎖定在每天 18,300 美元，將 97% 的巴拿馬型可用天數鎖定在每天 13,500 美元。迄今為止，第三季度，我們的機隊平均每天的表現比市場高出 5,300 美元。

For Q4, we are locked in 34% of the available Capesize days at $21,500 and 26% of the available Panamax days at $16,500 per day. And this combined, we have contracted a TCE revenue of $181 million for the second half of the year. This couple will protect a healthy bottom line for the rest of the year and at the same time, give us leverage needed to capture rising market going into Q4.

第四季度，我們將 34% 的海岬型船可用天數鎖定在 21,500 美元/天，將 26% 的可用巴拿馬型船天數鎖定在 16,500 美元/天。總而言之，我們下半年的 TCE 合同收入為 1.81 億美元。這對夫婦將在今年剩餘時間內保護健康的利潤，同時為我們提供捕捉第四季度上漲市場所需的槓桿作用。

Cash flow potential. To round off this presentation, we would like to show you the significant earnings potential in Golden Ocean as we move into the historical high season. The assumed freight rates set out in the graph are achieved rates and based on the best-in-class fleet efficiency and low-cost model, the free cash flow can generate healthy dividend yields even at current freight levels.

現金流潛力。為了結束本次演示，我們想向您展示隨著我們進入歷史旺季，金海的巨大盈利潛力。圖表中列出的假設運費是已實現的運費，並且基於一流的船隊效率和低成本模型，即使在當前的運費水平下，自由現金流也可以產生健康的股息收益率。

With that, I'll pass the word back to the operator. Thank you.

這樣，我會將消息傳回給接線員。謝謝。

(Operator Instructions) And now we are going to take our first question and the question comes from the line of Omar Nokta from Jefferies.

（操作員說明）現在我們要回答第一個問題，該問題來自 Jefferies 的 Omar Nokta。

I wanted to ask about the dry bulk market. And I think you gave some interesting commentary about the bauxite trade potentially offsetting the typical wet season in Brazil. Do you think, basically, going forward, we may be able to throw out the conventional idea that dry bulk is always the weakest in the first quarter? And do you look to capitalize on this dynamic potentially here, as you get into '24 with maybe some charter ins or some FFAs, how do you think about playing the potential of bauxite offsetting iron ore?

我想問一下乾散貨市場的情況。我認為您對鋁土礦貿易可能抵消巴西典型雨季的影響發表了一些有趣的評論。您認為，基本上，展望未來，我們也許能夠拋棄幹散貨始終是第一季度最弱的傳統觀念嗎？當您進入 24 年時，您是否希望利用這種潛在的動態，可能會有一些包機或一些 FFA，您如何看待發揮鋁土礦抵消鐵礦石的潛力？

I think, Omar, that when it comes to the bauxite rate, the growth there is -- the growth potential is huge. The volumes are there. The mines are there and the infrastructure works very well. This is already contracted volumes going into a different trade than what the traditional iron ore would do. So we are quite bullish on this particular commodity that will drive it forward with the tonne mile, if that increases 2%, 3%, 4% per year next year and the year after, we're looking at a quite healthy Capesize rates going forward.

奧馬爾，我認為，就鋁土礦產量而言，增長潛力巨大。卷就在那裡。那裡有礦山，基礎設施運轉良好。這已經是與傳統鐵礦石不同的貿易合同量。因此，我們非常看好這種特殊的商品，它將推動其噸英里增長，如果明年和後年每年增加 2%、3%、4%，我們將看到相當健康的海岬型船費率向前。

Yes. And I guess in terms of the iron ore activity that we have been seeing, you mentioned that it's been relatively strong, actually going into China and with a big step-up out of Brazil so far this year. When we think about the pace of activity, obviously, the first half looked really good going into China. It looks like elsewhere was a bit softer. What's the pace been like as we look to here as we started the second half year, these were 2 months in. How is the pace of iron ore going into China in relation to the first half from your vantage point? And are there any shifts or promising signals for volumes outside of China?

是的。我想就我們所看到的鐵礦石活動而言，您提到鐵礦石活動相對強勁，實際上進入了中國，今年到目前為止，巴西的鐵礦石活動也大幅增加。當我們考慮活動的節奏時，顯然，上半年進入中國市場看起來非常好。看起來其他地方的氣氛要柔和一些。下半年開始時，兩個月後的情況是怎樣的？從您的角度來看，與上半年相比，鐵礦石進入中國的速度如何？中國以外的銷量是否有任何變化或有希望的信號？

The second half has had in terms of iron ore story has started at a much higher pace than the first half of the year. Just today, the output from Brazil combined with all the miners are over 1.2 million tonnes per day. So compare that to January this year, this is a significant increase and will drive these volumes forward 100%. And in terms of Oslo, countries and places taking the iron ore, we see the European growth as well as slowly but sure increasing from what we've seen from the second half -- first half, sorry.

下半年鐵礦石的開工速度遠高於上半年。就在今天，巴西連同所有礦商的產量合計每天超過 120 萬噸。因此，與今年 1 月份相比，這是一個顯著的增長，並將推動這些銷量增長 100%。就奧斯陸、使用鐵礦石的國家和地區而言，我們看到歐洲的增長，以及從我們下半年看到的緩慢但肯定的增長——對不起，上半年。

Okay. That's interesting. And maybe just 1 final 1 on the market. In terms of coal, we have seen here a jump in LNG prices of late, at least in relation to where things were a couple of months ago at the lows. Have you seen any effect on that on coal volumes or coal interest or activity? Any shift or any sort of, I guess, any impact of that on the coal trade?

好的。那很有意思。市場上可能只有 1 個最後 1 個。就煤炭而言，我們看到液化天然氣價格最近有所上漲，至少與幾個月前的低點相比是這樣。您是否看到這對煤炭量或煤炭興趣或活動有何影響？我猜這對煤炭貿易有任何變化或任何影響嗎？

Yes. The coal trade has been active all year, especially from Australia into China since they reopened their relationship there. India has been active in the first Q1 this year. And now with the monsoon season over, we expect India to continue to import that the stockpiles are low as well. But the gas prices going up, we have seen in the market lately, more cargoes as well going from east to west. So maybe that's a strong signal that the continent is starting to build a little bit more security to avoid what happened last year.

是的。煤炭貿易全年都很活躍，特別是自澳大利亞與中國重新建立關係以來，從澳大利亞到中國的煤炭貿易。印度今年第一季度表現活躍。現在隨著季風季節的結束，我們預計印度將繼續進口，庫存也很低。但我們最近在市場上看到，天然氣價格上漲，從東部到西部的貨物也有所增加。因此，這也許是一個強烈的信號，表明非洲大陸正在開始加強安全措施，以避免去年發生的事情。

(Operator Instructions) Dear speakers, there are no further questions at this time. And I would now like to hand the conference over to our management team for any closing remarks.

（操作員說明）尊敬的發言者，目前沒有其他問題。現在我想將會議交給我們的管理團隊進行閉幕致辭。

Well, thanks a lot for dialing in and have a continued great week.

好的，非常感謝您的撥通，祝您度過愉快的一周。

Thank you very much. Bye-bye.

非常感謝。再見。

That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.

我們今天的會議到此結束。感謝您的參與。你們現在可以斷開連接了。祝你今天過得愉快。