Imperial Petroleum Inc (IMPP) 2024 Q4 法說會逐字稿

Good morning, everyone, and thank you all for joining us at our Q4 and 12 months '24 conference call. I'm Harry Vafias, the CEO of Imperial Petroleum, and joining us today is Ifigeneia Sakellari who will be discussing our financial performance.

大家早安，感謝大家參加我們的第四季和 24 年電話會議。我是帝國石油公司執行長 Harry Vafias，今天與我們一起討論我們的財務表現的是 Ifigeneia Sakellari。

Before we commence our discussion, please read the safe harbor disclaimer on slide 2. In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties, which could cause future results to differ materially from these forward-looking statements.

在我們開始討論之前，請先閱讀投影片 2 上的安全港免責聲明。實質上，已經明確指出，本簡報可能包含《私人證券訴訟改革法案》所定義的一些前瞻性陳述。我們提請投資人注意，此類前瞻性陳述是基於帝國石油當前的信念和期望，並受風險和不確定性的影響，這可能導致未來結果與這些前瞻性陳述有重大差異。

In addition, before we commence our discussion, we would like to clarify that during this call, we will quote monetary amounts unless explicitly stated otherwise, all in US dollars. In slide 3, we summarize our key highlights for Q4 '24 and 12 months '24. As a general remark, market conditions during the last quarter of '24 were somewhat atypical as the expected seasonal strengthening failed to materialize. Geopolitical tensions, mild winter, along with OPEC delays in unwinding the production cuts brought upon a softness in the tanker market.

此外，在我們開始討論之前，我們想澄清一下，在本次電話會議中，除非另有明確說明，否則我們將以美元報價金額。在投影片 3 中，我們總結了 24 年第四季和 24 年全年的主要亮點。總體而言，2024 年最後一季的市場狀況有些不典型，因為預期的季節性加強未能實現。地緣政治緊張局勢、冬季氣候溫和以及石油輸出國組織 (OPEC) 推遲解除減產協議，導致油輪市場疲軟。

In spite of a lack of strong market momentum in the fourth quarter '24, we managed to attain a strong operational utilization of 86%, attributed to an increase in time charter coverage with negligible quarterly technical off-hire.

儘管 24 年第四季缺乏強勁的市場勢頭，但我們仍成功實現了 86% 的強勁營運利用率，這歸功於定期租船覆蓋率的提高，而季度技術停租幾乎為零。

Indeed, in Q4, compared to the fourth quarter of '23, our time charter coverage increased by 180% as 2 of our product tankers were under time charter employment for the whole period. Looking at the 12-month results, our operational utilization came in at 78.3%. About 69% of our fleet calendar days were dedicated to spot activity, while almost 29% to time charter activity. We continue to grow our fleet. In early January '25, we took delivery of the product tanker Clean Imperial. And with this addition, our tanker fleet totals 9 ships where our total fleet equals 12 vessels.

事實上，與 23 年第四季相比，第四季度我們的定期租船覆蓋率增加了 180%，因為我們的 2 艘成品油輪在整個期間都處於定期租船狀態。從 12 個月的結果來看，我們的營運利用率為 78.3%。我們船隊約 69% 的日曆天數用於現貨活動，而近 29% 的日曆天數用於定期租船活動。我們將繼續擴大我們的船隊。25年1月初，我們接收了成品油輪Clean Imperial。加上這艘油輪後，我們的油輪船隊總數達到 9 艘，總船隊船隻數達到 12 艘。

Touching briefly upon our financial performance, softer market conditions led to somewhat lower quarterly revenues when compared to the same period of last year. However, solid operational utilization and fleet coverage led to higher income from operations. For the fourth quarter of '24, our revenues came in at close to $26 million, leading to an operating income of close to $5 million. Our net income was in the order of $3.9 million, sharply undermined by the $3.3 million foreign exchange loss incurred in the quarter.

簡單談談我們的財務業績，與去年同期相比，市場環境疲軟導致季度營收略有下降。然而，穩定的營運利用率和機隊覆蓋率帶來了更高的營運收入。24 年第四季度，我們的收入接近 2,600 萬美元，營業收入接近 500 萬美元。我們的淨收入約為 390 萬美元，但由於本季發生的 330 萬美元外匯損失，淨收入大幅下降。

Looking at our performance for the whole of the year, this is quite satisfactory as we managed to end the year with a hefty profit of about $50 million and an annual operating cash flow close to $78 million. These results are outstanding when taking into considerations that were generated by a small fleet of close to 10 ships. Our recurring profitability and debt-free capital structure facilitated robust cash flow generation and low breakeven.

縱觀我們全年的表現，這是相當令人滿意的，因為我們成功實現了約 5000 萬美元的巨額利潤和接近 7800 萬美元的年度營運現金流。如果將近 10 艘船的小型船隊所產生的結果考慮進去，那麼這些結果就非常出色了。我們的經常性獲利能力和無債務資本結構促進了強勁的現金流產生和低損益平衡。

Slide 4 will provide a summary of our current fleet employment. As mentioned, we have increased our time charter coverage, which for the remainder of '25 is in the order of 23%. In more detail, our 3 Handysize bulk carriers are employed on short TCs, while 3 of our product tankers are under time charter employment up until May '25, January '26 and August '27, respectively.

投影片 4 將提供我們目前車隊使用情況的摘要。如上所述，我們增加了定期租船的覆蓋率，對於 25 年的剩餘時間來說，這項覆蓋率約為 23%。更詳細地說，我們的 3 艘靈便型散裝貨船用於短途 TC，而我們的 3 艘成品油輪則處於定期租船狀態，租期分別至 2025 年 5 月、2026 年 1 月和 2027 年 8 月。

Let us briefly comment on the tanker spot rates. '24 started off strongly, both in terms of demand and rates, but this strength gradually subsided, leading to a mild second half of the year. In more detail, from the summer period onwards, the Red Sea situation, combined with increased Iranian exports and softer Chinese oil demand contributed to the closing of the West-East arbitrage for crude tankers.

讓我們簡單評論一下油輪現貨運費。 '24年開局強勁，無論是需求還是利率，但這種強勁勢頭逐漸減弱，導致下半年表現溫和。更具體地說，從夏季開始，紅海局勢，加上伊朗出口增加和中國石油需求疲軟，導致西-東原油套利交易結束。

For product tankers, weaker rates for the second half of '24 were brought upon by reduced refinery runs. We did, however, witness a rise in product rates and higher cargo flows following the end of the refinery maintenance season. In January '25, rates for both crude and product tankers were positively affected by the sanctions imposed on the dark fleet, while recently rates for tankers have been affected by the US trade war and respective retaliations.

對成品油油輪而言，2024年下半年運費下跌是由於煉油廠開工率下降所致。然而，煉油廠維護季結束後，我們確實看到產品價格上漲和貨物流量增加。25年1月，原油和成品油油輪的運費都受到黑暗船隊制裁的正面影響，而最近油輪的運費則受到美國貿易戰及其相關報復措施的影響。

On slide 5, we reviewed the tanker market. It was overall positive for the tanker market even though we witnessed in excess of 30% year-on-year decline in rates from multiyear highs. Vessels rerouting around the Cape of Good Hope due to Red Sea disruptions, long-haul Russian-Asia trade flows and limited fleet expansions, sustained rates and trade activity at firm levels compared to historical averages.

在第五張幻燈片上，我們回顧了油輪市場。儘管我們目睹了運價從多年來的高點同比下降超過 30％，但總體而言對油輪市場來說是利好的。由於紅海中斷、俄羅斯與亞洲之間的長途貿易流動以及船隊擴張有限，船舶繞道好望角，與歷史平均水平相比，運價和貿易活動持續保持穩定。

From '25, oil demand is expected to grow steadily driven predominantly by emerging economies and the anticipated recovery of Chinese oil demand. Indeed, China is expected to adopt monetary policies to stimulate consumption and continue to invest in domestic infrastructure will support crude oil demand. However, the recent depreciation in the yuan, which raises the cost of imports might affect crude import volumes in the short term.

自25年起，預計石油需求將穩定成長，主要受新興經濟體和中國石油需求預期復甦的推動。事實上，預計中國將採取貨幣政策刺激消費並繼續投資國內基礎設施，以支撐原油需求。然而，近期人民幣貶值導致進口成本上升，可能在短期內影響原油進口量。

Looking at oil supply for this year, this is expected to be driven mostly by non-OPEC countries. Largest growth is anticipated to come from the US, followed by Brazil, Canada and Norway. In terms of oil tanker trade growth for '25, this is anticipated to reach 2%. However, various ongoing geopolitical events could impact this expectation.

從今年的石油供應來看，預計主要由非歐佩克國家推動。預計最大成長將來自美國，其次是巴西、加拿大和挪威。就25年的油輪貿易成長而言，預計將達到2%。然而，各種正在發生的地緣政治事件可能會影響這一預期。

On slide 6, we are providing additional information on tanker market outlook for this year. Oil trade patterns remain complex and dynamic. In terms of crude oil, USA is emerging as a significant exporter, while China remains a top source for demand. On the other hand, Asia Pacific accounts for over 1/3 of global clean product exports with China and South Korea leading the way. Various geopolitical risks, especially recent developments have the power to alter current trade, thus affecting rates and ton miles.

在第 6 張幻燈片中，我們提供了有關今年油輪市場前景的更多資訊。石油貿易格局仍然複雜且動態。就原油而言，美國正在成為重要的出口國，而中國仍然是最大的需求國。另一方面，亞太地區佔全球清潔產品出口的三分之一以上，其中中國和韓國佔據領先地位。各種地緣政治風險，尤其是最近的發展可能會改變當前的貿易，從而影響運費和噸英里。

For instance, sanctions on the dark fleet imposed in January '25 favored demand for non-sanctioned vessels but affect trade as Chinese coastal region of Shandong, which accounts for 50% of China crude imports and 81% of crude imports from Iran and Venezuela announced it will not receive vessels that are sanctioned by OFAC.

例如，2025 年 1 月對黑暗艦隊實施的製裁有利於非制裁船隻的需求，但影響了貿易，因為中國沿海地區山東省（佔中國原油進口的 50% 和從伊朗和委內瑞拉進口的原油的 81%）宣布將不會接收受到 OFAC 制裁的船隻。

In addition, US trade tariffs on China, Canada and Mexico could have a material impact on the global energy trade and affect oil tanker markets, both negatively and positively. For example, the 25% tariff on oil imports from Mexico could potentially boost dirty tanker rates in the US Gulf and affect trading activity in the area, while any potential tariffs imposed to the European Union could be highly disruptive for the transatlantic oil trade affecting East-West trade volumes.

此外，美國對中國、加拿大和墨西哥徵收的貿易關稅可能會對全球能源貿易產生重大影響，並對油輪市場產生正面和負面的影響。例如，對從墨西哥進口的石油徵收 25% 的關稅可能會提高美國墨西哥灣的油輪運費並影響該地區的貿易活動，對歐盟徵收的任何潛在關稅都可能對跨大西洋石油貿易造成嚴重破壞，影響東西方貿易量。

On slide 7, we touch upon the tanker fleet fundamentals. The current order book for product tankers stands at about 15%, while for Suezmax tankers at close to 16%. For both categories, though, the number of vessels above 20 years of age outweighs newbuilding deliveries, which limits the risk of potential oversupply of vessels.

在幻燈片 7 上，我們討論了油輪船隊的基本情況。目前成品油輪的訂單量約為 15%，而蘇伊士型油輪的訂單量則接近 16%。不過，對於這兩個類別來說，船齡超過 20 年的船舶數量都多於新船交付的數量，這限制了潛在的船舶供應過剩的風險。

Briefly to comment on the outlook for the dry bulk Handysize vessels, the last quarter of '24 was quiet for dry bulk ships. The sector performance in '25 will greatly depend upon China's anticipated economic improvement. Strong dollar and the fact that China's '24 buildup of inventories for commodities was significant, led to a flat dry bulk market. However, limited order book is considered quite positive and could potentially assist the sector this year.

簡單評論一下乾散貨靈便型船舶的前景，2024 年最後一個季度乾散貨船舶表現平靜。25年該產業的表現將很大程度取決於中國預期的經濟改善。美元走強以及中國 24 年大宗商品庫存大幅增加，導致乾散貨市場表現平淡。不過，有限的訂單量被認為是相當積極的，並可能在今年為該行業提供幫助。

I'm passing the floor to Mrs. Ifigeneia Sakellari for our financial performance.

我現在將我們的財務表現報告交給伊菲吉尼婭·薩凱拉里女士。

Thank you, and good morning to everyone. Let us discuss our financial performance for Q4 '24 and 12 months '24. As mentioned earlier in our call, the second half of '24 was softer than anticipated. The seasonal effect of the period did not compensate for the broader decline in market conditions as compared to what prevailed in the beginning of '24.

謝謝大家，早安。讓我們討論一下 2024 年第四季和 2024 年全年的財務表現。正如我們之前在電話會議中提到的那樣，24 年下半年的表現比預期的要疲軟。與 24 年初相比，該時期的季節性效應並未彌補市場狀況的整體下滑。

Looking at our income statement for Q4 '24 on slide 8, revenues came in at $26.2 million in Q4 '24, marking a $3.5 million decline compared to revenues generated in the same period of '23. This decline stems from lower market rates. Indicatively, we mentioned that as of the end of Q4 '23, daily rates for standard product tankers was close to 33%, while for standard Suezmax tankers close to $60,000.

請參閱第 8 頁的 2024 年第四季的損益表，2024 年第四季的營收為 2,620 萬美元，與 2023 年同期的營收相比下降了 350 萬美元。這種下降源於較低的市場利率。值得注意的是，我們提到，截至 23 年第四季末，標準成品油油輪的日租金接近 33%，而標準蘇伊士型油輪的日租金接近 6 萬美元。

As of end of Q4 '24, though these daily rates had fallen to $22,000 for standard product tankers and about to $30,000 for standard Suezmax tankers. The effect of lower rates was offset by a quarterly operational utilization of 86% and the rise in our time charter coverage.

但截至 2024 年第四季末，標準成品油輪的日租金已降至 22,000 美元，標準蘇伊士型油輪的日租金已降至約 3 萬美元。季度營運利用率達到 86%，且定期租船覆蓋率上升，抵銷了費率下降的影響。

Voyage costs amounted to $8.5 million, down by 39% compared to Q4 '23. In the last quarter of '24, we had no transit from the Suez Canal and overall lower spot activity. Consequently, our bunker costs declined by 16%, while our port expense by almost 45%. Running costs amount to $6.7 million, increased by $1 million due to the increase of our fleet by an average of 2 vessels.

航行成本為 850 萬美元，與 23 年第四季相比下降 39%。在24年最後一個季度，蘇伊士運河沒有過境，整體現貨活動較低。因此，我們的燃油成本下降了 16%，而港口費用下降了近 45%。運行成本為 670 萬美元，由於我們的船隊平均增加了 2 艘船，因此增加了 100 萬美元。

Overall, we do maintain across the quarters, our OpEx fairly steady, maintaining a daily average per fleet calendar day of about $7,000. EBITDA for the fourth quarter of '24 came in at $6.4 million, while net income at $3.9 million. We need to stress that the biggest hurdle in this quarter was the $3.3 million foreign exchange loss we incurred due to the strengthening of the US dollar. However, this is nonoperative one-off item subject to currency value fluctuations.

總體而言，我們在各個季度的營運支出確實保持相當穩定，每個車隊的每日平均營運支出維持在約 7,000 美元。24 年第四季的 EBITDA 為 640 萬美元，淨收入為 390 萬美元。我們需要強調的是，本季最大的障礙是由於美元走強而遭受的 330 萬美元外匯損失。然而，這是受貨幣價值波動影響的非有效一次性項目。

For 12 months '24, EBITDA came in at $59.2 million and our net income at $50.2 million, corresponding to an earnings per share of $1.54, which is equivalent to 50% of our current share price levels.

12 個月的 24 年間，EBITDA 為 5,920 萬美元，淨收入為 5,020 萬美元，對應每股收益為 1.54 美元，相當於我們目前股價水準的 50%。

Moving on to slide 9. Let us look at our balance sheet for the 12 months of '24. We enjoy a hefty cash base of close to $207 million and a debt-free balance sheet. Within '24, we attained a 67% increase in available cash, which is not replaced under time deposits. Within '24, we generated $6.7 million of interest income from time deposits. We managed to increase our fleet book value by 15% as a result of our expansion strategy. Through the accumulation of earnings, our equity base increased by 16% as well.

轉到第 9 張投影片。讓我們來看看24年12個月的資產負債表。我們擁有近 2.07 億美元的雄厚現金基礎和無債務的資產負債表。在 24 年間，我們可用的現金增加了 67%，這是定期存款所無法彌補的。在24年內，我們從定期存款中獲得了670萬美元的利息收入。由於我們的擴張策略，我們成功地將船隊帳面價值提高了 15%。透過收益的積累，我們的股本基礎也增加了16％。

Proceeding to slide 10, we provide a snapshot of our strong fundamental basis our 2024 annual performance. Our high liquidity is fueled by our strong operating cash flow generation, while our profitability is assisted by our low breakevens. Going forward, as already announced, we do have upcoming vessel deliveries in Q2 '25 and related vessel payments in the second half of '25.

繼續到第 10 頁，我們提供了我們 2024 年年度業績強勁基本基礎的快照。我們的高流動性源自於我們強勁的經營現金流，而我們的獲利能力則得益於我們的低損益平衡點。展望未來，正如已經宣布的那樣，我們確實將在2025年第二季交付船舶，並在2025年下半年支付相關船舶款項。

Concluding our presentation with slide 11, we summarize yet once more our company's strong points and place emphasis on the discrepancy between our low share price and our true company value.

在第 11 張投影片結束我們的簡報時，我們再次總結了公司的優勢，並強調了我們的低股價與我們真實公司價值之間的差異。

At this stage, our CEO, Mr. Harry Vafias, will summarize our concluding remarks for the period examined.

在此階段，我們的執行長 Harry Vafias 先生將總結我們對所審查時期的最後發言。

For yet another year, Imperial Petroleum demonstrated exceptional results. We continue to be consistent with profitability, cash flow generation and fleet growth across the quarters. Market conditions in '24 were somewhat softer than '23 when tanker rates oscillated around all-time high levels.

又一年，帝國石油公司取得了卓越的成績。我們在各個季度中繼續保持獲利能力、現金流產生和船隊成長的一致性。1924年的市場狀況比1923年略微疲軟，當時油輪運價在歷史高點附近波動。

Nevertheless, our debt-free fleet of 11 ships managed to generate $50 million of profit and maintain an enviable cash base of $207 million. In the period ahead, our key focus is to materialize our already announced fleet growth plans, sustain our profitable momentum and as always, seek opportunities to enhance the value of our company.

儘管如此，我們無債務的 11 艘船隊仍成功創造了 5,000 萬美元的利潤，並保持了令人羨慕的 2.07 億美元現金基礎。在未來一段時間內，我們的重點是實現我們已經宣布的船隊成長計劃，保持我們的盈利勢頭，並一如既往地尋找機會提升公司價值。

We'd like to thank you all for joining us and for your interest and trust in our company, and we look forward to having you once again at our next call for our Q1 '25 results. Thank you very much.

我們感謝大家的加入我們，感謝你們對我們公司的關注和信任，我們期待在下次電話會議上再次見到你們，討論我們的 2025 年第一季業績。非常感謝。