International Seaways Inc (INSW) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the International Seaways second quarter 2024 results conference call. My name is Carla, and I will be coordinating your call today. (Operator Instructions)

大家早安，歡迎參加國際航道 2024 年第二季業績電話會議。我叫卡拉，今天我將協調您的電話。（操作員說明）

I will now hand you over to your host, James Small, CAO and General Counsel to begin. James, please go ahead.

現在我將請主持人、首席行政官 (CAO) 兼總法律顧問詹姆斯·斯莫爾 (James Small) 開始演講。詹姆斯，請繼續。

Thank you. Good morning, everyone, and welcome to International Seaways earnings call for the second quarter of 2024. Before we begin, I would like to start off by advising everyone with us on the call today of the following. During this call and in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates.

謝謝。大家早安，歡迎參加 International Seaways 2024 年第二季財報電話會議。在開始之前，我想先向今天參加電話會議的所有人提供以下建議。在本次電話會議和隨附的簡報中，管理階層可能會就公司或其經營所在產業做出前瞻性陳述。

Those statements may address, without limitation, the following topics. Outlooks for the crude and product tanker markets and changes in trading patterns, forecasts of world and regional economic activity and of the demand for and production of oil and petroleum products, the effects of ongoing and threatened conflicts around the globe, the company's strategy and business prospects, expectations regarding revenues and expenses, including vessel, charter hire and G&A expenses, estimated future bookings.

這些聲明可能涉及但不限於以下主題。原油和成品油輪市場的前景以及貿易模式的變化，對世界和區域經濟活動以及石油和石油產品的需求和生產的預測，全球持續和威脅衝突的影響，公司的戰略和業務前景、相關收入和支出的預期，包括船舶、包租和一般管理費用、預計的未來預訂。

TCE rates and capital expenditures, projected scheduled drydock and off-hire days, purchases and sales of vessels and construction of new build vessels, the company's consideration of strategic alternatives, anticipated and recent financing transactions that plans to issue dividends, the company's relationships with its stakeholders. The company's ability to achieve its financing and other objectives and other economic, political and regulatory developments globally.

TCE費率和資本支出、預計的乾船塢和停租天數、船舶採購和銷售以及新建船舶的建造、公司對戰略替代方案的考慮、計劃發放股息的預期和近期融資交易、公司與其股東的關係利益相關者。公司實現其融資和其他目標以及全球其他經濟、政治和監管發展的能力。

Any such forward-looking statements take into account assumptions made by management based on various factors, including management's experience and perception of historical trends, current conditions, expected and future developments and other factors that management believes are appropriate to consider in the circumstances.

任何此類前瞻性陳述均考慮管理層基於各種因素所做的假設，包括管理層的經驗和對歷史趨勢的看法、當前狀況、預期和未來發展以及管理層認為在這種情況下適當考慮的其他因素。

Forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond the company's control, which could cause actual results to differ materially from those implied or expressed by the statements. Factors, risks and uncertainties that could cause International Seaways actual results to differ from expectations include those described in our annual report on Form 10-K for 2023, our quarterly report on Form 10-Q for the second quarter of 2024 and in other filings that we have made or in the future may make with the US Securities and Exchange Commission.

前瞻性陳述受到風險、不確定性和假設的影響，其中許多因素超出了公司的控制範圍，這可能導致實際結果與陳述中暗示或表達的結果有重大差異。可能導致International Seaways 實際結果與預期不同的因素、風險和不確定性包括我們2023 年10-K 表格年度報告、2024 年第二季度10-Q 表格季度報告以及其他文件中描述的因素、風險和不確定性我們已經或將來可能與美國證券交易委員會達成協議。

Now let me turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky. Lois?

現在讓我將電話轉給我們的總裁兼執行長 Lois Zabrocky 女士。路易斯？

Thank you very much, James. Good morning, everyone. Thank you for joining International Seaways' earnings call for the second quarter of 2024. On slide 4 of the presentation, which you can find in our Investor Relations section of our website, results for the second quarter represent our eighth consecutive quarter of adjusted net income over $100 million.

非常感謝你，詹姆斯。大家早安。感謝您參加 International Seaways 2024 年第二季的財報電話會議。您可以在我們網站的投資者關係部分找到簡報的第 4 張投影片，第二季的業績代表我們連續第八個季度調整後淨利超過 1 億美元。

Net income was $145 million or $2.91 per share, excluding the gains on vessel sales and other one-off items, and adjusted net income for the second quarter was $118 million or $2.37 per diluted share and adjusted EBITDA was $167 million.

淨利潤為1.45 億美元，即每股2.91 美元，不包括船舶銷售收益和其他一次性項目，第二季調整後淨利潤為1.18 億美元，即稀釋每股2.37 美元，調整後EBITDA 為1.67 億美元。

On the lower left section of the slide, we were busy with fleet renewals in the second quarter, taking delivery of six eco MR while selling three aged 15 years or more. This lowered our average MR age by one year. One of the three vessel sales closed in mid-July. We funded the acquisition of the eco MR with the proceeds from vessel sales, along with a $50 million revolver draw and the issuance of 624,000 shares in cash on hand.

在幻燈片的左下部分，我們在第二季度忙於機隊更新，交付了六輛 Eco MR，同時出售了三輛車齡為 15 年或以上的車輛。這使我們的平均 MR 年齡降低了一歲。三艘船的其中一艘於七月中旬結束。我們利用船舶銷售所得收益以及 5,000 萬美元的左輪手槍抽資和發行 624,000 股庫存現金為收購 eco MR 提供了資金。

On the upper right-hand side of the slide, we continue to benefit from our balance sheet. At the end of the second quarter, we had $682 million in total liquidity, which included $506 million of undrawn revolver. We increased our revolver capacity by nearly -- consolidated our term loan and converted them into a revolving credit facility. We now save about $80 million per year in mandatory repayments which also raises our free cash flow generation and lowers our spot breakeven rate to under $13,400 per day.

在幻燈片的右上角，我們繼續受益於我們的資產負債表。截至第二季末，我們的流動資金總額為 6.82 億美元，其中包括 5.06 億美元的未提取左輪手槍。我們的循環貸款能力增加了近乎——合併了我們的定期貸款，並將其轉換為循環信貸安排。現在，我們每年在強制還款方面節省了約 8,000 萬美元，這也提高了我們的自由現金流產生量，並將我們的即期盈虧平衡率降低至每天 13,400 美元以下。

As a result of these accomplishments, we continue to share our upside with our shareholders. Today, we declared a combined dividend of $1.50 per share, representing 64% of adjusted net income. And as shown in the lower right-hand chart, another quarter of a double digit yield for our shareholders. Over the last 12 months, Seaways dividend yield has been 12% of our average market cap.

由於這些成就，我們繼續與股東分享我們的優勢。今天，我們宣布合併股息為每股 1.50 美元，佔調整後淨利潤的 64%。如右下圖所示，我們的股東又獲得了四分之一的兩位數收益率。過去 12 個月，Seaways 股息殖利率占我們平均市值的 12%。

We continue to prioritize our balanced capital allocation, positioning the company for the future with opportunistic fleet renewal and enhancing our balance sheet while sharing in our upcycle with a double digit dividend yield to our shareholders.

我們繼續優先考慮平衡的資本配置，透過機隊更新並改善我們的資產負債表，為公司的未來做好準備，同時以兩位數的股息殖利率為股東分享我們的升級週期。

Slide 5, we've updated our bullets on tanker demand drivers with subtle green up arrows next to the bullets represented in positive for tankers, the black dash representing a neutral impact and a red down arrow meaning the topic is not good for tanker demand. Pulling highlights. We expect oil demand to continue to grow at a rate above its 30 year average growth.

投影片 5，我們更新了關於油輪需求驅動因素的項目符號，在代表油輪需求的項目符號旁有微妙的綠色向上箭頭，黑色破折號代表中性影響，紅色向下箭頭表示該主題不利於油輪需求。拉動亮點。我們預計石油需求將繼續以高於 30 年平均成長率的速度成長。

A good portion of this growth is regionally in Asia, which has grown slower than expected at the beginning of the year. While oil supply growth is largely in areas not capped by OPEC-plus, tanker demand, particularly the we are better off when the cartels production also grows. It's a heavy election year worldwide and results could indirectly impact our tanker demand.

這一增長的很大一部分來自亞洲地區，該地區的增長速度低於年初的預期。雖然石油供應成長主要發生在不受歐佩克+限制的地區，但油輪需求，特別是當卡特爾產量也成長時，我們的境況會更好。今年是全球大選的重要一年，選舉結果可能間接影響我們的油輪需求。

While Seaways has benefited by geopolitical events that have caused disruptions to both crude and product tanker trade, it is important to recognize that these events have not defined tanker earnings but merely bolstered a fundamentally strong market. The graph at the bottom of the slide show that the growth in oil demand and seaborne transportation of crude oil and refined products looks to remain healthy over the next few years.

雖然Seaways受益於對原油和成品油輪貿易造成乾擾的地緣政治事件，但重要的是要認識到這些事件並沒有定義油輪收入，而只是支撐了一個基本上強勁的市場。幻燈片底部的圖表顯示，未來幾年石油需求以及原油和成品油海運的成長看起來將保持健康。

On slide 6, strong tanker market naturally would dictate more ordering and the order book has grown to about 11% of the total fleet. However, ships on order, as we show at the bottom left hand of the page, are not enough to replace a fleet that is aging significantly. The average age of the tanker fleet today is over 13 years old and is likely to get older with so few newbuilding deliveries.

在幻燈片 6 中，強勁的油輪市場自然會帶來更多訂單，訂單量已增長至船隊總數的 11% 左右。然而，正如我們在頁面左下角所示，訂購的船舶不足以取代嚴重老化的船隊。如今，油輪船隊的平均船齡已超過 13 年，由於新船交付量極少，船隊的平均船齡可能會進一步增長。

Generally, older ships have less efficiency and less utilization. With a greater percentage of the fleet in this vintage, the industry needs more shifts to cover the increase in seaborne demand. Different from other cycles, the longer lead time in our order book can limit the new orders today, especially when factoring in pending environmental regulations.

一般來說，較舊的船舶效率較低，利用率較低。由於本年份船隊比例較大，該產業需要更多班次來滿足海運需求的成長。與其他週期不同，我們的訂單中較長的交貨時間可能會限制今天的新訂單，特別是在考慮到懸而未決的環境法規時。

Overall, this sets the stage for a continued strong up cycle over the next few years and Seaways will capitalize on these market conditions. You can count on us to utilize our balanced capital allocation approach through New York fleet and adapt to industry conditions with a strong balance sheet while returning to shareholders.

總體而言，這為未來幾年持續強勁的上漲週期奠定了基礎，Seaways 將充分利用這些市場條件。您可以信賴我們透過紐約機隊利用平衡的資本分配方法，並透過強大的資產負債表來適應產業狀況，同時回報股東。

I'll now turn it over to our CFO, Jeff Pribor, to provide the financial review. Jeff?

現在，我將把它交給我們的財務長傑夫·普里博 (Jeff Pribor)，以提供財務審查。傑夫？

Thank you, Lois, and good morning, everyone. On slide 8. Net income for the second quarter was $145 million, or $2.91 per diluted share. This includes gains on vessel sales and a provision for the settlement of our UK multi-employer pension plan. Excluding these impacts, our net income was $118 million.

謝謝你，路易斯，大家早安。在投影片 8 上。第二季淨利為 1.45 億美元，或攤薄後每股收益 2.91 美元。這包括船舶銷售收益以及英國多雇主退休金計畫的結算準備金。排除這些影響，我們的淨利潤為 1.18 億美元。

On the upper right chart, adjusted EBITDA for the second quarter of 2024 was $167 million. We've provided a reconciliation from reported earnings to adjusted earnings. Yes, our expense guidance for the second quarter felt RC within the range of expectations, but I'd like to highlight certain aspects within our ecosystem.

在右上圖表中，2024 年第二季調整後 EBITDA 為 1.67 億美元。我們提供了報告收益與調整後收益的調節表。是的，我們對第二季的費用指導感覺 RC 在預期範圍內，但我想強調我們生態系統中的某些方面。

At the time of our last earnings conference call, we guided toward 359 days of off-hire planned drydockings to repairs. As outlined in the appendix, our actual off-hire time was 559 days . About half of the 200 day difference relates to dockings that we moved forward into the second quarter have both of these vessels delivering into time charters early in the third quarter.

在我們上次召開財報電話會議時，我們指導停租計畫的干塢維修時間為 359 天。如附錄所述，我們的實際停租時間為 559 天。200 天的差異中約有一半與我們提前到第二季的對接有關，這兩艘船均在第三季初交付期租。

Another 60 days of additional off-hire time relates to repair work, which was generally one-off in nature to maintain safe and reliable operations. The remaining 40 days relate to some additional positioning and adapting of our vessels in order US West Coast training for our costs environment business continues to prosper.

另外 60 天的額外停租時間與維修工作有關，這通常是一次性的，以維持安全可靠的運作。剩下的 40 天涉及對我們的船舶進行一些額外的定位和調整，以便我們的成本環境業務在美國西海岸的培訓繼續蓬勃發展。

Nearly $14 million of revenue in the quarter, combined with about $3 million vessel expenses, $4 million in charter hire $1 million of G&A. The lightering business contributed about $6 million EBITDA second quarter brought its year to date EBITDA contribution to just about $13 million.

本季收入近 1,400 萬美元，加上約 300 萬美元的船舶費用、400 萬美元的租船費用以及 100 萬美元的一般管理費用。第二季度，駁運業務貢獻了約 600 萬美元的 EBITDA，使其年初至今的 EBITDA 貢獻僅約 1,300 萬美元。

Turning to our cash bridge on slide 9, we began the quarter with total equity of $626 million proposed of $250 million in cash and $411 million in undrawn revolving capacity. Following on the chart from left to right on the cash bridge, we first had $167 million in adjusted EBITDA in the second quarter, plus $24 million in debt service, plus our drydock and capital expenditures of $15 million and then add working capital benefits largely due to the collection of receivables of approximately $28 million.

轉向幻燈片 9 上的現金橋樑，本季開始時，我們提議的總股本為 6.26 億美元，其中現金為 2.5 億美元，未動用循環能力為 4.11 億美元。按照現金橋上從左到右的圖表，我們先在第二季調整後EBITDA 為1.67 億美元，加上2,400 萬美元的償債，加上我們的乾船塢和資本支出1,500 萬美元，然後加上主要由於的營運資本利得收回約2,800萬美元的應收帳款。

We therefore achieved our definition of free cash flow of $154 million for the second quarter. This represents an annualized cash flow yield of about 20% on today's share price. The remaining bars in the cash bridge reflect our capital allocation. We spent $175 million to acquire six eco MRs, which is net of $35 million of share value issued to the sellers in the form of 624,000 shares.

因此，我們對第二季自由現金流的定義為 1.54 億美元。以目前的股價計算，年化現金流收益率約為 20%。現金橋中的其餘條反映了我們的資本配置。我們花了 1.75 億美元收購了 6 個 eco MR，其中扣除額以 624,000 股形式向賣方發行的價值 3500 萬美元的股票。

We also sold two vessels during the quarter for $48 million and borrowed $50 million our new $500 million of revolving credit facility and funding for the MR's. In connection with the closing of the revolving credit facility, we increased our capacity by $150 million which was subsequently reduced to $100 million after drawing for the MR person.

我們還在本季以 4,800 萬美元的價格出售了兩艘船，並借用了 5,000 萬美元的新 5 億美元循環信貸額度和 MR 資金。隨著循環信貸便利的結束，我們的能力增加了 1.5 億美元，隨後在為 MR 人員提款後減少到 1 億美元。

And also we extinguished our ING term loan for $20 million. Lastly, we paid $1.75 per share or $87 million dividends during the quarter. These components led to ending liquidity of $682 million comprised of $176 million in cash and short-term investments and $506 million in revolving credit capacity.

我們也取消了 ING 的 2000 萬美元定期貸款。最後，我們在本季支付了每股 1.75 美元或 8700 萬美元的股息。這些組成部分導致期末流動性達到 6.82 億美元，其中包括 1.76 億美元的現金和短期投資以及 5.06 億美元的循環信貸能力。

Moving now to slide 10, we have a strong financial position detailed by the balance sheet on the left-hand side of the page. Cash and liquidity remained strong at $680 million. Vessels on the books at cost are approximately $2 billion versus current market values of over $3.7 billion.

現在轉到投影片 10，頁面左側的資產負債表詳細說明了我們的財務狀況。現金和流動性依然強勁，達 6.8 億美元。船舶帳面價值約為 20 億美元，而當前市場價值超過 37 億美元。

And with $720 million of gross debt at June 30, this equates to a net loan to value of right around 14%. Our debt at June 30, was 78% hedged to our fixed rates, leading to an all-in weighted average interest rate about 625 basis points or less than 100 basis points above today's so. In the table on the bottom right-hand side of the slide, our debt balances as of June 30, reflect the amend and extend a $750 million facility, which we now follow a $500 million RCF.

截至 6 月 30 日，總債務為 7.2 億美元，相當於淨貸款佔價值的 14% 左右。截至 6 月 30 日，我們的債務有 78% 採用固定利率對沖，導致總加權平均利率比今天高出約 625 個基點，即不到 100 個基點。在投影片右下角的表格中，我們截至 6 月 30 日的債務餘額反映了修改並延長了 7.5 億美元的貸款，我們現在遵循 5 億美元的 RCF。

As Lois mentioned before, this facility has no mandatory debt, generating a savings of about $80 million per year. It also increases our free cash flow generation by the same $80 million per year in mandatory repayments are included as part of the service calculating free cash.

正如 Lois 之前提到的，該設施沒有強制性債務，每年可節省約 8000 萬美元。它還將我們的自由現金流量增加了每年 8000 萬美元的強制還款，作為計算自由現金服務的一部分。

We continue to enhance our balance sheet to create the financial flexibility necessary to both facilitate growth and provide returns to shareholders. We have $506 million in undrawn revolvers. Our nearest maturity in the portfolio isn't until the next decade. We continue to lower our breakeven costs and we share in the upside with double-digit returns to shareholders. On the last slide that I'll cover.

我們繼續增強資產負債表，以創造必要的財務靈活性，以促進成長並為股東提供回報。我們還有價值 5.06 億美元的未拔出左輪手槍。我們的投資組合最近的成熟期要到下一個十年。我們持續降低損益平衡成本，並以兩位數的股東回報分享收益。在我將介紹的最後一張投影片上。

Slide 11 reflects our forward-looking guidance that book to date TCE lie with our spot cash breakeven rate. Starting with TCE fixtures for the third quarter of 2024. We can see some seasonality returning to the tanker markets. While I will remind you that actual TCE we report in our next earnings call may be different. As of today, we have a blended average spot TCE of about $37,300 per day, meanwhile so far for this quarter.

投影片 11 反映了我們的前瞻性指導，即迄今為止的 TCE 帳面價值取決於我們的現貨現金損益平衡率。從 2024 年第三季的 TCE 賽程開始。我們可以看到油輪市場恢復了一些季節性。不過我要提醒您的是，我們在下一次財報電話會議中報告的實際 TCE 可能會有所不同。截至今天，本季到目前為止，我們的混合平均現貨 TCE 約為每天 37,300 美元。

On the right-hand side of the slide, you can see our forward spot breakeven rate is now under $13,400 per day, proposed of a split wide breakeven of about $16,000 per day less the effect of nearly $2,800 per day time charter revenues. As a result, based on our spot TCU book to date and our spot breakeven, it looks like Seaways generates significant free cash flow during the third quarter.

在幻燈片的右側，您可以看到我們的遠期即期盈虧平衡率現在低於每天13,400 美元，建議每日約16,000 美元的廣泛盈虧平衡，減去每天近2,800 美元的定期租船收入的影響。因此，根據我們迄今為止的現貨 TCU 帳簿和現貨盈虧平衡，Seaways 在第三季度似乎產生了大量自由現金流。

On the bottom left-hand side of the chart, we provide some updated guidance for our expenses in the third quarter as well as our estimates for 2024. We also include in the appendix of quarterly expected off-hire for the rest of the year, significant lower than previously guided due to changes in our drydock schedule and the CapEx schedule for 2024. I don't plan to read in each side line by line, but encourage you to use these for modeling purposes.

在圖表的左下角，我們提供了第三季支出的一些最新指導以及 2024 年的估計。由於我們的乾船塢計劃和 2024 年資本支出計劃的變化，我們還在附錄中納入了今年剩餘時間的季度預期停租，該數字顯著低於先前的指導。我不打算逐行閱讀每一面，但鼓勵您將它們用於建模目的。

That concludes my remarks, and I'd now like to turn the call back to Lois for closing comments.

我的演講到此結束，現在我想將電話轉回給路易斯，讓其發表最後評論。

Thank you very much, Jeff. On slide 12, we have provided you with Seaways investment highlights, summarizing briefly. Over the last seven years, International Seaways has built a track record of returning to shareholders, maintaining a healthy balance sheet and growing the company.

非常感謝你，傑夫。在投影片 12 中，我們為您提供了 Seaways 的投資亮點，並進行了簡要總結。在過去的七年裡，國際海運公司在回報股東、維持健康的資產負債表和發展公司方面建立了良好的記錄。

Our total shareholder return is nearly 500% since our inception, representing a 23% compounded annual return. Over the last 12 months, our combined dividend of $5.82 per share represents a 12% yield on our average share price over that time. We continue to make strides to keep our fleet age below the global tanker average in what we see as a sweet spot for tanker investments and returns.

自成立以來，我們的股東總回報率接近 500%，複合年回報率為 23%。在過去 12 個月中，我們每股 5.82 美元的合併股息相當於我們同期平均股價的 12% 收益率。我們繼續努力將我們的船隊年齡保持在全球油輪平均水平以下，我們認為這是油輪投資和回報的最佳點。

We've invested in a range of tanker classes casting a wider net for growth opportunities and supplementing our scale in each class by operating in leading pools. We keep our balance sheet fortifying for any down cycle. We have over $500 million in undrawn credit capacity to support our growth.

我們投資了一系列油輪類別，為成長機會撒下更廣泛的網，並透過在領先的池中運作來補充我們每個類別的規模。我們保持資產負債表穩健，以應對任何下行週期。我們有超過 5 億美元的未動用信貸能力來支持我們的成長。

Our net debt is 14% of the week's current value and we have 34 tankers that are unencumbered. Lastly, our spot tanker we only earned $13,400 per day to break even in the next 12 months. At this point in the cycle, we expect to continue generating cash that we will put to work to create value for the company and for our shareholders.

我們的淨債務是本週當前價值的 14%，我們有 34 艘油輪沒有負擔。最後，我們的現貨油輪每天僅賺取 13,400 美元，在接下來的 12 個月內達到收支平衡。在周期的這個階段，我們預計將繼續產生現金，我們將利用這些現金為公司和股東創造價值。

Thank you. And with that said, operator, we'd like to open the lines up for questions.

謝謝。話雖如此，接線員，我們願意開放提問隊列。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

I appreciate it. Thank you, guys. So I wanted to go back to the dry-docking days if I could, Jeff, you'd mentioned that you pulled some of those forward for them ahead of time charters. But still in aggregate, the number went down by more than 100 days for the year. Just curious if or is some of that being pushed into next year? Or is it just less than you thought last quarter so well, yes.

我很感激。謝謝你們，夥計們。所以，如果可以的話，我想回到乾塢時代，傑夫，你提到你在定期租船之前提前拉了一些他們。但總體而言，全年這一數字仍減少了 100 多天。只是好奇其中的一些是否會被推到明年？或者只是沒有你想像的上個季度那麼好，是的。

Well, yes, so for this quarter, I think the point is off-hire was 200 days more than we had provided in the last quarterly conference call before. So of that, yes, if you look at the full year, we are up now with our guidance for the full year. So some of it is affects the year, but some of it is just timing between quarters.

嗯，是的，所以對於本季度，我認為停租時間比我們之前上一次季度電話會議中提供的時間多了 200 天。因此，是的，如果你看看全年，我們現在就給出了全年的指導。因此，其中一些會影響全年，但有些只是季度之間的時間安排。

And that's the main point we want to make is that's not something you could have seen before we put out the information today. So I wanted in my remarks to make clear that part of the off-hire is just timing and a little bit of positioning of vessels comparing that.

我們想要表達的要點是，在我們今天發布資訊之前，您不可能看到這一點。因此，我想在發言中明確表示，停租的部分原因只是時間安排和船舶定位的一些比較。

And it was just sort of opportunistic sorry it was just opportunistic. Yes. Okay. All right.

這只是一種機會主義，抱歉，這只是機會主義。是的。好的。好的。

One of the things -- I was just going on supplemental one of the things we are focusing on those Aframaxes is, getting them into and position for that West Coast trade and those in particular were a couple of vessels that we were preparing with an extra dry docking

其中一件事 - 我只是繼續補充我們關注這些阿芙拉型油輪的事情之一是，讓它們進入西海岸貿易並為其定位，特別是我們正在準備額外的幾艘船幹船塢

Got you. Sorry, Lois, you said the Aframax is there?

明白你了。抱歉，路易斯，你說阿芙拉型油輪在那裡？

Yes. We are positioned now with that tool that we've put together with Ultra Chile and have those stuffs out there, and we will try to take advantage of that TMX trade as that develops.

是的。我們現在已經定位在與 Ultra Chile 合作的工具，並擁有這些東西，隨著 TMX 交易的發展，我們將嘗試利用這筆交易。

Got you. And that actually leads to my second question. It seems like the Aframaxes in particular, have been below sort of market levels. And I appreciate that they're a little bit older maybe than average, but it was part of that and as part of that even in the third quarter, simply a function of the shifting around of the fleet and maybe some of that dry docking. And going forward, we should expect those to be a little bit more similar to market rates, would you think?

明白你了。這實際上引出了我的第二個問題。看起來特別是阿芙拉型油輪的價格一直低於市場水準。我很欣賞他們的年齡可能比平均水平要大一些，但這是其中的一部分，甚至在第三季度也是其中的一部分，這只是艦隊轉移的函數，也許還有一些乾船塢的作用。展望未來，我們應該預期這些利率與市場利率更相似，您認為嗎？

Ben, it's Derek Solon. I'll take that one, if I can. You kind of answered the question for us. That's exactly right. So we've taking advantage of our JV partners where we even before this Aframax pool, we've had two pools with Ultra Chile that specialize on the West Coast of the Americas with Panamax International and CPTA.

本，我是德瑞克‧索倫。如果可以的話，我會接受那個。您為我們回答了這個問題。完全正確。因此，我們充分利用了合資夥伴的優勢，甚至在阿芙拉型散裝貨船池之前，我們就與 Ultra Chile 合作建立了兩個專門針對美洲西海岸的巴拿馬型散裝貨船池和 CPTA 池。

So as TMX was coming to fruition, we've made the call to start Aframax International, so we could take advantage of. One, hopefully, the TMX trade, but two, just the relationships that have been built over years with those joint venture pools.

因此，隨著 TMX 即將取得成果，我們呼籲啟動阿芙拉型油輪國際公司，以便我們能夠利用這一優勢。一是 TMX 交易，二是多年來與這些合資企業建立的關係。

What that meant though for the first half of the year is advancing dry docks, doing a little bit more work to be ready for the West Coast trade. And the real pain point was dry-docks in the East that we had to then get the ships to the West Coast of the Americas. So that was a lot of positioning training to get this new pool off the ground.

但這意味著今年上半年正在推動乾船塢，做更多的工作，為西海岸貿易做好準備。真正的痛點是東部的乾船塢，然後我們必須將船隻運送到美洲西海岸。為了讓這個新泳池啟動，需要進行大量的定位訓練。

Got it. Okay. That's very helpful and appreciate that. And then lastly for me, if I could you just bigger picture, you know, we talk about all the aging fleet and there's the dark fleet and all of this kind of thing, although it seems like there's been a little bit more cracking down on that.

知道了。好的。這非常有幫助並且很感激。最後對我來說，如果我能讓你看得更遠一點，你知道，我們談論所有老化的艦隊，還有黑暗艦隊和所有這類的事情，儘管似乎對它們的打擊力度更大了一些那。

Do you think there's much of a chance that we begin to see some of these older assets actually leaving leaving trade and being scrapped even in a high market? Or is it probably just market related other than maybe ones and twos. So curious if you think that we're beginning to get to maybe a tipping point with respect to the age of the assets in the broader fleet.

您是否認為我們有很大可能開始看到這些舊資產中的一些實際上離開貿易並被報廢，即使在市場高漲的情況下也是如此？或者它可能只是與市場相關，而不是與一些因素有關。如果您認為我們可能開始達到更廣泛機隊中資產年齡的臨界點，那麼很好奇。

Ben it's definitely something that we watch constantly. And when we look at the supply side, you take the piece where you have the number one delivery and single digits next year. So you know, you're looking at very little new buildings coming in the market.

本，這絕對是我們經常關注的事情。當我們看供應方面時，你會看到明年交付量第一且個位數的部分。所以你知道，你看到市場上的新建築很少。

I kind of expect Believe it or not or E&O the in two years today, though total tanker fleet in the world over 13 years. I think in two years it's going to be over 15 years. And then we're only in the mid innings. We believe this very structurally on strong cycle. And, you know, unless others can't trade at all, I don't expect them to leave the fleet a bit. And, eventually that will come home to roost.

不管你信不信，我預計 E&O 會在兩年內實現這一目標，儘管全球油輪船隊總數已超過 13 年。我想兩年後就會超過15年。然後我們才進入中局。我們相信這在結構上是強週期的。而且，你知道，除非其他人根本無法交易，否則我不指望他們會離開艦隊一點點。而且，最終這將會得到應有的回報。

Okay.

好的。

Ben, another point is the older vessel system have a lower utilization in and of itself because of their age. So while it's not scrapping older vessels or have less utilization. So the fleet shrinks naturally.

Ben，另一點是較舊的船舶系統由於其年齡而本身利用率較低。因此，雖然它沒有報廢舊船或利用率較低。那麼船隊自然就縮小了。

Sure. That's a good point. All right. I appreciate. Thank you, guys.

當然。這是一個很好的觀點。好的。我很欣賞。謝謝你們，夥計們。

Thank you, Ben.

謝謝你，本。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hey, good morning, everybody, and thanks for taking my questions.

嘿，大家早上好，感謝您回答我的問題。

Good morning.

早安.

Hi Jeff, maybe this is a question for you, but just looking at the summer pullback here in rates, and then as that relates to the share price on, could you look towards the $50 million repurchase program here to take advantage of the it seems like an attractive discount to NAV. How are you thinking about, I guess, the trade-off between the quarterly dividend and potential repurchases here

嗨，傑夫，也許這對你來說是一個問題，但只要看看夏季利率的回調，然後由於這與股價有關，你是否可以考慮這裡的 5000 萬美元回購計劃，以利用似乎比如相對資產淨值的有吸引力的折扣。我想，您如何考慮季度股息和潛在回購之間的權衡

Hi Chris, so look, we think it's important to have a share repurchase program in place, and we not long refresh the amount from our last repurchases. So we do have a solid $50 million in place. And as always, we will look at that opportunistically. But we stuck with the dividend.

嗨，克里斯，所以你看，我們認為制定股票回購計劃很重要，而且我們很快就會刷新上次回購的金額。所以我們確實有 5000 萬美元的資金到位。一如既往，我們會機會主義地看待這個問題。但我們堅持派發股息。

What we're striving for with that is a measure of transparency, consistency and a really solid yield a return to shareholders. And I think we've shown that the transparency is based on always being at least 50% of net income, which is an easy statistic for people to wrap their minds rather or look up in whatever source they want and consistency for straight quarters of it.

我們所努力的目標是衡量透明度、一致性以及為股東帶來真正可靠的回報。我認為我們已經表明，透明度始終至少佔淨利潤的 50%，這是一個很容易讓人們思考的統計數據，而不是查找他們想要的任何來源，並且連續幾個季度的一致性。

That's a measure of consistency and solid yield always mentioned in her remarks said it's still double digits 12% in the last 12 months. So we think that's good capital allocation, but with our to answer your question again with the share repurchase program in place and our low leverage and a lot of liquidity, yes, we will monitor the share price and that's certainly an option available to us going forward.

這是衡量一致性和穩定收益率的指標，她在演講中經常提到，稱過去 12 個月的收益率仍為兩位數，即 12%。因此，我們認為這是很好的資本配置，但是隨著我們再次回答您的問題，股票回購計劃已經到位，我們的槓桿率很低，流動性很高，是的，我們將監控股價，這當然是我們可以選擇的一個選擇向前。

Got it. All right. Thank you for that. My next question is just around the cash breakeven here which is at very low levels relative to history. Looking at your expectations for OpEx and the inflation going forward, do you think you can maintain the cash breakeven where it is today and what would be the main drivers do you think of upward pressure on that number from where we are today?

知道了。好的。謝謝你。我的下一個問題是關於這裡的現金損益平衡點，相對於歷史而言，這個損益平衡點處於非常低的水平。考慮到您對未來營運支出和通膨的預期，您認為您可以維持目前的現金收支平衡嗎？

Well, I would say basically when you talk about where we see, I think some of the inflation creep in in transportation expenses and shifting crew on Unit seven availability at times of drydock where because the world is really busy. And but we think that we can hold the line on that in, you know, the in the appendix, we give you some expense our guidance for the remainder of the year, and we look to be able to hold that line.

好吧，我想說，基本上，當你談論我們所看到的情況時，我認為一些通貨膨脹會滲透到運輸費用和乾船塢期間第七號機組的輪班人員上，因為世界真的很忙。但我們認為我們可以堅持下去，在附錄中，我們為您提供了今年剩餘時間的一些費用指導，我們希望能夠堅持這一立場。

Got it. Sounds good. Lois Thank you for that. I'll turn it over.

知道了。聽起來不錯。路易斯謝謝你。我會把它翻過來。

Omar, from Jefferies.

奧馬爾，來自杰弗里斯。

Thank you. Hey, guys. Good morning. A couple of questions from my side. Just wanted to ask are we talking about the tanker market and Richard are clearly softer at the moment. Seasonally, it looks like and both crude and product are lower than where they were in the first half and just wanted to get your sense, you know, as we move through the final here four or five months of the year, how do you see both crude and product faring.

謝謝。嘿，夥計們。早安.我這邊有幾個問題。只是想問我們是否在談論油輪市場，而理查德目前顯然更加疲軟。從季節性來看，原油和成品油似乎都低於上半年的水平，只是想了解一下您的感覺，您知道，當我們進入今年四五個月的最後階段時，您如何看待原油和成品油的價格。

I guess one, perhaps an easy question is do you see a rise in rates in the coming months in both segments and into? And do you think there's one that's going to lead the other.

我想，也許一個簡單的問題是，您認為未來幾個月這兩個細分市場的利率都會上升嗎？你認為其中一個會領導另一個嗎？

You put a lot in there, Omar. How are you? It's Lois. So as we look at the year in crude and products and definitely we've seen seasonality creep into our markets here in the third quarter. Nonetheless, while it doesn't look like there will likely be more than 2 million barrels a day of oil demand growth for the year.

你在那裡投入了很多，奧馬爾。你好嗎？是洛伊斯。因此，當我們回顧今年的原油和產品時，我們確實看到季節性因素在第三季滲透到了我們的市場。儘管如此，雖然看起來今年的石油需求成長不太可能超過每天 200 萬桶。

There is certainly will be more than 1 million barrels per day and maybe around 1.5 million in oil demand growth that's the fundamentals of kind of where we start. The markets have been pretty consistent this year when we look at it. I mean I would say crude may have a little more products.

石油需求的成長肯定會超過每天 100 萬桶，也許大約 150 萬桶，這是我們開始的基本面。當我們觀察時，今年的市場相當穩定。我的意思是我想說原油可能有更多的產品。

And you look at the Q3 numbers, you're looking at 35 a day for what has been booked on the MRs, right, that we put in our charts. So that's really quite strong and then I'll have Derek jump in there on there still is an expectation in the second half for demand increase.

你看一下第三季的數字，你會發現每天 35 個 MR 上的預訂量，對吧，我們放在圖表中。因此，這確實非常強勁，然後我會讓德里克加入進來，因為下半年需求仍然會增加。

Thanks, Omar. Thanks, Lois. I think you said it great, right? We've seen a return to seasonality that we haven't really seen since sort of COVID recovery in the tanker markets and the Russian Ukrainian invasion. So some seasonality is not necessarily a bad thing for the markets, right?

謝謝，奧馬爾。謝謝，路易斯。我覺得你說得很好，對吧？我們已經看到了自油輪市場的新冠疫情復甦和俄羅斯烏克蘭入侵以來從未真正見過的季節性回歸。因此，某些季節性因素對市場來說不一定是壞事，對吧？

We see a softer summer in June and July, but Omar we've already seen increased OPEC plus crude exports for August almost 2 million barrels a day more than say compared to July. So that sort of push of crude supply should help the crude markets a great deal into the fourth quarter, couple that with some of the earlier comments on the order book.

我們預計 6 月和 7 月的夏季會較為疲軟，但奧馬爾我們已經看到 OPEC 加上 8 月的原油出口量比 7 月增加了近 200 萬桶/日。因此，這種原油供應的推動應該會對第四季的原油市場有很大幫助，再加上先前對訂單的一些評論。

There's a V to deliver this year. There's five Vs to deliver this year. So do you see some upside in the winter months for the crude sector? For sure.

今年有一個V要交付。今年有五個 V 需要交付。那麼您認為原油產業在冬季有一些上漲空間嗎？一定。

Got it. Thank you. That's helpful. Color set though, a couple of million barrels more here in August versus July should start to tighten the market. And I guess presumably then that means crude tankers will lead the lead the charge potentially as we as we move forward.

知道了。謝謝。這很有幫助。不過，從顏色來看，8 月比 7 月增加了幾百萬桶，應該會開始收緊市場。我想這意味著原油油輪可能會在我們前進的過程中帶頭衝鋒。

But I think that if we look at the V's promo that they've got sort of the most room to come up, right? I mean the MRs, 38, Q1 35, Q2, mid-30's booked for Q3 so far. That's historically very, very strong for the MRs. So we don't see anything softening that per se, but I think that the crude will have to lead sort of the increase because they've got the most room to go up.

但我認為，如果我們看一下 V 的宣傳片，就會發現他們有最大的發展空間，對嗎？我的意思是 MR、38、Q1 35、Q2、30 中的人到目前為止已經預訂了 Q3。從歷史上看，這對於 MR 來說是非常非常強大的。因此，我們本身並沒有看到任何疲軟的情況，但我認為原油價格將不得不引領上漲，因為它們有最大的上漲空間。

Yes, good point. Obviously, mid 30s on the MRs in a seasonal soft period is obviously not too shabby.

是的，好點。顯然，在季節性疲軟時期，30 多歲的 MR 顯然不算太寒酸。

That's going to be --

那將會是--

Yes. Just Lois, you just mentioned in the appendix. I just wanted to ask, the guidance on, say, OpEx, I'm not sure if I'm looking at it the right way of calculating it correctly, but it feels like perhaps maybe the running costs on the ships are going to be maybe $500 a day lower, if not, maybe $1,000. Does that sound right, at least in relation to say the first half, do you think this is a new baseline or should we just kind of think about the average for the full year as more indicative?

是的。路易斯，你剛剛在附錄中提到過。我只是想問，關於運營支出的指導，我不確定我是否以正確的方式看待它，但感覺船上的運營成本可能會是一天可能會低 500 美元，如果沒有的話，可能會低 1,000 美元。這聽起來是否正確，至少就上半年而言，您認為這是一個新的基準，還是我們應該考慮全年的平均值更具指示性？

What I would say, Omar, is that I think that in the second half we were very stable overall. And then I'd like to have Tom come back and kind of maybe look at the first half to second half. But basically we look at pretty stable OpEx overall and it is that we're going to have nobody has taken a decrease when we are looking at stable OpEx. So we'll come back just to bridge that with to get into those numbers a little bit, if that's okay with you.

奧馬爾，我想說的是，我認為下半場我們整體非常穩定。然後我想讓湯姆回來看看上半場到下半場。但基本上，我們總體上關注相當穩定的營運支出，當我們專注於穩定的營運支出時，我們不會發現任何人都出現下降。因此，如果您同意的話，我們會回來稍微了解一下這些數字。

Totally fair. I appreciate it. Thank you. I'll pass it over.

完全公平。我很感激。謝謝。我會把它傳過去。

Thank you, Omar.

謝謝你，奧馬爾。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hi. Good morning. Thanks for taking my question. In your prepared remarks, you highlighted your liquidity position which is approaching about $700 million by the end of August. That's a lot of dry powder and looking beyond the next two years when yards look back up, I'm wondering if you see long-term growth opportunities on the crude side, the product side or if you would consider something entirely different. I think you've already covered share repurchases, but something different given where asset prices for both are?

你好。早安.感謝您提出我的問題。在您準備好的發言中，您強調了截至 8 月底您的流動性頭寸已接近 7 億美元左右。這是很多乾粉，展望未來兩年，當船廠回升時，我想知道您是否看到原油方面、產品方面的長期成長機會，或者您是否會考慮完全不同的東西。我認為您已經討論了股票回購，但考慮到兩者的資產價格，有什麼不同嗎？

Thank you, Sherif. So I'll flip it to Jeff in a moment. What we would say is that we took delivery of three new Bs in 2023, dual-fuel LNG on those. We are building six of these LR1s and we've been selling MRs are older and bringing in the more modern ones. So we don't feel like there's a half to here.

謝謝你，謝里夫。我稍後會將其轉給傑夫。我們想說的是，我們在 2023 年接收了三艘新 B 船，其中包括雙燃料液化天然氣。我們正在建造六架這樣的 LR1，我們一直在銷售較舊的 MR，並引進更現代的 MR。所以我們不覺得這裡有一半。

What we really like is having that balance sheet in beautiful shape where you do have that undrawn revolving credit facility there where if you do see an opportunity, we can take advantage of that and we are in both crude and product. We don't we are not planning to take a sharp rate turn into another particular space at the moment. And then Jeff, did you want to talk at all about our liquidity or..

我們真正喜歡的是擁有良好的資產負債表，在那裡你確實擁有未提取的循環信貸額度，如果你確實看到了機會，我們可以利用它，我們在原油和產品方面都如此。我們不知道，我們目前不打算急劇轉向另一個特定空間。然後傑夫，你想談談我們的流動性還是…

just to say that liquidity is optionality, so we're happy with the low levels of debt. We've got at 14% above the value of what sub debt. A lot of debt we have left is so-called high-quality debt that we would want to pay off. Once again, it provides a greater return on the equity.

只是說流動性是可選的，所以我們對債務水平較低感到滿意。我們的次級債務價值高出 14%。我們剩下的許多債務都是我們想要償還的所謂高品質債務。它再次提供了更大的股本回報。

So what we've been able to do is establish a lot of liquidity through the undrawn revolver as you noticed, but also we have 34 unencumbered vessels. So that's another form of liquidity to provide optionality or whenever it comes back, we're prepared for it options when we see attractive transactions available to us.

正如您所注意到的，我們能夠做的就是透過未提取的左輪手槍建立大量流動性，而且我們還有 34 艘未支配的船隻。因此，這是提供選擇性的另一種形式的流動性，或者每當它回來時，當我們看到可供我們使用的有吸引力的交易時，我們就為它的選擇做好了準備。

Got it. And then drilling a little deeper on Omar's question about the market. Last week, Nigeria allowed the Dangote refinery to buy crude directly from NNPC, so it can ramp faster. And I'm curious how you see that affecting crude versus product flows. And any color on how that refinery has already impacted the Atlantic trade would be helpfu

知道了。然後更深入探討奧馬爾關於市場的問題。上週，奈及利亞允許丹格特煉油廠直接從 NNPC 購買原油，因此可以更快地提高產能。我很好奇你如何看待這對原油和產品流量的影響。關於該煉油廠如何影響大西洋貿易的任何顏色都會有所幫助

So Dangote is putting out some diesel. It's supposed to have a total of 600,000 barrels a day of capacity, which I do believe one day they will utilize. But I think we're looking more at around 100,000 barrels a day of where you're seeing some exports coming out and a lot of that's been diesel and you have seen an effect on the worldwide diesel margins that has gone down and have now bounced back a little bit.

所以丹格特正在生產一些柴油。它每天的總產能應該是 60 萬桶，我相信有一天他們會利用這個產能。但我認為我們更專注於每天大約 100,000 桶，您會看到一些出口，其中很多是柴油，您已經看到了對全球柴油利潤率的影響，該利潤率已經下降，現在已經反彈向後退一點。

So we've also seen in the market some of the imported Dangote crude, which they will continue to do. I think it will be around 25%-ish that they plan to take from Nigeria. So I think that it's early days in Dangote and that's an evolving situation. Derek, any more flavor on that?

因此，我們在市場上也看到了一些進口丹格特原油，他們將繼續這樣做。我認為他們計劃從尼日利亞拿走大約 25% 左右。所以我認為丹格特現在還處於早期階段，而且情況正在不斷變化。德瑞克，還有更多的味道嗎？

Not particularly, I mean, we have seen a good deal of imported crude into Dangote day as the facility was getting up and running, how long we expect that to continue because always debatable being Nigeria, okay, producing exporting nations. So we were happy to see it when we have it.

我的意思是，隨著該設施的啟動和運行，我們在丹格特當天看到了大量進口原油，我們預計這種情況會持續多久，因為尼日利亞是生產出口國，這一點始終存在爭議。因此，當我們擁有它時，我們很高興看到它。

So we expect that to drop off to zero anytime soon. And I think originate you've got the right question in terms of what that will do to clean product trades in the Atlantic Basin, and we still need a little bit of time to tell.

因此，我們預計這一數字很快就會降至零。我認為，關於這將如何清潔大西洋盆地的產品貿易，您已經提出了正確的問題，我們仍然需要一點時間來說明。

Got it. That's great color. Thanks, everyone.

知道了。那顏色真棒。謝謝大家。

Thank you.

謝謝。

(Operator Instructions) Liam Burke, B. Riley .

（操作員說明）Liam Burke、B. Riley。

Good morning, Lois. Good morning, Jeff. Lois, you added two more MRs if there's a time charter market. Are you seeing increased step-up in demand for -- from the shippers for to secure tonnage on a longer-term basis?

早安，路易斯。早安，傑夫。Lois，如果有期租市場，您又增加了兩個 MR。您是否看到托運人對長期確保噸位的需求增加？

No, Liam, we've got a total of 15 vessels on time charter and we look to look for something that's going to lock in more than you had very strong spot market rates, do we look for a multiyear period and when when Derek can lock it in and above long-term averages, Gino, then we go ahead to that. We have about 20% of the fleet on time charter rating now.

不，利亞姆，我們總共有 15 艘定期租船，我們希望尋找能夠鎖定比您非常強勁的現貨市場價格更多的東西，我們是否尋找多年期以及何時德里克可以將其鎖定在長期平均水平以上，吉諾，然後我們就繼續這樣做。目前，我們約有 20% 的船隊處於期租狀態。

So we've got some strong customer relationships and when they're looking to add in, then we will do that. And right now we're at a little bit of a steady state. I think if we see something now we'll go ahead and lock it in otherwise, I know you're in the summer and you know, it's even August. So it's you know, I'm thinking that everybody comes back in the queue later in Q3, and it's to work on now walking in their book.

因此，我們擁有一些強大的客戶關係，當他們想要加入時，我們就會這樣做。現在我們處於穩定狀態。我想，如果我們現在看到一些東西，我們就會繼續並將其鎖定，否則，我知道你現在是夏天，你知道，現在甚至是八月。所以你知道，我認為每個人都會在第三季晚些時候回到隊列中，現在要按照他們的書本進行工作。

Fair enough. Thank you. And on the MRs, you've got you still have a few older ones in the fleet. Are you balancing historically elevated rates with potentially divesting some of these older MRs and lowering the age of the fleet?

很公平。謝謝。在 MR 上，機隊中仍然有一些較舊的。您是否正在平衡歷史上較高的費率與可能剝離一些舊 MR 並降低機隊年齡的可能性？

Yes, Liam. So if you look at it, we've been steadily -- we call it pruning, selling four or five a year. Now you saw us bring in some more modern assets and then every one of these vessels that's in the spot market over the last year has brought in $7 million over breakeven level. So it's pretty stunning all around on the MRs. So the earnings potential is very strong. We divest some of the older, we bring in more modern. We feel pretty steady on it.

是的，利亞姆。所以如果你看一下，我們一直在穩定地——我們稱之為修剪，每年銷售四到五個。現在你看到我們引進了一些更現代化的資產，然後去年現貨市場上的每一艘船舶都帶來了超過盈虧平衡水準 700 萬美元的收入。因此，MR 上的一切都非常令人驚嘆。所以獲利潛力非常強勁。我們剝離了一些舊的，引入了更現代的。我們對此感覺相當穩定。

Great. Thanks, Lois

偉大的。謝謝，路易斯

Thank you, Liam.

謝謝你，利亞姆。

And that was our final question. I'll hand back over to the CEO, Lois Zabrocky, for any final remarks.

這是我們的最後一個問題。我將最後的評論交回給執行長 Lois Zabrocky。

We just want to thank everyone for joining us for really an eighth quarter of really strong returns to shareholders and we're looking forward to getting back together next quarter. So thank you very much. Enjoy the summer.

我們只想感謝大家加入我們，為股東帶來了真正強勁的第八季回報，我們期待下個季度再次聚在一起。非常感謝。享受夏天。

That does conclude today's conference call. Thank you for joining. You may now disconnect from the call.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開通話。