International Seaways Inc (INSW) 2025 Q3 法說會逐字稿

Hello everyone and welcome to the International Seaways third quarter 2025 earnings conference call. My name is Carla, and I will be coordinating your call today. (Operator Instructions).

大家好，歡迎參加國際海運公司2025年第三季財報電話會議。我叫卡拉，今天我將負責協調您的通話。（操作說明）

I will now like to hand you over to your host, the General Counsel, James Small to begin, please go ahead when you're ready.

現在我將把發言權交給你們的主持人，總法律顧問詹姆斯·斯莫爾，請他開始吧，準備好了就請開始。

Thank you, operator. Good morning, everyone. Welcome to International Seaways Earnings Call the third quarter of 2025. Before we begin, I would like to start off by advising everyone with us on the call today of the following.

謝謝接線生。各位早安。歡迎參加國際海運公司2025年第三季業績電話會議。在正式開始之前，我想先向今天參加電話會議的各位說明以下幾點。

During this call and in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates, which may address without limitation the following topics.

在本次電話會議和隨附的簡報中，管理層可能會就公司或其所處的行業發表前瞻性聲明，這些聲明可能涉及但不限於以下主題。

Outlets for the crude and product tanker markets, changes in trading patterns. Forecasts of world and regional economic activity. Forecasts of the demand for and production of oil and petroleum products. The company's strategy and business prospects.

原油和成品油輪市場的出口管道，交易模式的變化。世界和區域經濟活動預測。對石油及石油產品的需求及產量進行預測。公司策略和業務前景。

Expectations about revenues and expenses, including vessel, charter hire and G&A expenses estimated future bookings, TCE rates, and capital expenditures. Projected drydock and off fire days you build vessel construction vessel purchases and sales.

對收入和支出的預期，包括船舶、租賃和一般及行政費用、預計未來預訂量、TCE 費率和資本支出。預計乾船塢停工和火災停工天數，您建造船舶，船舶購買和銷售。

Anticipated and recent financing transactions and plans to issue dividends. The effects of ongoing and threatened conflicts around the world economic, regulatory, and political developments in the United States and globally, including the impact of protectionist trade regulations.

預期和近期融資交易以及派發股息的計劃。世界各地持續不斷的衝突和潛在的衝突對美國和全球經濟、監管和政治發展的影響，包括保護主義貿易法規的影響。

The company's ability to achieve its financing and other objectives and its consideration of strategic alternatives. And the company's relationships with its stakeholders. Any such forward-looking statements take into account various assumptions made by management based on a number of factors.

公司實現融資和其他目標的能力以及對策略選擇的考慮。以及公司與其利害關係人的關係。任何此類前瞻性陳述都考慮到了管理階層基於多種因素所做的各種假設。

Including 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.

包括對歷史趨勢、當前狀況、預期和未來發展以及管理層認為在當前情況下應考慮的其他因素的經驗和看法。

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.

前瞻性陳述受風險、不確定性和假設的影響，其中許多因素超出公司的控制範圍，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。

Factors, risks, and uncertainties that could cause companies' actual results to differ from expectations include those described in our annual report on Form 10k for 2024 and our quarterly reports on Form 10Q for the first three quarters of 2025. As well as in other filings that we have made or in the future may make with the US Securities and Exchange Commission.

可能導致公司實際業績與預期業績不同的因素、風險和不確定性包括我們在 2024 年 10-K 表格年度報告和 2025 年前三個季度 10-Q 表格季度報告中描述的內容。以及我們已經或將來可能向美國證券交易委員會提交的其他文件中。

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

現在，讓我把電話交給我們的總裁兼執行長洛伊斯·扎布羅基。

Thank you so much, James. Good morning, everyone. Thank you for joining International Seaways earnings call for the third quarter of 2025. On slide four of the presentation, which you can find in the investor relations section of our website.

非常感謝你，詹姆斯。各位早安。感謝您參加 International Seaways 2025 年第三季業績電話會議。在簡報的第四頁，您可以在我們網站的投資者關係部分找到該簡報。

Net income for the third quarter was $71 million or $1.42 per diluted share. Excluding gains on vessel sales, adjusted net income for the third quarter was $57 million or $1.15 per diluted share. With adjusted EBITDA, $108 million.

第三季淨利為 7,100 萬美元，即每股攤薄收益 1.42 美元。若不計船舶銷售收益，第三季調整後淨收入為 5,700 萬美元，即每股攤薄收益 1.15 美元。調整後的 EBITDA 為 1.08 億美元。

Today we also announced a combined dividend of $0.86 per share to be paid in December, as you can see in the upper right section of the slide. This is our fifth consecutive quarter. With a payout ratio of at least 75%. We continue to believe in building on our track record of returning to shareholders as part of our consistent and balanced capital allocation strategy.

今天我們還宣布了每股 0.86 美元的合併股息，將於 12 月支付，正如您在幻燈片右上角看到的那樣。這是我們連續第五個季度實現這一目標。賠付率至少為 75%。我們始終堅持以往的良好記錄，不斷回報股東，這是我們持續均衡的資本配置策略的一部分。

We also announced the extension of our $50 million share repurchase program to the end of 2026. And we believe repurchasing shares is an option for as an addition to our payout ratio. On the lower left part of the page, we took delivery of two of our six LR1 vessels.

我們也宣布將 5,000 萬美元的股票回購計畫延長至 2026 年底。我們認為，回購股票可以作為提高股息率的選項。在頁面左下角，我們接收了六艘 LR1 型船舶中的兩艘。

The SEAWAYS ALACRA delivered in the second half of September. And the SEAWAYS BALBO delivered October 30. In connection with the delivery, we borrowed $82 million or $41 million per vessel on our new Korean export agency backed financing.

SEAWAYS ALACRA 於九月下半月交付。SEAWAYS BALBO 於 10 月 30 日交付。為了完成交付，我們透過韓國出口代理商擔保的新融資方式借款 8,200 萬美元，即每艘船 4,100 萬美元。

That we put in place during the quarter. On our last call, we announced the [ECA] financing for up to $240 million with a blended 20-year amortization profile and a margin of 125 basis points with a 12-year maturity. The balance of the financing will be drawn upon delivery of each new building vessel in 2026, and the company has only $30 million of additional liquidity required to complete the program.

這是我們在本季實施的措施。在上一次電話會議上，我們宣布了高達 2.4 億美元的 [ECA] 融資，採用 20 年混合攤銷方案，利差為 125 個基點，期限為 12 年。剩餘的融資款項將在 2026 年每艘新造船交付時提取，該公司完成該計劃僅需 3000 萬美元的額外流動資金。

During the third quarter, we sold five vessels with an average age above 17.5 years old for proceeds of $67 million. Another three of our oldest MRs with an average age close to 19 years old have been agreed to be sold in the fourth quarter for proceeds of about $37 million.

第三季度，我們出售了五艘平均船齡超過 17.5 年的船舶，獲利 6,700 萬美元。我們另外三名年齡最大的MR（平均年齡接近19歲）已同意在第四季度出售，預計收益約為3700萬美元。

When these transactions close, we expect to record a gain on the sale. Also in the fourth quarter, we expect to date delivery of our 2020 built scrubber fitted VLCC which we will utilize our available liquidity to pay the remaining $107 million due since making a deposit of $12 million in the third quarter.

這些交易完成後，我們預計將獲得出售收益。此外，在第四季度，我們預計將交付 2020 年建造的配備洗滌器的 VLCC，我們將利用現有流動資金支付自第三季度支付 1200 萬美元定金以來剩餘的 1.07 億美元。

Overall, in 2025 through the end of October, we sold eight vessels for proceeds of around $100 million and we'll be purchasing this eco modern VLCC in the fourth quarter for close to the same amount. Fleet renewal is always part of our strategy, and we expect to execute sales and purchases throughout the tanker cycle.

總體而言，截至 2025 年 10 月底，我們出售了 8 艘船舶，獲利約 1 億美元，我們將在第四季度以接近相同的金額購買這艘環保型現代 VLCC。船隊更新始終是我們策略的一部分，我們預計在整個油輪週期內都會進行銷售和採購。

We continue to work through our time charter book as well. While we did not execute any fresh charters this quarter, and even though some have rolled off, we will have over $230 million in future contracted revenue with an average duration of about 1.5 years.

我們也在繼續處理我們的定期租船合約。雖然本季我們沒有執行任何新的包機，而且有些包機已經到期，但我們未來將有超過 2.3 億美元的合約收入，平均期限約為 1.5 年。

We continue to work with the market for opportunities as we believe generally a portion of the fleet will remain on fixed charters. Onto the balance sheet in the lower right part of the page, we continue to explore and execute options to enhance our capital stack.

我們將繼續與市場合作尋找機會，因為我們相信，總體而言，一部分船隊將繼續保持固定租約狀態。在頁面右下角的資產負債表上，我們繼續探索和執行各種方案來增強我們的資本結構。

After executing the ECA facility documents to fund our LR1 new building, the team went back to work on a knock bond opportunity as an option to pay for our upcoming purchase options. That we declared on some of our sale lease backs.

在簽署了 ECA 融資文件為我們的 LR1 新大樓提供資金後，團隊又開始著手尋找發行債券的機會，作為支付我們即將進行的購買選擇權的選項。我們已在部分售後回租交易中聲明。

I'm very pleased with the execution to secure a coupon as one of the lowest for first-time issuers in the tanker space. Due to the strength and demand, we increased the size of the bond to $250 million which is nearly equal to the amount needed to repay the leases. We're very grateful to welcome in our new credit investors and quite proud of the success in the execution of the bond.

我對此次發行方案的執行情況非常滿意，成功獲得了油輪領域首次發行債券中最低的票息之一。由於市場需求強勁，我們將債券規模增加到 2.5 億美元，幾乎相當於償還租賃款項所需的金額。我們非常高興地歡迎新的信貸投資者加入，並為債券發行的成功感到非常自豪。

Due to the timing of the settlement of the bond in the third quarter and repayment of the leases in the fourth quarter, we ended the third quarter with $985 million in total liquidity, with $413 million in cash, and $572 million in undrawn revolver capacity. Net debt at the end of the quarter was under $400 million which on over $3 billion in fleet value. Our net loan to value is a very low 13%.

由於債券結算在第三季完成，租賃款項償還在第四季度完成，我們在第三季末的總流動資金為 9.85 億美元，其中現金為 4.13 億美元，未提取的循環信貸額度為 5.72 億美元。本季末淨債務低於 4 億美元，而船隊價值超過 30 億美元。我們的淨貸款價值比非常低，僅 13%。

Turning over to slide five. We've updated our standard set of bullets on tanker demand drivers with the subtle green up arrow next to the bullets representing positive for tankers, the black dash representing a neutral impact, and a red down arrow meaning the topic is not good for tanker demand.

翻到第五張幻燈片。我們更新了關於油罐車需求驅動因素的標準要點，要點旁邊的綠色向上箭頭表示對油罐車有利，黑色橫線表示中性影響，紅色向下箭頭表示該主題對油罐車需求不利。

Without reading each bullet individually. We believe demand fundamentals are solid and continue to support a constructive outlook for seaborne transportation. Oil demand growth remains healthy at 1 million barrels per day of growth for this year and next.

無需逐條閱讀。我們認為需求基本面穩健，並將持續支撐海運業的正面前景。石油需求成長仍保持健康，預計今年和明年將維持每日100萬桶的成長。

OpEx plus is supplementing a million barrels per day of production growth from outside the group with their own production increases that we have not seen the full scope of what could be on the water soon. Some countries in the cartel had penalties for overproduction during the cuts, and others were using some production increase in country for power generation.

OpEx plus 正在透過自身增產來補充集團外部每天 100 萬桶的產量成長，我們還沒有看到不久的將來可能投入生產的石油的全部規模。卡特爾中的一些國家因減產期間的過度生產而受到處罰，而另一些國家則利用本國增加的部分產量進行發電。

The fourth quarter looks to be the environment where the increased production is hitting the water. For now, it's much needed after the inventory levels have been near their historic lows, as you can see in the chart on the lower left. We are still monitoring how these increased barrels on the water can affect the tanker markets in the longer-term.

第四季似乎是產量增加並最終轉化為水產供應的時期。目前，庫存水準已接近歷史低位，因此非常需要這種補充，正如您在左下角的圖表中看到的那樣。我們仍在密切關注水上原油數量的增加會對油輪市場產生怎樣的長期影響。

The geopolitical intensity on tankers remains strong, with port fee discussions altering trade routes and working through a multitude of scenarios that could impact our business. On the lower right hand chart, sanctioned barrels out of Russia and Iran have historically been transported to India and China.

油輪貿易的地緣政治緊張局勢依然嚴峻，港口收費的討論正在改變貿易路線，並且正在研究可能影響我們業務的多種方案。在右下角的圖表中，歷史上來自俄羅斯和伊朗的受制裁原油被運往印度和中國。

Lately we've been seeing more pressure on those exports, on those two specific countries in particular, along with more sanctions put on the tanker fleet. Both effects could be positive for international tanker markets, and we expect more development in time as we have had over the last few years.

最近我們看到，這些出口，特別是這兩個特定國家的出口，面臨更大的壓力，同時油輪船隊也受到了更多製裁。這兩種影響都可能對國際油輪市場產生積極作用，我們預計隨著時間的推移，市場將像過去幾年一樣取得更大的發展。

Moving on to the supply side on slide six of the presentation. It remains one of the most compelling cases for tanker shipping. Orders have slowed in 2025 following a surge in 2024, as you can see on the lower left-hand chart. Tankers on order represent 14% of the fleet that deliver over the next four years to five years.

接下來，我們將從第六張投影片開始討論供應方。它仍然是油輪運輸最引人注目的案例之一。從左下角的圖表可以看出，繼 2024 年激增之後，2025 年的訂單量有所放緩。已訂購的油輪佔未來四到五年內交付船隊的 14%。

Over a 25-year life of the vessel, we would expect as much with a 4% increase per year of removal candidates multiplied. By the three years to four years, it takes to deliver a new ship. In practicality, based on actual ship delivery, there is a significant number of removal candidates that were built in the golden age from [004 to 210].

在船舶 25 年的使用壽命中，我們預計每年移除候選人數增加 4%，乘以這個數字，移除候選人數也會如此。建造一艘新船需要三到四年。實際上，根據實際船舶交付情況來看，有大量待拆除的船舶建造於黃金時代。[004 至 210]。

By the time the order book delivers fully in 2029, nearly 50% of the fleet will be over 20 years old and likely excluded from the commercial trade. There's simply not enough tankers to replace the current aging fleet. As we show in the graph on the lower right-hand side.

到 2029 年訂單全部交付時，近 50% 的船隊將超過 20 年船齡，很可能無法用於商業貿易。目前的油輪數量根本不夠，無法替換現有的老舊船隊。如圖（見右下角）。

Less than 800 ships are delivering over the next four years, representing [1/3] of ships likely to face challenges in securing tonnage for the global trade. Not to mention further sanctions or environmental regulations. We also highlight it in dark blue as sanctioned vessels in the chart, which currently tops the number of vessels on order.

未來四年內交付的船舶不到 800 艘，佔全球貿易中可能面臨噸位保障挑戰的船舶總數的 [1/3]。更不用說進一步的製裁或環境法規了。我們在圖表中以深藍色突出顯示了受制裁的船舶，目前其訂單數量位居榜首。

We believe these fundamentals should translate into a continued upcycle over the next few years, and Seaways remains well positioned to capitalize on these market conditions. We will continue to execute our balanced capital allocation approach to renew our fleet and to adapt to industry conditions with a strong balance sheet while returning to shareholders.

我們認為這些基本面因素將在未來幾年轉化為持續的上升週期，而Seaways仍處於有利地位，能夠充分利用這些市場條件。我們將繼續執行均衡的資本配置策略，以強勁的資產負債表更新我們的機隊並適應產業狀況，同時為股東帶來回報。

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

現在我將把這項工作交給我們的財務長傑弗裡·普里博爾進行財務審查。傑夫。

Thanks, Lois, and good morning everyone. On Friday, Net income for the third quarter was $71 million or $1.42 per diluted share. Excluding gains on vessel sales, our net income was $57 million or $1.15 per diluted share. On the upper right chart, adjusted ID for the third quarter was $108 million.

謝謝你，洛伊斯，大家早安。週五公佈的數據顯示，第三季淨利為 7,100 萬美元，即每股攤薄收益 1.42 美元。若不計船舶銷售收益，我們的淨收入為 5,700 萬美元，即每股攤薄收益 1.15 美元。右上角圖表顯示，第三季的調整後ID為1.08億美元。

In the appendix we provided a reconciliation from reported earnings to adjusted earnings. On the lower left chart, I would like to point out that our TCE revenues from crude and products have been evenly balanced over the past year. Our revenue and expenses were largely within expectations for the third quarter. We're pleased with our cost management, particularly with vessel expenses.

我們在附錄中提供了報告收益與調整收益的調節表。在左下角的圖表中，我想指出，過去一年中，我們原油和成品油的 TCE 收入一直保持平衡。第三季我們的收入和支出基本上符合預期。我們對成本控制感到滿意，尤其是船舶費用方面。

The lightering business generated approximately $9 million in revenue in the third quarter and contributed nearly $1 million in even job after $3 million in vessel expenses, less than $4 million in charter hire, just over $1 million in G&A. During the summer, the number of jobs decreased, but we're pleased that since September activity has picked back up again.

第三季駁船業務創造了約 900 萬美元的收入，扣除 300 萬美元的船舶費用、不到 400 萬美元的包船費用和略高於 100 萬美元的一般及行政費用後，實際工作收入接近 100 萬美元。夏季期間，就業人數有所減少，但我們很高興地看到，自 9 月以來，就業活動又開始回升。

Turning to our cache bridge on slide nine. We began the quarter with total liquidity of $790 million composed of $149 million in cash, $560 million in undrawn revolving capacity. Following along the chart from left to right on the cash bridge.

接下來，我們來看第九張投影片上的快取橋。本季初，我們的總流動資金為 7.9 億美元，其中包括 1.49 億美元的現金和 5.6 億美元的未提取循環信貸額度。依照圖表從左到右走現金橋。

We first add $108 million in adjusted EBITDA for the third quarter plus $22 million in debt service and another $22 million of drydock and capital expenditures. We therefore achieved our definition of free cash flow of about $53 million for the third quarter.

首先，我們加上第三季調整後的 EBITDA 1.08 億美元，加上 2,200 萬美元的債務償還，以及另外 2,200 萬美元的乾船塢和資本支出。因此，我們實現了第三季約 5,300 萬美元的自由現金流目標。

This represents an annualized cash flow yield of nearly 10% on today's share price. We received $67 million in proceeds from the sale of the five vessels Lois mentioned earlier. We also paid a $12 million deposit for a 2020 VLCC which delivers in the fourth quarter.

以當前股價計算，這意味著年化現金流收益率接近 10%。我們從出售前面提到的五艘船 Lois 中獲得了 6700 萬美元的收益。我們還支付了 1,200 萬美元的訂金，訂購了一艘 2020 年建造的超大型油輪 (VLCC)，該船將於第四季度交付。

We paid about $36 million in LR1 new building installments that is a $41 million drawn down for our new ECA facility. We repaid $27 million on a revolver in the third quarter, of which $15 million offsets our capacity reduction. Increasing our ongoing revolver capacity to $572 million.

我們在 LR1 新建築分期付款中支付了約 3600 萬美元，這是我們為新的 ECA 設施提取的 4,100 萬美元。第三季我們償還了 2,700 萬美元的循環貸款，其中 1,500 萬美元用於抵銷我們的產能下降。將我們的循環信貸額度提高到 5.72 億美元。

Net of fees we received $247 million of proceeds from our issuance of senior unsecured bonds. The remaining $38 million represents our $0.77 per share dividend that we paid in September. The latter few bars on the chart reflect our balanced capital allocation approach where we utilize all the pillars fleet renewal, balance sheet optimization, and returns to shareholders.

扣除費用後，我們透過發行優先無擔保債券獲得了 2.47 億美元的收益。剩餘的 3,800 萬美元是我們 9 月支付的每股 0.77 美元的股息。圖表中的後幾條長條圖反映了我們均衡的資本配置方法，我們利用了所有支柱：船隊更新、資產負債表優化和股東回報。

In summary, the result of our activity this quarter yields a net increase in cash of $264 million. This equates to ending cash of $413 million, $572 million in drop revolvers, a total liquidity of nearly $1 billion. Naturally this is impacted by the timing of the settlement of the mock bond proceeds and the $258 million of purchase options that we will execute on the ocean yield leases during the fourth quarter.

總而言之，本季我們的各項活動帶來了現金淨增加 2.64 億美元。這相當於期末現金 4.13 億美元，循環信用額度 5.72 億美元，總流動資金近 10 億美元。當然，這會受到模擬債券收益結算時間和我們將在第四季度執行的 2.58 億美元海洋收益租賃購買選擇權的影響。

Now moving to slide 10. We have a strong financial position detailed by the balance sheet on the left hand side of the page. Pro forma cash and liquidity remains strong at $727 million including the impact of payment for the ocean yield purchase options.

現在轉到第10張投影片。我們的財務狀況穩健，詳情請見頁面左側的資產負債表。包括支付海洋收益購買選擇權的影響在內，以備考現金和流動性計算，現金和流動性依然強勁，達到 7.27 億美元。

We have invested about $2 billion in vessels that cost on the books currently valued at about $3 billion. And with under $400 million in net debt at the end of the third quarter, our net relative value is approximately 13%. Shown on the lower right hand table of the page, we have included the pro boma impacts of our debt at the end of 2026.

我們已投資約 20 億美元用於船舶，而帳面上目前的估值約為 30 億美元。第三季末，我們的淨債務不到 4 億美元，淨相對價值約為 13%。頁面右下角的表格中列出了到 2026 年底我們的債務對經濟的預期影響。

Gross debt at the end of September was $804 million. We'll repay the ocean yield leases in November and add another $200 million in debt in connection with the LR1 new buildings in the [Kay Shore ECA facility]. Mandatory debt repayments through the end of 2026 by $33 million giving us a little over $700 million in debt by the end of 2026 based on our latest balance sheet initiative.

截至9月底，總負債為8.04億美元。我們將於11月償還海洋收益租賃款項，並因LR1新建築項目而新增2億美元債務。[Kay Shore ECA設施]。根據我們最新的資產負債表計劃，到 2026 年底，我們將強制償還 3,300 萬美元的債務，到 2026 年底，我們的債務將略高於 7 億美元。

We continue to enhance our balance sheet to maintain the financial flexibility necessary to facilitate growth as well as returns to shareholders. Our nearest maturity in the portfolio isn't until the next decade. We have 31 undercover vessels on a fully delivered basis, and we have ample undrawn RCM capacity.

我們將繼續優化資產負債表，以保持必要的財務靈活性，從而促進業務成長並為股東帶來回報。我們投資組合中最近的到期資產要等到下一個十年才會出現。我們有 31 艘完全交付的隱蔽式艦艇，並且我們擁有充足的未使用的 RCM 容量。

We continue to explore ways to lower our breaking the costs even more and share the upside with substantial returns to shareholders. And the last slide that I'll cover. Slide 11 reflects our forward-looking guidance and book to date TCE aligned with our spot cash break even rate.

我們將繼續探索進一步降低成本的方法，並將收益以豐厚的回報回饋給股東。最後一張投影片我要講解了。第 11 頁反映了我們的前瞻性指引和迄今為止的 TCE 與我們的即期現金損益平衡利率保持一致。

Starting with TCE pictures for the fourth quarter of 2025. I'll remind you that actual TCE during our next call may be different. But in the fourth quarter we are now seeing the impacts of the elevator grade environment we began to see in late Q3.

首先是 2025 年第四季的 TCE 圖片。我提醒您，下次通話時實際的 TCE 可能會有所不同。但到了第四季度，我們已經看到了從第三季末開始出現的電梯級環境的影響。

We currently have a blended average spot TCE of about $40,400 per day we wide, 47% of our fourth quarter expected res. On the right-hand side, our expected 2026 break even rate is about $14,500 per day compared with roughly $13,100 per day when we last presented the next 12 months view.

我們目前的混合平均現貨 TCE 約為每天 40,400 美元，占我們第四季預期儲備的 47%。在右側，我們預計 2026 年的損益平衡點約為每天 14,500 美元，而我們上次預測未來 12 個月時，損益平衡點約為每天 13,100 美元。

On a comparable next 12-month basis, the breakeven remains about $13,500 per day, with that difference primarily reflecting higher operating costs and the roll off of timecard block.

以未來 12 個月的類似情況來看，損益平衡點仍約為每天 13,500 美元，這一差異主要反映了更高的營運成本和工時卡週期的結束。

To hire a full year 2026 figure mainly driven by timing. Specifically, higher dried out costs in the fourth quarter of 2026 compared with the fourth quarter of 2020. Based on our spot TCE book to date and our spot break even, it looks like Seaways can continue to generate significant free cash flows during the fourth quarter and build on our track record of returning significant cash to shareholders.

2026 年全年招募人數主要取決於時間安排。具體而言，2026 年第四季的乾涸成本將高於 2020 年第四季。根據我們迄今為止的現貨 TCE 訂單和現貨盈虧平衡點來看，Seaways 似乎可以在第四季度繼續產生可觀的自由現金流，並延續我們向股東返還大量現金的良好記錄。

In the bottom left hand chart, we provide some updated guidance for our expenses for the fourth quarter and our preliminary estimates for 2026. We also included in the appendix our quarterly expected all fire and CapEx. I don't plan to read each item line by line but encourage you to use these for modeling purposes.

在左下角的圖表中，我們提供了第四季度支出的一些最新指導意見以及我們對 2026 年的初步估計。我們在附錄中也列出了我們季度預期的所有消防和資本支出。我並不打算逐行閱讀每一項，但我鼓勵你們將這些用於建模目的。

That concludes my remarks. I'd like to turn the call back to Lois for her closings.

我的發言到此結束。我想把電話轉回給洛伊斯，讓她來做最後的結算。

Thank you, Jeff. On slide 12, we have provided you with Seaways investment highlights, which I encourage you to read in its entirety. And summarizing briefly here, Over the last nine years, International Seaways has built a track record of returning cash to shareholders, maintaining a healthy balance sheet, and growing the company. Our total shareholder return represents over 20% compounded annual return.

謝謝你，傑夫。在第 12 張投影片中，我們為您提供了 Seaways 投資亮點，我鼓勵您完整閱讀。簡而言之，在過去的九年中，國際海運公司在向股東返還現金、保持健康的資產負債表和發展公司方面取得了良好的表現。我們的股東總回報率超過20%（年複合回報率）。

We continue to renew our fleet so that our average age is about 10 years old and what we see is the sweet spot for tanker investments and returns. We've invested in a range of tinker classes to cast a wider net for growth opportunities and to supplement our scale in each class by operating in larger pools. We aim to keep our balance sheet fortified for any down cycle.

我們不斷更新船隊，使我們的平均船齡保持在 10 年左右，我們認為這是油輪投資和回報的最佳時機。我們投資了一系列創新課程，以擴大成長機會的範圍，並透過在更大的池子裡運作來補充我們在每個課程中的規模。我們的目標是保持資產負債表穩健，以應對任何經濟下行週期。

We have nearly $600 million in undrawn credit capacity to support our growth. Our net debt is under 15% of the fleet's current value, and we have 31 vessels that are unencumbered. Lastly, we need only have our spot shifts earn under $15,000 per day to break even in 2026. 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.

我們擁有近6億美元的未提取信貸額度，以支持我們的成長。我們的淨債務低於船隊目前價值的 15%，我們有 31 艘無抵押船舶。最後，我們只需要讓臨時輪班的日收入低於 15,000 美元，就能在 2026 年達到收支平衡。在當前週期階段，我們預計將繼續產生現金流，並將這些現金流用於為公司和股東創造價值。

We want to thank you very much and with that said, operator, we'd like to open the lines for questions.

非常感謝您的來電，接下來，接線員，我們將開放提問通道。

(Operator Instructions). Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞集團。

Thank you. Hi, Lois and Jeff, good morning. Thank you for the update. Obviously, it looks like things are continuing to work out quite nicely for you, for you guys and you're doing a bit of everything. You're growing, rejuvenating the fleet, strengthening balance sheet, lowering your break even, and obviously paying out capital.

謝謝。嗨，Lois 和 Jeff，早上好。謝謝你的更新。顯然，你們的一切都進展得相當順利，你們什麼都做一點。你們正在發展壯大，更新船隊，增強資產負債表，降低損益平衡點，並且顯然也在支付資本支出。

I wanted to just ask a couple of questions more market related. Just based off what we've been seeing here recently, and I like your slide on slide four. You showed the table of your achieved rates so far in the fourth quarter, they're quite a bit of a step up we'd say across all the different segments from what you've earned, during the prior four quarters, and I think in general.

我只想問幾個與市場相關的問題。僅根據我們最近在這裡看到的情況來看，我喜歡你的第四張投影片。您展示了第四季度迄今為止的收益率表格，我們認為，與前四個季度相比，各個不同領域的收益率都有了相當大的提升，我認為總體而言也是如此。

When people have been thinking about this market with OpEx and all that, it's been viewed that the VLCCs are going to lead the way, and certainly we're seeing that, but we're also seeing some strength in the other classes, especially the Suez and the Afra, and just wanted to get a sense from you, given your vantage point, is the mid-sized tankers, are they benefiting from what's going on with the VLCCs?

當人們思考這個市場，考慮營運成本等等因素時，普遍認為超大型油輪（VLCC）將引領潮流，我們當然也看到了這一點，但我們也看到其他船型也表現出一定的實力，特別是蘇伊士級和阿夫拉級。我想從您的角度了解一下，中型油輪是否受益於超大型油輪的發展？

Are they getting pulled into those trades, or is this a shift in cargo flows for those vessels that maybe has to do with Russia?

他們是被捲入這些貿易中，還是這些船隻的貨物流向發生了變化，這可能與俄羅斯有關？

Good morning, Omar. So I'm going to have, Derek Solon, our Chief Commercial Officer, attempt to tackle that one.

早上好，奧馬爾。所以，我將安排我們的首席商務官德里克·索倫來嘗試解決這個問題。

Great, thanks, Lois. Omar, this is Derek. Thanks for the question. I mean you're of course right, the fourth quarter's been, a lot stronger than the prior quarters, and a lot of that is OpEx plus sort of removing some of their voluntary cuts. And kind of returning to a tanker market.

太好了，謝謝你，洛伊斯。奧馬爾，這位是德里克。謝謝你的提問。我的意思是，你當然是對的，第四季度比前幾季度強勁得多，這很大程度上歸功於營運支出以及取消了一些自願削減的開支。某種程度上，油輪市場正在回歸。

A more normal tanker market where the VLCCs would lead the way on the big cruise. So when the VLCCs are strengthening, what we see is they're doing a lot less of the business that they have done since post-Russia, meaning fewer transatlantic cargoes that were really cannibalizing off the Suez and the Aframax.

一個更正常的油輪市場，其中超大型油輪將引領大型巡航。因此，當超大型油輪 (VLCC) 業務增強時，我們看到的是，它們的業務量比俄羅斯撤資後時期要少得多，這意味著跨大西洋貨物運輸量減少了，而這些貨物曾經蠶食了蘇伊士運河和阿芙拉型油輪的市場份額。

So now that we've got the VLCCs with healthy rates back in more of their normal trades, that naturally benefits the Suez and the Afra. To the point now where we're seeing the Suez max is try to start to cannibalize back on the VLCC trades, right? So with that healthy VLCC market you're going to have a healthy mid mid-size cruise sector.

現在，VLCC 的運費已經恢復到正常水平，並更多地參與正常的貿易中，這自然有利於蘇伊士運河和阿夫拉運河。現在我們看到蘇伊士最大噸位油輪似乎開始蠶食超大型油輪的貿易，對吧？因此，有了健康的超大型油輪市場，就會有健康的中型郵輪市場。

Okay, thank you. So it's a bit more, it's a pull basically upwards by the VLCCs, which is the old-fashioned way as you're kind of hinting at. And I, and I guess maybe as we've seen this big move up in crude spot rates, products seem to have lagged and been held back.

好的，謝謝。所以情況更複雜一些，基本上是超大型油輪向上拉動，正如你暗示的那樣，這是一種老式的方法。而且，我想也許正如我們所看到的原油現貨價格大幅上漲一樣，成品油價格似乎滯後並受到抑制。

Is this normal? Do you think crude is leading the way and eventually products will get there? But here obviously I'm looking at your MR performance and it's 29,000 still fairly strong, quite a bit stronger than say indexes, but I guess maybe the indexes have lagged, the crude.

這樣正常嗎？你認為原油目前處於領先地位，最終成品油也會跟上嗎？但顯然，我在這裡看到的是你的MR表現，它仍然相當強勁，達到了29000，比指數強得多，但我猜想也許指數已經滯後了，原油價格也是如此。

Do you think that's a lag or is this one of those things where maybe product sits this one out and it's really more of a crude trade here in the next few months?

你認為這是滯後現象，還是說產品暫時擱置，未來幾個月原油交易會更活躍？

So, yeah, Omar, imagine that, we earned, just shy of 26 a day in the third quarter on MR and earning 29 a day in the fourth quarter for days booked and that we think that's lagging so that is just, stunning, stellar outperformance continued, I think on the MR sector, Derek.

所以，是的，奧馬爾，想想看，我們在第三季度每天從 MR 獲得的收入略低於 26 美元，而第四季度預訂天數的收入為每天 29 美元，我們認為這還不夠，所以這真是令人震驚，出色的超額收益仍在繼續，我認為在 MR 領域，德里克。

Yeah, there's on that. Sure, I mean.

是的，確實有這方面的情況。當然，我的意思是。

Obviously, the MR rates are very healthy, I think. Our third quarter is strong. Our fourth quarter to date is very strong. A lot of that has to do with where we trade here in the Americas, with a substantial portion of our MR fleet.

顯然，我認為MR率非常健康。我們第三季業績強勁。我們第四季迄今的業績非常強勁。這很大程度上與我們在美洲的貿易地點有關，我們的中型多用途船隊中有相當一部分位於美洲。

But Omar, I think it's also. It's certainly not that the MR are sitting it out because the market's strong, but there's just different geopolitical factors impacting the MR on the positive side, so you kind of talk about Russia in the bigger crude, but I talk about Russia more here on the clean sector because.

但奧馬爾，我覺得也是。當然，MR並非因為市場強勁而袖手旁觀，而是因為不同的地緣政治因素對MR產生了正面影響。所以，在大型原油市場，人們會談論俄羅斯，但我在這裡更多地談論俄羅斯，因為它在清潔能源領域的作用。

A combination of things happening between. Stronger, newer sanctions on Russian oil companies and Ukraine upping its attack on Russian oil infrastructure. We see a lot less diesel exports from from Russia, so That void is being filled by.

期間發生的一系列事情。對俄羅斯石油公司實施更嚴厲、更新的製裁，烏克蘭加大對俄羅斯石油基礎設施的攻擊力度。我們看到來自俄羅斯的柴油出口大幅減少，因此這一空缺正在被其他產品填補。

By the US, by, some Latin American stuff, and the benefit to us and a lot of our peers is also that. That those are barrels that the compliance fleet can move, not the dark free, not the gray fleet, but the compliant fleet. So that's part of why you see where we see the MRs pretty healthy.

透過美國，透過一些拉丁美洲的東西，這對我們和我們的許多同行來說也是有利的。這些是合規艦隊可以移動的桶，而不是自由的黑暗艦隊，也不是灰色艦隊，而是合規艦隊。所以，這就是為什麼我們看到MRs（中樞神經系統疾病患者）健康狀況相當好的原因之一。

Okay, yeah, no, and certainly we can see from your results that definitely a fairly strong, I would say outperformance, in that segment. Okay, well, thanks guys. I'll turn it over.

好的，是的，沒錯，從你們的成績來看，你們在該領域確實表現出色，可以說是相當強勁的超常發揮。好的，謝謝大家。我把它翻過來。

Chris Robertson with Deutsche Bank.

德意志銀行的克里斯·羅伯遜。

Thank you, operator, and thanks Lois and Jeff for taking my questions. Just wanted to turn to the current crude inventory levels and get your thoughts around how, that inventory building cycle will play out here. And do you think, given the current forward oil curve, will this incentivize any offshore storage opportunities in the coming quarters, or is the curve, not steep enough yet to kind of incentivize that?

謝謝接線員，也謝謝 Lois 和 Jeff 回答我的問題。我只是想談談目前的原油庫存水平，聽聽您對庫存週期將如何發展的看法。鑑於目前的遠期石油價格曲線，您認為這會在未來幾季刺激海上儲油機會嗎？還是說，目前的曲線還不夠陡峭，不足以刺激這種機會的出現？

It's it's interesting for sure. You know what we're seeing at the moment is that there's a lot of oil on the water. We don't really see heightened inventories yet on shore so. We speculate that some of these barrels that are on the water are not sure where they're going to land yet as a home.

這確實很有趣。你知道我們現在看到的是，水面上有很多油。目前我們還沒有看到岸上庫存明顯增加。我們推測，水面上的一些木桶還不確定它們最終會落腳在哪裡。

So it may be somewhat sanctions impacted and we're watching the forward oil curve very carefully. It's pretty flat, so this is definitely not a steep contango situation that that we're.

因此，它可能受到製裁的影響，我們正在密切關注遠期原油價格曲線。市場行情相當平坦，所以這絕對不是我們所處的陡峭的期貨溢價局面。

Involved in right now, so it seems a little bit more, you've got a lot of oil on the water, disagreements between EBITDA and OpEx and, on, just how much production is out there, so it's really interesting times for us.

我們現在正身處其中，所以看起來有點…就像水面上有很多油一樣，EBITDA 和營運支出之間存在分歧，而且，究竟有多少產量，所以對我們來說，這真是一個有趣的時期。

Thanks Louis. Just turning to the S&P market, given the recent momentum in rates and things, and as part of your normal fleet renewal strategy, are you seeing an increase in opportunities here to potentially divest, further older assets, or are rates sufficiently high at the moment that you might want to slow down on divesting assets at the moment?

謝謝你，路易斯。就標普市場而言，鑑於近期利率等因素的強勁勢頭，以及作為您正常船隊更新策略的一部分，您是否看到出售更多老舊資產的機會增加？或者目前的利率是否足夠高，以至於您可能需要放緩資產出售的步伐？

Well, on those, older MRs we've had a high, degree of success, and we are starting to see, asset values pick up reflecting, increased rates, we will continue to judiciously upgrade the fleet going forward, so. In 2026 it'll be more of the same of some disposals of the older vessels, and then we want to high grade the fleet so that we really improve our earnings capability.

嗯，對於那些較老的MR型客車，我們取得了很高的成功率，並且我們開始看到資產價值隨著運力的提高而回升，我們將繼續謹慎地升級我們的船隊。2026 年，我們將繼續處置一些老舊船舶，然後我們希望提升船隊的水平，從而真正提高我們的獲利能力。

I appreciate the color. I'll turn it over. Thank you.

我喜歡這個顏色。我把它翻過來。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Just as a final reminder that if you'd like to ask a question, it's one on your telephone keypad. And as we have no further questions, I will hop back over to Lois for any final comments.

最後提醒一下，如果您有任何疑問，請使用電話鍵盤提問。由於我們沒有其他問題，我將把話題轉回給洛伊斯，請她做最後的總結發言。

Thank you very much. We appreciate it, Carla, and I want to thank everyone for tuning in to International Seaways quarterly conference call as we continue strong right into the winter. Thank you.

非常感謝。卡拉，我們非常感謝你。我也要感謝大家收聽國際海運公司季度電話會議，我們將持續保持強勁勢頭，直至冬季。謝謝。

Thank you everyone. This concludes today's call. You may not disconnect. Have a great rest of your day.

謝謝大家。今天的電話會議到此結束。您不得斷開連線。祝您今天餘下的時間過得愉快。