Global Ship Lease Inc (GSL) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Global Ship Lease Q2 2025 earnings conference call. (Operator Instructions)

大家好，感謝您的收看。我叫貝拉，今天將擔任你們的會議主持人。現在，我歡迎大家參加全球船舶租賃公司2025年第二季業績電話會議。 （接線生指示）

I would now like to turn the conference over to Mr. Thomas Lister, CEO of Global Ship Lease. You may begin.

現在，我想將會議交給 Global Ship Lease 執行長 Thomas Lister 先生。您可以開始發言了。

Thank you. Hello, everyone, and welcome to the Global Ship Lease second quarter 2025 earnings conference call. You can find the slides of the accompany today's presentation on our website at www.globalshiplease.com. As usual, slides 2 and 3 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. 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.

謝謝。大家好，歡迎參加 Global Ship Lease 2025 年第二季財報電話會議。您可以在我們的網站 www.globalshiplease.com 上找到今天簡報的幻燈片。像往常一樣，第 2 張和第 3 張投影片提醒您，今天的電話會議可能包含基於當前預期和假設的前瞻性陳述，這些陳述本質上具有不確定性，且不受公司控制。由於多種因素，包括幻燈片簡報中「安全港」部分所述的因素，實際結果可能與這些前瞻性陳述有重大差異。

We would also like to direct your attention to the risk factors section of our most recent annual report on our 2024 Form 20-F, which was filed in March 2025. You can find the form on our website or on the SEC's. 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.

我們也想請您關注我們最新的2024年20-F表格年度報告中的風險因素部分，該報告於2025年3月提交。您可以在我們的網站或美國證券交易委員會（SEC）網站上找到該表格。我們所有的聲明均受這些聲明以及我們提交給SEC的報告中的其他揭露內容的約束。我們不承擔更新前瞻性陳述的任何義務。

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.

在本次電話會議中，我們將參考非公認會計準則 (GAAP) 財務指標與按照 GAAP 計算和呈現的最直接可比較指標的對賬，這些對賬通常參考我們今天上午發布的收益報告，該報告也可在我們的網站上查閱。

I'm joined, as usual, today by our Executive Chairman, Georgios Youroukos; and by our Chief Financial Officer, Tassos Psaropoulos. George will begin the call with 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 will be pleased to take your questions.

像往常一樣，今天我的嘉賓包括我們的執行董事長喬治·尤魯科斯 (Georgios Youroukos) 和首席財務官塔索斯·普羅普洛斯 (Tassos Psaropoulos)。喬治將首先就 GSL 和我們所在的行業發表高水準的評論，然後塔索斯和我將向大家介紹我們近期的活動、季度業績、財務狀況以及當前的市場環境。之後，我們將很樂意回答大家的提問。

So turning now to slide 4. I'll pass the call over to George.

現在翻到幻燈片 4。我將把電話轉給喬治。

Thank you, Tom, and good morning, afternoon or evening to all of you joining today. As in the last several quarters, uncertainty and volatility related to tariffs, trade disruptions and geopolitical tensions have continued to materially impact the global container shipping industry. This set of factors is highly diverse. And of course, there have been numerous additions, such measures announced in recent days. But as we will explain today, the through line is that they are all making containerized supply chains, less efficient, which as long as consumer demand holds up means that more vessels are needed to carry the same volume of cargo.

謝謝湯姆，各位今天早上、下午、晚上好！與過去幾季一樣，與關稅、貿易中斷和地緣政治緊張局勢相關的不確定性和波動性持續對全球貨櫃航運業造成重大影響。這些因素種類繁多。當然，最近幾天也宣布了許多其他措施。但正如我們今天將要解釋的那樣，這些措施都降低了貨櫃供應鏈的效率，只要消費需求持續增長，就意味著需要更多船隻來運載相同數量的貨物。

In this environment, our fleet of flexible midsize and smaller containerships has remained in high demand, and we have secured nearly $400 million of additional charter coverage in the first half of the year, effectively, closing out annual 2025 market exposure and bringing 2026 coverage to 80%. Meanwhile, we have selectively and opportunistically sold older ships, crystallizing the cyclically high values and providing us with additional dry powder for freight renewal when the right opportunities arise.

在此環境下，我們靈活的中型和小型貨櫃船隊依然需求旺盛，今年上半年我們已獲得近4億美元的額外租船保障，這實際上結束了2025年的年度市場風險敞口，並將2026年的保障率提升至80%。同時，我們選擇性地、抓住時機地出售了老舊船舶，使周期性高價值得以實現，並為我們在合適的時機更新貨運業務提供了額外的資金。

Our strong credit ratings reflect the forces like quality of our balance sheet and our extensive contracted revenue backlog. We have also continued to pay dividends to our investors with the recent increase, bringing our annualized dividend payment to $2.10 per common share. We are pleased to provide an attractive total return to our shareholders. So far this year, we have not only outperformed our peer group, but have also outperformed the S&P 500 by approximately 4 times.

我們強勁的信用評級反映了我們資產負債表的品質以及我們大量的合約收入儲備等因素。我們也持續向投資人發放股息，近期股息增加，年度股息派發達至每股普通股 2.10 美元。我們很高興為股東提供具有吸引力的整體回報。今年迄今為止，我們的表現不僅超越了同行，也比標準普爾 500 指數高出約 4 倍。

In summary, we're maximizing our optionality to manage risks and capitalize on opportunities in a non-precedent in an unpredictable market, all of which providing our investors with a combination of stability, total return, upside potential and good trading liquidity in our shares.

總而言之，我們正在最大限度地利用我們的選擇性來管理風險，並在不可預測的市場中抓住前所未有的機遇，所有這些都為我們的投資者提供了穩定性、總回報、上行潛力和良好的股票交易流動性的組合。

With that, I will turn the call over to Tom.

說完這些，我會把電話轉給湯姆。

Thanks, George. Hello, everyone, and please turn to slide 5, where we highlight our well-diversified charter portfolio. As of June 30, we have $1.73 billion in forward contracted revenues with 2.1 years of average remaining contract cover. We added 22 charters in the first half of 2025, including extension options that have been declared for nearly $400 million of contracted revenues.

謝謝，喬治。大家好，請翻到投影片5，我們將重點放在我們多元化的租船組合。截至6月30日，我們的遠期合約收入為17.3億美元，平均剩餘合約期限為2.1年。 2025年上半年，我們新增了22份租船合同，其中包括已宣布的續約選擇權，合約收入接近4億美元。

On slide 6, we discuss our dynamic capital allocation policy. Being in a cyclical industry that is impacted sometimes positively, other times negatively by any number of global trends and macro factors, we believe it to be fundamentally important to maintain the long view. This means looking through both the cycle and short-term volatility and ensuring that we provide ourselves with the optionality to dynamically allocate capital in the manner that best protects and helps build shareholder value.

第六張投影片討論了我們的動態資本配置政策。我們身處週期性產業，受全球趨勢和宏觀因素的影響，有時正面，有時負面，因此我們認為保持長遠眼光至關重要。這意味著我們要兼顧週期和短期波動，確保我們擁有自主選擇權，以最佳方式動態配置資本，從而最大程度地保護和幫助股東創造價值。

Given the extraordinary uncertainty currently prevailing, we believe that maximizing that optionality is the right course of action for us to take while, of course, reinforcing our balance sheet selectively investing in our fleet and continuing to return capital to shareholders. And, indeed, increasing those returns we're prudent as we have recently done by growing our annualized dividend to $2.10 per common share.

鑑於目前普遍存在的極大不確定性，我們認為最大限度地利用這種選擇性是我們應該採取的正確行動方針，同時當然也要加強我們的資產負債表，選擇性地投資於我們的船隊，並繼續向股東返還資本。事實上，提高這些回報是審慎的，正如我們最近所做的那樣，我們將年度股息提高到每股普通股2.10美元。

Our strong cash flows from multiyear contracts put us in a strong position to confidently advance each of these priorities. And as we've said before, it's easier for investors to buy and sell our shares than it is to buy and sell ships. And we're pleased that GSL can serve as a liquid platform through which investors can fully participate in our business and industry while minimizing downside risk and having the share trading liquidity to upsize or downsize their exposure at their option.

我們來自多年期合約的強勁現金流，使我們擁有強大的實力，能夠自信地推進這些優先事項。正如我們之前所說，投資者買賣我們的股票比買賣船舶更容易。我們很高興GSL能夠成為一個流動性平台，投資者可以透過它充分參與我們的業務和行業，同時最大限度地降低下行風險，並擁有股票交易流動性，可以根據自己的選擇增加或減少敞口。

Moving to slide 7. We continue to take pride in this chart and what it says about our discipline when it comes to acquiring ships. We have consistently bought ships opportunistically and in situations where we believe downside is limited and upside potential is significant.

轉到第7張投影片。我們仍然對這張圖表感到自豪，它展現了我們在船舶收購方面的嚴謹態度。我們一貫選擇機會性收購船舶，並選擇在我們認為下行風險有限、上行潛力巨大的情況下進行收購。

The primary takeaways for investors are twofold. One, we have a strong track record avoiding acquisitions during periods when asset prices are elevated or in terms that depend upon an optimistic projection of medium or long-term market conditions. When the all-in proposition makes sense on a long-term per share basis, we execute. If it does not, we do not.

投資者的主要收穫有兩點。首先，我們擁有良好的業績記錄，在資產價格高漲或取決於對中長期市場狀況樂觀預測的時期，我們都會避免收購。如果從長期每股盈餘來看，全押方案合理，我們就會執行。如果合理，我們就不會執行。

And two, the old maxim applies the best opportunities to build long-term value and unlock outsized returns tend to be at the bottom of the cycle when there's blood in the water and access to fresh capital is limited.

其次，古老的格言認為，建立長期價值和獲得超額回報的最佳機會往往出現在周期的底部，即市場陷入低迷、獲得新資本的機會有限的時候。

With that, I'll pass the call to Tassos to discuss our financials.

說完這些，我會把電話轉給塔索斯，討論我們的財務狀況。

Thank you, Tom. Slide 8 shows our first half 2025 financial highlights. I would like to mention a few key points. Earnings and cash flow have continued to rise, while our gross debt has increased relative to year-end 2024 as we brought an additional four vessels into our fleet. Nevertheless, our gross debt figure is down from where it was one year ago.

謝謝，湯姆。幻燈片8展示了我們2025年上半年的財務亮點。我想提幾個重點。獲利和現金流持續成長，而我們的總債務相對於2024年底有所增加，因為我們新增了四艘船舶。儘管如此，我們的總債務數字與一年前相比有所下降。

Our cash position is $511 million, of which $80 million is restricted. . The remainder ensures that we can fully cover our covenants, working capital needs and any unexpected contingencies in addition to providing dry powder for both opportunistic investments in the existing fleet and investments in fleet renewal if and when the right opportunities emerge.

我們的現金狀況為 5.11 億美元，其中 8,000 萬美元受到限制。其餘資金確保我們能夠完全覆蓋我們的契約、營運資金需求和任何意外的應急情況，此外，如果出現合適的機會，還可以為現有船隊的機會性投資和船隊更新投資提供資金。

And of course, importantly, it's a [pros] continued payment of our sustainable dividend. Of now, we completed an $85 million refinancing to push our weighted average debt maturity to 4.9 years and bring our weighted average cost of debt to 4.18%. We also realized a gain of $28.3 million on the sale of three relatively older, smaller vessels, and we have contracted to sell a fourth vessel built 2,000 for $35.6 million in Q4.

當然，重要的是，這有利於我們持續支付可持續股息。目前，我們完成了8,500萬美元的再融資，將加權平均債務期限延長至4.9年，並將加權平均債務成本降至4.18%。我們還透過出售三艘相對較舊、較小的船舶獲得了2830萬美元的收益，並且我們已簽約在第四季度以3560萬美元的價格出售一艘建造於2000年的第四艘船舶。

In addition to the healthy dividend, which has already been discussed, we have a further $33 million under buyback authorization, and we continue to delever to build equity value. We have also recently had a very strong credit ratings of firm, the details of which are on the slide.

除了已經討論過的豐厚股息外，我們還有3,300萬美元的回購授權，我們將繼續降低槓桿率以提升股權價值。我們最近也獲得了非常強勁的公司信用評級，詳情請參閱投影片。

Slide 9 shows our ongoing efforts to delever, derisk and grow equity value, which ultimately increase our optionality. The graph on the left shows our progress in lowering our outstanding debt, which was $950 million at the end of 2022 and now sits under $700 million. Perhaps more revealingly, the graph on the right shows a reduction in financial leverage with net debt-to-EBITDA now at 0.7 times. Whatever challenges or opportunities come next, we are ready.

投影片9展現了我們持續努力去槓桿、去風險和提升股權價值，最終提升了我們的選擇權。左側圖表展示了我們降低未償債務的進展，2022年底未償債務為9.5億美元，目前已降至7億美元以下。或許更能說明問題的是，右側圖表顯示了財務槓桿的下降，淨債務與EBITDA比目前為0.7倍。無論接下來面臨何種挑戰或機遇，我們都已做好準備。

Slide 10 further highlights our progress in delevering and building resilience. Our cost of debt is shown on the left and blended cost of 4.18%, down from the 6%-plus in 2020. A similar story is shown on the right, where we have maintained low breakeven rates by cutting our interest expense even as operating expenses have risen in the middle of a period of high inflation.

幻燈片10進一步展示了我們在去槓桿和增強韌性方面的進展。左側顯示我們的債務成本，綜合成本為4.18%，低於2020年的6%以上。右側也呈現了類似的情況，即使在高通膨時期營運費用有所上升，我們仍然透過削減利息支出維持了較低的盈虧平衡利率。

I will now turn it back over to Tom.

現在我將主題交還給湯姆。

Thanks, Tassos. For the benefit of those of you who may be new to the GSL story and to whom I offer a warm welcome. Slide 11 restates our focus on midsized and smaller container ships between 2,000 and 10,000 TEU, which make up the backbone of global trade are super flexible and are not dependent upon any one trade or country. This is quite different from the situation of very large container ships, which are often the focus of media coverage on our industry, not to mention the bulk of capital investment which I will come back to.

謝謝，Tassos。對於那些可能還不熟悉GSL故事的朋友，我在此向他們表示熱烈的歡迎。第11張幻燈片重申了我們對2,000至10,000 TEU之間的中型和小型貨櫃船的關注，這些船構成了全球貿易的支柱，非常靈活，並且不依賴任何單一貿易或國家。這與大型貨櫃船的情況截然不同，大型貨櫃船通常是媒體報導我們行業的焦點，更不用說它們的大部分資本投資了，我稍後會談到這一點。

Because of the huge capacity physical restrictions in many ports and the need for sophisticated port infrastructure, those very large container ships tend to be limited to the big mainland trades, such as those between China and the US or Northern Europe. We consistently reiterate this aspect of our business because this distinction is not a subtle nuance for purposes of fine-tuning a model, but a major differentiation with real-world implications, both in the current environment and well into the future.

由於許多港口龐大的容量限制以及對先進港口基礎設施的需求，這些超大型貨櫃船往往僅限於大型大陸貿易航線，例如中國與美國或北歐之間的航線。我們不斷強調我們業務的這一方面，因為這種區別並非為了微調模型而做出的細微調整，而是一個具有現實意義的重大差異，無論在當前環境還是未來很長一段時間內。

Moving to slide 12 on the Red Sea, which continues to have a significant impact on our industry as approximately 10% of global containership capacity is absorbed by routing around The Cape of Good Hope instead of transiting Suez. It's impossible to predict how long this will last. However, liner operator service networks are complex and interconnected, meaning that any significant changes in service routing can't simply be dropped in overnight or enacted without incurring substantial costs.

轉到第12張投影片，紅海問題持續對我們的產業產生重大影響，因為全球約10%的貨櫃運力是透過繞行好望角而不是經蘇伊士運河來吸收的。目前無法預測這種情況會持續多久。然而，班輪業者的服務網絡複雜且相互關聯，這意味著任何重大的服務路線變更都不可能在一夜之間輕易實施或實施，否則將產生巨額成本。

Because of that and more importantly, still the very real implications for seafarers safety, industry consensus is that the line of majors will want to see sustained stability and safety before making any material shift back to the Red Sea transits. Who knows when that will happen, but if or when it does, potentially triggering a meaningful market correction, we're well positioned to take advantage of the opportunities that arise.

正因如此，更重要的是，由於海員安全仍面臨現實影響，業界共識是，各大航運巨頭在大幅調整航線至紅海航線之前，都希望看到持續的穩定和安全。誰知道這種情況何時會發生，但如果真的發生，並可能引發重大的市場調整，我們已做好準備，抓住隨之而來的機會。

Turning to slide 13. We continue to believe that trade tensions in 2019 may be instructive as we all try to grapple with the implications of volatile US trade dynamics with much of the rest of the world, and most notably, with China. In short, from 2019, a combination of tariffs, tariff arbitrage, non-tariff pressures and the prospect of future escalation led to a deconcentration of supply chains throughout the Asia Pacific region and away from huge, highly efficient industrial clusters, feeding directly into the largest Chinese ports and then outward on the very largest vessels to Northern Europe and the US West Coast.

翻到第13張幻燈片。我們仍然認為，2019年的貿易緊張局勢或許具有指導意義，因為我們都在努力應對美國與世界其他大部分地區（尤其是與中國）之間動盪的貿易動態所帶來的影響。簡而言之，從2019年開始，關稅、關稅套利、非關稅壓力以及未來升級的可能性等因素共同導致整個亞太地區的供應鏈分散，遠離龐大高效的產業集群，直接進入中國最大的港口，然後通過最大的船隻運往北歐和美國西海岸。

This shift accrued to the benefit of midsized and smaller vessels like ours, which both directly took market share from the very large containerships that cannot service those smaller trades, and also saw material incremental demand from a more complex and less efficient supply chain that may now involve multiple voyages within the region before going long haul to the end markets.

這種轉變有利於像我們這樣的中型和小型船舶，它們不僅直接從無法服務於這些小型貿易的大型貨櫃船手中奪取了市場份額，而且還看到了來自更複雜、效率更低的供應鏈的實質性增量需求，現在可能涉及在區域內進行多次航行，然後才能長途跋涉到達終端市場。

We've made this point before, but it [bears] repeating. Increased inefficiency in the supply chain means that more vessels are required to transport a given quantity of cargo. From the containership owners perspective, this is effectively indistinguishable from increased demand, and it is a key theme of many of the major factors currently impacting the world and global trade.

我們之前已經提到過這一點，但值得再次強調。供應鏈效率的下降意味著需要更多的船隻來運輸一定數量的貨物。從貨櫃船東的角度來看，這實際上與需求成長並無二致，而且這也是當前影響世界和全球貿易的許多主要因素的核心主題。

To be clear, those disrupted Chinese supply chains marine are very significant, the global containerized trade, but the diffusion of both intermediate and finished good manufacturing capacity has proved to be lasting as has the general recognition that excessive reliance on any one source country represents a fundamental supply chain vulnerability.

需要明確的是，這些中斷的中國海運供應鏈對全球貨櫃貿易影響非常大，但事實證明，中間產品和成品製造能力的擴散是持久的，因為人們普遍認識到，過度依賴任何一個來源國都代表著供應鏈的根本脆弱性。

In the current context, many of these particulars are fluid to put it mildly, but the overall dynamic and impacts for container shipping are looking to be directionally similar to this president. So if not exactly history repeating itself, it does so far appear to rhyme.

在當前情況下，許多細節都難以確定，但貨櫃航運的整體動態和影響似乎與現任總統的政策方向相似。因此，即使歷史並非重演，但目前看來，情況似乎相當相似。

On to slide 14, where we provide our standard check-in on supply-side trends in the space. What at 1 point would have been quite shocking has, in recent times, just become the way things are. Both idle tonnage and scrapping activity are more or less zero, as the system remains stretched. Thin and older vessels continue to command high rates that more than justify keeping them on the water. Just to drive this point home in a global fleet with cellular capacity of around 32 million TEU, a global total of 6,800 TEU of capacity was scrapped in the first half of the year or to put it differently, more or less the equivalent capacity of a single ship in our fleet of midsized and smaller containerships.

在第14張投影片中，我們提供了對該領域供應面趨勢的標準評估。曾經令人震驚的事情，在最近一段時間裡，就成了現實。由於系統仍然捉襟見肘，閒置噸位和拆船活動幾乎為零。輕型和老舊船舶的費率仍然很高，足以證明繼續使用它們是合理的。為了更清楚地說明這一點，在全球擁有約3200萬標準箱容量的船隊中，今年上半年全球共有6800標準箱的運力被拆解，換句話說，這差不多相當於我們中小型貨櫃船隊中一艘船的運力。

Slide 15 covers the order book, which is both meaningful in overall scope and overwhelmingly focused on the very largest size segments, a part of the market in which GSL does not participate. In the segments where we do focus, the order book-to-fleet ratio is 12%, which is spread over a three to four year worth of deliveries.

第15張投影片涵蓋了訂單簿，它不僅在整體上意義重大，而且主要集中在最大尺寸的細分市場，而GSL並未涉足這一市場。在我們關注的細分市場中，訂單簿與船隊比率為12%，這涵蓋了三到四年的交付量。

Crucially, while the median age for the global fleet above 10,000 TEU is just 7.5 years, the median age under 10,000 TEU, in other words, in the segments we're focused on and are competing in, the median age has risen to 17.5 years, as new additions have been limited and quite old ships have hung around to reap the benefits of the tight market. It's a bit hypothetical, but if we were to look to a scenario where that full sub-10,000 TEU order book is delivered through 2028, and we were to assume that ships over 25 years in the same time frame was scrapped, then the global fleet would in fact be trending towards a net fleet reduction of 6.3% in these sizes.

至關重要的是，全球10,000 TEU以下貨櫃船隊（換句話說，在我們關注並參與競爭的細分市場中）的中位船齡已升至17.5年，原因是新增舊數量有限，而一些老舊船舶仍在閒置的收益，享受著市場。這有點假設，但如果我們設想到2028年所有10,000 TEU以下貨櫃船訂單都已交付，並假設在同一時間段內25年以上船齡的船舶全部報廢，那麼全球此類規模的貨櫃船隊規模實際上將呈現淨減少6.3%的趨勢。

As we've said before, it can't be taken for granted that all of these ships will indeed be promptly scrapped but as an owner of well-maintained and high-specification ships, I can't say that we are particularly worried about a market in which even a generic 28 or 30 year-old ship can be profitably employed in the charter market.

正如我們之前所說，不能想當然地認為所有這些船舶都會被迅速報廢，但作為維護良好、規格高的船舶的船東，我不能說我們特別擔心這樣一個市場，即即使是一艘 28 或 30 年的普通船舶也可以在租船市場上盈利。

On the flip side, in a scenario in which the wider market turns sharply downward at some stage, pressure on less well-specified vessels and their owners could be meaningfully more widespread with extensive contract coverage, a high specification in-demand fleet and a balance sheet with both resilience and dry powder, we're inclined to see such a situation as an opportunity first and foremost.

另一方面，在更廣泛的市場在某個階段急劇下滑的情況下，規格較低的船舶及其船東面臨的壓力可能會更加廣泛，因為合約覆蓋範圍廣泛、高規格的需求船隊以及具有彈性和乾粉的資產負債表，我們傾向於將這種情況視為機遇。

On slide 16, we check in on the charter market itself. As you would expect from our commentary thus far, the charter market remains quite strong on an absolute basis and even more so in the context of GSL's breakeven rates of under $9,400 per day per vessel.

在第16張幻燈片中，我們來看看租船市場本身的狀況。正如您從我們迄今為止的評論中所預期的那樣，租船市場絕對值依然相當強勁，尤其是在GSL的盈虧平衡費率低於每艘船每天9,400美元的情況下，這種強勁勢頭更加明顯。

The amount of chartering activity, particularly on a forward or long-term basis, reduced materially during the post deliberation date air pocket when the liners and their own customers were trying to sort out how best to proceed. However, as you can see on the chart, this bout of short-term focus and hesitation to commit did not undermine the very healthy rate environment.

在審議日後的空頭回補期間，班輪公司及其客戶正努力尋找最佳應對方案，租船活動（尤其是遠期或長期租船）數量大幅減少。然而，如圖表所示，這種短期關注和猶豫不決的態度並未破壞原本非常健康的運價環境。

Beyond the discussion of fundamentals that we have provided here, forward visibility on market charter rates is rather limited. For GSL, though, we're insulated by more than $1.7 billion of contract cover over an average of 2.1 years going forward. So our focus is squarely on the opportunities ahead of us.

除了我們在此討論的基本面之外，市場租船費率的未來前景相當有限。不過，對於GSL來說，我們在未來平均2.1年內擁有超過17億美元的合約保障，因此我們的重點將放在未來的機會上。

With that, I'll turn it back to George on slide 17.

說完這些，我將把幻燈片 17 交還給喬治。

Thank you, Tom. To summarize, we continue to add forward cover and now have essentially no open days in 2025 and are working on closing out next year as well. Macro, geopolitical and regulatory uncertainty is high, and we're maximizing optionality to manage risk and capitalizing opportunities.

謝謝，湯姆。總而言之，我們持續增加遠期覆蓋，目前2025年基本上沒有空頭頭寸，並且正在努力在明年完成收尾工作。宏觀、地緣政治和監管的不確定性很高，我們正在最大限度地利用選擇權來管理風險並抓住機會。

Financially, GSL is stronger than it has ever been with the fortress balance sheet and annual EBITDA in excess of our net debt. Our average breakeven rates are under $9,400 per vessel per day, which means that we are positioned to continue generating free cash flow even if the markets were much weaker than today's. As our fleet cash flow -- as fleet's cash cows age, we're opportunistically monetizing certain older vessels and are increasingly focused on disciplined fleet renewal to support forward earnings and returns.

財務方面，GSL 比以往任何時候都更加強勁，資產負債表穩健，年度息稅折舊攤提前利潤 (EBITDA) 超過淨債務。我們的平均損益平衡率低於每艘船每天 9,400 美元，這意味著即使市場遠弱於當前水平，我們也能繼續產生自由現金流。隨著我們船隊的現金流——隨著船隊的「搖錢樹」老化，我們正在適時將某些老舊船舶變現，並越來越注重有計劃的船隊更新，以支持未來的盈利和回報。

And finally, we are pleased to be returning capital to our shareholders by paying out an annualized dividend of $2.10 per common share.

最後，我們很高興透過向每股普通股支付 2.10 美元的年度股息來向股東返還資本。

Now with that, we're ready to take your questions.

現在，我們準備好回答您的問題了。

(Operator Instructions)

（操作員指示）

Liam Burke, B Riley Securities.

Liam Burke，B Riley 證券。

Thank you. Hi, George, Tom, Tassos, how are you doing today?

謝謝。嗨，喬治、湯姆、塔索斯，你們今天過得怎麼樣？

We're doing well, Liam. Good to hear from you.

我們很好，利亞姆。很高興收到你的來信。

Thank you. Tom, as we look into third quarter, freight rates are sort of weakening or softening as we go further. Is there still that positive disconnect between your freight rates and then your charter rates?

謝謝。湯姆，展望第三季度，運費價格似乎在進一步走弱。你們的運費和租船費率之間是否仍有正向脫節？

Short answer, Liam. Yes. I would say that the charter rates in the market are holding up firmly despite the downward pressure on freight rates, in the transpacific. I would also point out actually that there are more buoyant markets than the transpacific such as Asia, Europe. But main message, charter rates remain very attractive.

簡短回答，利亞姆。是的。我想說的是，儘管跨太平洋地區的運費面臨下行壓力，但市場上的租船費率仍保持穩定。我還要指出的是，實際上還有比跨太平洋地區更活躍的市場，例如亞洲和歐洲。但主要的訊息是，租船費率仍然非常有吸引力。

And in terms of your liner customers, is there interest in longer durations in terms of the vessels that are up for recharter.

就您的班輪客戶而言，對於需要重新租用的長租船舶，他們是否有興趣？

I wouldn't necessarily say longer durations, but there is certainly appetite for midsize and smaller tonnage from the liner operators for the same multiyear charters that we've been seeing for a while. So for the smaller ships, maybe a couple of years is on the cards for the ones at the larger end of the size spectrum in our fleet, you may be looking at three plus years?

我不一定會說租期會更長，但班輪運營商對中小型噸位船舶的需求肯定很大，就像我們之前看到的一樣，租期很長。所以，對於小型船舶來說，我們船隊中大型船舶的租期可能只有幾年，而您認為租期可能會更長，是三年以上嗎？

Great. Thank you, Tom.

太好了！謝謝你，湯姆。

Our pleasure. Thanks, Liam.

我們很高興。謝謝，利亞姆。

Omar Nokta, Jefferies.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。

Thank you. Hi guys, good afternoon. Maybe just a follow-up, Tom, on just your last comments about the charter appetite for the midsize and smaller asset classes. You're highlighting in one of the slides just how much the order book has been more attuned towards the bigger vessels. I guess maybe recently, there's been some chatter or some orders coming in for some of the smaller end of the fleet. So I guess maybe my question is maybe two parts. One, what's behind that or sort of kick-started perhaps that interest in the smaller ships? And then two, do you see opportunities to place orders for smaller ships against long-term contracts?

謝謝。大家下午好。湯姆，我想跟進一下你上次關於中小型船舶租賃需求的評論。你在一張幻燈片中強調了訂單量有多傾向於大型船舶。我想最近可能有一些關於小型船舶的討論或訂單。所以我的問題可以分成兩個部分。第一，背後的原因是什麼？或者說，是什麼引發了人們對小型船舶的興趣？第二，你是否認為透過長期合約訂購小型船舶有機會？

Thanks, Omar. And hi, thanks for joining the call. Okay. I'll get the ball rolling on this, and I'm sure George will also weigh in. I think there is a growing recognition that the midsize and smaller segments are underbuilt and people are beginning to react to that. However, because it's still rather challenging to get significantly long-term charters in the midsize and smaller space from the liner operators that keeps a lid on any speculative orders in that space, which means that despite the fact that, yes, there is more ordering activity than before, it's still not, let's say, worryingly high in nature.

謝謝，奧馬爾。嗨，感謝您參加電話會議。好的。我會開始討論這個問題，我相信喬治也會發表意見。我認為人們越來越意識到中小型船舶市場建設不足，人們也開始對此做出反應。然而，由於從班輪營運商那裡獲得中小型船舶的長期租船合約仍然相當困難，這限制了該領域的投機性訂單。這意味著，儘管訂單活動確實比以前多，但其數量仍然沒有高到令人擔憂的程度。

And to the second part of your question, I mean, we're always looking at opportunities in the space, both for existing ships, which has been our bread and butter to date, but also for new buildings. But we don't move on either of those unless we can make the risk and return numbers work. And so far, that hasn't been the case for new buildings, at least for us. But we continue to keep an eye on the market, as you would expect, George, I don't know if you want to add to that.

關於你問題的第二部分，我的意思是，我們一直在尋找這個領域的機會，既包括現有船舶（迄今為止一直是我們的支柱）也包括新船。但除非我們能夠確保風險和報酬的平衡，否則我們不會考慮任何一項。到目前為止，新船的情況並非如此，至少對我們來說是這樣。但正如你所期望的，我們會繼續關注市場，喬治，我不知道你是否想補充一點。

The only thing I would add is that, generally speaking, liner company, smaller ships do not consider them as the backbone of their services. Hence, they are not running to charter the ships for long durations more than three years, I would say, especially if it's a brand-new ship that will go for three years or if it's a bargain, they would even go for longer. I mean, it all depends on the rate. So if you offer a very low rate, then yes, they might get longer than three years.

我唯一想補充的是，一般來說，班輪公司並不把小型船舶視為其服務的支柱。因此，我認為他們不會租船超過三年，尤其是租期超過三年的全新船舶，或價格便宜的船舶，他們甚至會租更長。我的意思是，這完全取決於價格。所以，如果你提供的是極低的價格，他們可能會租到三年以上的時間。

But in general, they are not the ships that the liner companies consider as their main ships so they can always pick them up in the market, they feel the charter market. So I don't think that it is an idea for us to order these ships at today's high newbuild prices, and then speculatively try and fix them at a higher charter rate because I don't think there's higher charters will be available given the appetite of charterers and knowing also the price that somebody has paid. So the charter is not going to want to allow the owner of the ship to make a killing naturally as a charter could order the ships themselves if it's becoming too expensive.

但總的來說，這些船舶並非班輪公司視為主力船舶的船舶，因此他們總是能在市場上找到這些船舶，他們能掌控租船市場。因此，我認為以如今高昂的新船價格訂購這些船舶，然後投機性地嘗試以更高的租船價格租出它們，這種做法並不可取，因為考慮到租船人的意願以及現有租船價格，我認為不會有更高的租船價格。因此，租船公司不會允許船東自然獲利，因為如果租船價格過高，租船公司可以自行訂購船舶。

Okay. That's interesting. Thank you, George. And maybe just a second question. It seems like you've been perhaps a little bit more transactional on the sales side, maybe not dramatically, but you've monetized another ship an older one. It looks like it had a much firmer price than what you achieved for the sister ship a few months earlier.

好的。這很有意思。謝謝你，喬治。還有第二個問題。看起來你們在銷售方面可能更注重交易，雖然幅度不大，但你們已經把另一艘老船變現了。看起來它的價格比幾個月前那艘姊妹船的價格堅挺得多。

Is your -- are the sales coming on -- is it being driven by the fact that asset values are continuing to stay firm? And also are you seeing these high prices continue here despite perhaps the air pocket you mentioned in freight rate?

你們的銷售額成長是因為資產價值持續堅挺嗎？另外，儘管您提到運費可能會波動，但高價是否仍在持續？

Asset prices remain attractive, going to the second part of your question first. But as a general comment, Omar, whenever we're looking to either deploy an asset or sell it, we run the numbers and try to figure out what's going to generate more capital, more returns, more cash for the business. So it so happens that, yes, we've sold these older assets opportunistically, a total of four during the first half of this year, simply because for those specific assets when they were coming available, we felt that, that would be the more value-generative proposition for the company.

資產價格仍然具有吸引力，首先談談你問題的第二部分。不過，奧馬爾，總的來說，每當我們考慮部署或出售一項資產時，我們都會進行計算，試圖弄清楚什麼能為公司帶來更多資本、更多回報和更多現金。所以，是的，我們確實趁機出售了這些老舊資產，今年上半年一共出售了四項，原因很簡單，當這些特定資產即將上市時，我們認為這將為公司創造更多價值。

But that's not to say that we will continue down that track going forward. It's always a dynamic decision, and we figure out what makes the most sense economically, but asset values are remaining quite firm at the moment as our charter rates.

但這並不意味著我們會繼續沿著這條路走下去。這始終是一個動態的決策，我們會找出最經濟合理的方案，但目前我們的租船費率仍然保持相當堅挺。

Okay, very good.

好的，非常好。

If I may just add something for clarification. The first ship we sold special survey due. The second ship we sold, special survey passed, hence, the difference in price.

我可以補充一點澄清一下。我們賣出的第一艘船已經進行了特別檢驗。第二艘船通過了特別檢驗，因此價格有差異。

Okay. That's helpful. I appreciate that. Thank you.

好的。這很有幫助。我很感激。謝謝。

(Operator Instructions)

（操作員指示）

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Hi, good afternoon, and thank you for taking my questions. I wanted to start with the modeling question. You mentioned that as of June 30, two dry dockings were ongoing and six additional were anticipated. Could you confirm whether the six additional dry dockings are to be pursued throughout Q3? Or does that include the fourth quarter?

大家下午好，感謝您回答我的提問。我想先從模型問題開始。您提到截至6月30日，正在進行兩次乾船塢維修，預計還會進行六次。您能否確認這六次額外的乾船塢維修是否會在第三季進行？或是否包括第四季？

That's a pretty granular question, Climent. Nevertheless, for joining the call taste. I don't know if you happen to know that, to respond to it. Otherwise, we can respond to it off-line, Climent.

克萊門特，這個問題問得相當細緻。不過，為了加入這個電話會議，我不知道你是否知道，所以才回覆。否則，我們可以線下回复，克萊門特。

Yes, yes. Because I don't have it right now.

是的，是的。因為我現在沒有。

Perfectly. I'll follow up on that off-line. I also wanted to ask about your B1 asset values. Your last acquisition in December focused on large vessels, especially relative to your fleet and looking ahead, to what extent should we expect you to focus on large vessels, let's say, above 4,000 TEU relative to feeders?

非常好。我會線下跟進。我還想問一下你們的B1資產價值。你們去年12月的收購主要集中在大型船舶上，尤其是相對於你們的船隊而言。展望未來，我們應該在多大程度上預期你們會專注於大型船舶，比如說，相對於支線船舶而言，4000 TEU以上的船舶？

I will answer to that, Climent, generally speaking, let's say, our focus, hence our fleet is for post-Panamax Bemsipso more than 40 meters, 40 meters plus. This is the majority of our fleet per TEU. Now -- we like those ships for various reasons. They take more cargo they're more flexible and so on and so forth. Now having said that, that does not exclude us from buying which we have in the past, smaller ships if the deal makes sense.

克萊門特，我來回答這個問題。總的來說，我們的重點是40公尺以上、甚至40公尺以上的超巴拿馬型「貝姆西普索」（Bemsipso）型船。這佔了我們船隊（以標準箱計算）的絕大部分。我們喜歡這些船型的原因有很多。它們載貨量更大、更靈活等等。話雖如此，但這並不意味著我們不會像過去那樣，如果交易合理的話，繼續購買小型船舶。

But if I had gone shop and I had to have all the options open to me and I would pick and choose what ships are like, I would go for post-Panamax ships rather than smaller -- midsized post-Panamax ships between 6,000 to 10,000 TEU. That would be my absolute preference. But just preference, not carbon stone.

但如果我要去貨比三家，面對所有選擇，挑選合適的船舶，我會選擇超巴拿馬型船舶，而不是小型的——6000到10000標準箱的中型超巴拿馬型船舶。這絕對是我的偏好。但這只是偏好，而不是碳石。

Makes sense. That's helpful. That's everything for me. Thank you for taking my questions.

很有道理。這很有幫助。這對我來說意義重大。感謝您回答我的問題。

Our pleasure.

我們很高興。

That concludes our Q&A session. I will now turn the call back over to Mr. Thomas Lister for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給托馬斯·利斯特先生，請他作最後發言。

Well, thank you, everyone, for joining our earnings call today, and we look forward to reconnecting with you in the fall for our 3Q earnings. Have a great summer.

好的，感謝大家今天參加我們的財報電話會議，我們期待秋天再次與大家見面，共同討論我們的第三季財報。祝大家有個愉快的夏天。

That concludes the call -- conference call today. Thank you all for joining. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。祝各位今天愉快。