Global Ship Lease Inc (GSL) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Dee and I will be your conference operator today. (operator instruction) I would now like to turn the call over to Thomas Lister, Chief Executive Officer. Please go ahead.

謝謝你的支持。我叫 Dee，今天我將擔任你們的會議操作員。（接線員指示）我現在想將電話轉給執行長托馬斯·利斯特（Thomas Lister）。請繼續。

Thank you very much. Hello, everyone and welcome to the Global Ship Lease third quarter, 2024 earnings conference call. You can find the slides that accompany today's presentation on our website at www. globalshiplease.com. As usual slides, two and three remind you that today's call may include forward-looking statements that are based on current expectations and assumptions and are by their nature inherently uncertain and outside of the company's control.

非常感謝。大家好，歡迎參加 Global Ship Lease 2024 年第三季財報電話會議。您可以在我們的網站上找到今天簡報附帶的幻燈片：www. globalshiplease.com。與往常的幻燈片一樣，第二張和第三張提醒您，今天的電話會議可能包括基於當前預期和假設的前瞻性陳述，其本質上具有不確定性且超出公司的控制範圍。

Actual results may differ materially from these forward-looking statements due to many factors including those described in the safe Harbor section of the slide presentation.

由於許多因素（包括幻燈片演示的安全港部分中描述的因素），實際結果可能與這些前瞻性聲明有重大差異。

We would also like to direct your attention to the risk factors section of our most recent annual report on our 2023 form 20F which was filed in March 2024.

我們也希望您注意到我們於 2024 年 3 月提交的 2023 年 20F 表格最新年度報告中的風險因素部分。

You can find the form on our website or on the SECs. All of our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward-looking statements, the reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP. Usually refer to the earnings release that we issued this morning, which is also available on our website.

您可以在我們的網站或 SEC 上找到該表格。我們的所有聲明均符合我們向 SEC 提交的報告中揭露的這些內容和其他內容。我們不承擔任何更新前瞻性陳述、非公認會計原則財務指標的調節的責任，我們將在本次電話會議中提及根據公認會計原則計算和提出的最直接可比較的指標。通常指的是我們今天早上發布的收益報告，該報告也可以在我們的網站上找到。

I'm joined today by our executive Chairman George Youroukos and our Chief Financial Officer Tassos Psaropoulos. George will begin the call with a high-level commentary on GSL and our industry and then Tassos and I will take you through our recent activity, quarterly results and financials and the current market environment. After that, we'll be pleased to answer your questions. So, turning now to slide 4, I'll pass the call over to George.

今天，我們的執行主席 George Youroukos 和我們的財務長 Tassos Psaropoulos 也加入了我的行列。George 將首先對 GSL 和我們的行業進行高級評論，然後塔索斯和我將向您介紹我們最近的活動、季度業績和財務狀況以及當前的市場環境。之後，我們將很樂意回答您的問題。現在轉到投影片 4，我將把電話轉給喬治。

Thank you, Tom and good morning, afternoon or evening to all of you joining us today through the third quarter. The dynamics driving the containership sector have remained largely consistent with prior quarters.

謝謝你，湯姆，早上好，下午好，晚上好，今天第三季加入我們的所有人。推動貨櫃船產業發展的動力與前幾季基本保持一致。

Heightened geopolitical issues and uncertainty persist particularly around the Red Sea.

地緣政治問題和不確定性仍然存在，特別是在紅海地區。

The last numbers of ships continue to transit around the cape of good hope, adding further ton mile demand to an already tight market.

最後一批船舶繼續在好望角附近航行，進一步增加了本已緊張的市場的噸英里需求。

Now on the back of this, we have been building forward contract cover and locking in attractive charter rates.

現在，在此基礎上，我們一直在建立遠期合約保障並鎖定具有吸引力的租船費率。

In the first nine months of the year, we added approximately $600 million in contracted revenues, almost $200 million of which in the third quarter.

今年前九個月，我們的合約收入增加了約 6 億美元，其中第三季增加了近 2 億美元。

And usually as now is typically the low season that positive momentum has continued into Q4.

通常，現在是淡季，積極的勢頭一直持續到第四季度。

We have also remained disciplined and opportunistic financially. Recently, completing a $300 million refinancing that brings our average cost of debt to below 4% reducing break evens and further strengthening both our resilience through the cycle and our competitiveness.

我們在財務上也保持紀律和機會主義。最近，我們完成了 3 億美元的再融資，使我們的平均債務成本降至 4% 以下，從而減少了盈虧平衡，並進一步增強了我們在整個週期中的韌性和競爭力。

Our robust corporate credit ratings reflect the strength of our balance sheet and forward prospects.

我們穩健的企業信用評級反映了我們的資產負債表和未來前景的實力。

Now, on the basis of this success, we're pleased to have introduced a supplemental dividend. In addition to our regular sustainable quarterly dividend, bringing our annualized dividend to $1.8 per share.

現在，在這項成功的基礎上，我們很高興推出了補充股息。除了定期的可持續季度股息外，我們的年化股息達到每股 1.8 美元。

Zooming out. I think it is worthwhile to give some larger context to what this all means for us investors over the last five years; our total shareholder return is greater than 350%.

縮小。我認為有必要提供一些更大的背景來說明這一切在過去五年對我們投資者意味著什麼；我們的股東總回報率超過350%。

And because we offer a stable liquid, readily investable platform through the cycle, an opportunistic investor buying at a cyclical low in 2020 selling in June 2024 had the potential to realize a total shareholder return of almost 1300%.

由於我們在整個週期中提供穩定的流動性、易於投資的平台，機會主義投資者在2020 年的周期性低點買入並在2024 年6 月賣出，有可能實現近1300% 的股東總回報。

And I can tell you that capitalizing on the cycle by buying and selling shares is a lot quicker and easier to do than buying and selling ships.

我可以告訴你，透過買賣股票來利用這個週期比買賣船舶更快、更容易。

We invest in an operator business on a through the cycle basis and we make it possible for investors to participate for the time horizon that best fits their needs.

我們在整個週期的基礎上投資營運商業務，讓投資者能夠在最適合他們需求的時間範圍內參與。

We're proud to have made the SLA profitable investment for investors of all kinds over a multi-year period by continuing to charter our existing fleet, preserving the optionality to invest in fleet renewal and growth when the time and terms are right, paying an attractive dividend, maintaining a resilient financial position and staying nimble and dynamic in our capital allocation. We're working to build on our success and continue creating value for our shareholders.

我們很自豪能夠在多年的時間內為各類投資者提供可盈利的SLA 投資，方法是繼續包租我們現有的機隊，保留在時間和條款合適時投資於機隊更新和增長的選擇權，支付有吸引力的股息，保持有彈性的財務狀況，並在我們的資本配置中保持靈活和動態。我們正在努力鞏固我們的成功，並繼續為股東創造價值。

With that. I will turn the call back to Tom.

就這樣。我會把電話轉回給湯姆。

Thank you, George. Please turn to slide 5 which shows the diversification and highlights of our charter portfolio and financially strong charters.

謝謝你，喬治。請參閱投影片 5，其中顯示了我們包機投資組合的多元化和亮點以及財務實力雄厚的包機。

As of September 30th, we have $1.8 billion in contracted revenues over 2.3 years of remaining contract cover.

截至 9 月 30 日，我們在剩餘合約期限 2.3 年內的合約收入為 18 億美元。

As mentioned in the first nine months of the year, we added 32 charters for approximately $600 million of contracted revenues. So, to use a well-worn analogy, we continue to milk the cash cows in our fleet and some of those recent fixtures are for ships in their 20s, often on the back of upgrades and retrofits to reduce their carbon footprint and to keep them commercially relevant and lucrative. But however long we stretch their economic lives.

正如今年前 9 個月所提到的，我們增加了 32 個包機，合約收入約 6 億美元。因此，用一個老生常談的比喻來說，我們繼續榨取船隊中的搖錢樹，其中一些最近的固定裝置是針對 20 多歲的船舶，通常是在升級和改造的背景下，以減少碳足跡並保持它們具有商業相關性且有利可圖。但無論我們將他們的經濟壽命延長多久。

The fact is that ships are depreciating assets. This means that fleet renewal will become increasingly integral to powering our future cash flows that brings us neatly to slide. Six capital allocation to state. The obvious shipping is cyclical and capitalize on the cycle.

事實上，船舶是折舊資產。這意味著機隊更新將越來越成為我們未來現金流的不可或缺的一部分，從而使我們的現金流順利下滑。六、國家資本配置。顯而易見，航運業是週期性的，並利用週期。

You need to be disciplined, nimble and have as much optionality at your disposal as possible. Often the most attractive purchase opportunities both for fleet renewal and selective growth tend to be at a time in the cycle when the availability of capital is either limited or expensive or both.

你需要遵守紀律、靈活並擁有盡可能多的選擇權。通常，對於機隊更新和選擇性成長而言，最具吸引力的購買機會往往是在可用資本有限或昂貴或兩者兼而有之的時期。

So, we need a strong balance sheet and the resources to move quickly at the right time, cash buys optionality and optionality buys access to outsized returns. I'll come back to this point in the context of the shipping cycle in a minute or two.

因此，我們需要強大的資產負債表和在正確的時間快速行動的資源，現金購買選擇權，選擇權購買超額報酬。我將在一兩分鐘後在運輸週期的背景下回到這一點。

In the meantime, we have also other capital allocation levers including share buybacks which are always on the radar, delivering to build equity value over time. And of course, our dividend with our supplemental dividend in place in September of this year, our annualized dividend is now $1.80 per share.

同時，我們還有其他資本配置槓桿，包括始終受到關注的股票回購，從而隨著時間的推移建立股權價值。當然，我們的股息和補充股息已於今年 9 月到位，我們的年化股息現在為每股 1.80 美元。

This dividend is an important component of our value proposition for investors. And as George mentioned in his opening remarks, it has contributed to a superior total shareholder return for both long term GSL investors and for those who have traded the cycle illustratively and even in taking the more conservative buy and hold approach, an investment in GSL has outperformed the S&P 500 by more than 3x over the five years through September 30th 2024.

該股利是我們對投資人價值主張的重要組成部分。正如喬治在開場白中提到的那樣，它為長期GSL 投資者和那些以說明性方式進行週期交易的人帶來了卓越的股東總回報，即使採取更保守的買入並持有方法，對GSL的投資也截至 2024 年 9 月 30 日的五年內，表現優於標準普爾 500 指數 3 倍以上。

By the way, our TSR metrics are sourced from FSET who assume reinvestment of dividends in their total shareholder returns methodology slide 7 provides a long-term view of charter rates and asset values during the COVID driven high.

順便說一句，我們的 TSR 指標來自 FSET，他們假設將股息再投資納入其股東總回報方法幻燈片 7，提供了在新冠病毒推高期間租船費率和資產價值的長期觀點。

Basically, the orange part of the chart we locked in charters at rates that have continued to drive cash flows today, but we didn't buy a single ship as asset values were overheated and return capital to investors through dividends and buying back shares.

基本上，圖表中的橙色部分我們以今天繼續推動現金流的利率鎖定了租船，但我們沒有購買任何一艘船，因為資產價值過熱，並通過股息和回購股票將資本返還給投資者。

As you can see, rates have firmed significantly in 2024. And once again, we have capitalized on market dynamics to lock in more charters at great rates as you would expect. And in line with our earlier comments on the need for fleet renewal and opportunistic growth.

如您所見，2024 年利率顯著堅挺。我們再次利用市場動態，以您所期望的優惠價格鎖定更多包機。這與我們先前關於機隊更新和機會主義成長的必要性的評論一致。

We're constantly scanning the market for purchase opportunities, but we will remain disciplined, selective and long term oriented in our approach and will only move if the right opportunities arise with that, I'll pass the call to Tassos to discuss our financials.

我們不斷掃描市場尋找購買機會，但我們將在我們的方法中保持紀律、選擇性和長期導向，並且只有在出現合適的機會時才會採取行動，我將打電話給塔索斯討論我們的財務狀況。

Thank you to our third quarter. Financial highlights are on slide. Eight, I would like to highlight a few key takeaways, earnings and cash flow have continued to trend up in the first nine months of the year. We have lowered gross debt by over $135 million in the same period and we still have some additional headroom under a 64 basis points show for interest cap rates.

感謝我們的第三季。財務亮點正在幻燈片上。第八，我想強調一些關鍵要點，今年前九個月的獲利和現金流繼續呈上升趨勢。同期，我們已將總債務降低了超過 1.35 億美元，而且在利率上限 64 個基點的情況下，我們仍有一些額外的空間。

We have a healthy cash position of $405 million. $118 million is restricted of which $89 million is advanced receipt of charter hire. The remaining $287 million covers are working capital CapEx covenant requirements and dividend payment needs while also ensuring that we have the capacity to pursue purchase opportunities when they arise.

我們擁有 4.05 億美元的健康現金狀況。 1.18 億美元受到限制，其中 8,900 萬美元是預收包機租金。剩餘的 2.87 億美元用於滿足營運資本資本支出契約要求和股利支付需求，同時也確保我們有能力在出現購買機會時尋求購買機會。

In addition to the supplemental dividend, we have got $33 million of capacity under our current buyback authorization, and we continue to deliver to build equity value.

除了補充股息外，根據目前的回購授權，我們還獲得了 3,300 萬美元的產能，我們將繼續努力建立股權價值。

Our upgraded credit ratings reflect our financial strength, and I would note in particular our investment grade senior secured notes.

我們升級的信用評級反映了我們的財務實力，我要特別指出我們的投資等級優先擔保票據。

Now slide 9 provides a more in depth, look at our progress on delivering and the risk in our balance sheet.

現在投影片 9 更深入地介紹了我們的交付進度以及資產負債表中的風險。

In the graph on the left, you can see our aggressive amortization schedule. We are on track to have our static debt below $650 million by year's end and close to $500 million by the end of 2025. The graph on the right shows a similar story for financial leverage where we have lowered our net debt to 0.8 times. EBITDA as of September 30,2024.

在左圖中，您可以看到我們積極的攤銷計劃。到年底，我們的靜態債務預計將低於 6.5 億美元，到 2025 年底接近 5 億美元。右圖顯示了類似的財務槓桿情況，我們已將淨債務降低至 0.8 倍。截至 2024 年 9 月 30 日的 EBITDA。

This story continues on slide 10.

這個故事在幻燈片 10 上繼續。

The graph on the left shows the decrease in our cost of debt after our last $300 million refinance down to embedded rate of 3.95%. As of September 30,2024, we have accomplished this despite the sharp uptick in treasury yields the gray bar in recent years assisted in part by our wealth timed hedging the daily break. Even rates for our vessels have likewise trading down over the years, dropping below $9,200 at port.

左圖顯示了我們上次 3 億美元再融資後的債務成本下降至 3.95% 的嵌入利率。截至 2024 年 9 月 30 日，儘管近年來國債殖利率急劇上升，但我們還是實現了這一目標，這在一定程度上得益於我們的財富定時對沖每日突破。多年來，我們船舶的運價也同樣下降，港口價格跌至 9,200 美元以下。

These slides display the strength of our position and our ability to weather this cyclical industry as we move forward, we will continue to assess our standing and look for ways to reduce our leverage, cost of debt and break-even rates to keep us robust and well positioned to make countercyclical investments that build value.

這些幻燈片顯示了我們的地位優勢以及我們在前進的過程中抵禦這個週期性行業的能力，我們將繼續評估我們的地位，並尋找降低槓桿率、債務成本和收支平衡率的方法，以保持我們的穩健和處於有利地位，可以進行創造價值的反週期投資。

So, we will now discuss our market focus and ship deployment.

因此，我們現在將討論我們的市場重點和船舶部署。

Thanks to Asos on slide 11, we reiterate our focus on midsized and smaller container ships between 12,000 TEU. These vessels are considered the backbone of global trade, given their operational flexibility and reach across the globe. As seen in the maps on the left, very large container ships.

感謝幻燈片 11 上的 Asos，我們重申我們對 12,000 TEU 之間的中型和小型貨櫃船的關注。鑑於其營運靈活性和覆蓋全球的能力，這些船舶被認為是全球貿易的支柱。如左圖所示，非常大的貨櫃船。

On the other hand, play an important role in the very largest trades but are limited in where they can go requiring deeper water and more specialized port infrastructure and are thus essentially restricted to the large East West arterial trades. And the really big ships are either owned by the liner operators themselves or are locked up on very long term charters financing effectively and are not part of the liquid charter market.

另一方面，在最大的貿易中發揮著重要作用，但它們的去向受到限制，需要更深的水域和更專業的港口基礎設施，因此基本上僅限於大型東西幹線貿易。真正的大型船舶要么由班輪運營商自己擁有，要么被鎖定在非常長期的租船融資中，並且不屬於流動性租船市場的一部分。

As we have built our fleet and invested in retrofits and enhancements. We have focused on highly specified efficient vessels that best meet the evolving needs of our liner customers which includes an emphasis on reefer cargo capacity across the fleet. GSL vessels are typically in the top tiers of quality in their respective peer groups and that has enabled us in a tight market to secure attractive charters for multiple years.

因為我們已經建立了我們的機隊並投資於改造和增強。我們專注於高度專業化的高效船舶，最能滿足班輪客戶不斷變化的需求，其中包括強調整個船隊的冷藏貨運能力。GSL 船舶的品質在各自的同行中通常處於領先水平，這使我們能夠在緊張的市場中獲得有吸引力的多年租船合約。

Moving to slide 12, we recap the supply side trends. We're seeing idle capacity is essentially nil for the year due in part to disruptions in the Red Sea. After a mild uptick in 2023 scrapping activity has once again all but ceased as owners find liners eager to put older vessels to work.

轉到投影片 12，我們回顧一下供給面趨勢。我們看到今年閒置產能基本上為零，部分原因是紅海的干擾。在 2023 年小幅上升之後，拆船活動幾乎再次停止，因為船東發現班輪渴望讓舊船投入使用。

Nevertheless, this growing cohort of lower spec aging vessels will inevitably be scrapped out at some stage which provides a useful supply side safety valve on slide 13, we take a look at the order book. There has been a notable and well covered expansion of the order book in recent years, but it is important to drill down into the detail to understand what that actually means.

儘管如此，越來越多的低規格老化船舶將不可避免地在某個階段被報廢，這在幻燈片 13 上提供了有用的供應側安全閥，讓我們看一下訂單簿。近年來，訂單簿出現了顯著且廣泛的擴張，但重要的是深入研究細節以了解其實際含義。

In particular, the vast majority of those orders have been for vessels in excess of 10,000 TEU size segment in which GSL does not participate. And which as discussed earlier is neither as operationally flexible as the ships we own nor a part of the liquid charter market for the segments on which we do focus the order book to fleet ratio is a far more manageable 11.3%.

特別是，這些訂單中的絕大多數都是 GSL 不參與的超過 10,000 TEU 尺寸的船舶。正如前面所討論的，它既不像我們擁有的船舶那樣具有營運靈活性，也不屬於我們重點關注的細分市場的流動性包機市場的一部分，訂單與船隊的比率為11.3%，更易於管理。

Moreover, given the ship age dynamics that I mentioned a moment ago, if we hypothetically assume that all ships over 25 years are scrapped out. The net fleet growth in the sub 10,000 TEU fleet through 2027 would actually be negative a reduction. In other words of nearly 5% the effect of the disruptions in the Red Sea is shown on slide 14 whereas 20% of all global containerized trade passed through the Suez Canal pre disruption, container ships are now forced to reroute along the cape of good hope, adding ton miles and absorbing capacity equivalent to roughly 10% of global supply.

此外，考慮到我剛才提到的船齡動態，如果我們假設所有超過 25 年的船舶都將被報廢。到 2027 年，10,000 TEU 以下船隊的淨船隊增長實際上將出現負減少。換句話說，幻燈片 14 顯示了近 5% 紅海中斷的影響，而全球貨櫃貿易總量的 20% 在中斷前通過蘇伊士運河，貨櫃船現在被迫沿好望角改道，增加噸英里和吸收能力相當於全球供應量的約10%。

This has put upward pressure on both freight and charter markets and a year in with no end in sight. It's beginning to feel more structural than transitory but frankly, who knows?

這給貨運和包機市場帶來了上行壓力，而且一年來這種壓力還沒有結束的跡象。它開始讓人感覺更多是結構性的，而不是短暫的，但坦白說，誰知道呢？

Slide 15 is a closer look at the charter market and you can clearly see the impact of disruptions to the Red Sea when looking at the indicative market rates on the right side. I would remind you that our per vessel break even rates at the end of the third quarter average just below $9200 per day.

幻燈片 15 是對包機市場的仔細觀察，當您查看右側的指示性市場費率時，您可以清楚地看到紅海中斷的影響。我想提醒您的是，第三季末我們每艘船的損益平衡率平均略低於每天 9,200 美元。

The spread between charter rates in the market and our break evens should give you a pretty clear understanding of why we're so positive on this market and also why we're so eager to lock in as much charter cover as we can on both a prompt and forward basis. With that, I'll turn the call back to George to conclude our prepared remarks on slide 16.

市場上的包機費率與我們的盈虧平衡點之間的差價應該能讓您清楚地了解為什麼我們對這個市場如此積極，以及為什麼我們如此渴望在兩個方面鎖定盡可能多的包機保障。前瞻性的基礎。接下來，我將把電話轉回給 George，以結束我們在投影片 16 上準備好的演講。

Thank you, Tom, to briefly summarize our cash flows are strong and growing and our forward counter cover has grown to $1.8 billion over 2.3 years.

謝謝湯姆，簡單總結一下我們的現金流強勁且不斷增長，我們的遠期櫃檯保障在 2.3 年內已增長至 18 億美元。

Macro and geopolitical uncertainty remain pronounced, especially in the Red Sea. This is supporting the charter market, and we are securing charters across our fleet in some cases on contracts that will take vintage vessels deep into their 20s, a balance. It is in great shape with additional space and our sour caps we're continuing to deliver and to optimize our debt structure in a way that is making us both more resilient and more flexible. Having break evens under $9,200 per day, puts us in a great position to maximize cash flow.

宏觀和地緣政治的不確定性仍然明顯，特別是在紅海。這支撐了包機市場，在某些情況下，我們正在為我們的船隊提供包機，合約中的老式船舶將達到 20 多歲，這是一個平衡。它狀況良好，擁有額外的空間和我們的酸上限，我們將繼續提供並優化我們的債務結構，使我們更具彈性和靈活性。每天的損益平衡點低於 9,200 美元，這使我們處於最大化現金流的有利位置。

As an investment proposal proposition, GSL offers a stable platform with trading liquidity, an annualized dividend of $1.80 per share and illustrative buy back, buy and hold returns have been three times those of the S&P 500 for the five years through September 30th, 2024.

作為一項投資建議，GSL 提供了一個穩定的平台，具有交易流動性、每股1.80 美元的年化股息，以及截至2024 年9 月30 日的五年內回購、買入和持有回報率是標準普爾500 指數的三倍。

Moving forward, in addition to our dividend and buybacks, we will look to selectively deploy capital towards fleet renewal with our usual discipline.

展望未來，除了派息和回購之外，我們還將按照一貫的紀律有選擇地部署資本用於機隊更新。

In this way, we intend to sustain and expand our ability to generate strong returns well into the future. Even as some of our fleets exist in cash cows begin to age out in the years ahead.

透過這種方式，我們打算維持並擴大我們在未來創造強勁回報的能力。儘管我們的一些搖錢樹機隊在未來幾年開始老化。

In short, the SL is in a great position to sustain our positive momentum and continue creating a lot of value for shareholders.

簡而言之，SL 處於有利位置，可以維持我們的積極勢頭，並繼續為股東創造大量價值。

Now, we're ready to take your questions.

現在，我們準備好回答您的問題。

(Operator instruction)

（操作員指令）

Liem with B Riley.

Liem 和 B Riley。

Thank you. There was a headline in one of the trade publications about possibly adding assets. Is there any colour you could add to that?

謝謝。一份貿易出版物的標題是關於可能增加資產的。您可以添加任何顏色嗎？

Hi, Liam. Yeah, I've seen the same article. I would say that obviously the public company, we don't comment on rumours or speculation, but if we have a deal, then obviously we're obliged to make disclosures about that deal. So, comment.

嗨，利亞姆。是的，我看過同一篇文章。我想說的是，顯然作為一家上市公司，我們不會對謠言或猜測發表評論，但如果我們達成交易，那麼顯然我們有義務披露該交易。所以，評論一下。

Okay, fair enough. And then I just need clarification on something on the press release. You announced a dividend of 45¢. I just want to clarify. That's your normal dividend plus the 7.5¢ special.

好吧，很公平。然後我只需要對新聞稿中的一些內容進行澄清。您宣布派發 45 美分的股息。我只是想澄清一下。這是您的正常股息加上 7.5 美分的特別股息。

Correct. Exactly. So, the 45¢ incorporates both elements, both the, the sort of the base sustainable plus the 20% uplift, which is the supplemental.

正確的。確切地。因此，45 美分包含了這兩個因素，即可持續的基礎加上 20% 的提升（即補充）。

Great. Thank you, Tom.

偉大的。謝謝你，湯姆。

Thanks very much, Liam.

非常感謝，利亞姆。

Omar Nokta from Jefferies.

來自 Jefferies 的 Omar Nokta。

Thank you. Hi guys. Good afternoon. A couple of questions from my side. Maybe. Just first, you did spend a good amount of detail discussing the, the broader market.

謝謝。嗨，大家好。午安.我這邊有幾個問題。或許。首先，您確實花了很多細節討論更廣泛的市場。

But just wanted to ask, you know, how would you characterize the state of the, the charter markets today? It's obviously been strong all year long, but just in terms of the pace of the market, how would you, how would you say things are today? You know, we've kind of gone past the maybe peak season.

但我只是想問，你知道，你如何描述當今包機市場的狀況？顯然全年都表現強勁，但就市場節奏而言，您認為今天的情況如何？你知道，我們已經過了可能的旺季。

There's a bit of maybe pre buying ahead of the, the risk of the strike, but just wanted to get a sense from your side, your side. How, how are liner looking at the charter market today?

在罷工的風險之前，可能會有一些預先購買，但只是想從你這邊了解一下。班輪公司如何看待現今的包機市場？

Hi, this is George. Well, the market is at full steam as we speak. No difference. No deterioration. If, if that's the question, we see charters interested in forward fixing, hence, you know, $200 million adding of the last quarter.

嗨，這是喬治。嗯，就在我們說話的時候，市場正處於全速運轉的狀態。沒有差別。沒有惡化。如果，如果這是問題所在，我們看到租船公司對遠期定價感興趣，因此，你知道，上個季度增加了 2 億美元。

There are not enough ships out there and they're not enough quality ships. Even more importantly, charters are willing to, you know, commit themselves in two years on smaller ships. Ships up to, let's say 3500 TEU. They're willing to commit to three years on Panama axis and extend to three years plus for post Panama axis.

那裡沒有足夠的船隻，而且品質也不夠。更重要的是，你知道，租船公司願意在兩年內致力於較小的船舶。假設運送量高達 3500 TEU。他們願意承諾在巴拿馬軸線上使用三年，並在巴拿馬軸線之後延長三年以上。

So, this is more or less what the situation is today and there is demand, although there's not enough supply of ships, I don't know if you want to add to that.

所以，這或多或少就是今天的情況，有需求，雖然船舶供應不足，但我不知道你是否要補充。

Nothing to add to that. Although Omar I think you said there were two parts to your question. Maybe I missed the second part.

沒什麼好補充的。雖然奧馬爾，我認為你說你的問題有兩個部分。也許我錯過了第二部分。

No. Thanks to Tom and George. Yeah, my I guess the second question is, there's been a lot of talk of tariffs with the new Trump administration and that perhaps triggering retailers to pre buy or shippers in general to pre buy or pre order, I guess from your vantage point.

不。感謝湯姆和喬治。是的，我想第二個問題是，與新川普政府有很多關於關稅的討論，這可能會引發零售商預購或託運人普遍預購或預購，我想從你的角度來看。

Are you seeing that, are you seeing ocean carriers coming to you looking for additional capacity in anticipation of perhaps some of this potential pre buying?

您是否看到了這一點，您是否看到海運承運商來找您尋求額外的運力，以期可能會進行一些潛在的預購買？

Well, as George said, we are seeing liner operators still have a fairly robust appetite for ships and because there are comparatively few ships available in the market obviously that's, that's helping the, the charter market, whether it's specifically with a view to covering a bring forward or an expected bring forward in demand.

好吧，正如喬治所說，我們看到班輪運營商對船舶仍然有相當強勁的興趣，而且由於市場上可用的船舶相對較少，這顯然有助於包租市場，無論是專門為了覆蓋提前或預期提前需求。

I, you know, I can't really comment on that to tell you the truth. Omar, although obviously I did read today, I think it was the National Retail Federation in the US. Echoed exactly those words, the notion that people may indeed be bringing forward volumes.

我，你知道，說實話，我無法對此發表評論。奧馬爾，雖然我今天確實讀了，但我認為是美國全國零售聯合會。正是呼應了這些話，即人們可能確實在推進大量工作。

Thanks Tommy. I guess that's the thing. It's just, it's always the may or the potential and then just trying to see when that actually becomes in actuality.

謝謝湯米。我想就是這樣。只是，它總是可能或潛力，然後只是試圖看看它何時真正成為現實。

Yeah, maybe it's too early to point to hunt data yet, right?

是的，也許現在就尋找數據還為時過早，對吧？

Oh, well, thanks for the colour, guys. I'll turn it over.

哦，好吧，謝謝你們的顏色。我會把它翻過來。

Pleasure again.

再次高興。

Climent Molins from value investor's edge.

克萊門特·莫林斯（Climent Molins）來自價值投資者的邊緣。

Good morning. Thank you for taking my questions.

早安.感謝您回答我的問題。

I wanted to start by asking about how you're handling environmental regulations and what you're doing to improve the efficiency of your vessels. Could you talk a bit about the CII ratings on your ships and to what extent can those improved by the measures you're implementing?

我想先詢問你們如何處理環境法規以及你們正在採取哪些措施來提高船舶的效率。您能否談談您船舶的 CII 評級以及您正在實施的措施可以在多大程度上提高這些評級？

Sure. Hi, Climent. Thanks for the thanks for the question. So, the, I'll, break that down into different parts. First of all, we're working very closely with our customers, the liner operators to selectively retrofit ships to make them operate more efficiently.

當然。嗨，克萊門特。感謝您的提問。因此，我會將其分解為不同的部分。首先，我們正在與客戶、班輪營運商密切合作，選擇性地改造船舶，使其營運更有效率。

Because as you remember, it's actually the charterers who pay for the fuel. So if you make a ship more efficient, to reduce its emissions, effectively, you're making it more efficient to burn less fuel. So we work collaboratively with charterers to do that.

因為如您所知，實際上是承租人支付燃油費用。因此，如果你提高船舶的效率，並有效地減少排放，那麼你就可以提高船舶的效率，燃燒更少的燃料。因此，我們與承租人合作來做到這一點。

And that's a program that we've been working on over time, I would say over the course of the last few years and it continues. We're also installing automated data capture on our vessels so that we can share live operating data in real time with our charters as well as capturing it ourselves.

這是我們長期以來一直致力於的計劃，我想說的是在過去幾年中，並且它仍在繼續。我們還在船舶上安裝了自動數據採集系統，以便我們可以與我們的包機即時共享即時運營數據，並自行採集數據。

And we expect that that will help us to collaboratively improve the operating profile of ships. And if you can smooth the operations of the ships and avoid the sort of ups and downs accelerations and decelerations, where possible you can reduce fuel consumption and reduce fuel consumption means reduced emissions. So that's on, you know what we're doing.

我們希望這將有助於我們共同改善船舶的營運狀況。而如果你能讓船舶的運作平穩，避免那種起起落落的加速和減速，在可能的情況下你就可以減少燃油消耗，減少燃油消耗就意味著減少排放。就這樣，你知道我們在做什麼。

We're also making our ships biofuel compatible so that they can burn low carbon content biofuels. And all of this feeds into the decarbonization strategy which aligns across our fleet and, and the operated fleet of our charters. Now you asked about CII specifically CII is an operating metric which means that it's driven by the way in which the vessels themselves are operated and given that it's the charters themselves who determine the operating profile of our vessels.

我們還使我們的船舶相容於生物燃料，以便它們可以燃燒低碳含量的生物燃料。所有這些都融入了脫碳策略，該策略與我們的機隊以及我們包機營運的機隊保持一致。現在您詢問了 CII，特別是 CII 是一個營運指標，這意味著它是由船舶本身的運作方式驅動的，並且考慮到是租船本身決定了我們船舶的營運狀況。

It's very much determined strongly by what they're doing. So, once again, this comes back to a collaborative approach and doing what we can a to make the vessels more efficient at the physical level and b providing them with the data to operate them more efficiently and c ensuring that they're able to bunker them with biofuels, which has a very positive effect on CII sorry, long answer to a short question.

這在很大程度上取決於他們正在做的事情。因此，這又回到了協作方法，並盡我們所能：a 使船舶在物理層面更加高效；b 為它們提供數據以更有效地操作它們；c 確保它們能夠加油他們使用生物燃料，這對工業工業基礎設施產生了非常積極的影響。

That's, that's really helpful. Thank you.

那是，這真的很有幫助。謝謝。

I also wanted to ask about the ATM usage during the quarter. You issued some shares at around $27 per share. Could you talk a bit about the reasoning for issuing those? Especially considering you're sitting on a we could call rock solid financial position.

我還想詢問本季 ATM 的使用情況。您以每股 27 美元左右的價格發行了一些股票。您能談談發布這些的理由嗎？特別是考慮到您擁有我們可以稱之為堅如磐石的財務狀況。

Was it maybe to pre-emptively raise funds for a potential acquisition?

是否可能為潛在的收購先發制人地籌集資金？

Well, I think as I hope we made clear in not only our comments for this call but also on previous calls, we see tremendous value in optionality, particularly in uncertain times. And so, the ATM is just the sort of the flip side to the same coin as share buybacks essentially.

嗯，我認為，正如我希望我們不僅在這次電話會議的評論中，而且在之前的電話會議中明確表示的那樣，我們看到了選擇性的巨大價值，特別是在不確定的時期。因此，ATM 本質上與股票回購是同一枚硬幣的反面。

So, as you will have seen from the press release, you know, we've, we've spent something like $57 million to date on buying back shares when we thought that there was real value in, in doing that. And we bought back, I think at a volume weighted average price of about $18.5. And you're right.

因此，正如您從新聞稿中看到的那樣，您知道，迄今為止，我們已經花費了大約 5700 萬美元回購股票，當時我們認為這樣做具有真正的價值。我們回購了，我認為成交量加權平均價格約為 18.5 美元。你是對的。

We issued some shares at $27 because we thought it made sense to do so. But as soon as share price, the share price came off, we, we of course, shut off the ATM program. So it's all about optionality and we will exercise the same discipline as you will see. I hope us doing everything that we do.

我們以 27 美元的價格發行了一些股票，因為我們認為這樣做是有意義的。但是，一旦股價下跌，我們當然會關閉 ATM 程式。因此，這一切都與選擇性有關，我們將遵循與您將看到的相同的紀律。我希望我們能做好我們所做的一切。

Thanks for the call makes sense. That's all from me. Thank you for taking my questions and congratulations for the quarter.

感謝您的來電。這就是我的全部。感謝您回答我的問題並對本季表示祝賀。

Thank you very much. Our pleasure.

非常感謝。我們的榮幸。

This concludes our Q&A session. I will now turn the conference back over to Tom Lister for closing your marks.

我們的問答環節到此結束。現在我將把會議轉回湯姆·利斯特（Tom Lister）來結束你們的評分。

Just briefly to say thank you to everyone for joining today's call and we look forward to catching up with you again on our fourth quarter earnings call in due course. Many thanks.

我想簡單地感謝大家參加今天的電話會議，我們期待在適當的時候在我們的第四季財報電話會議上再次與您會面。非常感謝。

Ladies and gentlemen that concludes today's call. Thank you all for joining you. May now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。現在可以斷開連線。