Golden Ocean Group Ltd (GOGL) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the Golden Ocean Q4 2024 earnings release. My name is Peder Simonsen and I am the interim CEO and CFO of Golden Ocean. Today I will present our Q4 numbers and forward outlook.

下午好，歡迎參加 Golden Ocean 2024 年第四季財報發表會。我叫 Peder Simonsen，是 Golden Ocean 的臨時執行長兼財務長。今天我將介紹我們的第四季數據和未來展望。

In the fourth quarter of 2024, we have the following main highlights. Our adjusted EBITDA in the fourth quarter of 2024 ended at $69.9 million compared to $124.4 million in the third quarter. We delivered a net income of $39 million and earnings per share of $0.20 compared to a net income of $56.3 million and earnings per share of $0.28 for the third quarter.

2024年第四季度，我們的主要亮點如下。我們 2024 年第四季的調整後 EBITDA 為 6,990 萬美元，而第三季為 1.244 億美元。我們實現淨收入 3,900 萬美元，每股收益 0.20 美元，而第三季的淨收入為 5,630 萬美元，每股收益 0.28 美元。

Our full year 2024 net profit was $223.2 million, up from an annual result of $112.3 million in 2023. Our TCE rates were about $24,700 per day for cap sizes and about $14,800 per day for our Panamax vessels and a fleet wide net TCE of about $20,800 for the quarter. We have during Q4 recorded dry docking costs of $34.3 million relating to 13 vessels compared to $9.7 million in Q3 relating to 5 vessels.

我們 2024 年全年淨利為 2.232 億美元，高於 2023 年的 1.123 億美元。我們的大型船舶 TCE 費率約為每天 24,700 美元，巴拿馬型船舶 TCE 費率約為每天 14,800 美元，本季整個船隊的淨 TCE 費率約為 20,800 美元。我們在第四季記錄了 13 艘船的乾船塢成本 3,430 萬美元，而第三季則記錄了 5 艘船的乾船塢成本 970 萬美元。

We have declared a purchase option under our lease agreement with SFL Corp for 8 caps as vessels for an aggregate sum of $112 million. The acquisition will be part financed by a two year $90 million non amortizing revolving credit facility and will reduce our capsized cash break even by approximately $1000 per day. For Q1 we have secured a net TCE of about $15,100 per day for 77% of capsized days and about $9,900 per day for 81% of our Panamax stays.

我們已根據與 SFL Corp 簽訂的租賃協議宣布購買 8 艘船舶的選擇權，總金額為 1.12 億美元。此次收購將由為期兩年、價值 9000 萬美元的非攤銷循環信貸額度提供部分資金，並將使我們的傾覆現金盈虧平衡點每天減少約 1000 美元。對於第一季度，我們已確保 77% 的傾覆天數的淨 TCE 約為每天 15,100 美元，而 81% 的巴拿馬型船停留天數的淨 TCE 約為每天 9,900 美元。

For Q2, we have locked in a net TCE of about $20,900 per day for 16% of our capesize days and about $14,200 per day for 10% of our Panamax days. Finally, we are pleased to declare a dividend of $0.15 per share for the 4th quarter of 2024. Let's look a little deeper into the numbers. The total fleet [Y TCE] rate was $20,800 in Q4, down from $23,700 in Q3.

對於第二季度，我們鎖定了 16% 的好望角型船租賃天數的淨 TCE 約為 20,900 美元/天，以及 10% 的巴拿馬型船租賃天數的淨 TCE 約為 14,200 美元/天。最後，我們很高興地宣布 2024 年第四季每股派息 0.15 美元。讓我們更深入地了解一下這些數字。第四季總船隊 [Y TCE] 費率為 20,800 美元，低於第三季的 23,700 美元。

We are in a period with frequent dry docks. From Q4 and including Q2 2025, we will have dry docks close to 30 of our cave size in Newcastle maxis. We had 13 ships dry docked in Q4 compared to five ships in Q3, contributing to approximately 364 days of our fire in Q4 versus 253 days in Q3.

我們正處於乾船塢頻繁出現的時期。從 2025 年第四季到第二季度，我們將在紐卡斯爾最大的船舶上擁有接近 30 個洞穴大小的乾船塢。第四季我們有 13 艘船乾塢，而第三季只有 5 艘，導致第四季發生火災的天數約為 364 天，而第三季則為 253 天。

Nine ships are scheduled to dry dock in Q1 2025, with four vessels completed as of today. And a further 7 ships are expected to dry dock in Q2 2025. We recorded net revenues of $174.9 million, down from $206.6 million in Q3. Our OpEx recorded $95.6 million versus $69.4 million, a $26 million increase.

預計 2025 年第一季將有 9 艘船舶進入乾船塢，截至目前已有 4 艘船舶完工。預計另外 7 艘船舶將於 2025 年第二季進入乾船塢。我們的淨收入為 1.749 億美元，低於第三季的 2.066 億美元。我們的營運支出為 9,560 萬美元，而去年同期為 6,940 萬美元，增加了 2,600 萬美元。

Running expenses ended at $59.7 million, $4.8 million up from Q3, mainly due to bunkers related to dry dock and expense [balanceport treatment system upgrades]. We expense all our dry docking costs, and we saw an increase in the OpEx result of $24.6 million quarter on quarter relating to dry docking.

營運費用最終為 5,970 萬美元，比第三季增加 480 萬美元，主要原因是與乾船塢相關的燃油和費用[balanceport 治療系統升級]。我們將所有乾船塢成本計入費用，我們發現與乾船塢相關的營運支出較上月增加了 2,460 萬美元。

OpEx classified from charter hire was $2 million, $0.4 million down from Q3. Our general and administrative expenses ended at $6.4 million, up from $5.3 million in Q3. Daily [GNA] came in at $709 per day. Net of cost we charged to affiliated companies, $137 per day up from 3.

包機租金分類的營運支出為 200 萬美元，比第三季下降 40 萬美元。我們的一般和行政費用最終為 640 萬美元，高於第三季的 530 萬美元。每日[GNA]收入為每天709美元。扣除我們向附屬公司收取的費用後，每天從 3 美元增加到 137 美元。

Now charter hire expense, we recorded $4.2 million versus $6.4 million in Q3, with a lower number of vessel days for the trading portfolio and profit sharing expense accounting for the difference. Our net financial expense ended at $23.3 million versus $25.5 million in Q3 a reduction mainly due to lower so rates as well as lower average debt in the quarter.

現在的租船費用為 420 萬美元，而第三季為 640 萬美元，交易組合的船舶天數較少以及利潤分享費用導致了這一差異。我們的淨財務支出最終為 2,330 萬美元，而第三季為 2,550 萬美元，下降的主要原因是本季利率較低以及平均債務較低。

On derivatives and other financial income, we recorded a gain of $13.6 million compared to a loss of $12 million in Q3. On derivatives we recorded the gain of $11.8 million versus the loss of $11 million in Q3. For results from investments and associates, we recorded a gain of $1.6 million compared to $0.7 million loss in Q3 relating to investment in Swiss Marine, TFG and UFC.

在衍生性商品和其他金融收入方面，我們錄得收益 1,360 萬美元，而第三季則虧損 1,200 萬美元。在衍生性商品方面，我們錄得收益 1,180 萬美元，而第三季則虧損 1,100 萬美元。就投資和聯營公司的表現而言，我們錄得 160 萬美元的收益，而第三季對 Swiss Marine、TFG 和 UFC 的投資則虧損 70 萬美元。

And a net profit of $39 million or $0.20 per share and an adjusted net profit of $12.7 million or $0.06 and a dividend of $0.15 declared for the quarter. Looking at our cash flow, we recorded cash flow from operations of $71.7 million, Down from $100.8 million in Q3.

本季淨利為 3,900 萬美元或每股 0.20 美元，調整後淨利為 1,270 萬美元或每股 0.06 美元，股息為 0.15 美元。從我們的現金流來看，我們的經營現金流為 7,170 萬美元，低於第三季的 1.008 億美元。

Cash flow used in financing of $91.5 million, mainly comprising of net proceeds from new financings and new building drawdowns of $26.9 million, $31.9 million in scheduled debts and lease repayments, $19 million in prepayments of debt relating to vessels sold, $5.7 million in debt fees paid and share repurchases. And dividend payments of $60 million relating to the Q3 results.

融資所用現金流為 9,150 萬美元，主要包括新融資和新造船淨收益 2,690 萬美元、定期債務和租賃償還 3,190 萬美元、與出售船舶相關的債務預付款 1,900 萬美元、支付的債務費用和股票回購 570 萬美元。以及與第三季業績相關的 6,000 萬美元股息支付。

Total net increase in cash of $14.1 million, looking at their balance sheets. We recorded cash and cash equivalents of $131.7 million, including $2.6 million of restricted cash. In addition, we have $150 million of undrawn available credit facilities at quarter end. Debt and finance lease liabilities total $1.4 billion at the end of Q4, down by approximately $23 million quarter on quarter.

從他們的資產負債表來看，現金淨增加總額為 1,410 萬美元。我們記錄的現金和現金等價物為 1.317 億美元，其中包括 260 萬美元的受限現金。此外，截至本季末，我們還有 1.5 億美元未提取的可用信貸額度。第四季末，債務和融資租賃負債總額為 14 億美元，季減約 2,300 萬美元。

Average fleetwide loan to value under the company's debt facilities per quarter end was 38.3% and book equity of $1.9 billion and a ratio of equity to total assets of approximately 56%. Golden Ocean has in Q4 started and will in the first half of 2025 continue an intensive dry docking period for its capesize fleet. It's close to half of its of the fleet completing special surveys over a period of nine months.

公司每季末負債融資下全船平均貸款價值比為 38.3%，帳面權益為 19 億美元，權益與總資產比率約為 56%。Golden Ocean 已於第四季開始對其好望角型船隊進行密集的乾船塢維修，並將於 2025 年上半年繼續進行。近一半的船隊船隻在九個月的時間內完成了特別調查。

We believe that the timing of the dry docks is favorable ahead of a seasonal stronger second half of 2025 and onwards. Golden Ocean maintains the position of the largest listed owner in the capesize and Newcastle Max segment. Caves and Newcastle axis represent over 80% of Golden Ocean's dead weight tons and thereby earnings capacity.

我們認為，在 2025 年下半年及以後季節性需求強勁之前，幹船塢的建設時機十分有利。Golden Ocean 仍是好望角型船和 Newcastle Max 型船市場最大的上市船東。洞穴和紐卡斯爾軸線佔 Golden Ocean 載重量噸位的 80% 以上，因此獲利能力也佔 80%。

We are the only listed drywall company offering cape exposure and at the same time significant market capitalization and trading liquidity. In Q4 we saw cargo volumes start off healthy, but volumes fell by the end of November ahead of the season nearly weaker winter season.

我們是唯一一家提供角風險敞口並同時擁有可觀市值和交易流動性的上市乾牆公司。在第四季度，我們看到貨運量一開始表現良好，但到 11 月底，貨運量在冬季淡季來臨之前出現下降。

Brazilian R&R volumes were down 13% quarter on quarter, while annual export volumes were up 3%. [Fowler] reported record exports in the upper end of guidance range, while the Australian exports continued in strong volumes but slightly down quarter on quarter.

巴西R&R出口量較上月下降13%，而年出口量成長3%。 [Fowler] 報告稱，出口額達到了預期範圍的上限，而澳洲的出口額繼續保持強勁，但環比略有下降。

We saw all the reduced production after reaching their annual targets, and further we've seen bad weather impacting mining and port operations, both in Brazil and Australia. In its high season, the guinea bauxite volumes have grown 14% year on year and have during Q4 averaged over 13.5 million per month run rate exports, up from average 10.5 million tons per month in Q3.

我們看到，在達到年度目標後，所有產量都下降了，而且我們還看到惡劣天氣影響了巴西和澳洲的採礦和港口運作。在旺季，幾內亞鋁土礦出口量年增 14%，第四季平均每月出口量超過 1,350 萬噸，高於第三季平均每月 1,050 萬噸。

Coal volumes continued in healthy levels in Q4, but whereas Colombian coal exports increased tile in the first half of 2024, Q4 we saw volumes being replaced by Australia and Indonesia. China is providing steady demand for most cargo types representing 74% of iron ore volumes and 85% of bauxite volumes for 2024, further supplemented by other Southeast Asian economies.

第四季煤炭產量持續保持健康水平，但儘管哥倫比亞煤炭出口在 2024 年上半年有所增加，但第四季度我們看到澳洲和印尼的煤炭出口量有所取代。中國對大多數貨種的需求穩定，到 2024 年，中國將佔鐵礦石運輸量的 74%，鋁土礦運輸量的 85%，其他東南亞經濟體也將進一步補充這項需求。

As a comment to the various tariffs and taxes being announced. US exports are largely limited to grain and coal volumes, which in an adverse scenario we expect will be replaced by other sources. As an example of the 543 million tons of coal that China imported last year, only $12.2 million came from the US.

作為對正在宣布的各種關稅和稅收的評論。美國的出口主要限於穀物和煤炭，我們預計在不利的情況下，這些出口將被其他來源所取代。以中國去年進口的5.43億噸煤炭為例，其中只有1,220萬美元來自美國。

Iron ore and bauxite are not US related cargos. However, an ongoing trade war will be negative for the sentiment and over time impact tribal demand. Looking at dry bulk volumes from a historical perspective, we have over the last 25 years seen volumes grow at a multiple of 1.1% to GDP growth.

鐵礦石和鋁土礦不屬於美國相關貨物。然而，持續的貿易戰將對市場情緒產生負面影響，並隨著時間的推移影響部落需求。從歷史角度來看，過去 25 年來，乾散貨運輸量的成長速度為 GDP 成長的 1.1%。

This is mainly due to demand for dryable commodities being higher in emerging economies who have had a higher than average growth rates. Although the growth in emerging economies driven by China and India has come down from historical highs, we expect the trend to continue. In addition, because emerging economies are located away from exporting regions, the turmoil effect of this growth will add another boost to shipping demand.

這主要是因為新興經濟體對可乾燥商品的需求較高，且其成長率高於平均值。儘管以中國和印度為首的新興經濟體的成長速度已從歷史高點回落，但我們預計這一趨勢仍將持續下去。此外，由於新興經濟體遠離出口地區，其成長的動盪效應將進一步刺激航運需求。

This is the case for most major dry bought commodities. Latest growth projections for 2025 and 2026 from IMF forecast an annual GDP growth of 3.3% globally, while China and India are expected to grow 4.5% and 6.5% respectively. Brazilian miners have delivered a full year export of 390 million tons, which is in the upper end of the full year guiding.

大多數主要乾貨商品都是這種情況。國際貨幣基金組織對2025年和2026年的最新成長預測顯示，全球GDP年增率將達到3.3%，而中國和印度的成長率預計將分別達到4.5%和6.5%。巴西礦業公司全年出口量為 3.9 億噸，處於全年預期的上限。

Both [VAA] and Australian miners are continued to guide positively on production targets for 2025, with new expansion projects also emerging in both basins. Australia and Brazil continue to be the largest exporters of iron ore. Brazil, with around 3 times the sailing distance to Asia compared to Australia, is the most important ton while demand contributor to the capesize market.

[VAA] 和澳洲礦業公司都繼續對 2025 年的生產目標做出積極指引，同時兩個盆地也出現了新的擴建項目。澳洲和巴西繼續成為最大的鐵礦石出口國。巴西與亞洲的航行距離約為澳洲的三倍，是海岬型船市場最重要的噸位與需求貢獻者。

Chinese steel production has remained flat quarter on quarter, but it is up 6% compared to Q4 2023. Sentiment among steel mills is more positive and Chinese authorities have irritated their commitment to stimulate the economy if needed, but analysts claim that new stimulus news has been postponed due to the ongoing tariff discussions.

中國鋼鐵產量較上季持平，但與2023年第四季相比成長了6%。鋼廠的情緒更加積極，中國當局也重申了必要時刺激經濟的承諾，但分析師聲稱，由於正在進行的關稅討論，新的刺激消息已被推遲。

China continued its attempt to decarbonize its heavy industry, including steel production. By using higher quality commodities, they are able to reduce emissions per ton of steel produced. Increased demand for high grade iron ore and coal is highly supported to mile, with the largest new deposits of high grade iron ore being found in Brazil and Guinea.

中國繼續嘗試對包括鋼鐵生產在內的重工業進行脫碳。透過使用更高品質的商品，他們能夠減少每噸鋼鐵生產的排放量。高品位鐵礦石和煤炭的需求增加得到了大力支持，其中最大的新高品位鐵礦石礦床位於巴西和幾內亞。

Outside China and India, crude steel production has started recovering, but only by a conservative 1.5% quarter on quarter, as weak demand from construction and high interest rates is limiting growth. However, as the recovery is coming closer it presents a significant upside to potential steel demand.

除中國和印度外，粗鋼產量已開始復甦，但由於建築業需求疲軟和高利率限制了成長，季增幅僅1.5%。然而，隨著經濟復甦的臨近，鋼鐵需求將呈現顯著上升趨勢。

In Q4 this year, we will see the Simandou mine in Guinea, West Africa, commence exports. The Simandou high grade iron ore mine is expected to ramp up its production over two years, adding an expected 120 million tons export capacity annually.

今年第四季度，我們將看到西非幾內亞的西芒杜礦場開始出口。西芒杜高品位鐵礦預計將在兩年內提高產量，預計每年增加 1.2 億噸的出口量。

In addition, new expansion projects are underway in Brazil, with an additional capacity of approximately 50 millions coming on stream during 2025 and 2026. Iron ore prices have been volatile but stayed at historically healthy levels despite negative macro backdrop and actually increased amidst an escalating trade uncertainty.

此外，巴西正在進行新的擴建項目，預計2025年和2026年將有約5,000萬的額外產能投入使用。儘管宏觀經濟形勢不利，鐵礦石價格一直在波動，但仍保持在歷史健康水平，並且在貿易不確定性不斷升級的情況下實際上有所上漲。

Iron ore is currently trading at around $107 per ton, which compares very favorably to the break-even rate for the major miners of approximately $40 per ton delivered in Asia. At current iron ore prices, most producers are profitable, but it's expected that new volumes will put pressure on prices.

目前鐵礦石交易價格約為每噸 107 美元，與亞洲主要礦商約每噸 40 美元的盈虧平衡價格相比非常有利。在目前的鐵礦石價格下，大多數生產商都能夠獲利，但預計新增產量將對價格造成壓力。

The cost curve among the key producers shows that Australian Brazilian ore is highly resilient at lower prices and outcompete more expensive producers, including Chinese domestic production. Given the quality of the new iron ore coming into the market, analysts are expecting that the high-grade ore will replace Chinese domestic, which is of significantly poorer quality.

主要生產商的成本曲線顯示，澳洲巴西礦石在較低價格下具有很強的彈性，並且勝過包括中國國內生產在內的更昂貴的生產商。鑑於新進入市場的鐵礦石的質量，分析師預計高品位礦石將取代質量明顯較差的中國國產礦石。

If we conservatively assume that the Simandou volumes will replace Australian volumes, it will triple the sailing distance to Asia, boosting to mile demand for capesizes significantly. Guinea in West Africa has become a major exporter and holds the vast deposits of high-grade bauxite and iron ore.

如果我們保守地認為西芒杜的運量將取代澳洲的運量，那麼到亞洲的航行距離將增加兩倍，從而大幅增加對好望角型船的需求。西非幾內亞已成為主要出口國，擁有大量高品位鋁土礦和鐵礦石儲量。

The Guinea government has together with mining majors and large Chinese industrial conglomerates, made significant investments in infrastructure and mine development. With the majority of demand being located in Southeast Asia, this provides steady growth in [one] mile for the largest vessels.

幾內亞政府與礦業巨頭和中國大型工業集團合作，對基礎設施和礦山開發進行了大量投資。由於大部分需求來自東南亞，這為最大船舶的航程提供了穩定的成長。

Guinean bauxite exports over the last 5 years has grown with an average compounded growth rate of 22%. Bauxite, which is used in production of aluminum, is feeding the booming EV industry as well as other sectors in China. The Guinean bauxite replaces volumes from Indonesia, which in addition to significant growth in traded volumes and ton mile, represents a switch to capsizes from smaller vessel segments.

過去5年幾內亞鋁土礦出口平均複合成長率為22%。用於生產鋁的鋁土礦正在為中國蓬勃發展的電動車產業以及其他產業提供原料。幾內亞鋁土礦取代了來自印尼的鋁土礦，除了導致交易量和噸英里數大幅增長之外，還代表著從小型船舶向傾覆型船舶的轉變。

The average monthly export volumes in 2024 were 12 million. While Q1 to date in high season, exports have exceeded 15.5 million tons per month. Following infrastructure improvements, analysts are expecting an annual export of 155 million tons in 2025, representing a 5% to 10% year on year growth.

2024年平均每月出口量為1200萬。而第一季至今正值旺季，出口量已超過每月1550萬噸。隨著基礎設施的改善，分析師預計2025年的年出口量將達到1.55億噸，年增5%至10%。

As bauxite exports currently contributing to about 13% to 15% of ton mile for capsized vessels. This would represent the demand growth covering most if not all of the scheduled deliveries of capsizes in 2025. The audio book development has followed last year's pattern with container ships filling up most of the capacity on shipyards able to build Newcastle maxes and capsized vessels.

目前鋁土礦出口約佔傾覆船舶噸英里數的 13% 至 15%。這意味著需求成長將涵蓋 2025 年大部分（如果不是全部）預定交付的傾覆型船舶。有聲書的發展延續了去年的模式，貨櫃船佔據了能夠建造紐卡斯爾最大噸位和傾覆船隻的造船廠的大部分容量。

Despite elevated new building prices, the largest dryable vessels remain unfavored by the shipyards as they provide for lower profit margins compared to other shipping segments. In addition, limited shipyard capacity leads to long dated delivery dates. Currently quoting 2028 as the earliest delivery for any meaningful capacity volume.

儘管新船建造價格上漲，但最大的可乾式船舶仍然不受船廠青睞，因為與其他航運領域相比，它們的利潤率較低。此外，船廠產能有限導致交貨日期延長。目前報價為 2028 年，為任何有意義的容量的最早交付時間。

The global capesize in Newcastle Max fleet is entering into a period of frequent dry dockings. An analysts estimate an additional 0.5% to 1% in fleet capacity reduction during both 2025 and 2026 compared to 2024. We are in a period with increasing competitive advantages for modern vessels both in terms of fuel efficiency and carrying capacity, but also increasing requirements to safety, crew welfare, and emissions.

Newcastle Max 船隊的全球好望角型船正進入頻繁的乾船塢時期。分析師估計，與 2024 年相比，2025 年和 2026 年的船隊運力將再減少 0.5% 至 1%。我們正處於現代船舶在燃油效率和載運能力方面競爭優勢不斷增強的時期，但對安全、船員福利和排放的要求也在不斷提高。

The large sized [rabo] fleet is aging, and over half of the cap size fleet will be above 15 years of age in 2028 in the period where environmental regulations are tightening. The fleet continues to operate at record efficiency, and although we have seen some seasonal disruptions, it has not reduced the operating fleet capacity meaningfully.

大型船舶船隊正在老化，到 2028 年，在環境法規日益嚴格的時期，超過一半的大型船舶船隊船齡將超過 15 年。船隊繼續以創紀錄的效率運營，儘管我們看到了一些季節性的中斷，但並沒有顯著降低營運船隊的運力。

For dry bulk, full normalization of transits through the Suez Canal will have a marginal negative effect. To provide some reduction in ton miles, but we also open for further transatlantic trades. The company has over the last year outperformed indexes by close to $4500 per day on the full fleet.

對於乾散貨而言，蘇伊士運河運輸的全面正常化將產生輕微的負面影響。為了減少噸英里數，我們也開放了進一步的跨大西洋貿易。去年，該公司所有船隊的獲利表現均超出指數平均值近 4,500 美元/天。

We continue to push for lower cost, retaining conservative and meaningful leverage at an industry low cash break even rate. The recently announced refinancing of leases for eight vessels with SFL Corp will reduce the cash break even rate for the Cape fleet with $1000 per day.

我們繼續努力降低成本，以行業較低的現金損益平衡率保持保守且有意義的槓桿。最近宣布與 SFL Corp 就 8 艘船舶的租賃進行再融資，將使 Cape 船隊的現金盈虧平衡率降低 1000 美元/天。

As mentioned, we are using the weakness in the market to significantly upgrade the vessels. This will provide us with a highly competitive fleet ahead of the seasonally strong second half and onwards. These investments are funded with a combination of sales proceeds and cash on hand.

如上所述，我們正在利用市場疲軟來大幅升級船舶。這將為我們在下半年及以後旺季到來之前提供一支極具競爭力的船隊。這些投資的資金來自銷售收益和庫存現金。

We continue our strategy to reward our shareholders through dividends as well as previously announced share buybacks. Although we expect volatility in the near term.

我們將繼續執行我們的策略，透過股利以及先前宣布的股票回購來回報我們的股東。儘管我們預期短期內會出現波動。

With ongoing geopolitical uncertainty, we continue to remain fundamentally positive on the market outlook and have positioned ourselves thereafter. On the left-hand side, we illustrate the significant cash flow potential of Gloden Ocean as we move into the [traordinary] market sentiment.

由於地緣政治不確定性持續存在，我們繼續對市場前景保持樂觀態度，並已做好相應定位。在左側，我們展示了隨著市場情緒的轉變，Gloden Ocean 的巨大現金流潛力。

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

我現在將訊息轉達給接線員並歡迎您提出任何問題。謝謝。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jeffrey.

奧馬爾諾克塔，傑弗裡。

Hi Simon, thank you. Good update as usual and kind of giving a good overview of the market and how things look big picture. Just a couple of questions as a follow up to that, maybe, and I know it's a little too short term, but what do you make of what we've been seeing here, this week, in the cape market specifically? I know it's still early days and rates haven't really run away, but there seems to be a good amount of momentum sentiment looks like it's improving.

嗨，西蒙，謝謝你。像往常一樣，更新很好，對市場和整體情況提供了很好的概述。也許只是跟進幾個問題，我知道這有點太短期了，但您如何看待我們本週在 Cape 市場看到的情況？我知道現在還為時過早，利率還沒有真正上升，但似乎有大量的勢頭，市場情緒正在改善。

You can see that obviously in the futures and [whatnot]. I just want to get your sense of, what do you think is behind this latest move we've been seeing in the in-freight rates.

你可以清楚地看到未來和[什麼都沒有]。我只是想了解一下，您認為我們看到的貨運費率最新變化背後的原因是什麼。

Hi, Omar. Thanks for the question. I think, what we're seeing now is, a little bit of a rebound in sentiment, which is based on improvement in weather conditions in Australia which has started to ramp up some volumes there which disappeared for a while when the cyclones were active.

你好，奧馬爾。謝謝你的提問。我認為，我們現在看到的是，市場情緒略有反彈，這是基於澳洲天氣狀況的改善，那裡的某些交易量開始增加，而在氣旋活躍時，這些交易量曾經消失。

In addition, we've seen due to the boost in Panamax rates, we've seen some of the coal volumes move into the caps as well, which has created a bit of a squeeze in the Pacific that you've, you see now with rates, moving.

此外，我們看到，由於巴拿馬型船運價上漲，一些煤炭運輸量也轉移到了大宗商品上，這給太平洋地區帶來了一些擠壓，正如您現在看到的，運價正在上漲。

We're still not sort of seeing a lot of volume increases in Brazil. It's still, at fairly muted levels. But I think that's what's driving the sentiment now. But it does show that the market is very responsive, and we are sort of in the end of maybe the seasonal, downturn, and then it remains to be seen how long we will need to wait before it's sort of firmly, moves upwards.

我們仍然沒有看到巴西的產量大幅成長。它仍然處於相當低的水平。但我認為這就是現在推動情緒的因素。但它確實表明市場反應非常靈敏，我們可能正處於季節性低迷的末期，然後我們還需要等待多長時間才能看到它穩步上升。

Yeah, okay, thank you, good color and then, just kind of on the dry dockings as you mentioned perhaps maybe accelerated the dry docks or at least they're going through some upgrades. you spent $34 million in the fourth quarter on those 13 ships. what are you thinking or what are you budgeting for the dry docks you have earmarked for the first half of 25?

是的，好的，謝謝，顏色很好，然後，就像您提到的那樣，也許乾船塢加速了乾船塢，或者至少他們正在進行一些升級。你們在第四季花了 3400 萬美元購買這 13 艘船。您對 25 年上半年預留的乾船塢有何想法或預算？

I think, we, it depends very much on which sort of, is it the 5 year, 10 year or 15 year, dry dock. I think in general what we are doing is we're putting, a lot of, efforts into upgrading, the vessels within used and best paints, the best sandblasting of the whole. We are also investing in [Mas ducts and bossca] fins on some of the ships. So we are, in addition to moving, ships up to class standard and sort of making them sort of fully maintained. We're also investing additional money into them.

我認為，這很大程度上取決於是 5 年、10 年還是 15 年的乾船塢。我認為總的來說，我們正在做的工作是投入大量精力對容器進行升級，使用最好的油漆，以及最好的噴砂處理。我們也對部分船舶的 [Mas ducts and bossca] 鰭片進行了投資。因此，除了搬運之外，我們還要使船舶達到船級標準，並對其進行全面維護。我們也向他們投入了額外的資金。

I think the sort of the average that you saw in this quarter was maybe slightly higher than what we would see normally, going forward because we have had, quite a few of the 5 year, 15 year old dry dockings in this quarter. But, I think the due to the regulations that we have seen come in and the requirements to the quality of the vessels moving into the dry box space as well. We have seen that costs have moved up and expenses have moved up. In addition to sort of the value of having a high performing vessel commercially.

我認為本季度看到的平均水平可能略高於我們通常看到的水平，因為本季度我們已經有相當多的 5 年、15 年船齡的乾船塢。但是，我認為這是由於我們已經看到的法規以及對進入乾箱空間的船舶品質的要求。我們看到成本上升了，費用也上升了。除了擁有一艘高性能船舶的商業價值之外。

Got it. Okay, that's very helpful thank you. I'll pass it back.

知道了。好的，這非常有幫助，謝謝。我會把它傳回去。

Greg Lewis, BTIG

格雷格·劉易斯（BTIG）

Hey, thanks and good afternoon and thanks for taking my question. Yeah, I was hoping you could talk a little bit about opportunities you're seeing on the sales and purchase side obviously the purchase options you exercised were in the money so I guess I would think that was kind of a no brainer just given the pricing of that but I guess like as you think about positioning the fleet. Over the next one to two years, how are you thinking about opportunities maybe to add tonnage or following this, a vessel acquisition thinking about maybe even selling some vessels now.

嘿，謝謝，下午好，謝謝您回答我的問題。是的，我希望您能談談您在銷售和購買方面看到的機會，顯然您行使的購買選擇權是金錢，所以我想我認為這是毫無疑問的，只要考慮到定價，但我想就像您考慮定位車隊一樣。在接下來的一到兩年內，您如何考慮增加噸位的機會，或者在此之後收購船舶，甚至考慮現在出售一些船舶。

Yeah, hi, Greg. I think, from where we are in the cycle at the moment, we are maybe more sellers than buyers where the vessel evaluations are coming in. We do have an ongoing fleet renewal, strategy which means that we have some older outliers that we, for that reason, we'll consider selling. At the same time, we want to maintain as much capacity as we can, in the cape and Newcastle Max space, which is sort of our strategic, sort of, long-term favorable segment.

是的，你好，格雷格。我認為，從我們目前所處的周期來看，就船舶評估結果來看，賣家可能比買家更多。我們確實有一個正在進行的機隊更新策略，這意味著我們有一些較舊的異常值，因此我們會考慮出售。同時，我們希望在好望角和紐卡斯爾馬克斯空間保持盡可能多的容量，這是我們的策略性、長期有利的部分。

I think the SFL transaction is more a refinancing than a sort of S&P transaction. I mean, we've had the ships, we had the options. They were structured in a way which, made them sort of very highly likely that we will declare the options, and so that so we won't be sort of seeing those for, more of those. So, I think in general in the S&P side, I think we are, generally more sellers and buyers at the moment. We are more sort of keen on growing in the capesize space than, the Panamax space over time.

我認為 SFL 交易更像是一種再融資，而不是某種標準普爾交易。我的意思是，我們有船，我們有選擇。它們的結構使得我們很有可能宣布這些選擇，因此我們將不會再看到這些選擇。因此，我認為就標準普爾指數而言，目前賣家和買家總體上都比較多。隨著時間的推移，我們更熱衷於在好望角型船領域而不是巴拿馬型船領域取得發展。

And other than that, we will sort of continue to be optimistic and it's not been that long until since we sold some vessels, but if the opportunity comes up, we may end up buying ships as well. I'd say it's, we're always very light-footed and nimble here in the building.

除此之外，我們將繼續保持樂觀，距離我們出售一些船隻的時間還不久，但如果有機會，我們最終也可能會購買船隻。我想說的是，我們在這棟建築裡總是腳步輕盈、敏捷。

Yeah, thank you for that and then just, it's funny how the cycles kind of kind of play out. Everyone's a little bit different, I guess in the past other companies have been a little bit more active in M&A, I guess as you think about that and people always ask about the potential for, M&A in the dry bulk space.

是的，謝謝你，然後，有趣的是，這些循環是如何展開的。每個人都有點不同，我想過去其他公司在併購方面會更活躍一些，我想當你想到這一點時，人們總是會問到干散貨領域併購的潛力。

I guess just giving your focus on the larger scale or vessel the large vessels I guess what I would think is as you look out over the next 12 months where we are in the cycle, do you think we could see a pickup in M&A, or do you think it's kind of business as usual, and that can be private and public fleets.

我想，僅僅考慮到您關注的是更大規模的船舶或大型船舶，我想當您展望未來 12 個月我們所處的周期時，您認為我們會看到併購的回升嗎？或者您認為這是一種正常的業務，可以是私人船隊，也可以是公共船隊。

Yeah, no, I think M&A is a wide term, I think transactions where we use the share as a collateral sort of it's is very much possible if the pricing is high, and obviously. There's different, constellations on the fleet and on the shareholder side on different players in the space, which may add or not add value to an M&A transaction.

是的，不，我認為併購是一個廣泛的術語，我認為如果定價很高，那麼使用股票作為抵押品的交易是完全有可能的，而且很明顯。船隊和股東方面有不同的星座，不同的參與者可能會或不會為併購交易增加價值。

But M&A in general has proven to be challenging in the shipping space as sort of the it is the assets that we're everybody's after and they are pretty generic. So, if we start to trade a little bit more around the sort of underlying asset values and sort of the there is the right. Combination of ownership and fleet composition in terms of age and type. That's very much possible.

但事實證明，航運領域的併購總體上具有挑戰性，因為大家都在追求這些資產，而這些資產非常普通。因此，如果我們開始圍繞基礎資產價值進行更多交易，那就有道理了。所有權和船隊構成（按船齡和類型）的組合。這很有可能。

Okay, super helpful thanks for the time.

好的，非常有幫助，謝謝您的寶貴時間。

Thanks, Greg.

謝謝，格雷格。

(Operator Instructions)

（操作員指示）

Clement Mullins, Value Investor's Edge

克萊門特‧馬林斯，《價值投資者的優勢》

Good afternoon. Thank you for taking my questions and thank you for this presentation. I wanted to ask about recent news flow around the potential imposition of port fees on Chinese built vessels docking in the US. It remains to be seen whether those will ultimately come into force. But if so, what impact do you foresee on the overall market? To what extent do you expect those to impact trading patterns?

午安.感謝您回答我的問題，也感謝您的演講。我想詢問有關美國可能對停靠美國的中國製造的船隻徵收港口費的最新消息。這些措施最終是否會生效還有待觀察。但如果是這樣，您預期會對整體市場產生什麼影響？您預計這些將在多大程度上影響交易模式？

Hi. I think, it is very much coming from what the analysts we read about the new proposal and what the analysts, view on it seems that the suggested policies are very much on the drawing board still and then then the suggestion is very much course and not in the details enough to make any meaningful assessment of the impact. I think for dry bulk in general, the US is not a major player. It has some volumes on the soybean side and also on coal.

你好。我認為，這很大程度上來自於我們所讀到的分析師對新提案的看法，分析師認為，所建議的政策似乎仍處於繪圖階段，而且建議非常粗糙，細節不夠，無法對其影響進行任何有意義的評估。我認為，就乾散貨市場而言，美國並不是一個主要參與者。該公司在大豆和煤炭方面都有一定的交易量。

These are volumes that are possible to replace from other sources if it becomes, economically challenging to lift these volumes from the US due to the increased, cost on freight. So, I think, that falls in line with a lot of other elements that we see in the driver space where, there are things happening in one region which then, reroutes, trading patterns from 11 place to another.

如果由於運費上漲導致從美國運輸這些貨物在經濟上變得困難，那麼可以從其他來源取代這些貨物。所以，我認為，這與我們在駕駛員空間中看到的許多其他元素一致，在一個區域發生的事情，然後重新路由，從一個地方到另一個地方的交易模式。

And that's very much, possible here in the if this suggestion comes into play, but I do also think that it seems that it will hurt as it looks more the US consumer than it will China which it seems to be the intention, and I think also, like with the fuel EV or other types of tariffs or taxes or fees. They will be passed on to the end user at the end of the day and will be sort of included in the freight, calculations when we fix our ships. So, it will not be. We do not see this as a massive change to the shipping outlook for dry dock

如果這個建議付諸實施，這很有可能發生，但我也認為，這似乎會造成損害，因為它對美國消費者的損害大於對中國的損害，這似乎是它的意圖，而且我認為，就像燃料電動車或其他類型的關稅、稅收或費用一樣。它們將在一天結束時傳遞給最終用戶，並在我們修理船舶時包含在運費計算中。所以，事實並非如此。我們認為這不會對乾船塢航運前景產生重大影響

Yeah, make sense. I was just wondering whether you expected that to have an effect on the, let's say, Korean or Japanese chips taking more of a prominent role in routes towards the US. But time will tell, I guess. So, thank you.

是的，有道理。我只是想知道您是否預計這會對韓國或日本晶片在通往美國的路線上發揮更重要的作用產生影響。但我想時間會證明一切。所以，謝謝你。

I was just saying that if it comes through, and, it will come into effect as it is presented, then I guess more of the ships in the Atlantic, basin will be Korean and, Japanese ships, but it is still very much a theoretical exercise.

我只是說，如果它得以通過，並且按照所提出的方式生效，那麼我猜大西洋盆地中的更多船隻將是韓國和日本的船隻，但這仍然只是理論上的練習。

Make sense. I'll turn it over. Thank you for taking my questions.

有道理。我把它翻過來。感謝您回答我的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

We have no further questions at this time. I will now hand back to you for any closing remarks.

目前我們沒有其他問題。現在我將把結束語交還給各位。

Thank you very much.

非常感謝。

Thank you for listening in and thank you for the questions and have a continued great week.

感謝您的收聽，感謝您的提問，祝您有個愉快的一週。