Golden Ocean Group Ltd (GOGL) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q4 2023 Golden Ocean Group Limited. (Operator Instructions) Please note that today's conference is being recorded. I would now like to hand the conference call over to your speaker, Lars-Christian Svensen, Interim CEO. Please go ahead, sir.

美好的一天，感謝您的支持，歡迎來到金海集團有限公司 2023 年第四季。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將電話會議交給發言人、臨時執行長拉爾斯·克里斯蒂安·斯文森 (Lars-Christian Svensen)。請繼續，先生。

Hi, there and a very 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 Q3 numbers and update you on recent activities in Golden Ocean and our forward outlook.

你好，來自奧斯陸的一個非常美好的下午。我叫拉爾斯‧克里斯蒂安‧斯文森 (Lars-Christian Svensen)，是 Golden Ocean 的臨時執行長。今天，財務長 Peder Simonsen 和我將引導您了解我們第三季的數據，並向您介紹 Golden Ocean 最近的活動和我們的未來展望。

Here are our highlights for Q3. Our adjusted EBITDA in the third quarter of 2023 ended up at $78.9 million compared to $80.4 million in the second quarter. We delivered a net profit of $28.7 million and earnings per share of $0.14. This is compared with net profit of $34.9 million and earnings per share of $0.17 for the second quarter. Our TCE rates for Capesize and Panamax vessels with $18,200 per day and $15,400 per day, respectively, combined a total fleet wide net TCE of $17,100.

以下是我們第三季的亮點。 2023 年第三季調整後 EBITDA 為 7,890 萬美元，而第二季為 8,040 萬美元。我們實現淨利 2,870 萬美元，每股收益 0.14 美元。相比之下，第二季淨利為 3,490 萬美元，每股收益為 0.17 美元。我們對海岬型和巴拿馬型船舶的 TCE 費率分別為每天 18,200 美元和每天 15,400 美元，整個船隊的總 TCE 淨額為 17,100 美元。

For Q4, we have secured a net TCE of $23,045 per day for 79% of the Capesize days and $17,250 (sic - see slide 4, "$17,275") per day for 83% of the Panamax days. For Q1, we have secured a net TCE of $21,700 per day for 12% of the Capesize days and $15,600 per day for 23% of the Panamax days.

對於第四季度，我們在79% 的海岬型船天數中獲得了每天23,045 美元的淨TCE，在83% 的巴拿馬型船天數中獲得了每天17,250 美元（原文如此- 參見幻燈片4，“17,275 美元”）。第一季度，我們確保 12% 的海岬型船天數的淨 TCE 為每天 21,700 美元，23% 的巴拿馬型船天數的淨 TCE 為每天 15,600 美元。

During Q3, we have also entered into back-to-back agreements to buy and sell a Supramax vessel, which we held as a purchase option. The company expects to recognize the gain from the sale of approximately $6 million upon delivery of the vessel, and the expected delivery date is before year end. We also completed the sale and delivery of one of our Panamax vessels to new owners, recognizing a gain from the sale of about $1 million and net cash proceeds of about $7 million. Through to the dividend policy, we declare a dividend of $0.10 per share for the third quarter of 2023.

在第三季度，我們還簽訂了連續購買和出售一艘超靈便型船舶的協議，我們將其作為購買選擇權。該公司預計在該船交付時將確認約600萬美元的銷售收益，預計交付日期為年底前。我們也完成了一艘巴拿馬型船舶的出售和交付給新船東，確認出售收益約 100 萬美元，淨現金收益約 700 萬美元。根據股利政策，我們宣布 2023 年第三季股利為每股 0.10 美元。

With that, I will pass the word over to Peder.

說到這裡，我會把話轉達給佩德。

Thank you, Lars-Christian. If we move to our profit and loss, we delivered strong commercial performance with cape TCE rates coming in at $18,200, slightly down from previous quarter. And Panamax is coming in at $15,400, in line with previous quarter. Our total fleet wide time charter equivalent was $17,100, which was materially unchanged from Q2.

謝謝你，拉爾斯克里斯蒂安。如果我們轉向損益，我們將實現強勁的商業業績，Cape TCE 費率為 18,200 美元，略低於上一季。巴拿馬型船的運價為 15,400 美元，與上一季持平。我們的船隊期租總金額為 17,100 美元，與第二季相比基本上沒有變化。

We had two ships dry docked in Q3 versus six ships in Q2, resulting in approximately 115 days off-hire versus 215 days off-hire in Q2. We have two ships expected to dry docked in Q4, which are expected to be complete by the second half of the quarter.

我們在第三季有兩艘船進乾船塢，而在第二季有六艘船，導致大約 115 天停租，而第二季則有 215 天停租。我們有兩艘船預計在第四季進行乾塢，預計在本季下半年完成。

We added just below 550 vessel days compared to Q2 through our new ship deliveries, net of vessel sales in Q3. Our net revenues came in at $156.6 million compared to $154 million in Q2.

與第二季相比，我們透過新船交付量增加了略低於 550 艘船的天數（扣除第三季的船舶銷售）。我們的淨收入為 1.566 億美元，而第二季為 1.54 億美元。

Looking at our operating expenses, we recorded $64.5 million versus $62.4 million in the previous quarter. This was impacted by additional ship days compared to the previous quarter. In addition, we recorded approximately $3 million expense relating to the change of technical managers on certain of our ships. This was offset by fewer dry dockings in this quarter compared to previous quarter, and also, offset by lower OpEx reclassified from charter hire, with fewer ships being chartered on average during the quarter.

從我們的營運支出來看，我們的營運支出為 6,450 萬美元，而上一季為 6,240 萬美元。與上一季相比，這受到了額外運輸天數的影響。此外，我們還記錄了與某些船舶更換技術經理相關的約 300 萬美元費用。與上一季相比，本季乾船塢數量減少，而且由於包機租賃重新分類的營運支出降低（本季平均包租船舶減少），抵消了這一影響。

The reclassified charter hire was $4.9 million in Q3 versus $6.2 million in Q2. Our general and administrative expenses came in at $4.4 million, down from $5.2 million in Q2, which is fairly unchanged when adjusting for non-recurring items in Q2. Our daily G&A ended at $470 per day, net of cost recharged affiliated companies, down from $560 per day in Q2.

第三季重新分類的包機租金為 490 萬美元，而第二季為 620 萬美元。我們的一般和管理費用為 440 萬美元，低於第二季的 520 萬美元，在對第二季的非經常性項目進行調整後，這一數字基本上沒有變化。我們的日常管理費用為每天 470 美元（扣除附屬公司充值費用），低於第二季的每天 560 美元。

Our charter hire expense, we're $8.3 million down from $10.2 million due to fewer vessel days in the trading portfolio. And an adjusted EBITDA of $78.9 million versus $80.4 million in Q2.

由於交易組合中的船舶天數減少，我們的包租費用從 1,020 萬美元減少了 830 萬美元。調整後 EBITDA 為 7,890 萬美元，而第二季為 8,040 萬美元。

Looking at the net financial expenses, we recorded $28 million in net interest expense versus $23 million in Q2, a change due to higher reference rates and higher average debt in the quarter. The increase in interest rates also needs to be seen in relation to the realized portion of the interest rate swap portfolio, which impacted our derivatives and other financial income in the quarter.

從淨財務費用來看，我們的淨利息費用為 2,800 萬美元，而第二季為 2,300 萬美元，這項變動是由於本季參考利率較高和平均債務較高。利率的上升也需要與利率掉期投資組合的實現部分連結起來，這影響了我們本季的衍生性商品和其他財務收入。

We recorded a gain of $11.9 million compared to a gain of $14.3 million, of which $10.6 million relates to interest rate swaps and $1.8 million relate to bunker derivatives and FX gains. And of the $10.6 million, $4.9 million is realized cash gains, and $5.8 million is mark-to-market gains, following an increase in long-term interest rates.

我們錄得 1,190 萬美元的收益，而收益為 1,430 萬美元，其中 1,060 萬美元與利率掉期相關，180 萬美元與燃油衍生品和外匯收益相關。在這 1,060 萬美元中，490 萬美元是實現的現金收益，580 萬美元是長期利率上升後按市值計價的收益。

Results from investments in associates, we recorded a loss of $300,000 compared to a gain of $4.9 million in Q2, which relates to our investments in SwissMarine, TFG, and UFC. A net profit of $28.7 million and $0.14 per share and a dividend declared of $0.10 for the quarter.

從對聯營公司的投資來看，我們錄得 30 萬美元的虧損，而第二季度則錄得 490 萬美元的收益，這與我們對 SwissMarine、TFG 和 UFC 的投資有關。該季度淨利潤為 2870 萬美元，每股收益為 0.14 美元，股息為 0.10 美元。

Moving to the next slide. Our cash flow from operations came in at $47.4 million, which includes $600,000 dividend from associated companies. Our cash flow provided from financing came in at $33.5 million.

轉到下一張投影片。我們的營運現金流為 4,740 萬美元，其中包括來自聯營公司的 60 萬美元股息。我們的融資現金流為 3,350 萬美元。

We recorded $32.4 million drawdown relating to delivery of one Newcastlemax vessel. We drew $40 million relating to deliveries of two Kamsarmax newbuildings, and we drew $25 million under our revolving credit facility. This was offset by $7.6 million pre-payment relating to the sale of one Panamax vessel and $35.8 million in scheduled debt in lease repayments. We recorded a dividend payment of $19.9 million relating to our Q2 results and a $900,000 payment for share repurchase.

我們記錄了與交付一艘 Newcastlemax 型船舶相關的 3,240 萬美元的提款。我們從兩艘 Kamsarmax 新船的交付中提取了 4000 萬美元，並根據循環信貸額度提取了 2500 萬美元。這被與出售一艘巴拿馬型船舶相關的 760 萬美元預付款和租賃償還中的 3,580 萬美元預定債務所抵消。我們記錄了與第二季業績相關的 1,990 萬美元股息支付和 90 萬美元的股票回購支付。

Our cash flow used in investments was $88.5 million, which mainly relates to a $45.3 million relating to the delivery of the last Newcastlemax vessel, $58.1 million in installments and cost relating to our Kamsarmax newbuildings. And this was offset by $14.8 million in net proceeds from the sale of the Panamax vessel. Total net decrease in cash of $7.8 million during Q3.

我們用於投資的現金流量為 8850 萬美元，主要涉及與交付最後一艘 Newcastlemax 型船舶相關的 4530 萬美元、5810 萬美元的分期付款以及與我們的 Kamsarmax 新造船相關的成本。這被出售巴拿馬型船舶的 1,480 萬美元淨收益所抵消。第三季現金淨減少總額為 780 萬美元。

Moving to the balance sheets, we had cash and cash equivalents of $99.7 million, including $2.2 million of restricted cash at the end of Q3. In addition, we had $50 million in undrawn available credit facilities at quarter end.

轉向資產負債表，我們的現金和現金等價物為 9,970 萬美元，其中包括第三季末的 220 萬美元限制性現金。此外，截至季末，我們還有 5,000 萬美元的未提取可用信貸額度。

Our debt and lease liabilities totaled $1.5 billion end of Q3, but by approximately $72 million since Q2. Our average fleet wide loan to value under the company's debt facilities per quarter end was 45.6%. With the book equity of $1.9 billion, we had a ratio of equity to total assets of approximately 53% at the end of Q3.

截至第三季末，我們的債務和租賃負債總額為 15 億美元，但自第二季以來增加了約 7,200 萬美元。每季末公司債務融資下的平均船隊貸款價值為 45.6%。截至第三季末，我們的帳面權益為 19 億美元，權益與總資產的比率約為 53%。

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

說到這裡，我會把話還給拉斯-克里斯蒂安。

Thank you, Peder. In Golden Ocean, we like to focus on the larger vessels where we have the most volatility and also potential upside historically. Our young and modern fleet, which currently holds an average of seven years, allows us to constantly be to market over time. And with our current vessel count on 95, we offer a large commercial platform.

謝謝你，佩德。在金洋，我們喜歡關注較大的船舶，因為這些船舶歷史上波動性最大，也有潛在的上漲空間。我們年輕而現代化的機隊目前平均壽命為七年，使我們能夠隨著時間的推移不斷推向市場。我們目前的船舶數量為 95 艘，我們提供了一個大型商業平台。

Our market cap of $1.5 billion and dual listings in New York and Oslo provides solid liquidity for our shareholders. All of the above should make Golden Ocean an attractive go-to company for all investors wanting dry bulk exposure.

我們 15 億美元的市值以及在紐約和奧斯陸雙重上市為我們的股東提供了堅實的流動性。所有上述因素都應該使金洋成為所有想要投資乾散貨的投資者的有吸引力的首選公司。

As I mentioned in our previous slide, we're proud of our young and modern fleet. However, it's just as important to maintain a low cash breakeven to float in practically any market.

正如我在上一張投影片中提到的，我們為我們年輕而現代化的機隊感到自豪。然而，保持較低的現金收支平衡對於在幾乎任何市場上流通都同樣重要。

Illustrated here with our 60 Capesize vessels, our Cape and Newcastlemax cash breakeven over our entire fleet halted $14,800 per day. Due to our fleet composition and clinical execution, we have outperformed the market with about $5,000 per day so far this year. If you deduct that premium from the $14,800, Golden Ocean's adjusted cash breakeven is below $10,000 per day.

以我們的 60 艘好望角型船舶為例，我們整個船隊的好望角型和紐卡斯爾型船舶每天的現金收支平衡為 14,800 美元。由於我們的機隊組成和臨床執行，今年到目前為止，我們的表現以每天約 5,000 美元的成績跑贏了市場。如果從 14,800 美元中扣除溢價，Golden Ocean 調整後的現金損益平衡點將低於每天 10,000 美元。

From the bottom left historical graph, you can clearly see the Golden Ocean modern fleet combined with an industry -low cash breakeven much due to excellent financing. We'll make money in almost any market.

從左下歷史圖表中，您可以清楚地看到金洋現代船隊由於良好的融資而擁有行業低的現金盈虧平衡點。我們幾乎可以在任何市場上賺錢。

We will continue to invest in our vessels to increase our fleet premium towards the market, and thus, decrease our adjusted cash breakeven further. Not only should we consider the market-leading company with high liquidity, but a company that has a massive upside potential with downside protection well covered.

我們將繼續投資於我們的船舶，以增加我們的船隊溢價對市場的影響，從而進一步減少我們調整後的現金盈虧平衡點。我們不僅應該考慮​​具有高流動性的市場領導公司，還應該考慮具有巨大上行潛力且具有良好的下行保護的公司。

Albeit volatile, Q3 finished on a strong note for both Panamax and Capesize. China is continuing to import iron ore, bauxite, coal, and agri products, surpassing last year's levels. Even so, the Chinese iron ore and steel stockpiles are decreasing, much due to a huge steel export program. We have seen increased tonne-miles in both segments. And with the seasonality coming to life, the Panamax and Cape sectors look to finish 2023 on a strong note.

儘管波動較大，巴拿馬型船和海岬型船第三季均表現強勁。中國繼續進口鐵礦石、鋁土礦、煤炭和農產品，超過去年的水準。即便如此，中國的鐵礦石和鋼鐵庫存仍在減少，這在很大程度上是由於龐大的鋼鐵出口計畫。我們看到這兩個部分的噸英里數都有所增加。隨著季節性的到來，巴拿馬型船和好望角型船預計在 2023 年結束時表現強勁。

The iron ore trade has come into full bloom so far in 2023, with steady Chinese demand and continues imports from both Brazil and Australia. Brazil will, for the first time since the Brumadinho incident, deliver around her yearly targets. The commodity price itself is pushing $130 per tonne, which had led to frustration in the Chinese government and steel mills as their stockpiles continue to diminish.

2023年至今，鐵礦石貿易已全面開花，中國需求穩定，並持續從巴西和澳洲進口。自布魯馬迪尼奧事件以來，巴西將首次實現年度目標。大宗商品價格本身已升至每噸 130 美元，這導致中國政府和鋼廠因庫存持續減少而感到沮喪。

India has had a decline in iron ore export throughout the third quarter. And in addition, they have concluded a large iron ore contract from Brazil to India for 5 million tonnes, which can indicate a new trend and trading pattern for dry cargo. For the tonne-mile scenario, we've had very much welcome more iron ore imports to India from Brazil.

印度第三季鐵礦石出口量下降。此外，他們還簽訂了一份從巴西到印度的500萬噸大型鐵礦石合同，這可以預示乾貨的新趨勢和貿易格局。對於噸英里情景，我們非常歡迎從巴西向印度進口更多鐵礦石。

So where has all the increased landed iron ore tonnes been absorbed? Well, China is the world's largest steel producer, accounting for 56% of global steel output. Contrary to negative macro news, China steel production is up 2% year on year, but a solid 4.5% increase in Q3.

那麼增加的鐵礦石到岸噸數都被吸收到哪裡了呢？那麼中國是世界上最大的鋼鐵生產國，佔全球鋼鐵產量的56%。與負面宏觀消息相反，中國鋼鐵產量年增 2%，但第三季增幅高達 4.5%。

Although property investments are down about 9%, we see that the Chinese iron ore production is down. And rotation to technology intensive manufacturing and energy transition with infrastructure investment is up 9% year on year, and private manufacturing investments are up 6%. In addition, Chinese car exports are up 62% as steel - exports 30% year on year, which equates to about 80 million tonnes of iron ore.

儘管房地產投資下降約 9%，但我們看到中國鐵礦石產量下降。基礎設施投資轉向技術密集製造業和能源轉型較去年同期成長9%，私人製造業投資成長6%。此外，中國汽車出口量較去年同期成長62%，鋼材出口量較去年同期成長30%，相當於約8,000萬噸鐵礦石。

As we have discussed earlier this year, the bauxite trade from Guinea has developed into a steady long-haul Capesize trade, predominantly into China. This bauxite trade has dominated the total global cape tonne-mile, with a staggering 12.5%. In addition, it's inversely seasonal to the iron ore trade from Brazil, which makes attempting to assume that the coming Q1 will be more volatile and interesting than we've seen in many years.

正如我們今年稍早討論的那樣，幾內亞的鋁土礦貿易已發展成為穩定的長途海岬型船貿易，主要銷往中國。鋁土礦貿易在全球開普噸海浬貿易總量中佔據主導地位，達到驚人的 12.5%。此外，它與巴西的鐵礦石貿易呈現反季節性，這使得人們試圖假設即將到來的第一季將比我們多年來所看到的更多波動和有趣。

We see an upside to this trade into 2024, and we will position large parts of our fleets accordingly. The supply side is still looking lastly compelling into dry space. The total dry order book is around 8% of the total fleet, and even more alluring is the Capesize segment, where we have 5% of the total fleet order for newbuildings.

我們認為到 2024 年這種貿易將會有上行趨勢，我們將相應地定位我們的大部分機隊。供應方仍在尋找最後的吸引力進入乾燥空間。乾訂單總量約佔船隊總數的 8%，更有吸引力的是好望角型船段，我們的新造船訂單量佔船隊訂單總數的 5%。

Historically, this remains at an all-time low and combined with unusual low congestion, is still suggests that the downside is priced already. To round off this presentation, we would like to show you the significant earnings potential in Golden Ocean as we finish off the volatile dry cargo year of 2023. Keeping in mind the premium we achieved on our fleet, the graph on the right shows the substantial cash flow potential and yield at various freight levels.

從歷史上看，這一數字仍處於歷史最低水平，再加上異常低的擁塞程度，仍然表明下行趨勢已經被定價。為了結束本次演示，我們想向您展示金海在 2023 年乾貨波動較大的年份結束之際的巨大盈利潛力。考慮到我們在船隊上取得的溢價，右圖顯示了可觀的收入潛力。不同貨運水準下的現金流潛力和收益。

As an example, to achieve a 25% yield, you must need an average Baltic index rate of $20,000 per day if you applied the 2023 year-to-date performed Golden Ocean premium of $5,000, while the current spot market suggests the free cash flow yield of approximately 30%.

舉例來說，要實現 25% 的收益率，如果您應用 2023 年迄今已執行的 Golden Ocean 溢價 5,000 美元，則您必須需要每天 20,000 美元的波羅的海指數平均利率，而當前現貨市場表明自由現金流收率約30%。

With that, thank you very much for listening, and I will pass the word back over to the operator.

在此，非常感謝您的收聽，我會將訊息轉達給接線生。

(Operator Instructions) Sherif Elmaghrabi, BTIG.

（操作員指令）Sherif Elmaghrabi，BTIG。

Hi, good afternoon. Thanks for taking my question. I just wanted to first focus on that Supramax that you sold. It sounds like the purchase option and then subsequent sale is a pretty unique opportunity.

嗨，下午好。感謝您提出我的問題。我只想先關注您出售的那艘超靈便型散裝貨船。聽起來購買選擇然後隨後的出售是一個非常獨特的機會。

But are there any other upcoming options on the eight Cape that you've time shredded in, which could present the similar opportunity? Or could you even hang onto that tonnage given where asset prices are today?

但是，在您已經投入時間的八海角上是否還有其他即將推出的選項，可以提供類似的機會？或者考慮到目前的資產價格，您甚至可以保留這個噸位嗎？

Yeah, thank you for that. I think first of all, when it comes to the Supramax vessel, we -- that is something that we consider non-core business. So for us to be able to do a good market transaction, we thought that was a good idea. When it comes to Capesizes, which we absolutely consider core business, we are definitely interested in the clearing options if it makes sense to the market at that time.

是的，謝謝你。我認為首先，當談到超靈便型船舶時，我們認為這是非核心業務。因此，對於我們能夠進行良好的市場交易來說，我們認為這是一個好主意。說到海岬型船，我們絕對將其視為核心業務，如果對當時的市場有意義的話，我們肯定會對清算選項感興趣。

Okay. And then turning the scrubbers. The scrubber premium has really widened over the last few months. And with that mind, could we see scrubbers installed on other vessels in the fleet as they're coming for dry dock or special survey?

好的。然後轉動洗滌器。過去幾個月，洗滌器溢價確實有所擴大。考慮到這一點，我們是否可以看到船隊中的其他船隻在前往乾船塢或進行特別檢驗時安裝洗滌器？

Yeah, definitely. If there's a young enough asset that we see potential, then we will upgrade as many of them as possible in the next [quarter or so].

是的，絕對是。如果我們看到有足夠年輕的資產具有潛力，那麼我們將在下一個[季度左右]升級盡可能多的資產。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Thank you, Sherif.

謝謝你，謝里夫。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Please ask your question.

請提出你的問題。

Hi, there. Hi, guys. Good afternoon.

你好呀。嗨，大家好。午安.

Yeah, just wanted to ask, obviously, you highlighted the - overall the strong quality of the Golden Ocean fleet. I wanted to ask -- obviously, 3Q is opposed to be generally or had been a pretty soft quarter when we look at just spot market averages and looking at what companies in this sector have reported. But you guys, generally came in flattish, or maybe even cash flow generation was a bit better. So I just wanted to ask what drove that improvement, that sequential modest improvement? Was that well-timed timecharters or some spot performance that was a bit beyond expectation? Any color you can give on that?

是的，我只是想問一下，顯然，您強調了金洋艦隊整體的強大品質。我想問的是，顯然，當我們只查看現貨市場平均水平並查看該行業的公司報告時，第三季度並不是總體上或曾經是一個相當疲軟的季度。但你們的表現普遍持平，甚至現金流的產生可能好一些。所以我只是想問是什麼推動了這種改進，這種連續的適度改進？是適時的期租還是一些有點超出預期的現場表現？你能給它什麼顏色嗎？

Yeah. Now I think entering into the quarter, we required covered on the Panamax front. We realized quite quickly that we needed to add some more exposure there to capture the market.

是的。現在我認為進入本季度，我們需要覆蓋巴拿馬型船。我們很快意識到我們需要增加更多的曝光度才能佔領市場。

So we turned every stone to be able to add on some more spot exposure on the Panamax which yielded well. r. Same thing when it came to the Capesizes, as we discussed in the previous quarter as well. We had fairly high confidence for the second half this year, simply because of the many drivers, that is the coal and the bauxite and also Brazil performing the way it should do. So for us going into this quarter, it was quite clear that we wanted quite a bit of spot exposure, and luckily, we got this moving up.

因此，我們竭盡全力為巴拿馬型船增加更多的現貨曝光，效果良好。河正如我們在上一季所討論的那樣，海岬型船也是如此。我們對今年下半年的信心相當高，只是因為有許多驅動因素，那就是煤炭和鋁土礦，還有巴西的表現。因此，對於進入本季的我們來說，很明顯我們想要大量的現貨曝光，幸運的是，我們已經取得了進展。

Okay. Got it. That makes sense. And then maybe just as a follow-up, you highlighted the -- looking to further invest in the fleet to capitalize or at least create excess earnings potential.

好的。知道了。這就說得通了。然後，也許作為後續行動，您強調了——希望進一步投資於機隊，以利用或至少創造超額盈利潛力。

You've got the -- your order book program basically is close to wrapping up here with its four Kamsarmaxes due in 2024. Recently, we've seen several of your competitors' order ships on a dual fuel bases that deliver out and put 26, 27, I think, even we saw 28. How are you guys thinking about the newbuilding order book as it is now in terms of --? Obviously, you mentioned the fleet sizes at 8% is relatively small.

你們的訂單計劃基本上已經接近尾聲，四艘 Kamsarmax 將於 2024 年到期。最近，我們看到你們競爭對手的幾艘訂單船在雙燃料基地上交付並放置了 26 艘, 27，我想，即使我們看到了28。你們如何看待現在的新船訂單簿——？顯然，您提到 8% 的機隊規模相對較小。

But in terms of Golden Ocean and looking forward, how do you think about where you stand with newbuilding, very comfortable with these four taken delivery of them, and then moving on? Or can we expect you to dive different to newbuildings?

但就金海而言，展望未來，您如何看待新造船的立場，對這四艘船的交付感到非常滿意，然後繼續前進？或者我們可以期望您以與新船不同的方式潛水嗎？

I think we are focused at the moment. We're very happy with the newbuilding program that we had on and looking to complete next year. We'll definitely there to grow in terms of vessels on the [bauxite]. We keep find modern tonnage two, three, four years old that fit well into our strategy and fleet, where, I think, that is a better investment at the moment than to go to the yards and place a newbuilding order.

我認為我們目前的重點是。我們對我們正在進行的新造船計劃非常滿意，並希望明年完成。我們肯定會在[鋁土礦]上的船隻方面有所增長。我們不斷尋找船齡兩、三年、四年的現代噸位，非常適合我們的策略和船隊，我認為，目前這是比去船廠下新船訂單更好的投資。

With respect to which (inaudible) to attack, we haven't made up our mind there yet and maybe a modest wear at the other competitors. So we prefer to invest in our fleet, what we already have but already makes money and relatively (inaudible)

至於攻擊哪一個（聽不清楚），我們還沒有下定決心，也許對其他競爭對手來說是適度的磨損。因此，我們更願意投資我們的機隊，我們已經擁有但已經賺錢並且相對（聽不清楚）

Yeah. Yeah, very good. Well, thank you. That's it for me.

是的。是的，非常好。嗯，謝謝。對我來說就是這樣。

(Operator Instructions) We have no further question at this time. I will now hand back to you for closing remarks.

（操作員說明）目前我們沒有其他問題。現在我將請您作結束語。

Thanks a lot for dialing in. We'll see you next quarter.

非常感謝您撥通電話。我們下季度見。

Thank you very much.

非常感謝。