Global Ship Lease, Inc. (GSL) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Ship Lease Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions). I would now like to turn the conference over to Tom Lister, Chief Executive Officer. You may begin.

女士們、先生們，感謝各位的耐心等待。我是Desiree，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年第四季財報電話會議。 （接線員操作說明）現在，我將會議交給執行長Tom Lister先生。您可以開始了。

Thank you very much. Hello, everyone, and welcome to the Global Ship Lease fourth quarter 2025 earnings conference call. You can find the slides that accompany today's presentation on our website at www.globalshiplease.com.

非常感謝。大家好，歡迎參加環球船舶租賃公司2025年第四季財報電話會議。您可以在我們的網站www.globalshiplease.com上找到今天簡報的幻燈片。

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. 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.

像往常一樣，投影片2和3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，且超出公司控制範圍。由於諸多因素，包括投影片簡報「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。我們所有陳述均受這些以及我們向SEC提交的報告中其他揭露內容的限制。

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.

我們不承擔更新前瞻性陳述的義務。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, George 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. I'll pass the call over to George.

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（George Youroukos）和財務長塔索斯·普羅普洛斯（Tassos Psaropoulos）。喬治將首先就GSL和我們所處的行業進行簡要概述，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。接下來，我將把電話交給喬治。

Thank you, Tom, and good morning, afternoon or evening to all of you joining us today. Both the supportive supply and demand trends and heightened geopolitical uncertainty that we have previously highlighted, remained firmly in place throughout 2025, and then in recent days have clearly ratchet up even more. Tariffs, the prospect of new port fees in the U.S. and elsewhere, security concerns in and around the Red Sea and now the situation in Iran, shifting from tense to violent conflict, the list goes on. These and other factors have all combined to increase unpredictability and volatility, fundamentally alter and fragment trade patterns and make supply chains more inefficient as a consequence.

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。我們先前強調的供需趨勢和地緣政治不確定性加劇的局面，在2025年全年都保持穩定，而且近幾天來明顯進一步惡化。關稅、美國和其他地區可能徵收的新港口費、紅海及其周邊地區的安全問題，以及伊朗局勢從緊張升級為暴力衝突等等，不勝枚舉。這些因素以及其他因素共同作用，加劇了市場的不可預測性和波動性，從根本上改變和分割了貿易格局，並導致供應鏈效率降低。

At the same time and perhaps surprisingly, given the noise, aggregate global containerized trade increased in 2025 by 5%, with input volumes to the U.S. also growing year-on-year. In this environment, demand for midsize and smaller containerships has remained remarkably strong. As a result, we have continued to lock-in charter coverage at attractive rates, with $2.24 billion in contracted revenue over the next 2.7 years, with 99% contract coverage for 2026 and 81% in 2027.

同時，儘管市場波動較大，但令人驚訝的是，2025年全球貨櫃貿易總量仍成長了5%，其中美國進口量也實現了同比增長。在此背景下，對中小型貨櫃船的需求依然強勁。因此，我們得以繼續以極具吸引力的價格鎖定租船合同，未來2.7年合約收入達22.4億美元，2026年合約覆蓋率達99%，2027年達81%。

Maximizing optionality remains a key focus to us, in order to both mitigate risk and save value-accretive opportunities. With this in mind, we have transformed our balance sheet, reduce debt and increase liquidity, also serving to bolster our resilience and agility in the process. This progress has been reflected by the affirmation of our strong credit ratings by leading rating agencies and has also supported payment of our quarterly dividend, which raised again with a dividend paid in December 2025. On an annualized basis, we now paid $2.5 per common share.

最大化選擇權仍然是我們的重點，旨在降低風險並掌握增值機會。基於此，我們調整了資產負債表，降低了債務，提高了流動性，同時也增強了自身的韌性和靈活性。這項進展體現在領先評等機構對我們強勁信用評等的確認上，並支持了我們季度股利的發放。 2025年12月，股利再次調高，目前每股普通股年化股利為2.5美元。

Another thing at the front of our minds is strategic, but highly selective, fleet renewal. We were pleased to announce a transaction in December for three vessels that make our fleet younger and larger and replace some of our aging cash cows, which we have previously monetized at cyclically attractive prices. Tom will discuss this more in a few minutes. But we see this as great ships that are in the post-panel sweet spot acquired at a fantastic price, de-risked right out of the gate and with compelling upside potential. In short, just a short of deal for which we keep our powder dry.

我們目前關注的另一件事是進行策略性但極具選擇性的船隊更新。我們很高興地宣布，去年12月完成了一筆交易，收購了三艘船舶，使我們的船隊更加年輕、規模更大，並替換了一些我們之前以周期性價格出售的老舊「搖錢樹」船舶。湯姆稍後會詳細討論此事。我們認為，這些船舶品質優良，正處於委員會會議後的最佳時期，而且收購價格非常優惠，風險也已立即降低，並具有巨大的升值潛力。簡而言之，這筆交易幾乎完美，我們一直保持觀望態度。

Taken together, this progress and these successes are possible because we have worked diligently to maximize optionality in order to manage risks and seize opportunities in the cyclical industry and a turbulent world.

總而言之，這些進展和成功是有可能實現的，因為我們一直努力最大限度地提高選擇權，以便在週期性產業和動盪的世界中管理風險並抓住機會。

On Slide 5, we thought that it would be helpful for new investors and a new refresher and nice fresher for our friends who have stuck with us and made money with us over time, to put our current status in some historical context. Over the past 5 years, we have transformed the business and dramatically increased all of our key earnings and cash flow metrics while simultaneously de-risking our balance sheet. And we have returned capital to shareholders, both by way of opportunistic share buybacks and by introducing a dividend, which we have repeatedly upsized as we made progress on de-levering and building our contract cash flow. And our share price has responded accordingly tripling over the period. The profound improvements that you can see here are a testament to our dynamic capital allocation policy, the discipline and patience to stick with it through the cycle, and the ability and confidence to seize opportunities as they arise.

在第五張投影片中，我們認為，對於新投資者以及長期以來與我們攜手共進並從中獲利的投資者而言，將我們目前的狀況置於歷史背景下進行解讀，將有助於他們更好地理解公司現狀。過去五年，我們實現了業務轉型，所有關鍵獲利和現金流指標都大幅提升，同時降低了資產負債表的風險。我們透過把握時機進行股票回購以及派發股利的方式，向股東返還了資本。隨著我們不斷降低槓桿率並提升合約現金流，股息也持續成長。我們的股價也因此得到了相應的回報，在此期間增長了兩倍。您在此看到的顯著進步，充分證明了我們靈活的資本配置策略、在經濟週期中堅持不懈的紀律和耐心，以及把握機會的能力和信心。

We fully intend to continue building on this track record, generating shareholder value by making Global Ship Lease even more competitive, robust and resilient for the long term. With that, I will turn the call over to Tom.

我們完全有信心繼續鞏固這一良好業績，透過提升環球船舶租賃的競爭力、穩健性和長期韌性，為股東創造價值。接下來，我會把電話交給湯姆。

Thank you, George. Hello, again, everyone, and please now turn to Slide 6, where you will see our diversified charter portfolio. As of December 31, we have over $2.2 billion in forward contracted revenues with 2.7 years of remaining contract cover. Throughout 2025 and the first 2 months of this year, we added 52 charters, including options exercised for $1.26 billion in additional contracted revenues. So it's been a pretty good year.

謝謝喬治。大家好，請翻到第6張投影片，您將看到我們多元化的包機業務組合。截至12月31日，我們擁有超過22億美元的遠期合約收入，合約剩餘期限為2.7年。在2025年全年以及今年前兩個月，我們新增了52份包機合同，其中包括行使的選擇權，新增合約收入達12.6億美元。所以，今年業績相當不錯。

Turning to Slide 7. We take a look at our dynamic capital allocation policy through which we are able to mitigate the risks and capitalize on the opportunities inherent in the natural cyclicality of our industry, not to mention the so-called black Black Swan events industry seems now to be confronting on a regular basis. We have de-levered our balance sheet to reduce risk and build equity value. Our increased cash position has made us more resilient and capable of handling whatever may arise from upheaval in the Middle East to tariffs to an evolving regulatory landscape and, of course, to opportunities as they appear. And as always, a top priority is returning capital to shareholders.

請翻到第7頁投影片。我們將探討我們動態的資本配置政策，透過該政策，我們能夠降低風險，並把握產業自然週期性波動帶來的機遇，更不用說我們活動產業目前似乎經常面臨的所謂「黑天鵝」事件了。我們已降低資產負債率，以減少風險並提升股權價值。我們增加的現金儲備使我們更具韌性，能夠應對從中東動盪到關稅上漲、不斷變化的監管環境，以及當然還有出現的各種機會等各種挑戰。一如既往，我們始終將股東回報放在首位。

And in late 2025, we upsized our dividend yet again to reach $2.50 per share on an annualized basis. We aim to provide investors with a liquid and stable platform from which they can participate in the shipping cycle, maximizing access to upside opportunities while minimizing exposure to downside risks.

2025年底，我們再次提高股息，使年度股息達到每股2.50美元。我們的目標是為投資者提供一個流動性強且穩定的平台，使他們能夠參與航運週期，最大限度地把握上漲機會，同時最大限度地降低下行風險。

Slide 8 shows our patient and disciplined approach regarding investments. As you can see from the chart, we have a strong track record of buying ships during market downturns when asset values are low and then contracting them on super lucrative charters to lock-in the good times of the up cycles. It's easy to say buy low, but it's much more difficult to do, especially as access to capital also tends to be constrained during downturns. That being said, I would underline the following points.

第 8 張投影片展示了我們耐心而嚴謹的投資策略。正如您在圖表中看到的，我們擁有在市場低迷、資產價值較低時買入船舶，然後簽訂利潤豐厚的租船合同，從而鎖定市場上漲週期中的收益的良好記錄。說來容易做來難，尤其是在經濟低迷時期，資金取得往往也受到限制。綜上所述，我想強調以下幾點。

First, our capital allocation policy is dynamic and has us well paired to pounce on value-accretive opportunities when they arise. Second, our relationships throughout the industry give us insight into nascent deal opportunities often before they're known in the broader market. And third, our combination of long-term focus and balance sheet strength put us in a position to take a holistic and through-the-cycle view of risk, returns and option value, which brings us to Slide 9.

首先，我們的資本配置策略靈活多變，使我們能夠抓住增值機會。其次，我們與業內各方的良好關係使我們能夠洞察新興的交易機會，往往比更廣泛的市場更早發現它們。第三，我們兼顧長期投資和穩健的資產負債表，使我們能夠從整體和貫穿整個週期的角度看待風險、回報和期權價值，這便引出了我們接下來要討論的第九張幻燈片。

On December 1 of last year, we announced the purchase of three high specification fuel-efficient 8,600 TEU container ships that were built in 2010 and '11 and had already being fitted with valuable ECO upgrades by their previous owners. This deal was executed on short notice with cash on hand, is de-risked from the get-go and offers high upside potential in the years to come. Moreover, as these are sister ships to high demand, high earnings ships already in the GSL fleet, we have the added advantage of extensive first-hand knowledge of their operating and commercial profiles. By purchasing the ships with below-market charters attached, we were able to achieve an aggregate purchase price of $90 million, which isn't far off what a single ship would cost, charter-free, meaning this is essentially a 3 for the price of 1 deal. Added to which their aggregate scrap value alone is around $40 million and long-term historic average charter rates for ships like these are over $40,000 a day.

去年12月1日，我們宣布收購三艘高規格、節能高效的8,600標準箱貨櫃船。這些船舶分別於2010年和2011年建造，前船東已對其進行了極具價值的環保升級改造。這筆交易在短時間內完成，資金充足，從一開始就規避了風險，並在未來幾年具有巨大的增值潛力。此外，由於這些船舶與GSL船隊中需求旺盛、收益豐厚的船舶是姊妹船，我們對它們的運營和商業狀況擁有豐富的第一手信息，這無疑是一大優勢。透過以低於市價的租金收購這些船舶，我們最終以9000萬美元的總價完成收購，這與單艘船舶（不含租金）的價格相差無幾，相當於以一船的價格購入三艘船舶。此外，這些船舶的拆解價值總計約為4,000萬美元，而此類船舶的長期平均日租金超過4萬美元。

So we're looking at just the sort of low risk, high upside potential deal we like very much. And there's a nice symmetry in that we funded this fleet renewal almost to the dollar with proceeds from the sale of much older smaller ships that we had monetized at cyclically high values during the course of 2025.

所以，我們正在考慮的正是那種我們非常看好的低風險、高報酬潛力的交易。而且，還有一個巧妙的對稱性：我們幾乎完全用出售老舊小型船舶所得的資金來支付這次船隊更新，這些船舶我們在2025年期間以周期性高價售出。

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

接下來，我將把電話轉給塔索斯，讓他來討論我們的財務狀況。

Thank you, Tom. Slide 10 shows our financial highlights in 2025. I would like to emphasize a few key takeaways. Full year earnings and cash flow were up compared to 2024. Our cash position is $637 million, of which $164 million is restricted.

謝謝湯姆。第10張幻燈片展示了我們2025年的財務亮點。我想重點強調幾個關鍵點。全年收益和現金流均較2024年成長。我們的現金部位為6.37億美元，其中1.64億美元為受限資金。

The remainder ensures that we can fully cover our covenants, working capital needs and manage the potential financial implications of geopolitical issues, which seems to be rising with increasing frequency and intensity. It also provides dry power from a position of almost net zero debt, both for CapEx to keep our existing fleet commercially relevant and for disciplined investments in fleet renewal when the right opportunities emerge. And all of this without compromising our ability to reliably pay healthy and recently enlarged dividend.

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——而這些問題出現的頻率和強度似乎都在增加。此外，由於我們幾乎零淨負債，這筆資金也為我們提供了充足的資金，既可用於資本支出，以維持現有船隊的商業競爭力，也可用於在合適的時機進行有紀律的船隊更新投資。所有這一切都不會影響我們可靠地支付近期已提高的豐厚股息的能力。

The latest $85 million refinancing has pushed our average debt maturity to 4.5 years and our blended cost of debt down to 4.49%. We also realized a $46.2 million gain from the sale of four older ships, and we have strong credit ratings from the leading rating agencies.

最近8,500萬美元的再融資使我們的平均債務期限縮短至4.5年，綜合債務成本降至4.49%。此外，我們還透過出售四艘舊船獲得了4,620萬美元的收益，並且獲得了主要評級機構的良好信用評級。

Slide 11 highlights our progress in de-levering our balance sheet and building equity value. The graph on the left shows our lower outstanding debt, which stood at $950 million at the end of 2022, was under $700 million at the end of 2025 and is on track to be well below $600 million by the end of 2026. The graph on the right tells a similar story but with stark context. We have worked diligently to reduce our leverage from 8.4 times in 2018 to 0.5 times today. This comprehensive efforts are shown further on Slide 12, where we have lowered our borrowing costs from a blended 7.56% in 2018, down to 4.49% in 2025.

第11張投影片重點介紹了我們在降低資產負債表槓桿率和提升股權價值方面取得的進展。左側圖表顯示，我們的未償債務已有所下降，2022年底為9.5億美元，到2025年底將低於7億美元，並預計在2026年底遠低於6億美元。右側圖表也呈現了類似的趨勢，但背景更為鮮明。我們一直努力將槓桿率從2018年的8.4倍降至目前的0.5倍。第12張投影片進一步展示了這些全面的努力，其中我們已將綜合借貸成本從2018年的7.56%降至2025年的4.49%。

We have also maintained low breakeven rates through multiple years of inflation by aggressively reducing our interest expense. This keeps us both competitive and resilient in any market environment. With that, I will turn the call back over to Tom to discuss the market and our fleet.

多年來，我們透過積極降低利息支出，在通貨膨脹的背景下，始終保持較低的損益平衡利率。這使我們能夠在任何市場環境下保持競爭力並具備強大的韌性。接下來，我會把電話轉回給湯姆，讓他來討論市場和我們的船隊狀況。

Thanks, Tassos. On Slide 13, we put our fleet in context, restating our focus on midsize and smaller container ships between 2,000 TEU and 10,000 TEU. In contrast to the really big ships, which require specialized port infrastructure and tend to be constrained to the big east-west mainland trade midsize and smaller container ships are highly flexible and can be employed worldwide without being reliant on, or captive to, any industry or country. As such, they provide the liner companies, our customers with valuable optionality at a time when trade patterns are in flux. And by the way, it's often overlooked that roughly three-fourth of containerized trade by volume already takes place in the non-mainland north-south and intra-regional trades, like intra-Asia, and we'll discuss this further over the coming slides.

謝謝，塔索斯。在第13張幻燈片中，我們闡述了船隊的概況，重申了我們對2000至10000標準箱（TEU）的中小型貨櫃船的關注。與需要專門港口基礎設施且往往局限於大陸東西向大型貿易的巨型船舶不同，中小型貨櫃船具有高度靈活性，可在全球範圍內運營，不受任何行業或國家的限制。因此，在貿易格局不斷變化的當下，它們為班輪公司（我們的客戶）提供了寶貴的選擇。順便一提，人們常常忽略了大約四分之三的貨櫃貿易量實際上發生在非大陸的南北向和區域內貿易，例如亞洲內部貿易，我們將在接下來的幻燈片中對此進行更深入的探討。

On Slide 14, we turn to the situation in the Middle East, a subject that is, of course, top of mind for us, as it is for many across the shipping industry and beyond. We will not pretend to be geopolitical analysts or forecasters here, but we can provide some facts and contact fundamentally two key Middle East shipping choke points, the Red Sea and the Strait of Hormuz are now more or less closed at the moment.

在第14張投影片中，我們將討論中東局勢。當然，這不僅是我們最關注的問題，也是航運業乃至其他領域許多人最關心的問題。我們在此並非地緣政治分析師或預測專家，但我們可以提供一些事實和聯繫方式：目前，中東兩個關鍵的航運咽喉要道——紅海和霍爾木茲海峽——實際上已經基本關閉。

First, the Red Sea and Suez Canal, with around 20% of containerized trade volumes would normally transit. Here, the initial green shoots of cautious optimism have been decisively cut back with the Houthis calling for renewed vessel attacks in the Southern Red Sea. Even before this setback, a large majority of transit continue to go the long way around, around the Cape of Good Hope, which sucks up around about 10% of global effective fleet supply in the process. And recent update suggests that this is likely to remain the case for the time being.

首先是紅海和蘇伊士運河，通常情況下，約有20%的貨櫃貿易量會經由由此航線運輸。然而，胡塞武裝呼籲在紅海南部再次發動攻擊，使得先前謹慎樂觀的跡象戛然而止。即便在此挫折之前，絕大多數貨物運輸仍繞道好望角，這條路線消耗了全球約10%的有效船隊運力。而最新數據顯示，這種情況在短期內可能仍將持續。

The new choke point to address is the Strait of Hormuz, which allows the shipping traffic sorry, let me start that again. The new choke point to address is the Strait of Hormuz through which shipping traffic has pretty much ceased since the outbreak of hostilities with multiple major regional ports suspending operations in-part or in full. While it is more famously a gateway for global energy flows, a normal year would also see between 3% and 4% of global container volumes move through the Strait of Hormuz, serving ports such as Jebel Ali in Dubai, which is the ninth busiest port in the world as well as Doha, Abu Dhabi and Damam in Saudi. While the overall volumes themselves are not huge, the knock-on effects are much bigger given, among other things, the importance of Jebel Ali as a transshipment hub and the challenges of serving golf destinations by alternative roots.

新的瓶頸是霍爾木茲海峽，它阻礙了航運，抱歉，讓我再說一次。新的瓶頸是霍爾木茲海峽，自衝突爆發以來，通過該海峽的航運幾乎完全停滯，多個主要區域港口部分或全部暫停營運。雖然霍爾木茲海峽更為人所知的是其作為全球能源流通門戶​​的地位，但在正常年份，全球3%至4%的貨櫃吞吐量也會經由霍爾木茲海峽，為杜拜的傑貝阿里港（世界第九大繁忙港口）以及沙烏地阿拉伯的多哈、阿布達比和達曼等港口提供服務。雖然總吞吐量本身並不算巨大，但考慮到傑貝阿里港作為轉運樞紐的重要性，以及透過其他途徑服務高爾夫目的地所面臨的挑戰，其連鎖反應的影響卻要大得多。

So this is a big deal. Container supply chains, which were already complex, now have additional challenges and inefficiencies to confront. We will see how the liner of companies adapt, but we are, of course, in the very early days of all this.

所以這意義重大。原本就錯綜複雜的貨櫃供應鏈如今又面臨更多挑戰和效率低下的問題。我們將拭目以待班輪公司如何應對，但這一切當然還處於起步階段。

In summary, the situation is highly dynamic, and the longer-term implications are unclear. However, the paramount concern for the industry amid the turmoil is and must continue to be seafarers safety.

總而言之，局勢瞬息萬變，長期影響尚不明朗。然而，在當前動盪局勢下，航運業最關心的問題始終是海員安全，而且必須繼續如此。

Turning to another source of disruption on Slide 15. We look at tariffs. While the stance keep shifting on this issue, looking back to 2019's tariffs under the first Trump Administration could be at least directionally instructive in how they develop moving ahead. As expected, the tariffs in 2019 did indeed result in a reduction in direct trade between the U.S. and China.

接下來，我們來看第15張投影片，探討另一個幹擾因素：關稅。儘管各方對此問題的立場不斷變化，但回顧川普第一任期內2019年的關稅政策，至少可以為未來的發展方向提供一些指導。正如預期的那樣，2019年的關稅確實導致了美中直接貿易額的下降。

Perhaps unexpectedly, however, there was an increase in demand for midsized and smaller container ships during this period as supply chains shifted and decentralized intra-regional trade, particularly intra-Asia containerized trade volumes rose. Trade networks grew more complex and more inefficient, and those conditions tend to be supportive of earnings for providers of shipping capacity, like GSL.

然而，出乎意料的是，在此期間，隨著供應鏈的轉移和區域內貿易的分散化，尤其是亞洲內部貨櫃貿易量的增長，對中小型貨櫃船的需求增加。貿易網絡變得更加複雜和低效，而這些情況往往有利於像GSL這樣的航運能力提供者的獲利。

Slide 16 is where we cover some of the other geopolitical and regulatory trends affecting the shipping world. This slide is backward looking as who knows what other surprises 2026 has in store. USTR port fees were introduced by the U.S. in October 2025. And while they caused some disruption, the industry was able to adapt to the new circumstances given the lead time, with which they announced.

第16張投影片介紹了一些影響航運業的其他地緣政治和監管趨勢。由於2026年還會出現其他意想不到的情況，所以本頁內容是回顧性的。美國貿易代表辦公室（USTR）於2025年10月開始徵收港口費。雖然此舉造成了一些混亂，但鑑於USTR提前宣布了相關政策，航運業得以適應新的情況。

However, China's port fees did not offer the same lead time and were much more disruptive as a result. Fortunately, the port fees from both countries were suspended until the fourth quarter of 2026. While these policies and their implications have been deferred for now, the situation was a reminder of how fast things can change and how optionality is more valuable than ever within the current global framework, both for us and for our customers.

然而，中國的港口收費並沒有提供同樣的提前通知時間，因此造成了更大的干擾。幸運的是，兩國的港口收費都被暫停至2026年第四季。雖然這些政策及其影響目前已被推遲，但這種情況提醒我們，情況變化之快，以及在當前的全球框架下，對我們和我們的客戶而言，選擇權比以往任何時候都更加重要。

Notably, the White House's recently unveiled Maritime Action Plan points to the possibility of future such port fees. Along with the rest of our industry, we will certainly closely monitor future developments there, on this front. The IMO's Net Zero framework faced similar delay to the fourth quarter of 2026. This decision is expected to provide a boost existing conventionally fueled vessels, such as those in the GSL fleet. Amidst this heightened regulatory and geopolitical uncertainty, we will stay prudent disciplined and agile, doing our best to maintain and to leverage the optionality at our disposal.

值得注意的是，白宮近期公佈的《海事行動計畫》暗示未來可能會徵收此類港口費。我們將與業內其他企業一樣，密切關注這方面的後續發展。國際海事組織（IMO）的淨零排放架構也面臨類似的延期，預計在2026年第四季實施。預計這項決定將提振現有傳統燃料船舶，例如GSL船隊的船舶。在監管和地緣政治不確定性加劇的情況下，我們將保持審慎、自律和靈活，盡最大努力維護並利用我們所掌握的各項選擇。

On Slide 17, we highlight supply-side dynamics and scrapping trends where little has changed from last quarter. Both idle capacity and scrapping activity have remained near zero. With minimal slack in the system due to fragmented and inefficient supply chains, the charter market rate environment has remained strong and charterers have proven willing to pay attractive rates even for late in life ships. Unsurprisingly, owners have responded by keeping those ships on the water and profitably in service for absolutely as long as possible.

第17頁投影片重點介紹了供應側動態和拆船趨勢，與上季相比變化不大。閒置產能和拆船活動均接近零。由於供應鏈分散且效率低下，系統閒置產能極少，租船市場價格環境依然強勁，租船人甚至願意為船齡較老的船舶支付有吸引力的租金。不出所料，船東也採取了相應的措施，盡可能長時間地讓這些船舶保持獲利運作。

Slide 18 shows the order book, which has grown meaningfully in recent years, but importantly, mostly in the larger vessel segments where GSL does not participate. For ships, over 10,000 TEU, in other words, they're really big ships, the order book-to-fleet ratio stands at 55.5%, which drives the overall order book-to-fleet ratio to almost 35%. However, for the size of segments below 10,000 TEU, which are the ones relevant to GSL, that number halved to 16.9%, with deliveries spread over the next 5 years or so. In addition to the smaller order book, if we were to assume all ships, 25 years or older with scrapped through 2030, the sub-10,000 TEU fleet would actually shrink more than 6%. If supply remains low and rates remain high, we will be happy to continue locking-in coverage at attractive rates.

第18張投影片顯示了訂單狀況，近年來訂單量顯著成長，但值得注意的是，成長主要集中在GSL未涉足的大型船舶領域。對於運力超過10,000標準箱的船舶（換句話說，就是真正的大型船舶），訂單量與船隊規模之比為55.5​​%，這使得整體訂單量與船隊規模之比接近35%。然而，對於運能低於10,000標準箱的船舶（GSL的業務重點），這一比例減半至16.9%，交付時間將在未來5年左右。除了訂單量較小之外，如果我們假設所有船齡25年或以上的船舶在2030年前全部報廢，那麼運力低於10,000標準箱的船隊規模實際上將縮減超過6%。如果供應持續低迷且運價保持高位，我們將樂於繼續以優惠的運價鎖定業務。

If on the other hand, the market were to experience a normalization or even a downturn, we would expect the arrival of new ships to be offset in large part at the very least by a sharp rise in scrapping activity. Similarly, we would expect such a scenario to yield interesting investment opportunities for a patient and well-capitalized owner such as GSL.

另一方面，如果市場趨於正常化甚至下滑，我們預計新船交付量至少在很大程度上會被拆船活動的急劇增加所抵消。同樣，我們預計這種情況將為像GSL這樣有耐心且資金雄厚的船東帶來可觀的投資機會。

We take a look at the charter market on Slide 19, and it is important here to remember that our daily breakeven rate is just over $9,800 per vessel per day, which is well below market rates. In these supportive conditions, we've been hard at work, locking in as much charter coverage as possible to the tune of $2.24 billion over the next 2.7 years or so, providing good forward visibility and insulation against any downside turbulence. And on that note, I will turn the call back to George on Slide 20.

我們在第19張幻燈片中分析了租船市場，需要特別注意的是，我們的每日損益平衡價格略高於每艘船每天9,800美元，遠低於市場價格。在這種有利的市場環境下，我們一直在努力鎖定盡可能多的租船合同，預計未來2.7年左右的租船總額將達到22.4億美元，從而確保了良好的未來前景，並能有效抵禦任何不利因素的影響。接下來，我將把話題轉回給喬治，請他在第20張投影片中繼續發言。

Thank you, Tom. To summarize, we have continued building our forward visibility on cash flows now with $2.24 billion in contracted revenues over 2.7 years with 99% coverage for 2026 and 81% for 2027. Optionality remains a core focus, even with the deferral for the time being of U.S. and China port fees and of the IMO Net Zero framework, as geopolitical and regulatory environments remain volatile. And we are constantly at work to make GSL more resilient, robust and able to capture opportunities.

謝謝湯姆。總而言之，我們持續提升對未來現金流的可見性，目前已簽訂2.7年期合同，總收入達22.4億美元，2026年和2027年分別有99%和81%的覆蓋率。儘管目前美國和中國的港口費用以及國際海事組織淨零排放框架的實施暫時延期，但鑑於地緣政治和監管環境依然動盪，我們仍然將靈活性作為核心關注點。我們也不斷努力，讓GSL更具韌性、更穩健，並且更能掌握機會。

The current situation in the Middle East and around the Strait of Hormuz, of course, adds more complexity to a situation that was already highly complex and dynamic. The supply chains has become fragmented. Decentralized and increasingly inefficient, which drives further demand for midsize and smaller containerships. We have successfully delivered, pushed down our cost of debt extended our average debt maturities and lowered our daily breakeven rates to well below market rates.

目前中東和霍爾木茲海峽週邊地區的局勢，無疑地使本已高度複雜多變的局面更加複雜。供應鏈已變得支離破碎、分散且效率日益低下，這進一步推高了對中小型貨櫃船的需求。我們已成功交付，降低了債務成本，延長了平均債務期限，並將每日損益平衡點降至遠低於市場水平。

Our fortress balance sheet, which brings us close to being net debt neutral position us well for the opportunities and challenges of the market. We increasingly look to renew our fleet in a disciplined, prudent manner to support earnings now and into the future. And we always look to return capital to shareholders.

我們穩健的資產負債表使我們接近淨債務中立，這使我們能夠更好地應對市場的機會和挑戰。我們正以審慎自律的方式不斷更新船隊，以支持當前及未來的獲利。同時，我們也始終致力於為股東帶來回報。

To this end, we increased our quarterly dividend to 2025, now up to $2.50 per share on an annualized basis. Finally, looking back on the last 5 years, it is gratifying to see credit ratings agencies acknowledge the progress we've made. Much more gratifying still, is to see the stock price triple over the same period and we will do our best to ensure that positive momentum continues. Now with that, we'll be very pleased to take your questions.

為此，我們將季度股利提高至2025美元，目前年化股利為每股2.50美元。回顧過去五年，令人欣慰的是，信用評等機構認可了我們所取得的進展。更令人欣慰的是，同期股價翻了三倍，我們將竭盡全力確保這一積極動能得以延續。接下來，我們非常樂意回答各位的問題。

(Operator Instructions) Our first question comes from the line of Liam Burke with B. Riley Securities.

（操作員說明）我們的第一個問題來自 B. Riley Securities 的 Liam Burke 的諮詢專線。

George, Tom, Tassos. There's still -- I mean the timing of this question is probably bad, understand the geopolitical situation, both in the Red Sea and the Strait of Hormuz but the gap between charter and freight rates is staying wide, all things being equal, is there anything that you'd anticipate to have those -- that movement converge in terms of freight and charter rates converging?

喬治、湯姆、塔索斯。現在——我的意思是，這個問題問得可能不太合適，我理解紅海和霍爾木茲海峽的地緣政治局勢，但租船費率和運費之間的差距仍然很大，在其他條件相同的情況下，你們認為有什麼因素會導致運費和租船費率趨於一致嗎？

Good question, Liam. I'll have a crack at it, and no doubt, George will add to it. It's very, very difficult to comment on the freight market side to that equation, which is obviously much more responsive to day-to-day events given the contract cover is much more limited in terms of duration. However, I can comment on the charter side of things that what we're seeing is that appetite from charters remains to lock in charters at attractive rates. So at least for the time being, and it's very difficult to predict anything really in today's slightly crazy world.

問得好，利亞姆。我來試著回答一下，喬治一定也會補充。貨運市場的情況很難評論，因為合約期限相對有限，貨運市場顯然更容易受到日常事件的影響。不過，我可以談談租船方面的情況，目前來看，租船方仍然渴望以優惠的價格鎖定租約。所以至少目前是這樣，當然，在這個有點瘋狂的世界裡，預測任何事情都很難。

But for the time being, we're seeing customers looking to continue to lock in charters at high rates for meaningful durations. Of course, it's worth highlighting at this stage that 99% of our positions for 2026 are already contracted and over 80% for 2027 are already contracted. Broadly speaking, there is still charter market appetite.

但就目前而言，我們看到客戶希望繼續以高費率鎖定較長期限的租船合約。當然，值得一提的是，我們2026年的租約已預訂了99%，2027年的租約也已預訂了80%以上。總的來說，租船市場依然需求旺盛。

Great. Your leverage ratios are low. You pay a very healthy dividend through the cycle. What about the cash? And how do you see allocating it this year or next year?

太好了。你們的槓桿率很低。你們在整個經濟週期中都支付了非常可觀的股息。那麼現金流呢？你們打算如何分配今年或明年的現金？

Sure. So in this cyclical industry, the way to make genuinely attractive returns for our shareholders is making sure that we have cash to move on opportunities Ideally, at the bottom of the cycle when no one else has capital. That's when you make most money for shareholders within shipping. So holding that cash on our balance sheet, we see as super valuable in that respect. And in fact, the three ships that we mentioned during the course of the call, these 8,600 TEU ships that we acquired at the tail end of last year a perfect representation of that.

當然。在這個週期性產業，要真正為股東創造可觀的回報，關鍵在於確保我們有足夠的現金來把握機會。理想情況下，最好是在周期低谷，也就是其他公司資金匱乏的時候。在航運業，這才是股東獲利最多的時候。因此，我們認為在資產負債表上持有現金在這方面至關重要。事實上，我們在電話會議中提到的三艘船——去年年底收購的這三艘8,600標準箱的船舶——正是這一點的完美體現。

We went from zero to completion within about 30 days or so on that deal, and you can only do that if you have capital at your disposal, which happily we did.

那筆交易我們從零到完成只花了大約 30 天時間，而只有擁有足夠的資金才能做到這一點，幸運的是，我們當時就擁有這些資金。

Great. And I apologize for asking such a specific question, but Tasso's SG&A jumped considerably. Is that -- is there a one-timer in there? Or is that just another level to anticipate?

太好了。很抱歉問這麼具體的問題，但Tasso的銷售、管理及行政費用大幅上漲。這是──是不是一次性因素導致的？還是說這只是需要預期的新一輪上漲？

No, no. It has to do with the valuation of the incentive plan that we have calculated and the others have calculated. It's a noncash item. And you will see much more details in our upcoming 20-F.

不，不。這與我們和其他公司計算出的激勵計劃的估值有關。這是一項非現金項目。您將在我們即將提交的20-F文件中看到更多細節。

(Operator Instructions) Our next question comes from the line of Omar Nokta with Clarkson Securities.

（操作員說明）我們的下一個問題來自克拉克森證券的奧馬爾諾克塔。

Thank you for the update. You obviously touched on this, Tom. I think, I think you talked about this and maybe touched on it also in response to Liam's question, but just kind of about what's going on in the Middle East and the turmoil and whatnot. There's been clearly a lot of focus on the impact on energy and exports out of the region. But sort of in terms of, say, the containers and presumably, it's a lot more of an import market than export, I would think.

謝謝你的最新消息。湯姆，你顯然已經提到了這一點。我想，你之前也談過，可能在回答利亞姆的問題時也稍微提到了，就是關於中東局勢、動盪等等。顯然，大家都很關注這對該地區能源和出口的影響。但就貨櫃運輸而言，我想，中東應該是一個進口遠大於出口的市場。

But just in general, what's been sort of the impact, seen a spike in different commodity prices and we've seen energy shipping rates go through the roof. What have you seen here over the past few days with respect to your business? Have you seen any shift in the freight market dynamics or time charters?

但總的來說，我們看到各種大宗商品價格飆升，能源運輸費率也大幅上漲。過去幾天，您的業務方面有何變化？貨運市場動態或定期租船市場是否有任何變化？

I would say not in time charters. Their appetite remains, as I mentioned to Liam, from charters at attractive rates and for attractive durations. I think in the freight markets, the industry is just struggling to adjust to this massive curve ball. Now although only 2% to 3% or whatever it is, 3% to 4% of containers actually flow into or out of the Persian Gulf, there's a tremendous volume that's actually particularly in Jebel Ali . So although the overall numbers are comparatively modest in sort of percentage terms as far as global trade are concerned, the ramifications through the liner company networks are considerable.

我認為在定期租船方面並非如此。正如我之前跟利亞姆提到的，他們仍然渴望獲得價格和租期都合適的租船合約。我認為在貨運市場，整個產業仍在努力適應這一巨大的變數。雖然目前只有2%到3%（或3%到4%）的貨櫃實際流入或流出波斯灣，但其中很大一部分都集中在傑貝阿里港。因此，儘管就全球貿易而言，整體數字相對較少，但對班輪公司網路的影響卻相當顯著。

I think one analyst calculated that roughly 10% of the global fleet actually under normal circumstances calls at ports within the Persian Gulf. So although the volumes in terms of import and export are not huge. The implications for liner companies networks are much bigger than that, and that confusion and complexity breeds disruption in the networks, which breeds inefficiency which breeds the necessity for more ships. That's what we're seeing so far, but it's very, very early days. I don't know, George, do you want to add to that?

我認為一位分析師計算得出，在正常情況下，全球船隊中大約只有10%會停靠波斯灣沿岸的港口。因此，儘管進出口量並不巨大，但對班輪公司網路的影響卻遠不止於此。這種混亂和複雜性會導致網路中斷，進而造成效率低下，最終導致對更多船舶的需求。這就是我們目前所看到的，但這還只是初步階段。喬治，你還有什麼要補充的嗎？

Yes. What I would add is that we see clearly the statement of Houthis that they will resume their attacks in Red Sea. So let's say, it's out of the question right now. There was a process where liners were returning slowly to the Red Sea. This is not the case.

是的。我想補充的是，胡塞武裝已經明確表示他們將恢復在紅海的攻擊。所以，現在看來，這根本不可能。之前確實有一段時間，船隻正在緩慢地恢復紅海航線。但現在情況已經不同了。

And then the second thing we should see this is very similar to the COVID. There is going to be a big reason that is not going to be serviced by ships for until this conflict is over or at least this conflict is to a point where people can cross the Hormuz, and there's going to be a big starvation of cargoes in the region. Now as you can imagine, this is going to create the disruption, and I think it will lead in raising the freight rates at the point when passing through the Hormuz is possible, but not clean cut as it was before the war, I think the freights are going to go up for the ships that are going to go through.

其次，我們應該會看到，這種情況與新冠疫情非常相似。在衝突結束之前，或至少在衝突緩和到人們可以穿越霍爾木茲海峽之前，船舶運輸將無法正常進行，這將導致該地區貨物嚴重短缺。可以想像，這將造成混亂，我認為一旦霍爾木茲海峽恢復通行，貨運價格將會上漲。雖然通行不會像戰前那樣暢通無阻，但我認為，屆時能夠通過該海峽的船舶的運費將會上漲。

And once the Hormuz is open completely, there's going to be a lot of cargoes that need to go that haven't been going for a while and hence back up in the ports, they're going to be waiting and all of that. Similar many situation of the regional mini situation of COVID I would imagine. So if you ask me, I think the earnings of liner companies should increase for a period of time. And the fleet is going to tighten further for a period of time again.

一旦霍爾木茲海峽完全開放，就會有很多貨物需要運輸，這些貨物已經滯留在港口一段時間了，等待裝卸等等。我想，這種情況與新冠疫情期間區域性小規模封鎖期間的情況類似。所以，如果你問我的意見，我認為班輪公司的收益應該會在一段時間內增加。而船隊規模也會在一段時間內進一步收緊。

That's quite helpful. And thanks, Tom, you answer the second question in there for me. And then maybe just one final quick follow-up just on the balance sheet. I noticed a big jump in the long-term restricted cash flowing from $23 million to $113 million quarter-over-quarter. Is that actual restricted cash due to financing?

這很有幫助。謝謝湯姆，你幫我解答了第二個問題。最後，關於資產負債表，我還有一個小問題。我注意到長期受限現金流量季增大幅成長，從 2,300 萬美元增至 1.13 億美元。這筆受限現金是因為融資活動造成的嗎？

Or is that just sort of a long-term bank deposit?

或者這只是一種長期銀行存款？

It's actually Omar revenue received in advance like the previous time that we have in our account. We have again received a revenue received in advance which has been restricted and it will be released following the service of the charter.

實際上，這筆款項是奧馬爾預收的收入，和上次一樣，已經存入我們的帳戶。我們再次收到了一筆預收收入，這筆收入已被凍結，並將在包機服務完成後解凍。

Okay. And is that, how long is the duration of that?

好的。那麼，這個過程會持續多久呢？

If I remember correctly, it's 3 years.

如果我沒記錯的話，是3年。

Omar, I think just to correct, I think it's actually 5 years.

奧馬爾，我想糾正一下，我認為實際上是 5 年。

There are no further questions at this time. I would like to turn the call back over to Tom Lister for closing remarks.

目前沒有其他問題了。現在我把電話轉回給湯姆·利斯特，請他做總結發言。

Thank you very much, operator, and thank you, everyone, for joining today's call. We look forward to regrouping for our 1Q earnings once they are ready. So stay safe. Thanks for joining. Bye-bye.

非常感謝接線生，也感謝各位參加今天的電話會議。我們期待在第一季財報發布後再次與大家見面。請注意安全。感謝參與。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining us. You may now disconnect.

女士們、先生們，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。