Golden Ocean Group Ltd (GOGL) 2021 Q1 法說會逐字稿

Thank you for standing by, and welcome to today's Q1 2021 Golden Ocean Group Earnings Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today. And I would now like to hand the conference over to Ulrik Andersen, CEO. Please go ahead.

感謝您的耐心等待，歡迎參加今天的金海集團 2021 年第一季財報電話會議。 （操作員指示）我必須通知您，今天的會議正在錄製。現在我想將會議交給執行長 Ulrik Andersen。請繼續。

Good afternoon, and a warm welcome to Golden Ocean's Q1 release presentation. My name is Ulrik Andersen, I'm the CEO of Golden Ocean. And I'm delighted to present our results today, together with Peder Simonsen, the company's CFO.

下午好，熱烈歡迎 Golden Ocean 第一季發布演示。我叫烏爾里克‧安德森 (Ulrik Andersen)，我是金海 (Golden Ocean) 的執行長。我很高興今天與公司財務長 Peder Simonsen 一起展示我們的業績。

In a moment, I will talk you through the highlights of the quarter. Thereafter, Peder will provide details on our financial results, and we will round the session off with the market outlook and by discussing the company's cash flow generation potential. After the presentation, as always, we look forward to answering any questions that you may have.

稍後我將向您介紹本季的亮點。此後，佩德將提供有關我們財務業績的詳細信息，我們將透過市場前景和討論公司的現金流量產生潛力來結束會議。演示結束後，我們一如既往地期待回答您可能提出的任何問題。

Q1 was eventful and had several highlights. First and foremost, we are satisfied with delivering the best quarter in the history of Golden Ocean. We achieved an EBITDA of $54 million and an associated net profit of $23.6 million. We went into the quarter relatively low on fixed cover, allowing us to capture most of the market strength. During the quarter, we also entered into agreement to acquire 15 modern dry bulk vessels and 3 newbuildings for a total price of $752 million from Hemen. At the same time, we raised $355 million in capital through a private placement. We have already taken delivery of 3 of the acquired Capesizes and 3 of the Panamax vessels, and we expect that the remainder of the vessels will be delivered by the end of May, subject to itineraries.

第一季是多事之秋，有幾個亮點。首先，我們對金洋史上最好的季度表現感到滿意。我們的 EBITDA 為 5,400 萬美元，相關淨利潤為 2,360 萬美元。我們進入本季的固定保障相對較低，這使我們能夠抓住大部分市場力量。本季度，我們也達成協議，以總價 7.52 億美元從 Hemen 收購 15 艘現代乾散貨船和 3 艘新造船。同時，我們透過私募籌集了 3.55 億美元的資金。我們已經接收了 3 艘收購的好望角型船舶和 3 艘巴拿馬型船舶，我們預計其餘船舶將在 5 月底之前交付，具體取決於行程。

For Q1, we reported TCE rates for the Capesizes of $16,600 per day and $14,800 for the Panamax vessels. During the quarter, we also converted 3 vessels from floating to fixed rates, taking advantage of the market strength. The vessels are averaged intakes 115 and the achieved TCE rates reflect the solid increases we have seen in TCE levels since March. We will continue to derisk when the market spikes. As a guidance for this quarter, we can advise that we have fixed 64% of the Capesize vessel days available at approximately $29,000. We have also fixed around 84% of the Panamax vessel days at approximately $18,800.

第一季度，我們報告海岬型船舶的 TCE 費率為每天 16,600 美元，巴拿馬型船舶的 TCE 費率為每天 14,800 美元。本季度，我們也利用市場強勢將 3 艘船舶從浮動費率轉換為固定費率。這些船隻的平均進港量為 115 艘，所達到的 TCE 率反映了自 3 月以來我們看到的 TCE 水準的穩定成長。當市場飆升時，我們將繼續降低風險。作為本季的指導，我們可以建議，我們已將 64% 的海岬型船舶可用天數固定在約 29,000 美元。我們還將約 84% 的巴拿馬型船舶天數固定在約 18,800 美元。

Last but not least, we are delighted to resume Golden Ocean's proud tradition of paying out dividends, and we have announced a payout of $0.25 per share. The payout for this quarter shall be seen in conjunction with Q4, where we hold dividends due to the acquisition of the 18 vessels mentioned above. It is the company's ambition and policy to return value to our shareholders through dividends, of course, based on investment opportunities and market conditions. But we hope that the markets will support additional payouts going forward.

最後但並非最不重要的一點是，我們很高興恢復金海自豪的派息傳統，我們宣布派息每股 0.25 美元。本季的支出將與第四季結合起來，我們因收購上述 18 艘船舶而持有股息。透過股息向股東回報價值是公司的雄心和政策，當然，這要根據投資機會和市場狀況而定。但我們希望市場能夠支持未來的額外支出。

With that, I give the word to Peder.

說完，我向佩德說了話。

Thank you, Ulrik. If we move to Slide 5. As Ulrik mentioned, we achieved Capesize TCE rates of $16,600 and Panamax TCE rates of just below $15,000 for the quarter. And this averaged out at a total TCE rate of $15,900, which is equal to achieved rates in Q4. Our TCE revenue came in at $119.5 million, which is down from $125 million in the previous quarter. And reduction is largely due to having 6 ships dry docked in the quarter, which resulted in 280 day -- of 8 days of off-hire, representing approximately 3.5% of total days.

謝謝你，烏爾里克。如果我們轉到幻燈片 5。正如 Ulrik 所提到的，本季我們實現了海岬型船 TCE 費率 16,600 美元，巴拿馬型船 TCE 費率略低於 15,000 美元。平均總 TCE 率為 15,900 美元，相當於第四季度實現的水平。我們的 TCE 營收為 1.195 億美元，低於上一季的 1.25 億美元。減少的主要原因是本季有 6 艘船進塢，導致停租天數為 280 天，其中停租天數為 8 天，約佔總天數的 3.5%。

If you move to the ship operating expenses, we recorded $48.6 million in ship operating expenses, which compares to $47.6 million in Q4. This has to do with -- the increase has to do with higher dry dock costs, while the running expenses actually decreased by just below 2 million. So if you look at the daily OpEx per ship, we recorded $6,300 on average for the fleet in Q1 versus $6,100 in Q4, while the operating running expenses were $5,600, which is $100 per day below the previous quarter.

如果轉向船舶營運費用，我們記錄的船舶營運費用為 4,860 萬美元，而第四季為 4,760 萬美元。這與乾船塢成本增加有關，而營運費用實際上減少了​​略低於 200 萬美元。因此，如果您查看每艘船的每日營運支出，我們發現第一季船隊的平均營運支出為6,300 美元，而第四季為6,100 美元，而營運費用為5,600 美元，比上一季每天減少100 美元。

The ship operating expenses are also highly impacted by the ongoing COVID-19 pandemic, which increases the complexity in costs, particularly in relation to crew changes, quarantine hotels, testing and so on. So we expect that once this normalizes, that the OpEx will come down on the running basis.

船舶營運費用也受到持續的COVID-19大流行的嚴重影響，這增加了成本的複雜性，特別是與船員換班、隔離酒店、測試等相關的成本。因此，我們預計，一旦這種情況正常化，營運支出將在運作基礎上下降。

If we look at the administrative expenses, we see that we are slightly up from Q4 with approximately $100,000. This was largely due to U.S. dollar NOK FX movements because we have a large part of our cost base in Norwegian krone, which resulted in $130,000 impact negatively for this quarter. In addition, we had some impact of higher advisory fees, mainly related to our 20-F publishing.

如果我們看一下管理費用，我們會發現比第四季度略有增加，約為 100,000 美元。這主要是由於美元挪威克朗匯率波動造成的，因為我們的成本基礎很大一部分是挪威克朗，這對本季造成了 13 萬美元的負面影響。此外，我們也受到了諮詢費上漲的一些影響，主要與我們的 20-F 出版有關。

The charter hire expense was down from $17.1 million in Q4 to $13.9 million in this quarter. And this is mainly due to lower trading activity during Q1. And this fluctuates also with the index rates as we have a lot of ships out on chartered-in on index-linked hire. This gave us an adjusted EBITDA for Q1 of $54.6 million.

包機租賃費用從第四季的 1,710 萬美元下降到本季的 1,390 萬美元。這主要是由於第一季交易活動減少。這也會隨著指數費率的變化而波動，因為我們有許多船舶以與指數掛鉤的租金出租。這使得我們第一季調整後的 EBITDA 為 5,460 萬美元。

Looking at the depreciation for the quarter, we recorded depreciation of $26.8 million, which is slightly down from the previous quarter. And this is due to the sale of the Golden Shea and Golden Saguenay, as previously reported. We also recorded a $4 million impairment loss on the sale of the Saguenay and -- which compares to a $700,000 payment loss in Q4 for the sale of Golden Shea.

從本季的折舊來看，我們記錄的折舊為 2,680 萬美元，比上季略有下降。正如之前報導的那樣，這是由於金乳木果和金薩格奈的出售所致。我們還記錄了出售 Saguenay 的 400 萬美元減損損失，而第四季出售 Golden Shea 的付款損失為 70 萬美元。

On the net financial expenses, we recorded $8.7 million versus $9.4 million, which is to a large extent attributed to lower LIBOR expenses and also lower debt issuance costs quarter-on-quarter, where we refinanced a large facility in Q4 increased -- increasing some of the costs in Q4. And in addition, the repayment of the RCF that we have done in Q1 of $50 million.

在淨財務費用方面，我們錄得870 萬美元，而去年同期為940 萬美元，這在很大程度上歸因於倫敦銀行間同業拆借利率(LIBOR) 費用的降低以及季度環比債務發行成本的降低，我們在第四季度為一項大型融資進行了再融資，增加了一些第四季度的成本。此外，我們在第一季償還了 5000 萬美元的 RCF。

On our derivatives and financial income side, we recognized a very positive derivative movement from long-term interest rate swaps that we have in our portfolio of $9 million in Q1. And on aggregate, the derivatives position was up by the same amount versus $2.7 million in Q4.

在我們的衍生性商品和金融收入方面，我們認識到第一季 900 萬美元投資組合中的長期利率互換產生了非常積極的衍生性商品變動。總體而言，衍生性商品部位增加了相同的金額，而第四季為 270 萬美元。

On results from associated companies, which largely relates to SwissMarine and our joint venture with Frontline and Trafigura, TFG Marine. We recorded a positive $0.7 million result versus a $1.2 million result in Q1 -- in Q4. Marketable securities were up by $800,000, which relate to our position in Eneti or previously Scorpio Bulkers. Our net profit, as Ulrik mentioned, was $23.6 million or $0.14 per share versus $25 million and $0.18 per share in Q4.

根據關聯公司的結果，主要涉及 SwissMarine 以及我們與 Frontline 和 Trafigura 的合資企業 TFG Marine。我們取得了 70 萬美元的積極業績，而第一季和第四季的業績為 120 萬美元。有價證券上漲了 80 萬美元，這與我們在 Eneti 或之前的 Scorpio Bulkers 中的部位有關。正如 Ulrik 所提到的，我們的淨利潤為 2360 萬美元或每股 0.14 美元，而第四季度為 2500 萬美元和每股 0.18 美元。

Moving to Slide 6. You can see that our cash position increased by $153.4 million. And this is, to a large extent, attributed to the private placement that we carried out, which raised $335 million in new capital to finance the acquisition of ships from Hemen.

轉到投影片 6。您可以看到我們的現金部位增加了 1.534 億美元。這在很大程度上要歸功於我們進行的私募，籌集了 3.35 億美元的新資本，用於從赫門收購船舶。

If you look at our cash flow from operation, it is unusually low this quarter. And that is because it includes a $18.6 million payment for the final installment for the -- one of the newbuildings we acquired in the transaction with Hemen Holding, which was prepositioned at the end of the quarter, but with the ship being first delivered in mid-April. So this is recorded under other receivables and thereby reducing the operational cash flow. In addition, we recorded a negative working capital movement, which is shown in an increase in receivables and also in inventory. And this has to do with mainly the timing of payments of bunkers and also payment of freight as well as both bunker prices and freight rates.

如果你看看我們的營運現金流，你會發現本季的現金流異常低。這是因為它包括我們在與 Hemen Holding 的交易中購買的一艘新船的最後期付款 1,860 萬美元，該船於本季度末預定，但該船於中期首次交付。- 四月。因此，這被記錄在其他應收款下，從而減少了營運現金流。此外，我們也記錄了營運資本的負變動，這體現在應收帳款和庫存的增加。這主要與燃油支付時間和運費支付以及燃油價格和運費有關。

Looking at the cash flow from financing, it was positive $246 million. This is due to the proceeds received from the private placement of $335 million. We will, in addition, in Q2, record a subsequent offering of approximately $16 million in addition to this. Cash flow from financing also was reduced by repayment of debt and finance leases of total $89 million, which also includes the repayment of the RCF revolving credit of $50 million. And this facility remains available for drawing at our convenience.

從融資現金流來看，為正2.46億美元。這是由於從私募中獲得的收益為 3.35 億美元。此外，我們還將在第二季記錄約 1,600 萬美元的後續發行。融資現金流量也因償還總計 8,900 萬美元的債務和融資租賃而減少，其中還包括償還 5,000 萬美元的 RCF 循環信貸。在我們方便的時候，這個設施仍然可供繪圖。

Lastly, in the cash flow used in investments of approximately $99 million. This consists of a 10% deposit for the 15 ships that we acquired from Hemen, which was totaling $64 million. And in addition, a total of $44 million payment for the newbuilding contracts, which is less remaining installments that we acquired from Hemen as well.

最後，用於投資的現金流量約為 9,900 萬美元。其中包括我們從 Hemen 購買的 15 艘船的 10% 定金，總計 6,400 萬美元。此外，新造船合約的付款總額為 4,400 萬美元，這也減去了我們從 Hemen 獲得的剩餘分期付款。

Moving to our balance sheet on Slide 7. You can see that our cash position at the end of the quarter ended at $328 million, which also includes $19.4 million of restricted cash, which secures our hedging portfolio. Our debt and lease liabilities totaled $1.15 billion, and at the end of the quarter, following the scheduled repayment of debt and RCF repayments. Our total assets ended at just below $3 billion and an equity ratio to total assets of approximately 58% at quarter end.

前往投影片 7 上的資產負債表。您可以看到，本季末我們的現金部位為 3.28 億美元，其中還包括 1,940 萬美元的限制性現金，這保證了我們的對沖投資組合。截至本季末，在按計劃償還債務和 RCF 還款後，我們的債務和租賃負債總計 11.5 億美元。截至季末，我們的總資產略低於 30 億美元，股本佔總資產的比例約為 58%。

And with that, I'll leave the word to you, Ulrik.

說到這裡，我就把話留給你了，烏爾里克。

Thank you, Peder. And with that, we turn the attention to the market outlooks, but first, a quick look at what happened in Q1. As those who follow Golden Ocean will know, we have been optimistic about the recovery in dry bulk rates for several quarters. And to say that our expectations have been met would be an understatement. Q1 turned out to be the best quarter in more than a decade.

謝謝你，佩德。至此，我們將注意力轉向市場前景，但首先，快速回顧一下第一季發生的情況。關注金洋的人都知道，幾個季度以來我們一直對乾散貨運價的復甦持樂觀態度。說我們的期望已經被滿足是輕描淡寫的。第一季被證明是十多年來最好的季度。

Remember that first quarter of the year is usually the weakest due to seasonal factors. While the sharp increase in rates last year was almost entirely driven by the reopening of the Chinese economy, global trade is now recovering more broadly as vaccinations rise and COVID-19 cases decline across many countries, obviously, with the exception of India. The dry bulk market is highly dynamic and 2 important related factors positively impacted the market in the first quarter of 2021.

請記住，由於季節性因素，一年中的第一季通常是最疲軟的。儘管去年的成長率幾乎完全是由中國經濟重新開放推動的，但隨著許多國家疫苗接種率的增加和 COVID-19 病例的減少，全球貿易目前正在更廣泛地復甦，顯然，印度除外。幹散貨市場高度活躍，有兩個重要的相關因素對 2021 年第一季的市場產生了正面影響。

First, the Chinese ban on Australian imports widened to a larger group of commodities. This translated into longer sailing distances between exporter and importer and, of course, effectively decreasing the fleet supply. The iron ore trade from Brazil to China is the most notable, but not the only example. Secondly, there was an unusual cold winter in China where coal-derived electricity represents around 70% of total electrical output. Chinese coal inventories were relatively low heading into the winter month. And with a ban on Australian imports, trade lanes changed. This reflected in the strengths of the Panamax market. That gave rise to the special situation that the Panamaxes traded above the Capes for a sustained period of time, a trend that has now reversed again. The market trend has, of course, persisted in Q2, and despite a correction over the past weeks, we remain bullish for the rest of the year.

首先，中國對澳洲進口的禁令擴大到更大的商品類別。這意味著出口商和進口商之間的航行距離更長，當然，有效地減少了船隊供應。從巴西到中國的鐵礦石貿易是最引人注目的例子，但不是唯一的例子。其次，中國經歷了一個不尋常的寒冷冬季，煤電佔總發電量的70%左右。進入冬季，中國煤炭庫存相對較低。隨著澳洲進口禁令的實施，貿易路線也發生了變化。這反映在巴拿馬型船市場的優勢。這導致巴拿馬型船在好望角上方持續交易一段時間的特殊情況，但這種趨勢現在再次逆轉。當然，市場趨勢在第二季度持續存在，儘管過去幾週出現了調整，但我們對今年剩餘時間仍然看漲。

Turning to Slide #10. And looking forward, the stage is set for a prolonged period of demand growth for dry bulk commodities. GDP growth is a good proxy for dry bulk demand. And looking at the years ahead, we expect that at least 2 years of high GDP growth ahead of us, driven by possible retraction of COVID, but also as a consequence of the huge stimulus packages that are being employed currently by China, the U.S. and EU.

轉向幻燈片#10。展望未來，乾散貨商品的需求將長期成長。 GDP 成長是乾散貨需求的良好指標。展望未來幾年，我們預計，在新冠疫情可能取消的推動下，以及中國、美國和其他國家目前正在實施的巨額刺激計劃的推動下，GDP 至少將在未來 2 年實現高增長。歐洲聯盟。

Turning to the next slide and looking more specifically at the commodities, then the recovery from the pandemic is also expected to result in multiple years of demand growth across all commodity groups really. It's forecast that would have been hard to imagine a few years ago, but we see it today in the freight markets. While 2021 will almost undoubtedly be exceptionally strong, the expectation for continued demand across all commodity groups in the years out is very encouraging. There's been a good deal of talk about a new commodity super cycle. While we won't be the judges of whether we are entering a super cycle or not, high commodity prices support high freight rates. Currently, the freight costs for bringing iron ore from Brazil to China are near historic lows. And naturally, that leaves plenty of room for increases in the freight.

轉向下一張投影片，更具體地關注大宗商品，預計大流行的復甦也將導致所有大宗商品類別的需求持續多年增長。這種預測在幾年前是很難想像的，但今天我們在貨運市場上看到了這一點。儘管 2021 年幾乎毫無疑問將異常強勁，但對未來幾年所有大宗商品類別持續需求的預期非常令人鼓舞。關於新的大宗商品超級週期的討論很多。雖然我們無法判斷是否進入超級週期，但大宗商品價格高企支撐著高運費。目前，從巴西到中國的鐵礦石運輸成本已接近歷史低點。當然，這為運費的增加留下了很大的空間。

Turning to Page 12, and the vessel supply, then it is clear that fleet growth is slowing down dramatically. In fact, we are looking at the lowest fleet growth in 30 years. At the moment, the order book is likely to stay muted. There's a very limited amount of slots available before 2024. We see increasing prices for the assets, mainly due to steel, but also due to increased demand. And of course, availability of finance and new emissions are also keeping the order book in check.

轉向第 12 頁，以及船舶供應，很明顯船隊成長正在急劇放緩。事實上，我們正​​面臨 30 年來最低的機隊成長。目前，訂單可能會保持低迷。 2024 年之前可用的插槽數量非常有限。我們看到資產價格不斷上漲，主要是由於鋼鐵，但也由於需求增加。當然，資金的可用性和新的排放量也控制著訂單。

Looking at 2023, we have a potential further catalyst as we will see the new IMO 2023 regulations enter into force. It is assessed by some that upwards 80% of the dry bulk fleet is not in compliance with the new regulations, and the easiest and cheapest way to get in compliance is by slow steaming. Therefore, we expect quite a lot of slow steaming from 2023 at a time where we are already seeing very, very few additions to the fleet. It will, of course, further reduce the efficiency of the fleet and could act as a catalyst also beyond the 2 next years.

展望 2023 年，我們有一個潛在的進一步催化劑，因為我們將看到新的 IMO 2023 法規生效。根據一些人評估，超過 80% 的干散貨船隊不符合新規定，而最簡單、最便宜的合規方法是慢速航行。因此，我們預計從 2023 年開始，船隊將出現大量緩慢航行，而此時我們已經看到船隊的新增數量非常非常少。當然，這將進一步降低機隊的效率，並可能在未來兩年內起到催化劑的作用。

Turning to Slide 13 and putting the pieces together. It is clear that there are some very powerful market dynamics at play. We are already in a relatively strong market. Yet for the next 2 to 3 years, we expect this situation to tighten even further. Demand is simply going to outpace supply until 2024. Should these forecasts unfold, fleet utilization will remain high and, of course, continue to support strong freight rates.

轉到投影片 13，將各個部分拼湊在一起。顯然，有一些非常強大的市場動力在發揮作用。我們已經處於一個相對強勁的市場。然而，在未來 2 至 3 年，我們預計這種情況將進一步收緊。到 2024 年，需求將超過供應。如果這些預測得以實現，船隊利用率將保持在較高水平，當然，將繼續支撐強勁的運費。

Turning to Page 14. And before we end today's sessions -- session, I would like to talk about the cash flow generation potential. As mentioned in the highlights, we have recently acquired 18 vessels. They have increased our fleet size with 25%, obviously, aiding us in bringing down cost. It has lowered the average age and has increased our market cap. On top of that, we have been able to lower our cash breakeven, which, of course, will be a benefit going forward. Finally, we get the vessels straightaway in an exceptionally strong market.

翻到第 14 頁。在我們結束今天的會議之前，我想談談現金流產生的潛力。正如要點中提到的，我們最近購買了 18 艘船舶。顯然，他們將我們的機隊規模增加了 25%，這有助於我們降低成本。它降低了平均年齡並增加了我們的市值。最重要的是，我們已經能夠降低現金收支平衡，這當然將是未來的一個好處。最後，我們在異常強勁的市場中直接獲得了船隻。

Turning to Page 15 and to remind about our low cost base. We have depicted our industry low cash breakevens. You will note on the chart that spot rates are -- cost significantly higher than these levels. The time charter market is also well above breakeven levels, although we are primarily spot at the moment. We have continued to actively manage our spot exposure in order to both protect against downside scenarios, while maintaining significant exposure to increases in freight rates.

翻到第 15 頁，提醒我們的低成本基礎。我們已經描述了我們行業的現金收支平衡水準較低。您會在圖表上註意到，即期匯率的成本明顯高於這些水準。期貨市場也遠高於損益平衡水平，儘管我們目前主要是現貨。我們繼續積極管理我們的現貨敞口，以防範不利的情況，同時保持對運費上漲的重大敞口。

It is important to emphasize that we are not looking for balance per se. Rather, we are constantly assessing the market to look for opportunities to lock in cash flows without giving up too much upside. This requires us to combine our strong commercial capabilities with a flexible approach. We have proven our ability to pick good moments for locking in longer-term TCEs in the past and latest with the 3 TCEs we did in Q1.

需要強調的是，我們本身並不是在尋求平衡。相反，我們不斷評估市場，尋找鎖定現金流而不放棄太多上漲空間的機會。這需要我們將強大的商業能力與靈活的方法結合。我們已經證明了我們有能力選擇好時機來鎖定過去和最近的長期 TCE，我們在第一季完成了 3 個 TCE。

Turning to the last page of today's presentation and to give you an idea of our cash flow potential, we have made the following graph. As it appears on 18th of May, the blended average of Cape and Panamax rates were just shy of $30,000. On an annualized basis, that gives us free cash flow above $600 million, which the company can allocate freely. We are always cautious not to pay too optimistic of a picture. But our first quarter dividend of $0.25 per share should provide a good indication for where we think the market is headed.

翻到今天簡報的最後一頁，為了讓您了解我們的現金流潛力，我們製作了下圖。正如 5 月 18 日顯示的那樣，好望角型船和巴拿馬型船的混合平均運價略低於 30,000 美元。按年化計算，這為我們提供了超過 6 億美元的自由現金流，公司可以自由分配。我們始終保持謹慎，不要對情況過於樂觀。但我們第一季每股 0.25 美元的股息應該可以很好地表明我們認為市場的走向。

With that, we will open up the call for questions. Thank you very much.

至此，我們將開始提問。非常感謝。

(Operator Instructions) And we do have a question from the line of Greg Lewis of BTIG.

（操作員說明）我們確實收到了來自 BTIG 的 Greg Lewis 的問題。

Thank you for the presentation and that forward guidance around Q2; those are some pretty healthy numbers. But I was kind of curious and maybe looking for a little more color. There's clearly been a pickup in time charters and vessels being fixed on 6, 12 months, even longer. I'm kind of curious, not necessarily thinking about forward days booking in the second half. But is there any way to think about vessels in the fleet that are already locked in at attractive rates in the second half? Any kind of color around that?

感謝您的演示以及第二季度的前瞻性指導；這些是一些相當健康的數字。但我有點好奇，也許想找更多的顏色。期租和船舶租期明顯增加，租期為 6 個月、12 個月甚至更長。我有點好奇，不一定要考慮下半年的提前預訂。但有什麼辦法可以考慮下半年船隊中已經以有吸引力的價格鎖定的船舶呢？周圍有什麼顏色嗎？

It's Ulrik here. The deals that we have done now is about as much color as I can give you because that's what we have done so far. We did 3 conversions recently. But we would be looking to do more as and when the market picks up. As you may have noticed the market took a bit of a correction in recent weeks, but is now climbing up again. And as soon as we see a, say, a risk value reward that is -- that we feel is reasonable and which covers Q1 next year, then we will build the book a little bit more. So we will derisk going forward. We don't see a lot of value in the 3-year time charters at this point. We think it's undervaluated further out on the curve. That may change. But for now, we are focusing on the, let's say, 12 months horizon, where we see the best value. Does that answer your question?

我是烏爾里克。我們現在所做的交易已經是我能給你的最多的顏色了，因為這就是我們迄今為止所做的。我們最近進行了 3 次轉換。但當市場回升時，我們會尋求做更多的事情。您可能已經注意到，最近幾週市場經歷了一些調整，但現在又開始上漲。一旦我們看到一個風險價值回報——我們認為這是合理的，並且涵蓋明年第一季度，那麼我們就會多寫一點這本書。因此，我們將繼續冒險。目前我們認為三年期租合約沒有太多價值。我們認為它在曲線上進一步被低估。這可能會改變。但目前，我們的重點是 12 個月，我們看到了最佳價值。這是否回答你的問題？

Yes, Ulrik, that was perfect. And then as I think about the balance sheet and leverages, you're taking the delivery of the rest of the acquisition, congratulations on that, by the way. How should we be thinking about maybe what, like a pro forma fully built out debt looks like? And then as we think about it, what is the company -- what is kind of the sweet spot, knowing that your fleet is very young and modern. So maybe you can maybe maintain more leverage versus some other owners that have top to bottom older fleets. Just kind of how do you think about that? And how -- as cash accelerates -- as we see this cash windfall come in over the next few quarters, maybe next few years, how are we thinking about that?

是的，烏爾里克，那太完美了。然後，當我考慮資產負債表和槓桿時，你正在接受其餘收購的交付，順便說一句，恭喜你。我們該如何思考，例如預計完全償還的債務是什麼樣的？然後當我們思考這個問題時，公司是什麼——最佳點是什麼，知道你的機隊非常年輕和現代化。因此，與其他擁有自上而下的舊船隊的船東相比，也許您可以保持更多的槓桿作用。您對此有何看法？隨著現金加速成長，當我們看到這筆意外之財將在未來幾季甚至未來幾年內到來時，我們如何看待這一點？

Well, I think as we -- this is Peder, Greg. I think as we've communicated previously that we are not seeking to lever up the company. I think in terms of risk we have, we want to maintain the flexibility to be fully exposed to the spot market when that makes some sense. And I think with that, we want to moderate our leverage. We have indicated that we will finance the transaction that we did with Hemen at 55%. And it's around those levels that we expect to finance the ships. And I think that's also sort of a target for us.

嗯，我想我們──這是佩德，格雷格。我認為正如我們之前所傳達的那樣，我們並不尋求提高公司的槓桿率。我認為就我們所面臨的風險而言，我們希望保持彈性，以便在有意義時充分接觸現貨市場。我認為，因此，我們希望降低我們的槓桿率。我們已經表示，我們將為與 Hemen 進行的交易提供 55% 的融資。我們預計為這些船舶提供資金的水平約為這些水平。我認為這也是我們的目標。

It's more -- we are more focused on the cash breakeven levels that, that would entail rather than the absolute or the relative leverage that, that would entail because that is at the end of the day what drives our cash flow. We are with that leverage able to, as we see it, maintain a very strong cash breakeven because we can look forward to have quite a long repayment profile. That would also give us the opportunity to attract very, very healthy terms on our financing. So I think around those levels is where we expect to be positioned us in terms of financial leverage.

更重要的是，我們更關注現金損益平衡水平，而不是絕對或相對槓桿，因為這最終是推動我們現金流的因素。正如我們所看到的，我們利用這種槓桿能夠保持非常強勁的現金收支平衡，因為我們可以期待有相當長的還款狀況。這也將使我們有機會吸引非常非常健康的融資條件。因此，我認為圍繞著這些水平，我們期望在財務槓桿方面定位我們。

(Operator Instructions) There are no questions coming through at this time.

（操作員說明） 目前沒有任何問題。

All right. Then we say thank you very much for your time today. And if there are any further questions, we can always be reached on our investor relationship e-mail. Thank you very much. Have a nice day.

好的。然後我們非常感謝您今天抽出時間。如果還有任何其他問題，可以隨時透過投資者關係電子郵件與我們聯繫。非常感謝。祝你今天過得愉快。

Thank you. Ladies and gentlemen, that does conclude your conference call for today. Thank you for participating, and you may now all disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與，現在您可以斷開連接了。