Golden Ocean Group Ltd (GOGL) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Golden Ocean Q3 2024 release.

下午好，歡迎來到 Golden Ocean 2024 年第三季版本。

My name is Peder Simonsen, and I am the Interim CEO and CFO of Golden Ocean.

我叫 Peder Simonsen，是 Golden Ocean 的臨時執行長兼財務長。

Today I will present our Q3 numbers and forward outlook.

今天我將介紹我們的第三季數據和前瞻性展望。

In the third quarter of 2024, we have the following main highlights.

2024年第三季度，我們有以下主要亮點。

Our adjusted EBITDA in the third quarter ended up at $124.4 million compared to $120.3 million in the second quarter.

第三季調整後 EBITDA 為 1.244 億美元，而第二季為 1.203 億美元。

We delivered a net income of $56.3 million and earnings per share of $0.28, compared to a net income of $62.5 million and earnings per share of $0.31 in the second quarter.

我們的淨利潤為 5,630 萬美元，每股收益為 0.28 美元，而第二季的淨利潤為 6,250 萬美元，每股收益為 0.31 美元。

Our adjusted net profit was $66.7 million; and adjusted earnings per share of $0.33, up from $63.4 million and earnings per share of $0.32 in Q2.

我們調整後的淨利潤為 6,670 萬美元；調整後每股收益為 0.33 美元，高於第二季的 6,340 萬美元和每股收益 0.32 美元。

Our TCE rates were about $28,300 per day for Capesizes and about $16,400 per day for Panamax vessels and fleet wide net TCE of around $23,700 per day for the quarter.

本季度，我們的好望角型船舶的 TCE 費率約為每天 28,300 美元，巴拿馬型船舶的 TCE 費率約為每天 16,400 美元，整個船隊的淨 TCE 費率約為每天 23,700 美元。

We have continued to execute on our fleet renewal strategy by selling one older Panamax and an older Newcastlemax vessel at attractive prices.

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和一艘舊紐卡斯爾型船。

Further, we continue to secure attractive financings supporting our industry low cash breakeven rates.

此外，我們繼續獲得有吸引力的融資，支持我們行業的低現金損益平衡率。

For Q4, we have secured a net TCE of about $26,300 per day for 82% of Capesize days and about $14,600 per day for 83% of Panamax days.

第四季度，我們已確保 82% 的海岬型船天數的淨 TCE 約為每天 26,300 美元，83% 的巴拿馬型船天數的淨 TCE 約為每天 14,600 美元。

For Q1, we have locked in a net TCE of about $21,100 per day for 27% of Capesize days and about $17,500 per day for 15% of Panamax days.

對於第一季度，我們鎖定了 27% 的好望角型船天數的淨 TCE 約為每天 21,100 美元，15% 的巴拿馬型船天數的淨 TCE 約為每天 17,500 美元。

And with a strong result, we are pleased to declare a dividend of $0.30 per share for the third quarter of 2024.

憑藉強勁的業績，我們很高興宣布 2024 年第三季派發每股 0.30 美元的股息。

Let's look a little deeper into the numbers.

讓我們更深入地研究一下這些數字。

As mentioned, we achieved a total fleet wide TCE rate of $23,700, slightly up from Q2.

如前所述，我們實現了整個機隊的總 TCE 率為 23,700 美元，略高於第二季。

We had five ships drydocked in Q3 compared to four ships in Q2, contributing to about 253 days offhire in Q3 versus 193 days in Q2.

第三季我們有 5 艘船進乾船塢，而第二季有 4 艘船，導致第三季停租約 253 天，而第二季為 193 天。

We are entering into a period with frequent drydockings.

我們正進入頻繁進塢的時期。

We have 13 ships scheduled for drydock in Q4 2024, of which, four vessels have completed drydock as of today and seven ships are expected to drydock in Q1 2025.

我們有 13 艘船計劃於 2024 年第四季進塢，其中四艘船已於今天完成進塢，七艘船預計於 2025 年第一季進塢。

We recorded net revenues of $206.6 million, $9.2 million higher than Q2, mainly due to increased vessel days.

我們的淨收入為 2.066 億美元，比第二季高 920 萬美元，主要是因為船舶天數增加。

Looking at our operating expenses, we recorded $69.4 million in OpEx versus $66.3 million in Q2.

從我們的營運支出來看，我們的營運支出為 6,940 萬美元，而第二季為 6,630 萬美元。

Running expenses were largely unchanged quarter-by-quarter, while we had one more shipped drydock in the quarter reflected in the results.

營運費用逐季基本保持不變，而本季我們又增加了一個已出貨的乾船塢，這反映在業績中。

We had $2.4 million in decarbonization and digitalization investments.

我們有 240 萬美元的脫碳和數位投資。

Our OpEx reclassified from charterhire was $2.4 million, just below $1 million up from Q2.

我們從包租重新分類的營運支出為 240 萬美元，比第二季略低於 100 萬美元。

On our general and administrative expenses, we ended at $5.3 million, slightly up from Q2.

在一般和管理費用方面，我們最終達到 530 萬美元，略高於第二季。

Our daily G&A came in at $572 per day net of cost recharged to affiliated companies, unchanged from Q2.

我們的日常管理費用為每天 572 美元，扣除向關聯公司充值的成本，與第二季持平。

Our charterhire expenses were $6.4 million versus $4.8 million in Q2, reflecting higher number of vessel days for the trading portfolio, as well as profit sharing expense relating to our lease with SFL Corp.

我們的包機費用為 640 萬美元，而第二季為 480 萬美元，反映出交易組合的船舶天數增加，以及與我們與 SFL Corp 的租賃相關的利潤分享費用。

Net financial expenses came in at $25.5 million, largely unchanged quarter-on-quarter.

淨財務費用為 2,550 萬美元，環比基本持平。

Our derivatives and other financial income, we recorded a loss of $12 million compared to a gain of $1.9 million in Q2.

我們的衍生性商品和其他財務收入虧損 1,200 萬美元，而第二季則獲利 190 萬美元。

On derivatives, we recorded a loss of $11 million, of which $14 million was relating to a mark-to-market loss on interest rate swap derivatives, offset by a $4 million realized cash gain on the same derivatives, as well as a $400,000 loss on FFA, FX and bunker derivatives.

在衍生性商品方面，我們記錄了1,100 萬美元的損失，其中1,400 萬美元與利率掉期衍生品按市值計價的損失有關，被相同衍生品的400 萬美元已實現現金收益以及40 萬美元的損失所抵消關於 FFA、外匯和燃油衍生品。

For results in investments in associates, we recorded a $700,000 loss compared to a $400,000 loss in Q2 relating to our investments in SwissMarine, TFG and UFC.

對於聯營公司的投資結果，我們錄得 70 萬美元的虧損，而第二季度我們對 SwissMarine、TFG 和 UFC 的投資則錄得 40 萬美元的虧損。

A net profit of $56.3 million or $0.28, an adjusted net profit of $66.7 million or $0.33 and a dividend of $0.30 per share declared for the quarter.

本季淨利為 5,630 萬美元（即 0.28 美元），調整後淨利為 6,670 萬美元（即 0.33 美元），每股股息為 0.30 美元。

On our cash flow, we recorded cash flow from operations of $100.8 million, up from $76.9 million in Q2.

在現金流方面，我們記錄的營運現金流為 1.008 億美元，高於第二季的 7,690 萬美元。

Our cash flow used in investments was $4.4 million mainly due to installments and costs relating to our Kamsarmax newbuildings of $24.8 million, offset by $20.8 million in sales proceeds from one older Panamax vessel.

我們用於投資的現金流量為 440 萬美元，主要是由於與 Kamsarmax 新造船相關的分期付款和成本為 2,480 萬美元，被一艘舊巴拿馬型船舶的 2,080 萬美元銷售收益所抵消。

Cash flow used in financing came in at $81.8 million, mainly comprising of $35 million in scheduled debt and lease repayments and $8.1 million in prepayment relating to the sale of one Panamax vessel, $60 million in dividend payments relating to the Q2 results, which was offset by $21.6 million in drawdown in connection with delivery of one Kamsarmax newbuilding.

用於融資的現金流量為8,180 萬美元，主要包括3,500 萬美元的定期債務和租賃償還、與出售一艘巴拿馬型船舶相關的預付款810 萬美元、與第二季業績相關的6,000 萬美元的股息支付（已抵消）因交付一艘 Kamsarmax 新船而減少 2,160 萬美元。

Total net increase in cash of $14.6 million.

現金淨增加總額為 1,460 萬美元。

On our balance sheet, we recorded cash and cash equivalents of $117.6 million, including $1.4 million in restricted cash.

在我們的資產負債表上，我們記錄了 1.176 億美元的現金和現金等價物，其中包括 140 萬美元的限制性現金。

In addition, we have $150 million in undrawn available credit facilities at quarter end.

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。

Debt and finance lease liabilities totaled $1.4 billion in Q3, down by approximately $20 million quarter-on-quarter.

第三季債務和融資租賃負債總額為 14 億美元，季減約 2,000 萬美元。

Average fleet wide loan to value under the company's debt facilities per quarter end was 34.1%.

每季末公司債務融資下的平均船隊貸款價值為 34.1%。

Book equity of $1.9 billion and a ratio of equity to total assets of approximately 56%.

帳面權益為 19 億美元，權益與總資產的比率約為 56%。

Looking at Golden Ocean's fleet composition.

看看金洋號的艦隊構成。

Golden Ocean continues to renew its fleet as evidenced with vessel sales announced in the quarter.

金洋繼續更新船隊，本季公佈的船舶銷售情況就證明了這一點。

Although we are opportunistic, we focus on our position in the Capesize and Newcastlemax segments, which represents over 80% of Golden Ocean's deadweight tonnes and thereby earnings capacity.

儘管我們持機會主義態度，但我們仍專注於海岬型船和紐卡斯爾型散裝貨船領域的地位，這兩個領域佔金洋載重噸數的80%以上，因此也佔盈利能力。

We are the largest listed owner in the Cape segment.

我們是開普敦板塊最大的上市公司所有者。

As I will discuss further in this presentation, we believe that both supply and demand dynamics favors the Capesize segment in the foreseeable future.

正如我將在本次演講中進一步討論的那樣，我們相信，在可預見的未來，供需動態都有利於海岬型船板塊。

As illustrated in the graphs, if you are to invest in the dry bulk space, we are the only listed company offering meaningful Cape exposure and at the same time significant market cap and trading liquidity.

如圖所示，如果您要投資乾散貨領域，我們是唯一一家提供有意義的開普敦風險敞口，同時提供可觀的市值和交易流動性的上市公司。

In Q3, we saw cargo volumes continue at healthy levels from a seasonally strong first half despite geopolitical turmoil and a challenging trading sentiment.

在第三季度，儘管地緣政治動盪且交易情緒充滿挑戰，但我們看到貨運量在上半年季節性強勁的基礎上繼續保持在健康水平。

Brazilian iron ore volumes were up 13% quarter-on-quarter as driven by strong production and guidance from the largest Brazilian miner, Vale.

在巴西最大礦商淡水河谷強勁生產和指導的推動下，巴西鐵礦石產量較上季成長 13%。

Australia continued strong exports, although slightly down quarter-on-quarter.

澳洲出口持續強勁，但環比略有下降。

The West African bauxite volumes have grown to a healthy baseline of 10 million to 12 million tonnes per month and are now in the upper end of the range as they are approaching peak season exports in Q1.

西非鋁土礦產量已成長至每月 1,000 萬至 1,200 萬噸的健康基線，隨著第一季出口旺季的臨近，目前處於該範圍的上限。

Coal volumes are up 3% quarter-on-quarter mainly from Indonesia and Australia to Southeast Asia.

煤炭運量較上季成長3%，主要從印尼和澳洲運往東南亞。

Colombian volumes, which were strong ton-mile contributor for the first half of 2024 have decreased with 11% from previous quarter as they have struggled with onshore infrastructure issues.

哥倫比亞的吞吐量在 2024 年上半年是噸英里貢獻最大的國家，但由於受到陸上基礎設施問題的困擾，較上一季下降了 11%。

As for the first half, China continued to import a large portion of the volumes, representing 75% of the Brazilian iron ore and 83% of the Guinea bauxite exports.

上半年，中國繼續進口大部分量，佔巴西鐵礦石出口量的75%和幾內亞鋁土礦出口量的83%。

In line with healthy growth in volumes, both Vale and Australian miners guide positively on production, reiterating their strong full-year production targets.

隨著產量的健康成長，淡水河谷和澳洲礦商都積極指導生產，並重申了強勁的全年生產目標。

Iron ore prices have been volatile but stayed at historically healthy levels despite the negative macro backdrop.

儘管宏觀背景不利，鐵礦石價格一直波動，但仍維持在歷史健康水準。

Current prices of above $100 per tonne compares very favorably to the breakeven rate of the major miners of approximately $40 per tonne delivered in Asia, indicating continued profitable exports.

目前每噸 100 美元以上的價格與主要礦商在亞洲交付的每噸約 40 美元的盈虧平衡率相比非常有利，表明出口持續有利可圖。

A healthy iron ore price is a signal that the demand for iron ore remains healthy.

健康的鐵礦石價格是鐵礦石需求保持健康的訊號。

Following significant investments in mining and infrastructure in Guinea, the Simandou high-grade iron ore mine is expected to ramp up its production and exports from Q4 2025, which will over two and a half years have an expected 120 million tonnes of export capacity annually.

繼幾內亞對採礦和基礎設施進行大量投資後，西芒杜高品位鐵礦石預計將從2025 年第四季開始增加產量和出口，預計在兩年半的時間內每年出口能力將達到1.2 億噸。

If assuming that the Simandou volumes will replace Australian volumes, it will triple the sailing distance to Asia, boosting tonne mile demand for Capesizes significantly.

如果假設西芒杜的貨運量將取代澳洲的貨運量，那麼到亞洲的航行距離將增加兩倍，從而顯著增加對好望角型船舶的噸英里需求。

In addition to Simandou, Brazil have several new expansion projects underway.

除了西芒杜之外，巴西還有幾個新的擴建項目正在進行中。

The additional annual export capacity of around 50 million tonnes will come on stream during 2025 and 2026, further adding Capesize tonne mile.

約5,000萬噸的額外年出口能力將在2025年和2026年期間投產，進一步增加海岬型船的噸英里。

Iron ore inventories increased to 2022 levels during the first half of 2024, but have stabilized during October, November as steel production has balanced out iron ore imports.

2024 年上半年，鐵礦石庫存增加至 2022 年水平，但由於鋼鐵產量平衡了鐵礦石進口，10 月和 11 月期間鐵礦石庫存趨於穩定。

Whereas we throughout the year have seen significant negative news flow relating to Chinese growth projections, in October, we saw Chinese government announcing stimulus packages including stabilizing the weak property sector, but more importantly a clear signal that Chinese government is committed to achieving its growth targets.

雖然我們全年都看到與中國成長預測相關的重大負面消息，但十月份，我們看到中國政府宣布了刺激計劃，包括穩定疲軟的房地產行業，但更重要的是，這是一個明確的信號，顯示中國政府致力於實現其成長目標。

In the latest economic outlook published by IMF, is expected that China will grow by 4.8% and 4.5% in 2024 and 2025, respectively, supporting healthy long-term demand for commodities.

國際貨幣基金組織發布的最新經濟展望中，預計中國2024年和2025年將分別成長4.8%和4.5%，支撐大宗商品的健康長期需求。

Despite elevated inventories, China has continued to import high-grade Brazilian iron ore, which supports the indication that the parts of inventories are of a lower grade.

儘管庫存增加，但中國仍繼續進口高品位巴西鐵礦石，這支持了部分庫存品位較低的跡象。

Further, the Dalian Metals Exchange in China has required traders to hold higher deposits of iron ore in order to trade its ore, further upping inventory levels.

此外，中國大連金屬交易所要求交易商持有更高的鐵礦石保證金才能進行礦石交易，進一步提高了庫存水準。

China has stated that it's aiming to reduce emissions in the steel industry, to use higher grade iron ore and coal, will reduce emissions per tonne steel produced.

中國已表示，其目標是減少鋼鐵業的排放，使用更高品位的鐵礦石和煤炭，將減少每噸鋼的排放量。

China is in the process of including the steel industry into its emissions trading scheme, which will make increased high-grade imports even more beneficial.

中國正在將鋼鐵業納入其排放交易計劃，這將使增加高檔進口變得更加有利。

The new high-grade iron ore mine in Simandou, Guinea, partially funded by Chinese interests, will add to the sourcing of high-grade commodities.

幾內亞西芒杜的新高品位鐵礦計畫部分由中國企業出資，將增加高品位商品的採購。

The official statistics on reported steel production in China has remained muted in Q3, but has during October improved as steel margins have started to strengthen and PMI indicators improve.

中國第三季鋼鐵產量的官方統計數據仍然低迷，但隨著鋼鐵利潤率開始走強和 PMI 指標改善，十月有所改善。

We have also seen a more optimistic tone from the large steel mills, a significant change in narrative from what was presented during Q2.

我們也看到大型鋼廠的態度更加樂觀，與第二季度的情況相比，情況發生了重大變化。

Outside China, crude steel production has started recovering, but is muted by weak demand and high interest rates.

在中國以外，粗鋼產量已開始復甦，但因需求疲軟和高利率而受到抑制。

However, as this constitutes 50% of global steel demand, it presents a significant upside once the remount comes underway.

然而，由於這佔全球鋼鐵需求的 50%，一旦重組開始，它就會呈現出顯著的上漲空間。

Analysts expect growth of 5% to 7% in the next couple of years as the world is recovering from inflation and higher interest rates.

分析師預計，隨著全球從通膨和高利率中復甦，未來幾年經濟成長率將達到 5% 至 7%。

Despite weak steel margins, Chinese steel mills continue to protect their market share.

儘管鋼鐵利潤率較低，中國鋼廠仍繼續保護其市場份額。

The steel exports from China has continued in Q3 and into Q4 with a 30% increase year-on-year in the first nine months of 2024.

中國鋼鐵出口在第三季和第四季持續成長，2024年前9個月年增30%。

The stimulus targeting the real estate sector is highly positive to stabilize the property market and for the economy in general.

針對房地產行業的刺激措施對於穩定房地產市場和整體經濟具有非常積極的作用。

Construction represents around 25% of steel demand, while infrastructure investments, manufacturing and exports are an aggregate representing approximately 60% of Chinese steel production.

建築業約佔鋼鐵需求的25%，而基礎建設投資、製造業及出口合計約佔中國鋼鐵產量的60%。

Guinea in West Africa has become a major exporter of high-grade commodities.

西非幾內亞已成為高檔商品主要出口國。

As is the case for the new iron ore projects coming on stream, the Guinean bauxite is to a large degree controlled by Chinese interests, indicating ton-mile support in the years to come.

與即將投產的新鐵礦石計畫一樣，幾內亞鋁土礦在很大程度上由中國利益集團控制，這表明未來幾年將提供噸英里支持。

Exports of bauxite, which is used in the production of aluminum, is feeding the booming EV industry as well as other sectors in China.

用於生產鋁的鋁土礦的出口正在為蓬勃發展的電動車產業以及中國的其他產業提供支援。

The Guinean bauxite replaces volumes from Indonesia, which in addition to significant growth in demand and sailing distance, represents the switch to Capesizes from smaller vessel segments.

幾內亞鋁土礦取代了印尼的鋁土礦量，除了需求和航行距離的顯著成長之外，也代表小型船舶市場轉向好望角型船舶。

The bauxite trade has on average grown by 22% annually since 2017 and is expected to grow by approximately 5% to 10% in 2025, further supporting Capesize demand.

自 2017 年以來，鋁土礦貿易平均每年增長 22%，預計 2025 年將增長約 5% 至 10%，進一步支持海岬型船的需求。

As bauxite exports currently contributing to 13% to 14% of ton mile for Capesizes, this will represent a demand growth covering most, if not, all of the scheduled deliveries in Capesize for 2025.

由於鋁土礦出口目前佔海岬型船噸海裡量的 13% 至 14%，這將代表需求成長涵蓋了海岬型船 2025 年計畫交付的大部分（如果不是全部）。

The order book remains favorable with Capesize being supported by shipyard capacity constraints.

由於好望角型船受到船廠產能限制的支撐，訂單量依然良好。

Capesize in Newcastlemax compete with container ships, LNG vessels and tankers for capacity due to the dock size required.

由於所需的碼頭規模，紐卡斯爾型船的海岬型船與貨櫃船、液化天然氣船和油輪競爭運力。

With Capes representing the lowest profit margins for the shipyards, they are generally outcompeted by other more profitable segments on the available capacity, leading to higher quarter prices and long-dated delivery schedules.

由於好望角船廠的利潤率最低，因此在可用運力方面，它們通常會被其他利潤更高的部門擊敗，從而導致季度價格上漲和交貨時間表延長。

We have only seen marginal additions to the order book the past quarter, and we remain at historically low levels, illustrating that the restrictions posed by yard capacity, high new building prices and long lead times remain a key fundamental support.

上個季度我們只看到訂單簿略有增加，並且仍處於歷史低位，這表明堆場產能、新建築價格高和交貨時間長所帶來的限制仍然是關鍵的基本面支撐。

The Capesize fleet is aging, and over half of the Capesize fleet will be above 15 years of age in 2028, in a period where environmental regulations are tightening.

好望角型船隊正在老化，到 2028 年，在環境法規日益收緊的時期，超過一半的好望角型船隊的船齡將超過 15 年。

Also, as seen from the fleet profile, the concentration of vessels required to dry dock in the two coming years is expected to reduce fleet capacity further than normalized distribution over a docking cycle.

此外，從船隊概況來看，未來兩年需要乾船塢的船舶的集中預計將比停泊週期內的正常分佈進一步減少船隊運力。

We lastly see inflation in necessary investments to meet technical requirements, raising the bar for smaller operators of older tonnage.

最後，我們看到滿足技術要求的必要投資不斷膨脹，提高了老噸位小型業者的門檻。

There has been unusually little weather disruptions in the port operations during the fall, which normally leads to delays and tightening of the dry bulk markets.

在秋季期間，港口運作受到的天氣幹擾異常少，這通常會導致乾散貨市場的延誤和緊張。

The dry bulk fleet continues to operate highly efficiently with low congestion and only marginal Panama and Suez Canal exposure.

幹散裝船隊繼續有效率地運營，擁擠程度較低，且僅少量接觸巴拿馬和蘇伊士運河。

The return of physical volumes setting the price of freight has seen a healthy rebound in rates in Q4 following a weaker period, very much as seen in 2023.

決定貨運價格的實物量的回歸導致運費在經歷疲軟時期後在第四季度出現健康反彈，與 2023 年的情況非常相似。

It illustrates the underlying supply and demand balance in the freight market.

它說明了貨運市場潛在的供需平衡。

We will round off with a reminder of our robust business model, low cost base, and modern fleet which continues to support the free cash flow and dividend potential in Golden Ocean.

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將繼續支持金海的自由現金流和股息潛力。

The accumulated dividends paid has surpassed $1.1 billion by a good margin, representing above 90% of net profit for the period.

累計派發股利已大幅超過11億美元，佔當期淨利的90%以上。

Although we expect volatility with ongoing geopolitical uncertainty, we continue to remain fundamentally positive on the market outlook.

儘管我們預期持續的地緣政治不確定性會帶來波動，但我們對市場前景仍然基本樂觀。

I would now pass the word back to the operator and welcome any questions.

我現在將把話傳回接線員並歡迎任何問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Omar Nokta, Jeffrey.

奧馬爾諾克塔，傑弗裡。

Thank you.

謝謝。

Hi, Simon.

嗨，西蒙。

Thanks for the update.

感謝您的更新。

It's pretty good detail on the market outlook.

這是關於市場前景的非常詳細的資訊。

And I guess just wanted to get maybe a sense in terms of Golden Ocean and where you sit in terms of capital deployment.

我想我只是想了解一下金海以及資本部署的情況。

From here, you sold an older Newcastlemax and a Panamax.

從這裡，您出售了一艘舊的紐卡斯爾型船和一艘巴拿馬型船。

Prices look fairly solid and you've got some big gains on those.

價格看起來相當穩定，您已經獲得了一些巨大的收益。

I guess how would you characterize where you sit today company-wise?

我想您會如何描述您今天在公司的位置？

Or do you view Golden Ocean being kind of more of a stellar in this market, take advantage of perhaps lofty pricing, are you a buyer in terms of perhaps asset values are coming under pressure, or are you neither?

或者您認為金海在這個市場上更明星，利用也許較高的定價，您是買家，因為資產價值可能面臨壓力，還是兩者都不是？

Any kind of color you can give, I guess, in terms of what you're seeing in the S&P market and then what that then means for you.

我想，你可以根據你在標準普爾市場中看到的情況以及這對你意味著什麼來給出任何顏色。

Yeah, Hi, Omar.

是的，嗨，奧馬爾。

Thanks for the question.

謝謝你的提問。

I think, first of all, we have sort of done our heavy lifting when it comes to fleet growth earlier in the cycle.

我認為，首先，我們在周期早期的機隊成長方面已經完成了繁重的工作。

So we grew by 30% over the last three years.

所以我們在過去三年成長了 30%。

And then in line with the increased asset prices.

然後與資產價格的上漲保持一致。

I think at current point in time, we don't see the real value in acquiring modern tonnage at the current prevailing prices.

我認為在目前的時間點上，我們看不到以當前的現行價格購買現代噸位的真正價值。

So I think we are more sort of selling off older tonnage in line with our strategy to replace the sort of -- to sort of balance out the fleet that we have and average out the fleet age.

因此，我認為我們更多的是根據我們的策略來出售舊噸位，以平衡我們擁有的船隊並平均船齡。

And I think when it comes to capital deployment, I think that we have been pretty clear that we favor dividends at the current point in time.

我認為，在資本配置方面，我們已經非常明確地表示，我們目前支持股息。

And I think even though look at current share prices plummeting, we might be attempting to deploy some of this into the buyback program we announced the renewal of.

我認為，即使看看當前的股價暴跌，我們可能會嘗試將其中的一些部署到我們宣布更新的回購計劃中。

But I think as for the rest of the group, with the same main shareholder, we do preference dividends over buybacks in general terms.

但我認為，對於集團的其他成員來說，由於擁有相同的主要股東，一般而言，我們優先考慮股息而不是回購。

Okay, thank you.

好的，謝謝。

That's clear.

很清楚。

And I guess maybe just in terms of the dividend, as you were just highlighting, you paid $0.30, or you declared $0.30, and you paid that, I believe, the past four quarters.

我想也許就股息而言，正如您剛才強調的那樣，您支付了 0.30 美元，或者您宣布了 0.30 美元，並且我相信您在過去四個季度支付了該股息。

Earnings per share has generally been in that range, plus or minus a couple of cents.

每股盈餘一般都在這個範圍內，上下浮動幾美分。

How would you think about, let's say, next quarter or a following quarter, EPS falls into say the $0.20 or $0.25, not saying, don't want to hold you to it, but when you think of that $0.30 dividend threshold, is that something you expect to maintain if earnings don't deviate too far away from what you have achieved, or do you shift back towards that percentage payout of earnings?

你會如何考慮，比方說，下個季度或下個季度，每股收益會下降到0.20 美元或0.25 美元，不是說，不想讓你堅持下去，而是當你想到0.30 美元的股息閾值時，是這樣嗎？

I think we've always been the percentage payout of earnings, but we have also tried to balance out the peaks and troughs and obviously we have a cap cost base which enables us to pay out dividends if the market weakens temporarily.

我認為我們一直是按收益百分比支付股息，但我們也試圖平衡高峰和低谷，顯然我們有一個上限成本基礎，這使我們能夠在市場暫時疲軟時支付股息。

And I think we are very much repeating what we've said that we're positive to the market and the fundamentals of the market, which means that we intend to pay dividends throughout any weaker periods.

我認為我們非常重複我們所說的，我們對市場和市場基本面持積極態度，這意味著我們打算在任何疲軟時期支付股息。

But the nominal amount I think, we'll have to see.

但我認為名目金額，我們還得看看。

And we are also optimistic, as we have shown, but I think in general, sort of the intent to continue where we are -- what we have been doing since 2021.

正如我們所表現出的那樣，我們也很樂觀，但我認為總的來說，我們有繼續保持現狀的意圖——我們自 2021 年以來一直在做的事情。

Thank you.

謝謝。

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

（操作員說明） 目前沒有更多問題。

Okay.

好的。

Then I will thank you all for listening in and I wish you all a peaceful holiday season when the time comes.

然後我將感謝大家的收聽，並祝福大家度過一個平靜的假期。

Thank you.

謝謝。