International Seaways Inc (INSW) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the International Seaways, Inc. Third Quarter 2024 Earnings Conference Call. My name is Carla, and I will be coordinating the call today. (Operator Instructions)

大家好，歡迎參加 International Seaways, Inc. 2024 年第三季財報電話會議。我叫卡拉，今天我將協調通話。（操作員說明）

I will now hand you over to your host, James Small, General Counsel at International Seaways to begin. James, please go ahead.

現在我將把你們交給東道主、國際海運公司總法律顧問詹姆斯·斯莫爾（James Small）開始。詹姆斯，請繼續。

Thank you. Good morning, everyone, and welcome to International Seaways earnings call for the third 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 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 年第三季財報電話會議。在我們開始之前，我想先向今天參加電話會議的每個人提供以下建議：在本次電話會議和隨附的演示中，管理層對公司或其所在行業做出前瞻性陳述。

Those statements may address, without limitation, the following topics: Outlooks for the crude and product tanker markets and changes in oil trading patterns; forecasts of world and regional economic activity and of the demand for and production of oil and other 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, TCE rates and capital expenditures; projected scheduled dry-dock and off-hire days; purchases and sales of vessels and construction of newbuild vessels, the company's consideration of strategic alternatives; anticipated financing transactions and plans to issue dividends, the company's relationship with its stakeholders, the company's ability to achieve its financing and other objectives; and other political, economic and regulatory developments globally.

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石油交易模式的變化；對世界和區域經濟活動以及石油和其他石油產品的需求和生產的預測；全球範圍內持續發生和可能發生的衝突的影響、公司的策略和業務前景、對收入和支出的預期，包括船舶、包租和一般管理費用；預計未來預訂量、TCE 費率和資本支出；預計的乾船塢和停租天數；船舶的採購和銷售以及新造船舶的建造，公司對策略選擇的考慮；預期的融資交易和發放股息的計劃、公司與利害關係人的關係、公司實現融資和其他目標的能力；以及全球其他政治、經濟和監管發展。

Any such forward-looking statements take into account various assumptions made by management based on a number of 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都考慮了管理層基於多種因素做出的各種假設，包括管理層的經驗和對歷史趨勢、當前狀況、預期和未來發展的看法，以及管理層認為在預測中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 that 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 reports on Form 10-Q for the first three quarters 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，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 年前三個季度10-Q 表格季度報告以及其他報告中描述的因素、風險和不確定性。

Now let me turn the call over to Ms. Lois Zabrocky, our President and Chief Executive Officer. 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 third quarter of 2024.

非常感謝你，詹姆斯。大家早安。感謝您參加 International Seaways 2024 年第三季財報電話會議。

Starting on slide 4 and noting our presentation can be found under Investor Relations on our website. Net income for the third quarter was $92 million or $1.84 per diluted share. Excluding the gains on vessel sales and other one-off items, adjusted net income for the third quarter was $78 million or $1.57 per share.

從幻燈片 4 開始，我們的簡報可以在我們網站的投資者關係下找到。第三季淨利為 9,200 萬美元，或攤薄後每股收益 1.84 美元。排除船舶銷售收益和其他一次性項目的收益，第三季調整後淨利為 7,800 萬美元，即每股 1.57 美元。

Our EBITDA was over $143 million with adjusted EBITDA at $130 million. Referencing our balance sheet on the upper right-hand chart, we have nearly $700 million in total liquidity, which includes over $540 million of undrawn revolver capacity, with our gross debt at $660 million and our net debt at $500 million, our net loan to vessel value is historically low at under 14%, with no maturity until the next decade and 34 unencumbered vessels, the cash breakeven on our spot fleet is under $13,500 per day.

我們的 EBITDA 超過 1.43 億美元，調整後的 EBITDA 為 1.3 億美元。參考右上角圖表中我們的資產負債表，我們擁有近7 億美元的總流動資金，其中包括超過5.4 億美元的未動用左輪手槍容量，我們的總債務為6.6 億美元，淨債務為5 億美元，我們的淨貸款為船舶價值處於歷史低位，低於14%，且要到下一個十年才會到期，並且有34 艘無負擔船舶，我們現貨船隊的現金盈虧平衡點每天低於13,500美元。

We referenced our fleet optimization on the lower left section of the slide, as we sold another vessel for $24 million in net proceeds. Overall, during 2024, we sold three 15-year-old MRs for a total of $72 million and acquired 6 MRs under 10 years old for $232 million partially funded by 624,000 shares issued in the second quarter.

我們在幻燈片的左下部分提到了我們的船隊優化，因為我們以 2400 萬美元的淨收益出售了另一艘船。總體而言，2024 年期間，我們以總計7,200 萬美元的價格出售了3 個擁有15 年歷史的MR，並以2.32 億美元的價格收購了6 個擁有10 年以下MR，部分資金來自第二季度發行的624,000 股股票。

On the lower right, using proceeds from our last vessel sale, we purchased and retired over 500,000 shares at an average price of under $50 per share. In the same quarter, we paid a combined dividend of $1.50 per share. This combined $100 million in returns to shareholders over the third quarter represented 84% of our adjusted net income from the prior quarter. Today, we announced a combined dividend of $1.20 per share, equating to over 75% of our third quarter adjusted net income.

在右下角，我們利用上次出售船舶的收益，以每股 50 美元以下的平均價格購買並退役了超過 500,000 股股票。同季度，我們支付了每股 1.50 美元的合併股息。第三季股東回報總計 1 億美元，占我們上一季調整後淨利的 84%。今天，我們宣布合併股息為每股 1.20 美元，相當於第三季調整後淨利潤的 75% 以上。

Over the last 12 months, Seaways has returned over 12% of our average market cap. We continue to believe in our balanced capital allocation approach, positioning the company for the future with opportunistic fleet renewal and enhancing our balance sheet, while sharing in our up cycle with a double-digit dividend yield to our shareholders.

在過去 12 個月中，Seaways 的回報率超過了我們平均市值的 12%。我們仍然相信我們平衡的資本配置方法，透過機隊更新和改善我們的資產負債表，為公司的未來定位，同時為股東提供兩位數的股息收益率，分享我們的上升週期。

On Slide 5, we've updated our set of bullets on tanker demand drivers with a subtle green up arrow next to the bullet represented as positive for tankers. The black dash is representing a neutral impact and a red down arrow meaning the driver is not positive for tanker demand.

在投影片 5 上，我們更新了一組關於油輪需求驅動因素的項目符號，在項目符號旁邊有一個微妙的綠色向上箭頭，代表對油輪的正面影響。黑色破折號代表中性影響，紅色向下箭頭表示駕駛對油輪需求不樂觀。

Pulling some highlights. Oil demand growth over the next two years is still at or above the growth rate over the last 30 years. While China has lost some steam in its oil demand growth, we're monitoring the impact of their announced stimulus, which has yet to be factored into oil demand forecast for 2025 and beyond.

拉一些亮點。未來兩年石油需求成長率仍將達到或高於過去30年的成長速度。儘管中國的石油需求成長失去了一些動力，但我們正在監測其宣布的刺激計劃的影響，該影響尚未納入 2025 年及以後的石油需求預測中。

During the third quarter, we saw weaker production from OPEC+ largely due to Libyan disruption. OPEC+ has now decided to hold off increasing output from December until January of 2025. The outcomes of elections worldwide may impact tanker demand and it remains uncertain how shifting world politics will ultimately impact us.

第三季度，我們看到歐佩克+的產量疲軟，主要是由於利比亞的破壞。OPEC+現已決定將12月增產延後至2025年1月。全球選舉的結果可能會影響油輪需求，但世界政治的變化最終將如何影響我們仍不確定。

Finally, at the bottom of the page, the chart shows OECD inventories with a slight build in the third quarter. US inventories, which are readily available each week has shown draws over the last few months. Inventory draws negatively impact tanker demand in the short-term, but over time, this flip to a positive factor for tankers as demand calls for barrels on the water.

最後，在頁面底部，圖表顯示了經合組織的庫存在第三季略有增加。每週都有可用的美國庫存在過去幾個月中有所減少。庫存減少在短期內會對油輪需求產生負面影響，但隨著時間的推移，這會對油輪產生正面影響，因為需求需要水上桶。

On Slide 6, the order book of tankers did creep up during 2024. Still, as you can see in the lower left-hand chart, ships on order are still quite low relative to the size of the fleet in historical context. Not factored in on this chart, but reflected on the lower right-hand side of the page, new orders that deliver over the next 4 years fairly replace the fleet that is turning 25 years old. The natural end of a ship life.

在投影片 6 中，2024 年油輪訂單確實有所增加。儘管如此，正如您在左下角圖表中看到的那樣，相對於歷史背景下的船隊規模，船舶訂單量仍然相當低。未計入此圖表，但反映在頁面右下側，未來 4 年內交付的新訂單將相當取代機齡已滿 25 年的機隊。船舶壽命的自然結束。

There are another 1,500-plus vessels that are turning 20 years old above the delivery schedule that need replacement. This is significant for the tanker industry as the limited tanker supply continues to be supportive of strong tanker earnings.

還有 1,500 多艘船舶的船齡已超過交貨時間表 20 年，需要更換。這對油輪產業意義重大，因為有限的油輪供應持續支撐著油輪的強勁獲利。

We believe this translates into a continued strength over the next few years with Seaways well positioned to continue capitalizing on the market conditions. You can count on us to utilize our balanced capital allocation approach, renewing our fleet, adapting to industry conditions and keeping a strong balance sheet, while returning to shareholders.

我們相信，這將轉化為未來幾年的持續強勢，Seaways 已做好充分準備，繼續利用市場條件。您可以信賴我們利用平衡的資本配置方法，更新我們的機隊，適應產業條件並維持強勁的資產負債表，同時回報股東。

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

我現在將把它交給我們的財務長 Jeff Pribor，以提供財務審查。

Thanks, Lois, and good morning, everyone.

謝謝，路易斯，大家早安。

On Slide 8, net income for the third quarter was $92 million or $1.84 per diluted share. This includes gains on vessel sales and a minor provision for the settlement of our UK multi-employer pension funds. Excluding these impacts, our net income was $78 million or $1.57 per share. On the upper right chart, adjusted EBITDA for the third quarter of 2024 was $130 million.

在投影片 8 中，第三季淨利為 9,200 萬美元，或攤薄後每股收益 1.84 美元。這包括船舶銷售收益和英國多雇主退休基金結算的小額準備金。排除這些影響，我們的淨利潤為 7800 萬美元，即每股 1.57 美元。在右上圖表中，2024 年第三季調整後 EBITDA 為 1.3 億美元。

In the appendix, we provided a reconciliation from reported earnings to adjusted earnings. Our expense guidance for the third quarter was largely within the range of expectations, except for vessel expenses. During the third quarter, some of our older VLCCs had repairs and increased off-hire. As a result, we did receive a retroactive pool point adjustment on the fleet that somewhat impacted our TCE earnings for the period.

在附錄中，我們提供了報告收益與調整後收益的調節表。除船舶費用外，我們對第三季的費用指引基本上在預期範圍內。第三季度，我們的一些舊 VLCC 進行了維修並增加了停租數量。因此，我們確實收到了對機隊的追溯池點調整，這在一定程度上影響了我們該期間的 TCE 收入。

Our lightering business continues to prosper with nearly $13 million in revenue in the quarter. Combined with about $3 million in vessel expenses, $4 million in charter hire and $1 million of G&A, the lightering business contributed over $4 million in EBITDA in the third quarter and brought year-to-date EBITDA contribution to about $17 million.

我們的駁運業務持續蓬勃發展，本季營收接近 1,300 萬美元。加上約300 萬美元的船舶費用、400 萬美元的租船費用和100 萬美元的一般管理費用，駁運業務第三季的EBITDA 貢獻超過400 萬美元，使年初至今的EBITDA 貢獻達到約1700 萬美元。

Turning to our cash bridge on Slide 9. We began the quarter with total liquidity of $682 million, comprised of $176 million in cash and $506 million in undrawn revolver capacity. Following along the chart from left to right on the cash bridge, we first add $130 million in adjusted EBITDA for the third quarter less $24 million in debt service, less our dry-dock and capital expenditures of about $21 million and a working capital benefit largely due to the collection of receivables of about $29 million.

轉向幻燈片 9 上的現金橋。本季初，我們的流動資金總額為 6.82 億美元，其中包括 1.76 億美元現金和 5.06 億美元未提取的左輪手槍容量。沿著現金橋上從左到右的圖表，我們首先添加第三季調整後EBITDA 1.3 億美元，減去2,400 萬美元的償債，減去約2,100 萬美元的干船塢和資本支出，以及很大程度上的營運資本利得由於收回約2900萬美元的應收帳款。

We, therefore, achieved our definition of free cash flows of about $150 million for the third quarter. This represents an annualized cash flow yield of over 20% on today's share price. The remaining bars on the cash bridge reflect our capital allocation for the quarter.

因此，我們對第三季自由現金流的定義約為 1.5 億美元。這意味著以當前股價計算，年化現金流收益率超過 20%。現金橋上的其餘長條反映了我們本季的資本配置。

We sold a 2008-built MR during the quarter for net proceeds of $24 million. We also repaid $50 million that was drawn on our $500 million revolving credit facility in the prior quarter, which increased our RCF capacity by a net $35 million, as the facilities reduced in capacity by about $15 million per quarter.

我們在本季出售了一輛 2008 年建造的 MR，淨收益為 2400 萬美元。我們還償還了上一季從我們的 5 億美元循環信貸額度中提取的 5,000 萬美元，這使我們的 RCF 容量淨增加了 3,500 萬美元，而該設施的容量每季減少了約 1,500 萬美元。

Lastly, this quarter, we returned nearly $100 million to shareholders through a dividend of $1.50 per share or about $74 million and $25 million in share repurchases. These returns represent 84% of the prior quarter's adjusted net income. Altogether, these components led to ending liquidity of $694 million, comprised of $153 million in cash and short-term investments and $541 million in undrawn revolving capacity.

最後，本季度，我們透過每股 1.5 美元的股息或約 7,400 萬美元和 2,500 萬美元的股票回購向股東返還了近 1 億美元。這些回報佔上一季調整後淨利的 84%。這些組成部分合計導致期末流動性達到 6.94 億美元，其中包括 1.53 億美元的現金和短期投資以及 5.41 億美元的未動用循環產能。

Moving now to Slide 10. We have a strong financial position detailed by the balance sheet you see on the left-hand side of the page. Cash and liquidity remained strong at nearly $700 million. Vessels on the books at cost are approximately $2 billion versus current market values of over $3.7 billion. And with about $657 million in gross debt at September 30, this equates to a net loan to value of below 14%.

現在轉到投影片 10。您在頁面左側看到的資產負債表詳細說明了我們的財務狀況強勁。現金和流動性依然強勁，接近 7 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。截至 9 月 30 日，總債務約為 6.57 億美元，相當於淨貸款佔價值的比例低於 14%。

Our debt at September 30 was 80% hedged or fixed rates, equating to an all-in weighted average interest rate of about 619 basis points or less than 150 basis points above today's SOFR rate. We continue to enhance the balance sheet to create the financial flexibility necessary to facilitate growth and returns to shareholders.

截至 9 月 30 日，我們的債務為 80% 對沖或固定利率，相當於總加權平均利率約為 619 個基點，比今天的 SOFR 利率高出不到 150 個基點。我們繼續增強資產負債表，以創造促進成長和股東回報所需的財務靈活性。

We have $541 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 our shareholders. On the last slide that I'll cover, Slide 11 reflects our forward-looking guidance and book to date TCE aligned with our spot cash breakeven rates.

我們還有價值 5.41 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中，投影片 11 反映了我們的前瞻性指導和迄今為止的 TCE 與我們的現貨現金損益平衡率一致。

While I'll remind you that actual TCE during our next earnings call may be different. But as of today, we have a blended average spot TCE of about $27,200 per day fleetwide so far this quarter. On the right side of the slide, our forward spot breakeven rate is about $13,300 per day composed of a fleetwide breakeven of about $16,000 per day, less nearly $2,700 per day in time charter revenues.

不過我會提醒您，我們下次財報電話會議期間的實際 TCE 可能會有所不同。但截至今天，本季到目前為止，我們機隊的混合平均現貨 TCE 約為每天 27,200 美元。在幻燈片的右側，我們的遠期即期盈虧平衡率約為每天 13,300 美元，其中整個船隊的盈虧平衡約為每天 16,000 美元，減去每天近 2,700 美元的定期租船收入。

Based on our spot TCE book to date and our spot breakevens, it looks like Seaways can continue to generate significant free cash flows during the fourth quarter and build on our track record of returning cash to shareholders. On the bottom left-hand chart, we provide some updated guidance for our expenses in the fourth quarter and our estimates for 2025.

根據我們迄今為止的現貨 TCE 帳簿和現貨損益平衡點，Seaways 似乎可以在第四季度繼續產生大量自由現金流，並建立在我們向股東返還現金的記錄之上。在左下方的圖表中，我們提供了第四季度支出的一些最新指引以及 2025 年的預測。

We also included in the appendix our quarterly expected off-hire and CapEx. I don't plan to read each item line by line, so I encourage you to use these for your modeling purposes.

我們還在附錄中列出了我們的季度預期停租和資本支出。我不打算逐行閱讀每個項目，因此我鼓勵您將它們用於建模目的。

Now that concludes my remarks. I'd like to turn the call back to Lois for her closing comments. Lois?

現在我的發言結束了。我想將電話轉回給路易斯，聽聽她的結束語。路易斯？

Thank you, Jeff. On Slide 12, we have provided you with Seaways investment highlights, which I encourage you to read in its entirety. In brief, International Seaways has built a track record of returning to shareholders, maintaining a healthy balance sheet and growing the company. Our total shareholder return is close to 400% since our inception, representing a 20% compounded annual return.

謝謝你，傑夫。在幻燈片 12 上，我們為您提供了 Seaways 的投資亮點，我鼓勵您完整閱讀。簡而言之，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。自成立以來，我們的股東總回報率接近 400%，複合年回報率為 20%。

Over the last 12 months, our combined dividend of $5.77 represent a yield of over 12%. We continue to make strides to keep our fleet below the global tanker average in what we see as the sweet spot for tanker investments and returns. We've invested in a range of asset classes to cast a wider net for growth opportunities and to supplement our scale in each class by operating in larger pools.

過去 12 個月，我們的綜合股息為 5.77 美元，收益率超過 12%。我們繼續取得進展，使我們的船隊保持在全球油輪平均水平以下，這是我們認為油輪投資和回報的最佳點。我們投資了一系列資產類別，以擴大成長機會，並透過在更大的資產池中運作來補充我們在每個類別中的規模。

We will keep our balance sheet fortified for any downturn in the cycle. We have over $540 million in undrawn credit capacity to support our growth. Our net debt is under 14% of the fleet's current value, and we have 34 tankers that are unencumbered. When our spot ships collectively earned over $13,400 per day, we breakeven looking forward 12 months. We expect to continue generating cash that we will put to work creating value for the company and for our shareholders.

我們將保持資產負債表的強化，以應對週期中的任何衰退。我們有超過 5.4 億美元的未動用信貸能力來支持我們的成長。我們的淨債務低於船隊目前價值的 14%，我們有 34 艘油輪沒有負債。當我們的現貨船每日總收入超過 13,400 美元時，我們預計 12 個月將達到損益兩平。我們希望繼續產生現金，用於為公司和股東創造價值。

And with that said, operator, we would like to open the lines for questions.

話雖如此，接線員，我們想開放提問線路。

(Operator Instructions)

（操作員說明）

Omar Nokta from Jefferies.

來自 Jefferies 的 Omar Nokta。

Just had a couple of questions. First, I just wanted to ask kind of about the tanker market as it is now and products, especially as we move here forward into the fourth quarter. Obviously, a theme in the second and third quarters was the crude tankers invading and cannibalizing some of the product trades.

只是有幾個問題。首先，我只是想詢問一下目前的油輪市場和產品，特別是當我們進入第四季時。顯然，第二和第三季的一個主題是原油油輪入侵並蠶食一些產品貿易。

There's a lot of talk, obviously, with crude rates improving, their ships have now moved away from a product fleet. But rates have continued to remain soft here for products. Wanted to get a sense from you on what's driving that softness here? And then what do you see on the horizon potentially that could lead to a reversal?

顯然，隨著原油價格的提高，有許多討論，他們的船隻現在不再使用產品船隊。但這裡的產品利率持續保持疲軟。想聽聽您的意見是什麼導致了這裡的疲軟嗎？那麼您認為什麼可能會導致逆轉？

Yes. Absolutely, Omar. You know what's interesting is if you look at our spot performance on the MRs in the third quarter at $29,000 per day, it's just incredibly strong. And if you compare year-over-year to 2023, it was 26,500 in 2023 in the third quarter. So the MRs have just continued to really hold their own independent and be very strong.

是的。當然，奧馬爾。您知道，有趣的是，如果您看看我們第三季 MR 的現貨表現，即每天 29,000 美元，您會發現它非常強勁。如果與 2023 年相比，2023 年第三季的數量為 26,500 人。因此，MR們繼續保持自己的獨立性並且非常強大。

Book days in the fourth quarter, you're looking at close to $21,000 per day. You're seeing those rates sort of defend. The US is putting out a lot of product and between -- we're not leading Russian barrels, but you're seeing a lot of Russian diesel and then Brazil, that's pretty long haul. The US is depending. So as you look at the products, I think there is a sentiment in the market that they run their course.

第四季的預訂天數每天接近 21,000 美元。你會看到這些利率有所防禦。美國正在推出大量產品，我們並沒有領先俄羅斯的柴油，但你會看到大量的俄羅斯柴油，然後是巴西，這是一個相當漫長的過程。美國取決於。因此，當你看到這些產品時，我認為市場上有一種情緒，認為它們會順其自然。

And yet, when we look forward to 2025, refinery margins are under pressure, and it looks like you're going to see some more EU refineries closed down, one on the US. Coast that then announced US. West Coast, but you still have the demand there for the product. So it seems to us that I wouldn't write off the product side too early here as we look at 2025.

然而，當我們展望 2025 年時，煉油廠利潤率將面臨壓力，而且看起來您將看到更多的歐盟煉油廠關閉，其中包括美國的一家。隨後宣布美國海岸。西海岸，但那裡對該產品仍有需求。因此，在我們看來，當我們展望 2025 年時，我不會過早取消產品方面的影響。

That makes sense. I guess, yes, the $29,000, clearly, very strong rate to begin with in the third quarter and actually pretty --

這是有道理的。我想，是的，第三季一開始的 29,000 美元顯然非常強勁，而且實際上相當不錯--

Yes.

是的。

I'd say solid outperformance relative to what we've seen with the broader indices.

我想說的是，相對於我們所看到的更廣泛的指數，其表現強勁。

I guess maybe just in general, because there's this general -- I've used the word malaise in a research note, but just in terms of kind of people's view on the sector, even though rates are still healthy. You're generating good free cash flow. There just seems to be a good sense of unexcitement.

我想也許只是一般性的，因為有這樣的一般性——我在一份研究報告中使用了“萎靡不振”這個詞，但只是就人們對該行業的看法而言，儘管利率仍然健康。您正在產生良好的自由現金流。似乎有種不興奮的感覺。

What are you seeing perhaps maybe just in the sale and purchase or in the term charter market specifically? Has any of that sort of equity kind of, I don't know, say sloppiness, but just unexcitedness. Is that kind of made its way into the physical market, too, or is it maybe two completely separate things at this point?

您在銷售和購買中或特別是在租船市場中看到了什麼？我不知道是否有這種公平性，可以說是草率，但就是不興奮。這種情況是否也進入了實體市場，或者目前可能是兩個完全不同的事情？

I'm going to turn it over to Derek, our Chief Commercial Officer, just to opine on that Omar.

我將把它交給我們的首席商務官德里克，只是為了對奧馬爾發表意見。

Thanks, Lois. Omar, I think with rates coming off a little bit in the MR side specifically, we haven't seen that hit the term charter market that hard yet, if we will. I mean what we're working through on the MR side, like you and Lois already talked about was, is sort of invasion of the larger ships into the clean market. Like you said, most of them have gone back to the crude market.

謝謝，路易斯。奧馬爾，我認為，特別是在 MR 方面，利率略有下降，如果我們願意的話，我們還沒有看到這對定期包機市場造成那麼嚴重的打擊。我的意思是，我們在 MR 方面正在努力解決的問題，就像您和路易斯已經討論過的那樣，是大型船舶侵入清潔市場。正如你所說，他們中的大多數已經回到了原油市場。

So we expect the clean markets to continue to improve. So -- and I think we're seeing that in the term rates, but they haven't really come off all that much. S&P market, sale and purchase market, there, Omar, there is a decent amount of inventory out there for some of the older ships to sell, but we haven't seen too much of a price decrease yet.

因此，我們預計清潔市場將持續改善。所以——我認為我們在期限利率上看到了這一點，但它們並沒有真正下降那麼多。標準普爾市場，銷售和購買市場，奧馬爾，有相當數量的庫存可供出售一些舊船，但我們還沒有看到價格下跌太多。

Chris Robertson from Deutsche Bank.

德意志銀行的克里斯·羅伯遜。

I just wanted to ask a little bit of a geopolitical question here as it relates to some comments made by some Trump advisers here on potentially increasing energy sanctions on Russia. If that came to fruition, what do you think the impact would be on the tanker market on the product tanker side specifically, but also on crude?

我只是想在這裡問一點地緣政治問題，因為它與川普的一些顧問就可能加強對俄羅斯的能源製裁發表的一些評論有關。如果這項計畫得以實現，您認為這將對油輪市場（特別是成品油輪市場）以及原油市場產生什麼影響？

Well, on the election, Chris, what I -- we would say is that impact on oil tankers could be more sanctioned reducing some uranium flow, maybe squeezing out some sanctioned parties and tankers and potentially some on Venezuela as well. Potentially you could see more US drilling and exports, early indicators, Brent's holding around $75. So that kind of equal to market thinking oil demand will creep up in '25.

好吧，關於選舉，克里斯，我想說的是，對油輪的影響可能會受到更多製裁，減少一些鈾流量，也許會擠出一些受制裁的政黨和油輪，也可能擠出一些對委內瑞拉的製裁。您可能會看到更多的美國鑽探和出口，早期指標顯示布蘭特原油價格維持在 75 美元左右。因此，市場認為石油需求將在 25 年攀升。

It seems like uncertainty just -- even though we have certainty now in the elections, you still have uncertainty of policy developments feeding into an uncertainty of political world. And we'll have to see how that feeds into action. I'm not sure how any of that is specifically related to the Russian flows other than potentially sanctioning those who have not followed the price dealing. Is that what you're talking about in reference?

這似乎是不確定性——儘管我們現在在選舉中具有確定性，但政策發展的不確定性仍然會導致政治世界的不確定性。我們必須看看這如何轉化為行動。我不確定除了可能製裁那些不遵守價格交易的人之外，這與俄羅斯的資金流動有何具體關係。這就是你所說的參考嗎？

It's hard to know exactly what the policies are. So I'm not sure, to be honest with you. Maybe I can ask some more company-specific questions, so we don't have to scratch our heads here.

很難確切知道這些政策是什麼。所以說實話，我不確定。也許我可以問一些更多針對公司的問題，這樣我們就不必在這裡摸不著頭腦了。

Just on the $50 million for the repurchase program that remains. How are you guys thinking about that just in terms of -- you did $25 million in repurchases during the third quarter. Are you trying to target maybe a similar amount in the fourth quarter? Or is the opportunity here with shares trading at a significant discount to NAV, you would potentially look to try to do more in the fourth quarter?

只剩下剩餘的 5,000 萬美元回購計畫。你們如何看待這一點——你們在第三季進行了 2500 萬美元的回購。您是否試圖在第四季設定類似的目標？或者，由於股票交易價格比資產淨值大幅折扣，您可能會在第四季度嘗試做更多事情嗎？

Jeff, do you want me to -- would you jump in there?

傑夫，你想讓我──你願意跳進去嗎？

Sure. We were -- we use that tool in the tool kit in the third quarter, and we replenished it to 50 because we want to keep that as an option for ourselves. You can see that we've leaned into dividends as our preferred way of returning cash to shareholders and that's still going to be our main plan going forward. That's worked for us.

當然。我們在第三季的工具包中使用了該工具，並將其補充到 50 個，因為我們希望保留它作為我們自己的選擇。您可以看到，我們傾向於將股息作為向股東返還現金的首選方式，這仍然是我們未來的主要計劃。這對我們有用。

But I think it's important to -- as we signal by recharging that repurchase program that it's a tool that we'll reserve and be willing to use. But there's no -- there's no set guideline for it. Chris, no set price. We'll just monitor the market.

但我認為重要的是——正如我們透過為回購計畫充值所發出的信號，它是我們將保留並願意使用的工具。但沒有——沒有固定的指導方針。克里斯，沒有固定價格。我們只會監控市場。

Ben Nolan from Stifel.

來自史蒂菲爾的班諾蘭。

This is Frank Galanti on for Ben. I wanted to ask about the closure of the Los Angeles refinery. I mean, how does that impact the West Coast Panamax business?

我是本的弗蘭克·加蘭蒂。我想問一下洛杉磯煉油廠關閉的事。我的意思是，這對西海岸巴拿馬型船業務有何影響？

I'm going to turn it over to Derek Solon, just to opine on that one.

我將把它交給德里克·索倫 (Derek Solon)，只是為了對此發表意見。

Thanks, Lois. Thanks for the question. The refinery closure is going to be interesting for us, both on the crude and product side. Because you're looking at it, the refinery is closing for business reasons but not necessarily demand reasons, right?

謝謝，路易斯。謝謝你的提問。煉油廠的關閉對我們來說很有趣，無論是在原油還是產品方面。因為你正在看它，煉油廠關閉是出於商業原因，但不一定是需求原因，對吧？

So on the clean product side, there's going to, and we'll see further imports, we think into sort of PADD 5. And then on the crude side, a lot of that crude was sourced locally. So as we see sort of TMX, Vancouver come back up or come online and get bigger and ramp up its exports, that's sort of more barrels to be displaced to go further afield. So ultimately should be beneficial for us.

因此，在清潔產品方面，我們將會看到進一步的進口，我們認為是 PADD 5。然後在原油方面，很多原油都是從當地採購的。因此，當我們看到某種 TMX 時，溫哥華會恢復或上線並變得更大並增加其出口，這相當於將更多的桶子轉移到更遠的地方。所以最終應該對我們有利。

Okay. And then switching gears a little bit. Given the sort of the recent pullback in the tanker market and equity values specifically, does that sort of make it harder to consider M&A? And how likely do you think were to see consolidation in the industry in the next year or two?

好的。然後稍微切換一下。考慮到最近油輪市場和股票價值的回調，這是否會讓考慮併購變得更加困難？您認為未來一兩年該產業出現整合的可能性有多高？

Interestingly, Frank, that could be influenced by Trump policy who knows. You had a very strict application of noncompete policies, not -- I mean the tanker market is very fragment in any case. But perhaps we'll see friendlier stances towards M&A. And I do believe that you'll continue to see consolidation as regulations just get tougher and tougher on tanker owners, and you need to spend more and more on research and development and making sure you're keeping up on the sustainability front.

有趣的是，弗蘭克，這可能會受到川普政策的影響，誰知道呢。你們非常嚴格地應用了非競爭政策，但我的意思是，無論如何，油輪市場都是非常分散的。但也許我們會看到對併購採取更友善的立場。我確實相信，隨著對油輪船東的監管越來越嚴格，您將繼續看到整合，您需要在研發上投入越來越多的資金，並確保您跟上永續發展的步伐。

(Operator Instructions)

（操作員說明）

Liam Burke from B. Riley.

B. Riley 的 Liam Burke。

Lois, you touched on the OPEC+ holding firm on production cuts with demand growth still in place, that would mean a shift of production away from OPEC+ to non-OPEC countries like Latin America, US How does that affect either ton-mile demand or demand for different classes of crude vessels?

路易斯，您談到了 OPEC+ 在需求成長仍然存在的情況下堅持減產，這意味著生產從 OPEC+ 轉移到拉丁美洲、美國等非 OPEC 國家，這對噸英里需求或需求有何影響對於不同類別的原油船？

Yes. That's really the right question because 2025, you're looking at demand growth projections anywhere from 1 million barrels to 1.5 million and non-OPEC growth of about 1.5 million. So it kind of meets the demand growth, and then it comes to battle it out on whether or not -- how many -- how much we go to the upside of that or not, and then whether or not OPEC+ releases a lot of extra barrels and then it does kind of affect the different classes.

是的。這確實是一個正確的問題，因為到 2025 年，您將看到需求成長預測從 100 萬桶到 150 萬桶，非歐佩克國家的成長約為 150 萬桶。因此，它在某種程度上滿足了需求增長，然後就開始爭論是否——多少——多少，我們是否會從中受益，然後歐佩克+是否釋放大量額外的石油。類別。

The stated quota presence, it is a good construct. Non-OPEC is largely West, right, from the Americas, and you're moving those barrels. Some are going into Europe, and some are going East. So that is additive for ton-miles when and as we see OPEC bringing back their barrels that will be a little bit of a assist for the BDs.

規定的配額存在，這是一個很好的結構。非歐佩克成員國主要來自西方，對吧，來自美洲，而你正在轉移這些石油。有些進入歐洲，有些進入東方。因此，當我們看到歐佩克收回他們的石油時，這對噸英里來說是額外的，這將為 BD 帶來一點幫助。

Great. And on the asset acquisition, you've got quite a bit coming online. How does that pipeline look for you? You have a tremendous amount of financial flexibility even with your debt amortization and your returning cash to shareholders?

偉大的。在資產收購方面，你已經取得了相當多的成果。您覺得這條管道怎麼樣？即使您的債務攤銷和向股東返還現金，您仍然擁有巨大的財務彈性嗎？

No, that's great. I appreciate that. It kind of sets me up to the one comment I wanted to really make on this call, which is at Seaways, throughout '23 and in '24, what you see is us fully deploying all of our free cash flow, primarily through shareholder returns, secondarily through renewing the fleet.

不，那太好了。我很欣賞這一點。這讓我在這次電話會議上真正想發表的一個評論是在 Seaways，整個 23 年和 24 年，你看到的是我們充分部署了所有自由現金流，主要是透過股東回報，其次是透過更新機隊。

And thirdly, Jeff and his team did a stellar job here of enhancing the balance sheet again in 2024 and that allows us to choose, but not again, have that optionality whether or not we want to pay down the nonadvertising facility. So we're putting all of our cash flow work, and it just puts us in a great spot. We've got the LR1 newbuildings in the pipeline. We don't feel like we're in a half-filed situation. We're in a look for opportunity situation.

第三，傑夫和他的團隊在這裡做了出色的工作，在 2024 年再次改善了資產負債表，這使我們能夠選擇（但不能再有）是否要償還非廣告貸款的選擇權。因此，我們正在投入所有的現金流，這讓我們處於一個很好的位置。我們正在籌建 LR1 新船。我們不覺得自己處於半場狀態。我們正處於尋找機會的情況。

Sherif Elmaghrabi from BTIG.

來自 BTIG 的謝里夫·埃爾馬格拉比。

First, very simply, what do you think that ship recycling higher? The fleet continues to age, thanks to how well spot rates have done and possibly the needs of the dark fleet, the recent volatility and spending?

首先，很簡單，您認為船舶回收率更高嗎？船隊繼續老化，這要歸功於即期匯率的表現以及可能的黑暗船隊的需求、最近的波動和支出？

We could see some of that happen. If indeed, you did see tightened sanctions and it did force some of these aged vessels out of being able to trade and they can't get back into the legit trades and they're forced out of the sanctioned markets, you could see some recycling.

我們可以看到其中一些發生。如果確實，您確實看到了更嚴格的製裁，並且確實迫使其中一些老化的船隻無法進行貿易，並且它們無法回到合法貿易，並且被迫退出受制裁的市場，那麼您可能會看到一些回收。

The market are -- tanker markets are still very strong. I know we hear tepid and lukewarm and that's an okay construct where we are right now. You see the ordering just way slow down right now. And our order book is -- now it's double digits, but it's not to 15%, it's like 12%, and it's spread over four years.

市場－油輪市場仍然非常強勁。我知道我們聽到的是不溫不火和不冷不熱的聲音，這是我們現在所處的良好結構。您會發現現在訂購速度減慢了。我們的訂單量現在是兩位數，但不是 15%，而是 12%，而且分佈在四年內。

So 2025, that's backloaded, and you only have a couple of percent coming. So -- yes, I'd say we have an old folk's home on the water with tankers ages approaching 14 as we head into '25 on average. It's going to need renewal at some juncture, and then we're just going to see how do we push these older radius out.

所以到 2025 年，這個數字已經被回載了，而且只有百分之幾的未來。所以 - 是的，我想說我們在水上有一個老人之家，油輪的平均年齡接近 14 歲，而我們平均年齡為 25 歲。它在某個時刻需要更新，然後我們就看看如何淘汰這些舊的半徑。

I see. So a few catalysts coming up maybe answering a little bit of sweet spot there with some of the vessels continuing to age.

我懂了。因此，一些催化劑的出現可能會解決一些船舶繼續老化的問題。

So second, Jeff, for the vessels on sale leasebacks. The maturities are all pretty far out under those arrangement. But can you remind us if there are any upcoming repurchase options that could see Seaways accelerate deleveraging, especially considering where asset values are at the moment versus where most of these vessels are going to be financed at?

第二，傑夫，關於船舶售後回租。根據這些安排，到期日都相當遙遠。但您能否提醒我們，是否有任何即將推出的回購方案可能會導致 Seaways 加速去槓桿化，特別是考慮到目前的資產價值與大多數船舶的融資水平？

Sure. So some of the -- some leasebacks are not favorable. Some of those sale leasebacks are such favorable rates that they'll happily stay there for a very long-term. But I think it's well known that there's one of ours that does have a purchase option coming up in the -- towards the end of '25. So that's something we'll certainly evaluate. But that's there is one in calendar '25, towards the back end.

當然。因此，有些回租並不有利。其中一些售後回租的利率非常優惠，他們很樂意在那裡呆很長時間。但我認為眾所周知，我們的其中一個確實會在 25 年底推出購買選項。所以我們肯定會評估這一點。但這是25年曆中的一個，接近後端。

Does that answer your question? Yes. So it's actually specifically November '25 and then some of the others come up in '26. But again, we'll look at it on a case-by-case basis, but we do have some optionality for refinancing in the back end of '25, if we want to.

這能回答你的問題嗎？是的。所以實際上具體是 25 年 11 月，然後其他一些出現在 26 年。但同樣，我們將根據具體情況進行研究，但如果我們願意的話，我們確實可以在 25 年底進行再融資。

As we currently have no further questions in the queue, I will hand back over to Lois Zabrocky for any final remarks.

由於目前隊列中沒有其他問題，我將把最後的發言權交回給路易斯·扎布羅基 (Lois Zabrocky)。

Thank you very much, everyone, for joining us, and we look forward to the next quarter as we build on Seaways strong performance. Thank you so much.

非常感謝大家加入我們，我們期待下個季度在 Seaways 強勁業績的基礎上再接再厲。太感謝了。

That does conclude the International Seaways, Inc. third quarter 2024 earnings conference call. We appreciate your presence and participants. Have a nice day. You may now disconnect.

International Seaways, Inc. 2024 年第三季財報電話會議到此結束。我們感謝您的光臨和參與者。祝你今天過得愉快。您現在可以斷開連線。