Golden Ocean Group Ltd (GOGL) 2024 Q2 法說會逐字稿

Good afternoon and welcome to the Golden Ocean Q2 2024 release. My name is Peder Simonsen and I am the Interim CEO and CFO for Golden Ocean. Today, I will guide you through the Q2 numbers and forward outlook.

下午好，歡迎來到 Golden Ocean 2024 年第二季版本。我叫 Peder Simonsen，是 Golden Ocean 的臨時執行長兼財務長。今天，我將引導您了解第二季的數據和未來展望。

In the second quarter of 2024, we have the following main highlights. On our adjusted EBITDA in the second quarter of 2024 ended up at $120.3 million compared to $114.3 million in the first quarter. We delivered a net income of $62.5 million and earnings per share of $0.31. This compares to a net income of $65.4 million and earnings per share of $0.33 for the first quarter.

2024年第二季度，我們有以下主要亮點。 2024 年第二季調整後 EBITDA 為 1.203 億美元，而第一季為 1.143 億美元。我們實現淨利 6,250 萬美元，每股收益 0.31 美元。相比之下，第一季淨利潤為 6,540 萬美元，每股收益為 0.33 美元。

Our adjusted net profit was $63.4 million and adjusted earnings per share of $0.32, up from $58.4 million, and earnings per share of $0.29 in Q1. Our TCE rates for Capesize and Panamax vessels were about $28,000 per day and about $15,700 per day, respectively, and a fleet-wide net TCE of about $23,500 for the quarter. We have continued to execute on our fleet renewal strategy by selling one older Panamax vessel at an attractive price.

我們調整後的淨利潤為 6,340 萬美元，調整後每股收益為 0.32 美元，高於第一季的 5,840 萬美元和每股收益 0.29 美元。我們的好望角型和巴拿馬型船舶的 TCE 費率分別約為每天 28,000 美元和每天約 15,700 美元，本季整個船隊的淨 TCE 約為 23,500 美元。我們繼續執行船隊更新策略，以有吸引力的價格出售一艘舊巴拿馬型船舶。

For Q3, we have secured a net TCE of about $26,200 per day for 83% of our Capesize days and about $17,200 per day for 94% of our Panamax days. For Q4, we have locked in a net TCE of about $25,800 per day for 29% of our Capesize days and about $17,900 per day for 18% of our Panamax days. And with a strong result in Q2, we are pleased to declare a dividend of $0.30 per share for the second quarter of 2024.

第三季度，我們在海岬型船天數的 83% 中獲得了每天約 26,200 美元的淨 TCE，在巴拿馬型船天數中的 94% 中獲得了每天約 17,200 美元的淨 TCE。對於第四季度，我們將 29% 的海岬型船天數鎖定為每天約 25,800 美元的淨 TCE，並為 18% 的巴拿馬型船天數鎖定每天約 17,900 美元的淨 TCE。鑑於第二季的強勁業績，我們很高興宣布 2024 年第二季派發每股 0.30 美元的股息。

Let's look a little deeper into the numbers. We achieved a total fleet-wide TCE rate of $23,500 in Q2, up from $22,600 in Q1. We had four ships drydocked in Q2 compared to two ships in Q1, contributing to approximately 193 days offhire in Q2 versus 97 days in Q1. Six ships are scheduled for drydock in Q3 2024, of which, one vessel has completed drydock as of today. This results in net revenues of $196.7 million, largely unchanged quarter-on-quarter as stronger TCE performance was offset by fewer vessel days.

讓我們更深入地研究一下這些數字。第二季度，我們的整個機隊 TCE 總額達到了 23,500 美元，高於第一季的 22,600 美元。我們在第二季有四艘船進乾船塢，而第一季有兩艘船，導致第二季停租約 193 天，第一季停租天數為 97 天。六艘船計劃於 2024 年第三季進塢，其中一艘船已於今天完成進塢。這導致淨收入為 1.967 億美元，環比基本持平，因為 TCE 業績的強勁被船舶天數的減少所抵消。

On our OpEx, we recorded $66.3 million versus $62.6 million in operating expenses. Our running expenses were largely unchanged quarter-by-quarter while more ships drydocked impacted the OpEx results. In addition, we had $4.3 million in decarbonization and digitalization investments versus below $1 million in the previous quarter. Our OpEx reclassified from charter hire was $1.5 million, just below $1 million lower than in Q1.

在營運支出方面，我們記錄了 6,630 萬美元，而營運支出為 6,260 萬美元。我們的營運費用逐季基本保持不變，而更多船舶進幹船塢影響了營運支出結果。此外，我們的脫碳和數位投資為 430 萬美元，而上一季還不到 100 萬美元。我們從包機租賃中重新分類的營運支出為 150 萬美元，比第一季低了不到 100 萬美元。

Looking at our general and administrative expenses, we ended up at $5.1 million, down from $7.4 million in Q1. The decrease is explained by non-recurring personnel related expenses in Q1, and our daily G&A came in at $568 per day net of cost recharge to affiliated companies, down from $819 per day in Q1. On our charter hire expense, we recorded $4.8 million versus $7.3 million in Q1, as fewer vessel days for the trading portfolio was offset by profit split payments.

看看我們的一般和管理費用，我們最終的支出為 510 萬美元，低於第一季的 740 萬美元。下降的原因是第一季的非經常性人事相關費用，扣除向附屬公司充值的成本後，我們的日常管理費用為每天 568 美元，低於第一季的每天 819 美元。在我們的租船費用方面，我們錄得 480 萬美元，而第一季為 730 萬美元，因為貿易組合的船舶天數減少被利潤分割付款所抵消。

Net financial expenses came in at $25.3 million versus $27.2 million in Q1, lower due to lower average debt in the quarter. Our derivatives and other financial income, we recorded a gain of $1.9 million compared to a gain of $7.3 million in Q1. On derivatives, we recorded a gain of $2.4 million versus a gain of $12 million in Q1. This included interest rate swap gains of $2.7 million, of which $4.1 million was realized cash gains, offset by mark-to-market loss of $1.4 million in addition to a small loss on FFA and FX and bunker derivatives of $300,000.

淨財務費用為 2,530 萬美元，而第一季為 2,720 萬美元，由於該季度平均債務較低，淨財務費用有所下降。我們的衍生性商品和其他財務收入錄得 190 萬美元的收益，而第一季收益為 730 萬美元。在衍生性商品方面，我們錄得 240 萬美元的收益，而第一季的收益為 1,200 萬美元。其中包括 270 萬美元的利率掉期收益，其中 410 萬美元是實現的現金收益，被按市值計算的 140 萬美元損失以及 FFA 和外匯及燃油衍生品 30 萬美元的小額損失所抵消。

For results in investments in associates, we recorded a loss of $0.4 million compared to $4.6 million loss in Q1, relating to investments in SwissMarine, TFG and UFC. Our net profit ended at $62.5 million, or $0.31, and an adjusted net profit of $63.4 million, or $0.32, and a dividend of $0.30 declared for the quarter.

對於聯營公司的投資業績，我們錄得 40 萬美元的虧損，而第一季的虧損為 460 萬美元，與 SwissMarine、TFG 和 UFC 的投資有關。我們的淨利潤最終為 6,250 萬美元，即 0.31 美元，調整後淨利潤為 6,340 萬美元，即 0.32 美元，本季宣布的股息為 0.30 美元。

Moving to the cash flow. Our cash flow from operations came in at $76.9 million, which includes $0.4 million in dividends received from associated companies. On cash flow used in investments, we recorded $25.5 million, which mainly relates to installments and costs relating to our Kamsarmax new buildings. Cash flow used in financing, we recorded $95.8 million, which mainly comprised of $31.9 million in scheduled debt and lease repayments, $23 million in net proceeds from re-financings announced in previous quarters, $25 million in repayments under the revolving credit facilities, and a dividend payment of $60 million relating to the Q1 results. A total net decrease in cash of $44.4 million.

轉向現金流。我們的營運現金流為 7,690 萬美元，其中包括從聯營公司收到的 40 萬美元股利。在投資使用的現金流量方面，我們記錄了 2550 萬美元，主要與 Kamsarmax 新建築相關的分期付款和成本有關。用於融資的現金流量為 9,580 萬美元，其中主要包括 3,190 萬美元的定期債務和租賃償還、前幾季宣布的再融資淨收益 2,300 萬美元、循環信貸安排下的 2,500 萬美元還款以及與第一季業績相關的股息支付為6000 萬美元。現金淨減少總額為 4,440 萬美元。

On our balance sheet, we had cash and cash equivalents of $103.1 million at quarter end, including $3.6 million of restricted cash. In addition, we have $150 million in undrawn available credit facilities at quarter end. Debt and finance lease liabilities totaled $1.4 billion at quarter end, down by approximately $33 million quarter-on-quarter. The average fleet-wide loan-to-value under our credit facilities was 34.1% at quarter end and a book equity of $1.9 billion resulted in a ratio of equity to total assets of approximately 56%.

在我們的資產負債表上，季末我們的現金和現金等價物為 1.031 億美元，其中包括 360 萬美元的限制性現金。此外，截至季末，我們還有 1.5 億美元的未提取可用信貸額度。季末債務和融資租賃負債總額為 14 億美元，季減約 3,300 萬美元。截至季末，我們信貸額度下的平均整個船隊貸款價值比為 34.1%，帳面資產為 19 億美元，股本與總資產的比率約為 56%。

If we have a look at the Golden Ocean fleet composition, we have over the last three years grown the fleet by around 30%, while reducing the average age with the same percentage. The growth has been focused around the larger vessel types, particularly within the Capesize and Newcastlemax segment.

如果我們看一下金洋船隊的組成，我們在過去三年中使船隊增長了約 30%，同時以相同的百分比降低了平均船齡。成長主要集中在大型船舶類型，特別是好望角型和紐卡斯爾型船舶領域。

Following consolidations among our U.S. listed peers, as the graph illustrates, we are still the only company compared to our peers with meaningful market caps that have significant Capesize exposure. With our dual listing in New York and Oslo and a market cap of around $2.5 billion, we offer high trading liquidity exposure to what we believe will be the most favorable dry bulk segment in the years to come.

如圖所示，在我們的美國上市同行進行整合之後，與同行相比，我們仍然是唯一一家擁有重要市值且擁有大量好望角型船舶敞口的公司。我們在紐約和奧斯陸雙重上市，市值約為 25 億美元，為我們認為未來幾年最有利的干散貨領域提供了高交易流動性敞口。

Although, we have significant growth over the past years, we have maintained a conservative leverage with the current LTV of around 34%, which enables extended repayment profiles and industry low credit margins. Together with highly competitive OpEx and G&A costs, we have an industry low cash breakeven level, giving full operational flexibility.

儘管我們在過去幾年中取得了顯著增長，但我們仍保持保守的槓桿率，目前 LTV 約為 34%，這使得還款期限更長，信貸利潤率處於行業較低水平。加上極具競爭力的營運支出和管理費用成本，我們的現金損益平衡水平處於行業較低水平，具有充分的營運彈性。

In addition, our modern fuel efficient fleet has over time proven to significantly outperform market rates, with the average historical premium of $4,000 above quote rates. The combination of industry low cost levels and premium earnings creates a highly robust and resilient business model. At the same time, it gives Golden Ocean the ability to tilt its fleet into the spot market, while continuing to managing the chartering portfolio sensibly.

此外，隨著時間的推移，事實證明，我們的現代燃油效率機隊的表現明顯優於市場價格，歷史平均保費比報價高出 4,000 美元。行業低成本水準和溢價收益的結合創造了高度穩健和有彈性的商業模式。同時，它使金洋能夠將其船隊轉向現貨市場，同時繼續明智地管理租船組合。

If we have a look at the market in the past quarter, the global Capesize trade continued its positive trajectory with a year-on-year growth of 3% for the first half of 2024. Brazilian iron ore volumes held up its Q1 strength, resulting in a 9% growth for the first half of the year. The bauxite volumes exported from West Africa were record high in Q1, but growth slowed down somewhat as they entered into the seasonally weaker wet season, however, maintaining a strong baseline export.

如果我們看一下過去季度的市場，全球海岬型船貿易繼續保持積極的軌跡，2024年上半年同比增長3%。第一季西非鋁土礦出口量創歷史新高，但隨著進入季節性疲軟的雨季，成長放緩，但仍保持強勁的基准出口。

For Colombian coal, we noted a continued strong export to Asia, recording a year-on-year staggering growth of 45% in the first half of the year, adding tonne-mile to the more standard trading routes. China and India received most of these volumes with a respective import increase of 7% and 9% year-on-year for the first half of 2024 across all main commodity segments.

對於哥倫比亞煤炭，我們注意到對亞洲的持續強勁出口，上半年同比增長 45%，為更標準的貿易路線增加了噸英里。其中大部分來自中國和印度，2024 年上半年所有主要商品領域的進口量分別年增 7% 和 9%。

Iron ore continued to flow into China following the strong Q1, and the continued focus on high grade iron ore has led to a growth in iron ore sourced from Brazil supporting tonne mile. The major miners such as Vale have continued to guide positively on their production targets, indicating continued healthy long distance volumes from Brazil, favoring the Capesize vessels. We are currently seeing export volumes exceeding 1 million tons per day from Vale and otherwise strong volumes from Australia.

鐵礦石繼第一季強勁後繼續流入中國，對高品位鐵礦石的持續關注導致來自巴西的鐵礦石支撐噸英里的增長。淡水河谷等主要礦商繼續積極指導其生產目標，顯示來自巴西的長途運輸量持續健康，有利於好望角型船舶。目前，淡水河谷的出口量每天超過 100 萬噸，澳洲的出口量也強勁。

We have seen iron ore inventories increase to 2022 levels as higher imports have not been matched by corresponding steel production. Combined with seasonal slowdown, negative macro news on the Chinese economy and poor steel margins, this has put pressure on iron ore prices, which now are trading in the mid to high-90s. We should, however, keep in mind that these are healthy levels historically and that the cost per ton delivered in Asia for the large miners are in the $40 or $50 per ton, making exports highly profitable.

我們已經看到鐵礦石庫存增加至 2022 年的水平，因為進口量的增加並未與相應的鋼鐵產量相符。再加上季節性放緩、中國經濟的負面宏觀消息以及鋼鐵利潤率不佳，這給鐵礦石價格帶來了壓力，目前鐵礦石價格處於 90 多美元的中高位。然而，我們應該記住，這些都是歷史上的健康水平，大型礦商在亞洲交付的每噸成本為每噸 40 或 50 美元，這使得出口利潤豐厚。

Analysts are also indicating that parts of the inventories are of a lower grade, which counters China's target of reducing emissions in the steel industry by increasing the use of high-grade iron ore. China is in the process of including the steel industry into its Emissions Trading scheme, which would make increased high-grade even more beneficial. Correspondingly, we see signs that China is targeting high-grade sourcing of iron ore over domestic production and lower-grade producers.

分析師也表示，部分庫存品位較低，這與中國透過增加高品位鐵礦石的使用來減少鋼鐵業排放的目標背道而馳。中國正在將鋼鐵業納入其排放交易計劃，這將使高品位鋼的增加更加有利。相應地，我們看到有跡象表明，中國的目標是採購高品位鐵礦石，而不是國內生產和低品位生產商。

China has built inventories across most commodities, both on agricultural products such as soybeans and energy such as coal, indicating that this is a strategic and politically supported buildup. Steel production has stayed flat globally, but Chinese steel production has fallen by 1.1% in the first half of 2024 compared to last year, in line with general economic indicators. And if inventories remain high as a result of lower steel output, it may eventually impact iron ore prices and potentially trading volumes.

中國已經建立了大多數商品的庫存，包括大豆等農產品和煤炭等能源，這表明這是一項戰略性和政治支持的庫存增加。全球鋼鐵產量基本持平，但2024年上半年中國鋼鐵產量較去年下降1.1%，與總體經濟指標一致。如果因鋼鐵產量下降而導致庫存居高不下，最終可能會影響鐵礦石價格和潛在的交易量。

We are now coming into the seasonally stronger period in the second half, which normally carries higher industrial activity and where Chinese steel production normally picks up. We have seen a shift in where steel is used. Whereas previously the majority of the steel was used in the real estate market, we now see that infrastructure investments, manufacturing and exports are increasing in significance, representing over 60% of the steel production. The steel exports from China is continuing at a high pace with a 30% increase year-on-year for the first half of 2024.

我們現在正進入下半年的季節性強勁時期，通常工業活動較高，中國鋼鐵產量通常會回升。我們看到鋼材的使用地點改變了。此前，大部分鋼材用於房地產市場，但現在我們看到基礎設施投資、製造業和出口的重要性不斷增加，佔鋼材產量的 60% 以上。中國鋼鐵出口持續高速成長，2024年上半年年增30%。

Outside China, crude steel production started recovering during '23, but faded somewhat into Q2 of '24. However, analysts expect a growth of 5% to 7% the next couple of years as the world recovers from increased inflation and interest rates. Chinese companies have over long time invested significantly in mining and infrastructure in Guinea, which in addition to bauxite holds the largest high grade iron ore deposit currently under development.

在中國以外，粗鋼產量在 23 年開始復甦，但到 24 年第二季有所回落。然而，分析師預計，隨著全球從通膨和利率上升中復甦，未來幾年經濟將成長 5% 至 7%。長期以來，中國企業在幾內亞的採礦和基礎設施方面進行了大量投資，除了鋁土礦外，幾內亞還擁有目前正在開發的最大的高品位鐵礦床。

In the end of 2025, we can expect the Simandou iron ore mine to start shipping its first of its forecasted 60 million tons export capacity. If, assuming that the Simandou volumes will replace Australian volumes, it will triple the sailing distance to Asia, boosting tonne mine demand when the mine is fully operational in 2026. In addition, there are increased production capacity of high grade volumes on track out of Brazil and in Gabon, which further supports Capesize tonne mile.

到 2025 年底，我們預計西芒杜鐵礦將開始運送其預計 6,000 萬噸出口量中的第一批。假設西芒杜礦的產量將取代澳洲的產量，那麼到亞洲的航行距離將增加三倍，當礦場於2026 年全面投入營運時，將增加噸級礦的需求。也將增加。

As highlighted in previous presentations, long haul bauxite exports has become a significant driver for the Capesize market. We are entering into the high season for bauxite exports in Q4 and Q1, and we expect that volumes will remain healthy and increase from the seasonal lows in Q2 and Q3.

正如先前的演講所強調的那樣，長途鋁土礦出口已成為海岬型船市場的重要推動力。我們即將進入第四季和第一季鋁土礦出口旺季，我們預計出口量將保持健康，並從第二季和第三季的季節性低點開始增加。

Bauxite, which is used to produce aluminum, is heavily used in the growing Chinese car industry, which has been further subsidized by the government recently to support further car sales. Further monsoon season in India is ending in September and we expect to see an increase in demand for coal as we seasonally see each year.

用於生產鋁的鋁土礦在不斷發展的中國汽車工業中大量使用，最近政府進一步補貼了汽車工業，以支持進一步的汽車銷售。印度的季風季節將於 9 月結束，我們預計煤炭需求將出現每年季節性增長。

Coal represents the main energy source for power generation in India and China, with over two-thirds of all electricity produced from coal, and around 15% new power plant capacity under development. Supply, the order book remains highly favorable, with the Capesize being the most compelling segment. Although, we have seen some additions to the core order book this past quarter, we remain at historically low levels, illustrating that restrictions posed by yard capacity, high newbuilding prices and long lead times remain a key fundamental support.

煤炭是印度和中國發電的主要能源，超過三分之二的電力來自煤炭，約有 15% 的新發電廠產能正在開發中。供應方面，訂單仍然非常有利，其中海岬型船是最引人注目的部分。儘管上個季度核心訂單有所增加，但仍處於歷史低位，這表明船廠產能、新造船價格高和交貨時間長造成的限制仍然是關鍵的基本面支撐。

As mentioned in previous presentations, the additional volumes from the new Simandou mine in Guinea will alone be able to absorb the 7% Capesize order book. It is also important to note that the Capesize fleet is aging and that over half of the Capesize fleet will be above 15 years of age in 2028, in a period where environmental regulations are tightening. And lastly, on the supply side, the Capesize fleet continues to operate highly efficiently with low congestion, and only marginal Panama and Suez Canal exposure.

正如先前的演示中提到的，僅幾內亞新西芒杜礦的額外產量就能夠吸收海岬型船訂單的 7%。還需要注意的是，好望角型船隊正在老化，到 2028 年，在環境法規收緊的時期，超過一半的好望角型船隊的船齡將超過 15 年。最後，在供應方面，海岬型船隊繼續高效運營，擁堵程度較低，並且僅在巴拿馬和蘇伊士運河上存在少量風險。

We round this presentation off as we normally do, illustrating the cash flow potential of Golden Ocean. Despite the negative macro data and rising inventories, we continue to see strong volumes out of Brazil, a balanced freight market and a supportive FFA curve. The freight market is still not out of the summer low as is normal for this time of year, but we are starting to see activity levels pick up in line with the seasonal pattern.

我們像往常一樣結束本次演示，說明金海的現金流潛力。儘管宏觀數據不佳且庫存增加，但我們仍然看到巴西的出口量強勁、貨運市場平衡以及 FFA 曲線具有支撐性。貨運市場仍未走出每年這個時候的正常夏季低點，但我們開始看到活動水準與季節性模式一致。

We will round off with a reminder of our robust business model, low cost base and modern fleet which lays the fundament for the free cash flow and dividend potential in Golden Ocean. We have since 2021 paid out an aggregate of $1.1 billion in dividend, representing above 90% of net profit for the period. While there are risks, we continue to see seaborne trading volume flow and we are optimistic as we enter into the seasonal strength.

最後，我們將提醒大家我們穩健的商業模式、低成本基礎和現代化機隊，這些為金海的自由現金流和股息潛力奠定了基礎。自 2021 年以來，我們已支付了總計 11 億美元的股息，佔該期間淨利潤的 90% 以上。儘管存在風險，但我們繼續看到海運交易量的成長，並且隨著進入季節性強勢階段，我們感到樂觀。

I will now pass the word back to the operator and welcome any questions. Thank you.

我現在將把話傳回接線員並歡迎任何問題。謝謝。

Thank you. (Operator Instructions) Omar Nokta, Jefferies.

謝謝。 （操作員說明）Omar Nokta，Jefferies。

Thank you. Hi, Peder. Thanks for the update. I got a couple of questions from my side. You talked a bit about the market, and these are both market related. We've seen the Capes continuing to do well this summer and this year, in fact, despite the fact that Chinese steel markets have been soft, as you were highlighting. We're in this mid-20s range and as of today, we're above year-to-date averages. So I just wanted to ask, what do you think has been supporting rates from, say, a fundamental picture and then also maybe seasonally? Why haven't we seen like a seasonal let up in rates in your eyes?

謝謝。嗨，佩德。感謝您的更新。我這邊有幾個問題。你談到了一些市場，這些都是與市場相關的。事實上，儘管正如您所強調的那樣，中國鋼鐵市場一直疲軟，但我們看到開普省今年夏天和今年繼續表現良好。我們處於 20 多歲的範圍內，截至今天，我們高於今年迄今為止的平均水平。所以我只是想問，你認為是什麼支撐著利率，比如說，基本面情況，或者季節性情況？為什麼我們在您眼中沒有看到利率出現季節性下降？

Hi, Omar. I think it very much follows the seasonal pattern, the development we've seen, if you set aside the first half development, which was counter seasonal. I think where we have a fundamentally strong market with fundamentally healthy volumes flowing, it's a little bit like last year when we said that despite all the negative news flow, we can just call what we see in the market, and we are now in a period where there is wet season both in West Africa and India. We see that even though you saw the iron ore price drop down due to the macro sentiment falling, it has rebounded because you continue to see volumes flowing.

嗨，奧馬爾。我認為它非常遵循季節性模式，如果你拋開上半年的發展（這是反季節的），我們已經看到了發展。我認為，我們擁有一個基本強勁的市場，而且交易量基本上健康，這有點像去年，當時我們說，儘管有所有負面消息，但我們可以稱之為我們在市場上看到的情況，而我們現在正處於一個西非和印度都有雨季的時期。我們看到，儘管鐵礦石價格因宏觀情緒下降而下跌，但由於交易量繼續增加，鐵礦石價格已經反彈。

So that is an indication that we see the underlying fundamentals being fairly strong. And this is with a -- obviously with a healthy baseline bauxite export. But we're coming into a season where this is going to ramp up and also Chinese industrial activity. So without trying to call absolute rate levels, we are very positive for what's to come based on the fundamentals that we see in the market and the sort of seasonal upswing that we normally see. And as I also mentioned coal, coal volumes will start to pick up going into India as we come to the end of the monsoon season.

因此，這表明我們認為基本面相當強勁。顯然，鋁土礦出口基線健康。但我們正進入一個這個季節，這個季節將會加劇，中國的工業活動也會加劇。因此，在不試圖預測絕對利率水準的情況下，根據我們在市場上看到的基本面以及我們通常看到的季節性上漲，我們對未來的情況非常樂觀。正如我還提到的，隨著季風季節即將結束，進入印度的煤炭量將開始增加。

Okay. Thanks for that. I appreciate the perspective. And I guess maybe just a bit more on the other segments we've seen. Capes are obviously doing well. Supermaxes, which I know you don't have much exposure, they're also holding up and doing quite well and trading above levels from last year and definitely much stronger overall. But how would you think about the Panamaxes?

好的。謝謝你。我很欣賞這個觀點。我想也許只是我們看到的其他部分更多。斗篷顯然做得很好。 Supermaxes，我知道你沒有太多的曝光度，他們也堅持並表現得很好，交易價格高於去年的水平，而且總體上肯定要強得多。但您如何看待巴拿馬型船呢？

I know, Golden Ocean, your results have been much stronger than, say, the spot market averages we've been seeing. But we've seen the Panamax is coming under pressure here recently, while the other segment seemed to be just steady or rising, perhaps. How would you explain this kind of sandwiching of the Panamaxes by the large and smaller ships? Have you seen this before, and how do you see that evolving here in the coming months given the seasonal changes ahead?

我知道，金海，你們的業績比我們看到的現貨市場平均強得多。但我們看到巴拿馬型船最近在這方面面臨壓力，而其他部分似乎只是穩定或上升，也許。您如何解釋巴拿馬型船被大型和小型船舶夾在中間的情況？您以前見過這種情況嗎？

I think sentiment has also been very much depressed on the Panamax side. I mean, the volumes have been just slightly below sort of a fleet capacity. So you've seen sort of the activity levels sliding and thereby the sentiment being pretty gloomy. We have our ice-class business, which has supported us this quarter. We had some positioning cost last quarter, and then we see the benefit of this contract now in Q3 or actually positioning in this quarter, and contracts now playing out in Q3 and Q4. So normally these are interlinked and correlating.

我認為巴拿馬型船的情緒也非常低迷。我的意思是，數量略低於船隊容量。因此，您已經看到活動水平有所下滑，因此情緒相當悲觀。我們擁有冰級業務，這為我們本季提供了支援。上個季度我們有一些定位成本，然後我們現在在第三季度看到該合約的好處，或者在本季度實際定位，並且合約現在在第三季度和第四季度發揮作用。所以通常這些是相互連結和關聯的。

So we do expect that also coal volumes will start to give support to the Panamaxes in addition to, obviously, the grains and soybeans and corn coming out of the Atlantic. We see that there is a weak volumes coming out of Ukraine on the grains and also out on the continent due to a very dry crop this year. So we may see that be replaced by longer tonne-mile volumes. So we do look constructive at that segment as well. But we see sort of the seasonal rebound hitting the Capesizes to a larger extent than maybe the Panamax at the moment.

因此，我們確實預計，除了來自大西洋的穀物、大豆和玉米之外，煤炭量也將開始為巴拿馬型船提供支撐。我們看到，由於今年作物非常乾旱，烏克蘭和非洲大陸的穀物產量疲軟。因此，我們可能會看到它被更長的噸英里體積所取代。因此，我們對這領域也確實持建設性的態度。但我們認為季節性反彈對海岬型船的影響可能比目前對巴拿馬型船的影響更大。

Okay. Got it. Well, thanks, Peder. Appreciate that. I'll pass it over.

好的。知道了。好吧，謝謝，佩德。很欣賞這一點。我會把它傳過去。

Thank you.

謝謝。

Thank you. (Operator Instructions) As there are no further questions, I would now like to hand back to Peder Simonsen for any closing remarks.

謝謝。 （操作員說明） 由於沒有其他問題，我現在想請 Peder Simonsen 發表結束語。

Just wanted to thank you for dialing in and listening, and we will see you back in November for the next quarter. Thank you.

只是想感謝您的撥通和聆聽，我們將在 11 月下個季度與您見面。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。