Global Ship Lease Inc (GSL) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Ship Lease third quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。我是Tina，今天將擔任本次電話會議的接線生。現在，我謹代表Global Ship Lease歡迎各位參加2025年第三季財報電話會議。 （接線生操作說明）

It is now my pleasure to turn today's call over to Thomas Lister, CEO of Global Ship Lease. Sir, the floor is yours.

現在我很高興將今天的電話會議交給環球船舶租賃公司執行長托馬斯·利斯特先生。先生，請您發言。

Thank you very much. Hello, everyone, and welcome to the Global Ship Lease third quarter 2025 earnings conference call. You can find the slides that 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.

非常感謝。大家好，歡迎參加環球船舶租賃公司2025年第三季財報電話會議。您可以在公司網站www.globalshiplease.com上找到本次會議的簡報。和往常一樣，第2頁和第3頁提醒您，本次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，且超出公司控制範圍。

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. 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.

由於諸多因素，包括幻燈片簡報「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。我們也想提請您注意我們最新年度報告（2024 年 20-F 表格，已於 2025 年 3 月提交）中的風險因素部分。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。

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.

我們所有聲明均受本聲明及我們向美國證券交易委員會提交的報告中的其他揭露內容的限制。我們不承擔更新前瞻性聲明的義務。本次電話會議中我們將提及的非GAAP財務指標與根據GAAP計算和列報的最直接可比較指標的調節表，通常參考我們今天上午發布的盈利報告，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 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'll be pleased to answer your questions. So turning now to slide 4.

今天，和往常一樣，我的兩位同事分別是執行董事長喬治·尤魯科斯（Georgios Youroukos）和首席財務官塔索斯·普羅普洛斯（Tassos Psaropoulos）。喬治將先就GSL和我們所處的行業進行高屋建瓴的介紹，之後塔索斯和我將向大家介紹我們近期的業務活動、季度業績和財務狀況，以及當前的市場環境。之後，我們將樂於回答大家的問題。現在請看第四張投影片。

I'll pass the call over to George.

我把電話轉給喬治。

Thank you, Tom, and good morning, afternoon or evening to all of you joining us today. Global Ship Lease's focus continues to be on optionality as geopolitical and trade policy uncertainty continue to be a major factor throughout the third quarter. As we have seen in recent weeks with the IMO Net Zero framework, USTR and China port fees, all of which were deferred at 11 hour or later, even policies that are proposed without even fully coming into effect are having far-reaching real-world implications.

謝謝湯姆，也祝今天所有參加我們節目的朋友們早安、下午好或晚上好。鑑於地緣政治和貿易政策的不確定性在第三季仍將持續，全球船舶租賃公司將繼續專注於提供更多選擇。正如我們最近幾週所看到的，國際海事組織淨零排放框架、美國貿易代表辦公室以及中國港口收費等政策，都在生效前11點或更晚被推遲，即使是尚未完全生效的政策提案，也會產生深遠的現實影響。

All of these real and potential factors are contributing to two major effects, both on which play to our advantage. Number one, making supply chains less efficient, which means that more ships are needed to transport a given quantity of cargo; and number two, increasing the value of flexible, midsized and smaller container ships such as those in our fleet.

所有這些實際存在的和潛在的因素都導致了兩個主要影響，而這兩個影響都對我們有利。第一，供應鏈效率降低，這意味著運輸一定數量的貨物需要更多的船舶；第二，提高了我們船隊中那些靈活的中小型貨櫃船的價值。

Now on the IMO deferment, this accrues particularly to the benefit of older, conventionally fueled vessels that are now likely to have a longer economic life. Taken together with aggregate growth in global containerized trade, these factors are contributing to a situation where there's essentially zero idle capacity for the vessel size segments in which we operate.

現在，國際海事組織（IMO）的延期政策尤其有利於老舊、使用傳統燃料的船舶，這些船舶的經濟壽命可能會延長。加之全球貨櫃貿易的整體成長，這些因素共同促成了我們所營運的船舶尺寸等級幾乎沒有閒置運力的局面。

Thus, we continue to see strong interest in chartering our vessels, typically on a multiyear basis. Through the first nine-months of 2025, we added $778 million in contracted revenues with full contract coverage for the remaining of 2025, 96% coverage for 2026 and 74% coverage for 2027. This offer us stability and certainty at a time where both are generally in short supply.

因此，我們看到市場對租賃我們船舶的需求依然強勁，通常以多年期合約的形式簽訂。 2025年前九個月，我們新增了7.78億美元的合約收入，2025年剩餘時間的合約覆蓋率達到100%，2026年覆蓋率達到96%，2027年覆蓋率達到74%。這為我們提供了穩定和確定性，而目前這兩者普遍短缺。

Our progress in securing additional charter coverage, adding to our revenue backlog and fortifying our balance sheet has enabled us to achieve strong credit ratings across the board, including an investment-grade rating on our US private placement notes. These same factors, notably including a clutch of recent agreed long-term charters have put us in a position to once again increase our supplemental dividend, bringing our overall dividend to $2.50 per share on an annualized basis.

我們在增加包機業務覆蓋、擴大收入儲備和強化資產負債表方面取得的進展，使我們獲得了全面的高信用評級，包括美國私募債券的投資級評級。這些因素，特別是近期達成的一系列長期包機協議，使我們能夠再次提高補充股息，使年度股息達到每股2.50美元。

That's a 19% increase being announced today. But if you look at where our dividend was just over a year ago, which was $1.50 annualized, the total increase is 67%, all done on a nonspeculative basis on the back of real contracted revenues and without compromising our ability to establish a fortress balance sheet and position GSL for opportunistic fleet renewal at the right time.

今天宣布的增幅為19%。但如果您回顧一下一年多前我們1.50美元的年化股息水平，就會發現總增幅高達67%，而且這一切都是在非投機性的基礎上，基於實際的合同收入實現的，並且沒有損害我們建立穩固資產負債表的能力，也沒有影響GSL在合適的時機進行船隊更新的戰略佈局。

With everything going on in the world, both GSL and our customers are acutely aware that many of our assumptions and understandings may be turned upside down from one second to the next. In this environment, we are simultaneously locking in the high value and forward visibility that comes from time charter contracts with top-tier global liners while also making sure that we have the strategic and financial flexibility to respond to the challenges and the opportunities of a fast-changing world and the cyclical industry.

鑑於全球情勢瞬息萬變，GSL及其客戶都深切意識到，許多既有假設和認知可能隨時發生翻天覆地的變化。在此環境下，我們一方面致力於鎖定與頂級全球班輪公司簽訂的定期租船合約所帶來的高價值和遠期收益，另一方面也確保自身擁有足夠的戰略和財務靈活性，以應對瞬息萬變的世界和週期性行業帶來的挑戰和機遇。

In this way, we are maximizing GSL's optionality and putting ourselves in the position to protect and generate shareholder value no matter what is waiting around the corner.

透過這種方式，我們最大限度地發揮了 GSL 的選擇權，使自己能夠保護和創造股東價值，無論未來會發生什麼。

Now with that, I will turn the call over to Tom.

現在，我將把電話交給湯姆。

Thank you, George. Hello again, everyone. And please turn to slide 5 to see our diversified charter portfolio. As of September 30, we have over $1.9 billion in forward contracted revenues with 2.5-years of remaining contract cover. Through the first nine-months of 2025, we added 38 charters, including extension options exercised for almost $780 million in contracted revenues, of which about $380 million were added in the third quarter.

謝謝喬治。大家好。請翻到第五張投影片，查看我們多元化的包機業務組合。截至9月30日，我們擁有超過19億美元的遠期合約收入，剩餘合約期限為2.5年。在2025年的前九個月，我們新增了38份包機合同，其中包括已行使的延期選擇權，合約收入近7.8億美元，其中約3.8億美元是在第三季度新增的。

Slide 6 is where we discuss our dynamic capital allocation policy. With the inherent cyclicality of our industry, we consider it essential to look at the big picture in order to remain on the front foot, manage risk and capitalize on opportunities as they arise. As George mentioned, this has only become more important in the current environment.

第6張投影片討論了我們的動態資本配置政策。鑑於我們所在產業的固有週期性，我們認為必須著眼大局，才能保持領先優勢，有效管理風險，並抓住機會。正如喬治所提到的，在當前環境下，這一點顯得尤為重要。

Optionality remains key as we navigate this environment and tackle our priorities. Among other things, these include returning capital to our shareholders through our just upsized $2.50 per share annualized dividend and strengthening our balance sheet. To that end, we've continued to delever to grow equity value and to increase our financial resilience and cash reserves to manage the various geopolitical challenges and uncertainties that confront the industry with growing frequency.

在當前環境下，保持彈性至關重要，這能幫助我們應對各種挑戰並優先處理各項事務。這些事務包括透過剛剛上調的每股2.50美元的年度股息向股東返還資本，以及強化我們的資產負債表。為此，我們持續降低槓桿率，以提升股權價值，增強財務韌性，並增加現金儲備，從而應對行業日益頻繁面臨的各種地緣政治挑戰和不確定性。

And of course, we need cash on hand to cover CapEx requirements and to seize the right investment opportunities as and when they arise, especially as we've observed on various occasions because the best such opportunities tend to crop up when capital is otherwise scarce. We're proud to have made GSL a stable and liquid platform that allows investors to participate in the industry with us managing and mitigating the risks of the down cycle and negative volatility while maximizing obsess -- sorry, while maximizing access to super returns in the up cycle.

當然，我們需要手頭上有足夠的現金來滿足資本支出需求，並在合適的投資機會出現時及時把握，尤其正如我們多次觀察到的那樣，因為最佳的投資機會往往出現在資金稀缺的時候。我們很自豪地將GSL打造成為一個穩定且流動性強的平台，讓投資者能夠參與業界。我們將協助您管理和降低下行週期和負面波動帶來的風險，同時最大限度地提高——抱歉，應該說是最大限度地提高——上行週期獲得超額回報的機會。

Turning to slide 7. This slide shows the cyclicality of our industry and how we have managed it. We want to emphasize our history of disciplined capital allocation regarding investments, buying ships during downturns where asset prices are depressed or structuring deals such that downsides are limited and upsides are substantial. This also shows that it is at and near the bottom of cycles where the opportunities for outsized value are to be captured.

請看第7張投影片。這張投影片展示了我們產業的周期性以及我們如何應對週期性波動。我們想強調的是，我們在投資方面一直秉持著嚴謹的資本配置原則，例如在資產價格低迷的低迷時期收購船舶，或者精心設計交易結構，以限制下行風險並最大化上行收益。這也表明，在週期底部或接近底部時，正是把握超額價值投資機會的最佳時機。

I'll now pass the call to Tassos to discuss our financials.

現在我將把電話轉給塔索斯，讓他討論我們的財務狀況。

Thank you, Tom. Slide 8 shows our financial highlights for the first nine-months of 2025. I would like to emphasize a few key takeaways. Earnings and cash flow are up compared to the first nine-months of 2024. Our cash position is $562 million, of which $72 million is restricted. The remainder ensures that we can fully cover our covenants, working capital needs and manage the potential financial implication of geopolitical issues, which seems to be arising with increasing frequency and sharpness.

謝謝湯姆。第8張幻燈片展示了我們2025年前九個月的財務亮點。我想強調幾個關鍵點。與2024年前九個月相比，我們的獲利和現金流均有所成長。我們的現金儲備為5.62億美元，其中7,200萬美元為受限資金。剩餘資金確保我們能夠充分履行各項契約義務，滿足營運資金需求，並應對地緣政治問題可能帶來的財務影響——這些問題似乎正以越來越頻繁和尖銳的方式出現。

It also provides dry powder both for CapEx to keep our existing fleet commercially relevant and for disciplined investments in fleet renewal if and when the right opportunities emerge. And of course, importantly, it supports payment of our expanded dividend. Earlier this year, we completed an $85 million refinancing that pushed our weighted average maturity to 4.7-years, and brought our blended cost of debt to 4.34%. We also realized a $28.3 million gain from the sale of three older vessels.

這筆資金既可用於資本支出，以維持現有船隊的商業競爭力，也可用於在適當的時機進行船隊更新的穩健投資。當然，更重要的是，它也支持我們支付擴大後的股息。今年早些時候，我們完成了8,500萬美元的再融資，使我們的加權平均到期期限縮短至4.7年，並將我們的綜合債務成本降至4.34%。此外，我們也透過出售三艘老舊船舶獲得了2,830萬美元的收益。

Our strong credit ratings were affirmed. We have $33 million remaining under our opportunistic share buyback program, and we continue to delever and build equity value. Slide 9 shows our ongoing process to repeat the resilience, derisk our balance sheet and grow equity value. The graph on the left shows our progress in reducing our outstanding debt. From $950 million at the end of 2022, we are on track to be under $700 million at the end of this year, even as we have acquired ships and put leverage on.

我們強勁的信用評級得到確認。我們仍有3,300萬美元的股票回購計畫資金，並將持續降低槓桿率，提升股權價值。幻燈片9展示了我們持續推進的韌性提升、降低資產負債表風險和增加股權價值的流程。左側圖表顯示了我們減少未償債務的進展。截至2022年底，我們的未償債務為9.5億美元，而今年年底，即使我們收購了船舶並增加了槓桿，我們仍有望將未償債務降至7億美元以下。

The graph on the right is the more telling perspective as our financial leverage has reached to 0.5 times. We have come a long way since the days of 8-plus times leverage. slide 10. The left graph shows our cost of debt, which we have lowered to a blended 4.34%, down from over 6% in 2020. We have continually reduced our margin even as SOFR has risen materially.

右側圖表更能說明問題，因為我們的財務槓桿已降至0.5倍。與槓桿率超過8倍的時期相比，我們已經取得了長足的進步（見幻燈片10）。左側圖表顯示了我們的債務成本，我們已將其綜合降至4.34%，低於2020年的6%以上。即使SOFR大幅上漲，我們也持續降低利潤率。

And the graph on the right shows our very competitive breakeven rates where interest rate reductions have more or less offset OpEx inflation.

右側的圖表顯示了我們極具競爭力的損益平衡利率，其中降息或多或少抵消了營運支出通膨。

With that, I will turn the call back over to Tom to discuss the market and our fleet.

接下來，我將把電話轉回給湯姆，讓他來討論市場和我們的車隊狀況。

Thanks, Tassos. slide 11 reiterates our emphasis on midsized and smaller container ships between 2,000 and 10,000 TEU. These vessels are the backbone of global trade are not dependent upon any one trade or country and are extremely flexible. This stands in contrast to the very big ships that tend to dominate the headlines in the media, but which are more restricted in where they can go due to their size, requiring specialized port infrastructure and deepwater, not to mention huge cargo volumes to fill them.

謝謝，塔索斯。第11張幻燈片重申了我們對2000至10000標準箱（TEU）的中小型貨櫃船的重視。這些船舶是全球貿易的支柱，不依賴任何單一貿易或國家，並且極為靈活。這與那些經常佔據媒體頭條的大型船舶形成鮮明對比，後者由於體積龐大，航行範圍受到更多限制，需要專門的港口基礎設施和深水航道，更不用說需要巨大的貨物量才能裝滿它們。

This keeps the very big ships largely confined to the mainlane trades between China and the US or Northern Europe, which, as I'll get to in a minute, have been disrupted in recent quarters. The flexibility of our fleet offers is a key point that we reiterate because it matters a great deal, particularly in this current environment of heightened uncertainty and shifting trade patterns.

這使得大型船舶主要局限於中國與美國或北歐之間的主要航線，而這些航線近幾個季度以來都受到了乾擾，這一點我稍後會詳細說明。我們船隊的靈活性至關重要，因此我們再次強調這一點，因為它意義重大，尤其是在當前充滿不確定性和貿易格局不斷變化的環境下。

Our fleet plays an increasingly vital role as trade routes and supply chains have become fragmented by a wide variety of factors that we'll discuss on the coming slides. On slide 12, we break down the impacts we have seen from the ongoing disruption in the Red Sea, prior to which approximately 20% of global containerized trade volumes transited that bottleneck.

隨著貿易路線和供應鏈因各種因素而變得支離破碎（我們將在接下來的幻燈片中討論這些因素），我們的船隊發揮著日益重要的作用。在第12張投影片中，我們將詳細分析紅海持續中斷的影響。在此之前，全球約20%的貨櫃貿易量都要經過這一頸航道。

Since then, about 10% of effective capacity has been absorbed as ships have been forced to reroute around the Cape of Good Hope, which in turn has driven up charter rates. While it is difficult to predict how long these particular conditions will last, we and the industry more broadly are looking to see a sustained period of safety and stability before transiting goods through there again as seafarer safety is key.

自那以後，由於船舶被迫繞道好望角，約10%的有效運力被佔用，這反過來又推高了租船費率。雖然難以預測這種情況會持續多久，但我們和整個產業都希望在再次經此地運輸貨物之前，能夠看到一段持續的安全穩定期，因為海員安全至關重要。

If and when the Red Sea does reopen for safe transit, there would be a period of costly and complex rerouting and reshaping of networks for the liner companies. This suggests that there will need to be a reasonably high industry-wide conviction of a long-term normalization of conditions before we would expect to see large-scale rerouting by the Red Sea and Suez, but it's certainly something to keep an eye on.

如果紅海最終重新開放，恢復安全通航，班輪公司將面臨一段成本高且複雜的航線改線和網路重塑期。這意味著，在紅海和蘇伊士運河大規模改線之前，整個產業需要對長期正常化狀況抱有相當高的信心，但這無疑是值得密切關注的趨勢。

On slide 13, we discuss tariffs and how 2019 under the first Trump administration could be instructive in how we might expect things to continue to play out moving forward. Following the 2019 tariffs, there was reduced trade between the US and China, which had a negative impact on larger container ships used for those mainlane trades.

在第13張投影片中，我們討論了關稅問題，以及川普第一任期內的2019年如何能為我們預測未來事態發展提供借鑒。 2019年關稅實施後，美中貿易額下降，對用於主要航線的大型貨櫃船產生了負面影響。

While as for midsized and smaller container ships, there was perhaps counterintuitively, an uplift in demand following the tariffs as trade routes shifted and more emphasis was placed on intra-Asian trades where midsized and smaller ships predominate. Regional trade volumes increased, the supply chain diversified and midsized and smaller container ships were the beneficiaries.

至於中小型貨櫃船，情況或許與人們的直覺相反，關稅政策實施後，隨著貿易路線的轉移，以及對中小型船舶主導的亞洲內部貿易的更多重視，其需求反而有所上升。區域貿易量增加，供應鏈多元化，中小型貨櫃船從中受益。

Put bluntly, if you're providing capacity to the containerized supply chain as we are, increased disruption, complexity and inefficiency in the supply chain tends to be a good thing and supportive of earnings. Slide 14 is where we discuss the latest developments or non-developments, if you prefer, on the regulatory front, namely USTR fees and the reciprocal China port fees caused quite a lot of agitation, vessel redeployments and uncertainty as the industry sorted out how to adjust.

坦白說，如果您像我們一樣為貨櫃供應鏈提供運力，那麼供應鏈中日益加劇的混亂、複雜性和低效往往是件好事，有利於盈利。第14頁投影片討論了監管方面的最新進展（或者如果您願意，也可以稱之為「停滯不前」），特別是美國貿易代表辦公室（USTR）的收費以及中國港口的對等收費引發了相當大的動盪、船舶重新部署和不確定性，因為業界正在努力尋找調整方案。

In the case of USTR, that played out with several months of forward notice as the regulations which were announced in February modified in April and implemented in October. Meanwhile, in the China port fee situation, several months' worth of disruption and strategizing were forced into a memorable few days in October with measures announced on a Friday and implemented the following Tuesday.

以美國貿易代表辦公室（USTR）為例，相關規定2月公佈，4月修改，10月實施，提前數月發出通知。而中國港口收費問題則截然不同，原本需要數月才能完成的混亂局面和戰略部署，最終在10月短短幾天內完成：相關措施於週五公佈，並於下週二生效。

Even with both measures now apparently suspended after only negligible periods of enforcement, the industry was given yet another sharp reminder of the value of maintaining flexibility. Meanwhile, the long anticipated Net Zero framework at the IMO, which had been due to be adopted in October, was deferred at the 11th hour by one-year.

儘管這兩項措施在實施時間極短後似乎已被暫停，但業界再次深刻地意識到保持彈性的重要性。同時，國際海事組織（IMO）期待已久的淨零排放框架原定於10月通過，但在最後一刻延後一年。

This deferral will likely extend the lives of older ships and lift the commercial relevance and earnings for conventionally fueled ships such as those in the GSL fleet. Our view has long been that in a period of pronounced regulatory uncertainty, there are clear advantages to investing in mid-life tonnage and being smart followers when it comes to the adoption of new fuels and propulsion technologies.

這項延期措施可能會延長老舊船舶的使用壽命，並提升GSL船隊等採用傳統燃料船舶的商業價值和獲利能力。我們一直認為，在監管政策極度不確定的時期，投資於船齡適中的船舶，並在採用新型燃料和推進技術方面採取明智的跟進策略，具有明顯的優勢。

We cover supply side dynamics and scrapping trends on slide 15. As ships continue to transit around the Cape of Good Hope and supply chains remain both fragmented and subject to continuous reshuffling, idle capacity and scrapping levels have remained close to zero. In that context, scarcity value is real and the liners continue to show an interest and in fact, a need to charter in scarce tonnage in an uncertain freight environment as the risk of being short on capacity and the value of network optionality override concerns about fleet optimization and the maximization of efficiency. Slide 16 shows the order book.

我們在第15頁投影片中介紹了供應側動態和拆船趨勢。由於船舶繼續繞行好望角，供應鏈仍分散且不斷重組，閒置運力和拆船水準一直接近零。在此背景下，稀缺價值真實存在，班輪公司在不確定的貨運環境下，仍然表現出對稀缺噸位的濃厚興趣，實際上也確實需要租用這些噸位，因為運力短缺的風險和網絡選擇權的價值超過了對船隊優化和效率最大化的考量。第16頁投影片展示了訂單狀況。

Here, we want to highlight that although the overall order book is meaningful and has grown over the past few years, the segments in which GSL focused are seeing far less growth. For ships over 10,000 TEU, a segment upon which GSL does not focus or participate, the order book-to-fleet ratio stands at 54%. However, this stands in sharp contrast to the 32% ratio for all container ships and even more so for the 15% order book to fleet ratio for the segments GSL does participate in, which are those between 2,000 and 10,000 TEU.

在此，我們想強調的是，儘管整體訂單量可觀且在過去幾年有所增長，但GSL重點關注的細分市場增長卻遠不及此。對於GSL未重點關注或參與的10,000標準箱以上的船舶，其訂單量與船隊規模之比為54%。然而，這與所有貨櫃船的32%的訂單量與船隊規模之比形成鮮明對比，而GSL參與的2,000至10,000標準箱細分市場（即2,000至10,000標準箱的船舶）的訂單量與船隊規模之比則更低，僅為15%。

Also, with the current order book, if we were to assume that all vessels over 25-years old were scrapped through 2029, which is how long it would take to deliver the current order book, the sub-10,000 TEU fleet would actually shrink by over 5% in that time frame. While capacity remains tight, we will continue to lock in charter coverage at attractive rates.

此外，根據目前的訂單情況，如果我們假設所有船齡超過25年的船舶在2029年之前全部報廢（這相當於完成當前訂單所需的時間），那麼1萬標準箱以下的船隊規模實際上會在此期間縮減超過5%。儘管運力依然緊張，我們將繼續以優惠的價格鎖定租船合約。

However, should the market normalize in the coming years, we would expect to see scrapping activity pick up sharply, meaningfully offsetting the impact of new vessels coming into the market in our size segments. Slide 17 shows the charter market against which I would remind you that our breakeven rate, including operating costs and debt service is just over $9,500 per vessel per day.

然而，如果未來幾年市場恢復正常，我們預計拆船活動將大幅回升，顯著抵消新船進入我們船型等級市場的影響。第17張幻燈片展示了租船市場，在此我想提醒各位，我們的損益平衡點（包括營運成本和債務償還）略高於每艘船每天9,500美元。

With the current market conditions, we have been locking in as much charter coverage as possible and now have forward visibility on $1.92 billion of contracted revenues over 2.5 years of coverage. Who knows how macro, geopolitical and industry dynamics will develop going forward, but we're pleased to have built a stable platform in otherwise choppy seas.

在當前市場環境下，我們盡可能地鎖定了更多的租船合同，目前已鎖定未來兩年半的19.2億美元合約收入。宏觀經濟、地緣政治和產業動態未來將如何發展尚不可知，但我們很高興能夠在動盪的市場環境中建立一個穩定的平台。

On that note, I will turn the call back to George on slide 18.

說到這裡，我將把話題轉回給喬治，請他在第 18 張投影片上發言。

Thank you, Tom. To summarize, our cash flows are strong, and we continue to build our charter backlog with almost $2 billion of cover over 2.5 years 2025 fully contracted, marginal open days in 2026 and a significant slice of 2027 already covered. Even as there is a sigh of relief on the current suspension of USTR and China port fees in some quarters for the deferral of the IMO Net Zero framework, uncertainty remains pronounced. We're maximizing optionality to manage risks and capitalize on opportunities.

謝謝湯姆。總而言之，我們的現金流強勁，租船訂單儲備持續成長，未來兩年半的訂單總額已接近20億美元，2025年已全部簽約，2026年剩餘的空檔期不多，2027年的大部分訂單也已預訂完畢。儘管由於國際海事組織（IMO）淨零排放框架的延期，美國貿易代表辦公室（USTR）和中國暫停收取港口費用，這讓一些業內人士鬆了一口氣，但不確定性仍然顯著。我們正在最大限度地利用各種選擇來管理風險並把握機會。

Less efficient and more fragmented supply chains are increasing demand for our fleet of flexible midsized and smaller containerships. We have strengthened our balance sheet and continue to amortize debt to build equity value and resilience through delevering. We have lowered our financial leverage, and our average breakeven rates stand at just above $9,500 per day per vessel, and our credit ratings are in great shape.

供應鏈效率降低且日益分散，導致對我們靈活的中小型貨櫃船隊的需求不斷增長。我們已加強資產負債表，並透過去槓桿化持續攤銷債務，以提升股權價值和增強抗風險能力。我們已降低財務槓桿，目前每艘船的平均損益平衡點略高於每天9,500美元，信用評級良好。

As the existing cash flows and cash cows begin to age out, we're focused on the disciplined and opportunistic renewal of our fleet to ensure that we have the right value-generating assets going forward. And as ever, we're proud of returning capital to shareholders through our dividend, which following the increase announced today stands at an annualized rate of $2.5 per common share, 67% above where it was just 18-months ago.

隨著現有現金流和獲利資產逐漸老化，我們正專注於有條不紊且抓住機會更新船隊，以確保未來擁有合適的、能夠創造價值的資產。一如既往，我們為透過分紅向股東返還資本而感到自豪。在今天宣布的股息成長後，普通股年化股息為每股2.5美元，比18個月前成長了67%。

With that, we would be very pleased to take your questions.

那麼，我們非常樂意回答您的問題。

(Operator Instructions) Liam Burke, B. Riley Securities.

（操作員說明）Liam Burke，B. Riley Securities。

It looks like freight rates have sort of bounced off the bottom from third quarter and are inching up. Are you still seeing a healthy gap between freight rates and charter rates here?

貨運價格似乎已經從第三季的低點反彈，並且正在緩慢回升。您認為貨運價格和租船價格之間仍有較大的差距嗎？

Liam, short answer, yes. Charter rates continue to move sideways at very healthy levels. So historically, I would say, really quite high and attractive levels. So despite the near-term volatility, both up and down in the freight markets, the charter markets are staying steady.

利亞姆，簡而言之，是的。租船費率繼續在非常健康的水平上橫盤整理。從歷史角度來看，我認為目前的水平相當高，也很有吸引力。因此，儘管貨運市場短期內波動較大，但租船市場仍保持穩定。

Great. And is there any appetite or how are you balancing rates versus duration when you're looking at either renewals or forward charters?

好的。那麼，在考慮續租或遠期租船時，你們是否有需求？或者說，你們是如何平衡費率和租期的？

Look, we're conscious that these are strange and uncertain times. So we continue to be focused on a sort of risk-averse basis on midterm and longer charters, and we're happy to take attractive economic rates on as long charters really as we're able to go at the moment. So for different sizes, that means probably sub-5,000 TEU, you're looking at a couple of years that you can fix for.

我們深知目前情勢特殊且充滿不確定性。因此，我們仍在中長期租船方面採取較為保守的策略，並且樂於接受目前力所能及的、具有吸引力的經濟費率的長期租船合約。對於不同噸位的船舶，例如5000標準箱以下的船舶，您可以鎖定幾年的租期。

And from, say, 6,000 or 6,500 TEU up, you're looking at maybe three and possibly even four-years in some instances. And that would be our preference to lean into.

比如說，從6000或6500標準箱以上開始，可能需要三年，在某些情況下甚至可能需要四年。而這正是我們傾向採取的方式。

(Operator Instructions) Omar Nokta, Jefferies LLC.

（操作說明）Omar Nokta，Jefferies LLC。

Obviously, things are coming together quite nicely, pretty solid quarter, added a good amount of backlog despite all the uncertainty in the strange times that you're just referencing, Tom. Just kind of thinking about the fact that you were able to add so much backlog in the third quarter, $380 million, nearly half of what you did for -- or sorry, nearly half -- equal to what you did in the first half.

顯然，一切進展順利，本季業績相當穩健，儘管像你剛才提到的那樣，在充滿不確定性的特殊時期，湯姆，我們仍然增加了相當可觀的積壓訂單。想想看，第三季你們竟然能新增這麼多積壓訂單，3.8億美元，幾乎是上半年的一半——或者說，差不多一半——這真是令人難以置信。

Just wanted to get a sense from you, is this -- is that on the back of a very sort of maybe active fast-paced market on the part of charterers? Or is it something unique to GSL that you were able to accomplish maybe not necessarily representative of the broader market dynamics?

我只是想了解一下，這是否是因為租船方市場非常活躍且節奏很快？還是說這是GSL獨有的成就，未必能代表更廣大的市場動態？

I mean, obviously, we'd take every opportunity to talk up our own book, Omar. But I would say that it's more representative of the market. And if you look at -- look back on 2025 year-to-date, the first quarter was very active, the second quarter was significantly disrupted by Liberation Day. So I would say a lot of chartering activity was effectively put on hold during the second quarter, and that came into the third quarter.

我的意思是，當然，我們會抓住一切機會宣傳我們自己的書，奧馬爾。但我認為它更能代表市場情況。如果你回顧2025年至今的情況，第一季非常活躍，第二季則受到了解放日的嚴重影響。所以我認為，第二季很多包機活動其實都暫停了，這種情況一直延續到第三季。

So I think it's probably best to look back on the nine-months as a whole as opposed to trying to infer too much from individual quarters. But what I would say is that in the face of an uncertain environment, and it just seems to get more uncertain every day, the lines see capacity as optionality, particularly midsized and smaller container ships that can be moved around pretty much any trader.

所以我認為，最好是把這九個月當作一個整體來回顧，而不是試圖從個別季度中得出過多結論。但我想說的是，面對充滿不確定性的環境（而且這種不確定性似乎每天都在加劇），航運公司將運力視為一種選擇權，尤其是那些幾乎可以調配到任何貿易商手中的中小型貨櫃船。

And we see, as a result, sustained demand for such tonnage, which is what explains the fact that charter rates in the broader market as well as within our fixtures remain at very attractive levels.

因此，我們看到對這類噸位的需求持續存在，這也解釋了為什麼在更廣泛的市場以及我們自己的租船合約中，租船費率仍然處於非常有吸引力的水平。

Yes. Especially it looks like for those older vessels, we noticed in your fleet list, several of those ships that are in that 2000, 2001 built age range have now been extended for, say, three-years. Those ships are going to be, call it, close to 29, maybe 30 years when those ships roll off charter. Do you think -- obviously, it's going to be a different market perhaps in three-years' time.

是的。尤其值得注意的是，我們注意到你們的船隊名單中，一些2000年或2001年建造的老船，租期都延長了三年左右。這些船退租時，船齡大概會接近29年，甚至30年。您認為—顯然，三年後市場格局可能會有所不同。

But as you think about what that market looks like, assuming it's still kind of the same do you think those ships can continue to trade at 29, 30 years old? Or is there an age limit you think for those ships?

但當你思考這個市場現狀時，假設它仍然和以前差不多，你認為這些船齡29、30年的船還能繼續交易嗎？或是你認為這些船的船齡有限制嗎？

Yes. If I may take this, I will tell you. If the market was exactly the same as it was today, these ships will continue to trade. There is one big differentiation between containers and the other types of ships. There is no extra insurance on the cargo depending on the age of the ship. And why is that? Because container ships have the highest and best record of safety versus other types of ships.

是的。如果可以的話，我想告訴你。如果市場狀況和現在完全一樣，這些船舶會繼續運作。貨櫃船與其他類型船舶有一個很大的區別：貨物保險不會因為船齡而增加。為什麼呢？因為與其他類型的船舶相比，貨櫃船擁有最高、最好的安全記錄。

I mean, ships sinking or breaking into two, et cetera. The construction of the containers, because of the way they are loaded and discharged in a direct way, they have to slide the containers into the cargo hold from the gantry crane. They are super heavy in lightweight, hence, very strong, very well made. Then the fact that the cargo does not come into contact with the cargo hold, meaning it's just boxes that you stack up in.

我的意思是，例如船舶沉沒或斷成兩截等等。貨櫃的結構，由於其裝卸方式的特殊性，必須透過龍門起重機將貨櫃滑入貨艙。它們重量極重，重量卻很輕，因此非常堅固，做工精良。此外，貨物不會與貨艙直接接觸，也就是說，貨物只是堆疊起來的箱子。

So you're not putting anything like oil that goes and touches the side of the ship, the cargo hold or bulk cargo, which again gets in contact with the surface of the cargo hold and hence deteriorates over time, make container ships very strong and hence, there's no extra insurance, which means that the ships can trade easily past the 28 or 29 years if the market is there.

因此，貨櫃船不會裝載任何會接觸到船舷、貨艙或散裝貨物的物質，這些物質會與貨艙表面接觸，從而隨著時間的推移而損壞。這使得貨櫃船非常堅固，因此不需要額外的保險，這意味著如果市場需求存在，這些船舶可以輕鬆運作超過 28 或 29 年。

And Omar, just to sort of add yet more texture to that. I think the US Jones Act vessels that trade in some instances into the sort of late 30s and occasionally into their 40s are evidence of the fact that technical obsolescence in the containership sector, if you put sort of fuel and propulsion issues to one side for a moment, is not an issue. So that dovetails with what George was just saying. So long story short, if there's economic need, the vessels will live longer.

奧馬爾，我再補充一點。我認為，根據美國《瓊斯法案》建造的船舶，有些能服役到30多年甚至40多年，這證明貨櫃船業的技術過時問題並不存在（暫且不談燃料和推進系統方面的問題）。這與喬治剛才說的不謀而合。簡而言之，只要有經濟需求，船舶的使用壽命就會更長。

Okay. That's very helpful. And then maybe just one final one. Tom, you were talking about the Red Sea. And there's obviously perhaps maybe a growing view that we'll start to see transits pick up again in the near future now that there's a peace deal in Gaza, still obviously a lot of uncertainty there. But just want to get a sense from you. Are you having discussions with your charters at the moment on how that will look?

好的，這很有幫助。最後還有一個問題。湯姆，你剛才提到了紅海。現在加薩達成了和平協議，顯然越來越多的人認為，在不久的將來，過境運輸將會再次活躍起來，當然，那裡仍然存在許多不確定因素。我想了解一下你的看法。你目前是否正在與包機公司討論這方面的情況？

And how does that decision come about? Is that going to be an agreement that you make? Or is it going to be them who force it down? How do you kind of think about the two sides of the ship?

那麼，這個決定是如何做出的呢？是你們雙方達成的協議嗎？還是他們強行強迫你們接受？你們是如何看待雙方的立場的？

Yes. So first of all, no, it's not something which is currently under discussion. Secondly, it's a sort of multilateral decision that has to be taken because also beyond the charterers and the owners, there are also the insurers, not only of the vessels themselves, but of the cargo. So it's a fairly complex web of folks that have to get comfortable with the idea of transiting. And the biggest concern is obviously that of seafarer safety.

是的。首先，目前還沒有討論這個問題。其次，這需要多方共同決定，因為除了租船人和船東之外，還有保險公司，不僅包括船舶保險公司，也包括貨物保險公司。所以，這是一個相當複雜的關係網，各方都需要接受過境運輸的想法。而最大的顧慮顯然是海員的安全。

But I would say, if we go back to looking at the tonnage that was diverted away from the Red Sea and Suez and around the Cape of Good Hope, it's predominantly the bigger ships, the larger ships because it's those ships that are typically deployed on the Asia to Europe legs. So I would say that the opening or not of the Red Sea is something that will have a proportionately greater impact on bigger ships and less of an impact -- I mean, which is not to say no impact for sure.

但我想說，如果我們回顧一下從紅海、蘇伊士運河和好望角繞行而來的貨運噸位，就會發現主要是大型船舶，因為這些船舶通常部署在亞歐航線上。所以我認為，紅海是否開放對大型船舶的影響相對更大，而對其他船舶的影響較小——當然，這並不是說完全沒有影響。

But less of an impact on midsized and smaller ships, which were not frequent transitors of the Red Sea and Suez in any case even when it was a normal environment up until the end of 2023. So we'll have to see. But I think the dynamics remain comparatively supportive.

但對中小型船舶的影響較小，畢竟即使在2023年底前一切正常的情況下，它們也並非紅海和蘇伊士運河的頻繁通行者。所以，我們拭目以待。但我認為，目前的情況仍然相對有利。

(Operator Instructions) And with no further questions in queue, I will now hand the call back over to Thomas Lister for closing remarks.

（操作員指示）由於沒有其他問題需要提問，我現在將把電話轉回給托馬斯·利斯特，請他作總結發言。

Well, thank you all very much indeed for joining our 3Q call, and we look forward to reconnecting in the new year on the back of our 4Q earnings. Many thanks.

非常感謝各位參加我們的第三季財報電話會議，我們期待在新的一年裡，在公佈第四季財報後與大家再次相聚。非常感謝。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束，您可以斷開連線了。