International Seaways, Inc. (INSW) 2026 Q2 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the International Seaways Second Quarter 2026 Earnings Conference Call. (Operation Instructions)

各位好。感謝各位加入我們，歡迎參加 International Seaways 2026 年第二季財報電話會議。(操作說明)

I will now hand the conference over to James Small, General Counsel. James, please go ahead.

我現在把會議交給法務長 James Small。James，請開始。

Thank you. Good morning, everyone. Welcome to International Seaway's earnings call covering the second quarter of 2026. Before we begin, I would like to start off by advising everyone with us 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, which may address, without limitation, the following topics: Outlooks for the crude tanker and product tanker markets, changing trading patterns, forecasts of world and regional economic activity, forecasts covering the production of and demand for oil and petroleum products. Effects of ongoing and threatened conflicts around the world, including in particular in the Middle East, the company's strategy and business prospects, expectations about revenues and expenses, including vessel charter hire and G&A expenses, estimated future bookings, TCE rates and capital expenditures, projected dry dock and off-hire days, do-build vessel construction, vessel sales and purchases.

謝謝。各位早安。歡迎參加 International Seaways 2026 年第二季財報電話會議。在開始之前，我想先提醒今天與會的各位注意以下事項。在本次電話會議及隨附簡報中，管理層可能會就本公司或其所處產業發表前瞻性陳述，內容可能包括但不限於以下主題：原油油輪與成品油輪市場展望、貿易型態變化、全球及區域經濟活動預測、以及原油與石油產品的生產與需求預測。全球持續及可能爆發的衝突（尤其是中東地區）的影響、本公司策略與業務前景、對營收與費用（包括船舶租金與一般及行政費用）的預期、未來預估訂單、TCE 等效日租金與資本支出、預計進塢與停租天數、新造船建造、以及船舶出售與購置。

Anticipated financing transactions and plans to issue dividends economic, regulatory, and political developments in the United States and globally 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. 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. Such statements are subject to risks and uncertainties, 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 the company's actual results to differ from expectations include those described in our annual report on Form 10-K for 2025. Our Forms 10-Q for the first and second quarter of 2026, as well as in other filings that we have made or in the future may make with the U.S. Securities and Exchange Commission.

預期的融資交易與發放股利計畫、美國及全球的經濟、監管與政治發展、本公司達成融資及其他目標的能力、對策略性替代方案的評估，以及本公司與利害關係人的關係。前瞻性陳述係基於管理層依多項因素所作之假設，包括管理層的經驗以及對歷史趨勢的觀察與認知。亦包含目前狀況、預期與未來發展，以及管理層認為在當時情況下適宜考量的其他因素。此類陳述受風險與不確定性影響，其中許多超出本公司控制範圍，可能導致實際結果與該等陳述所暗示或表達者出現重大差異。可能導致本公司實際結果與預期不同的因素、風險與不確定性，包括我們 2025 年 Form 10-K 年報中所述者。以及我們 2026 年第一季與第二季的 Form 10-Q 季報，並包括我們已向或未來可能向美國證券交易委員會提交的其他文件中所揭露者。

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

現在，我把電話會議交給我們的總裁兼執行長 Lois Zabrocky。Lois。

Thank you so much, Jane. Good morning, everyone, and welcome to International Seaway's Earnings Call for the second quarter of 2026. On slide 4 of the presentation, which you can find in the Investor Relations section of our website, our second quarter highlights reflect important milestones Seaway's has accomplished. We delivered record adjusted net income of $295 million or $5.91 per share, record EBITDA of $345 million and. Record free cash flow for the quarter of $261 million. We are pleased to complement those achievements with another record, declaring our largest quarterly dividend of $5.05 per share. Our commitment to returning at least 85% of adjusted net income reflects the confidence that we have in the company we've built over the last decade. Today's market has certainly created an exceptional backdrop. Our ability to translate these conditions into record shareholder returns is the result of years of disciplined capital allocation, fleet renewal, and balance sheet management. It took us nearly five years to return our first billion dollars to shareholders and just six months to return another half billion dollars in 2026 alone.

非常感謝你，Jane。各位早安，歡迎參加 International Seaways 2026 年第二季財報電話會議。在簡報第 4 頁（可於我們官網投資人關係專區取得），第二季重點反映了 Seaways 達成的重要里程碑。我們創下調整後淨利新高，達 2.95 億美元或每股 5.91 美元；EBITDA 亦創新高，達 3.45 億美元，且本季自由現金流亦創新高，達 2.61 億美元。我們也很高興以另一項紀錄來呼應這些成果：宣布每股 5.05 美元的史上最高單季股利。我們承諾回饋至少 85% 的調整後淨利，反映了我們對過去十年所打造之公司的信心。當前市場確實提供了極為有利的背景。我們能將這些環境轉化為創紀錄的股東報酬，來自多年來嚴謹的資本配置、船隊汰舊換新與資產負債表管理。我們花了將近五年才把第一個 10 億美元回饋給股東，而僅在 2026 年就用六個月又回饋了另外 5 億美元。

That same long-term approach continues to shape our fleet. We recently ordered four additional LR1 new buildings for delivery in the second-half of 2028, complementing the six vessels we ordered almost exactly three years ago, with four already on the water. Importantly, we secured these vessels at essentially the same price we paid three years ago, even as new building prices across the industry increased by double-digits. These 10 ships will trade in the Panamax International pool, which has averaged more than $70,000 per day over the last nine months. While today's market is attractive. These investments reflect our disciplined approach to fleet renewal, particularly around businesses where we have demonstrated a durable competitive advantage. These are exactly the kinds of decisions that have shaped the company over the last decade. We're beginning to see the benefits of bringing Tankers International fully into the Seaway family.

同樣的長期方法也持續形塑我們的船隊。我們近期再下訂 4 艘 LR1 新造船，預計於 2028 年下半年交付，與我們幾乎正好三年前訂購的 6 艘相互補強，其中已有 4 艘投入營運。重要的是，儘管全產業新造船價格以兩位數幅度上漲，我們仍以基本上與三年前相同的價格鎖定這些船舶。這 10 艘船將在 Panamax International 聯營池中營運，該聯營池過去九個月平均日租金超過 70,000 美元。雖然當前市場具吸引力。這些投資反映我們在船隊更新上的紀律性作法，特別聚焦於我們已證明具備持久競爭優勢的業務領域。這正是過去十年塑造公司發展的那類決策。我們也開始看到將 Tankers International 完整納入 Seaways 大家庭所帶來的效益。

Expanding into the Suezmax segment marks an important next step in the pool's evolution, and we're excited by the opportunities to deepen customer relationships, attract additional partners, and leverage the combined expertise of both organizations to continue strengthening the commercial unit. Finally, we continue to maintain nearly $1 billion of liquidity alongside low leverage, providing us with significant financial flexibility. That flexibility allows us to continue investing in opportunities that strengthen our platform while maintaining our commitment to returning meaningful capital to shareholders.

擴展至 Suezmax 船型領域，標誌著聯營池演進的重要下一步；我們對深化客戶關係、吸引更多合作夥伴，以及運用兩個組織的綜合專業以持續強化商業團隊的機會感到振奮。最後，我們在維持低槓桿的同時，仍保有接近 10 億美元的流動性，為我們提供顯著的財務彈性。這份彈性使我們得以在維持對股東回饋大量資本承諾的同時，持續投資於能強化平台的機會。

Combined, these highlights reflect many of the principles that have shaped seaways over the past decade and continue to guide us today. Moving to slide 5, we've updated our standard set of bullets on tanker demand drivers with the subtle green up arrows next to the bullet represented as good for tankers, the black dash representing a neutral impact. And a red down arrow meaning the topic is not good for tinker demand. Without reading these bullets individually, we believe demand fundamentals are solid and continue to support a constructive outlook for seaborne transportation. The conflict in the Straits of Hormuz has created one of the most significant disruptions to seaborne transportation that we have seen in decades. More recently, the Houthis have added another layer of uncertainty by attempting to disrupt traffic through Fab Almandeb. Together, these two waterways have historically handled nearly $25 million barrels per day of crude and oiled petroleum products. The chart on the lower left illustrates just how dramatic that disruption has been.

綜合而言，這些重點反映了過去十年塑造 Seaways 的多項原則，並持續引導我們至今。接著看第 5 頁，我們更新了油輪需求驅動因素的標準條列，項目旁以淡綠色向上箭頭表示對油輪有利，黑色橫線表示影響中性。紅色向下箭頭則表示該議題不利於油輪需求。不逐條朗讀這些要點，我們認為需求基本面穩健，並持續支持海運運輸的建設性展望。荷莫茲海峽的衝突造成了我們數十年來所見最重大的海運運輸中斷之一。近期，胡塞武裝試圖干擾經由 Bab al-Mandeb（曼德海峽）的航運，進一步增加不確定性。歷史上，這兩條水道合計每日處理近 2,500 萬桶的原油與石油產品。左下方圖表顯示了這次中斷的劇烈程度。

While these events have undoubtedly increased uncertainty, they've also created significant inefficiencies in global trade as cargoes seek alternative routes, increasing ton-mile demand and supporting tanker markets. The chart on the right explains why oil demand has remained so resilient. Despite disruptions, we've seen relatively stable commercial inventories. At first glance, that might suggest demand has held up remarkably well. But as the two charts illustrate, Strategic Petroleum Reserves have been doing much of the heavy lifting, helping offset supply disruptions and limiting the impact on commercial inventory. Looking ahead, we see two very different paths. If these disruptions begin to ease over the near term, we believe inventory replenishment could become an additional source of tanker demand as governments rebuild strategic reserves that have been substantially drawn down in the months of the conflict. Alternatively, if these disruptions persist for an extended period, the risk shifts to consumption. Sustained disruption of this magnitude could ultimately weigh on the global economy and oil demand, which would have broader implications for the tanker market. For now, however, the market continues to benefit from the combination of elevated ton-mile demand and stable oil consumption.

雖然這些事件無疑提高了不確定性，但也因貨物尋求替代航線而在全球貿易中造成顯著低效率，推升噸海里需求並支撐油輪市場。右側圖表說明了為何石油需求仍保持如此韌性。儘管出現干擾，我們仍看到商業庫存相對穩定。乍看之下，這可能意味著需求表現出乎意料地強勁。但如兩張圖所示，戰略石油儲備在很大程度上發揮了支撐作用，協助抵消供應中斷並限制對商業庫存的影響。展望未來，我們看到兩條截然不同的路徑。若這些干擾在短期內開始緩解，我們認為庫存回補可能成為油輪需求的另一個來源，因各國政府將重建在衝突數月間已大幅動用的戰略儲備。相對地，若這些干擾長期持續，風險將轉向消費端。如此規模的持續中斷最終可能拖累全球經濟與石油需求，並對油輪市場帶來更廣泛的影響。不過就目前而言，市場仍受惠於噸海里需求居高不下與石油消費穩定的組合。

Turning to slide 6, let's shift from demand to supply. We're now entering the 5th year of this market upcycle. It is natural to see new orders continue to enter the market, particularly given the attractive financing environment available to many ship owners. While the order book has grown over the last several years, we believe it's equally important to view those deliveries in the context of an aging global fleet. As shown on the right, each year of scheduled deliveries is accompanied by a comparable, and in some years, even larger group of vessels reaching 20 years of age, where they're increasingly viewed as candidates for removal from the commercial fleet. That dynamic becomes even more pronounced over time. Today, roughly 30% of the world's tanker fleet is over 20 years old. By 2030, that figure is expected to exceed 50%, highlighting the significant fleet renewal that will be required over the remainder of the decade. We continue to monitor ordering activity and new building pricing very closely. Our LR1 order is a great example of the discipline we apply to capital allocation. We were able to secure attractive pricing, securing construction slots at a quality shipyard that we know well, an increasingly important consideration in today's market.

接著看第 6 頁投影片，讓我們從需求轉向供給。我們現在正進入這一輪市場上行週期的第 5 年。在許多船東可取得具吸引力的融資環境下，新訂單持續進入市場是很自然的現象。雖然過去幾年訂單簿有所成長，但我們認為同樣重要的是，必須在全球船隊老化的背景下看待這些交付。如右圖所示，每一年排定交付的船舶，都伴隨著數量相當、且在某些年份甚至更多的船舶達到 20 年船齡；這些船舶愈來愈被視為應自商業船隊中退出的候選者。這種動態隨時間推移會更加明顯。目前，全球約 30% 的油輪船隊船齡超過 20 年。到 2030 年，該比例預期將超過 50%，凸顯在本十年剩餘期間將需要進行大規模的船隊汰舊換新。我們持續非常密切地監控下單活動與新造船價格。我們的 LR1 訂單就是我們在資本配置上所採取紀律的絕佳例子。我們得以取得具吸引力的價格，在我們熟悉且品質優良的船廠鎖定建造船台；在當前市場中，這是一項愈來愈重要的考量。

While we believe the industry still has capacity for additional ordering to support the aging fleet, we will continue to evaluate investment opportunities through the lens of long-term supply fundamentals. Disciplined capital allocation, and the future needs of seaborne oil transportation. Taken together, demand and supply fundamentals continue to support a constructive outlook for the tanker market. While market conditions will inevitably evolve, the disciplined decisions we've made over the last decade have allowed Seaways to capitalize on opportunities across a range of market environments. We'll continue to execute our balanced capital allocation strategy, renew our fleet, preserving financial flexibility, and return meaningful capital to shareholders. I'll now turn it over to our CFO, Jeff Prebor, to provide the financial review. Jeff.

雖然我們認為產業仍有空間進一步下單以支撐老化船隊的更新需求，但我們將持續以長期供給基本面為視角來評估投資機會。也就是以紀律性的資本配置，以及海運原油運輸的未來需求為核心。綜合而言，需求與供給的基本面仍支持我們對油輪市場抱持建設性的展望。儘管市場狀況勢必會演變，我們過去十年所做的紀律性決策，使 Seaways 能夠在各種市場環境中把握機會。我們將持續執行平衡的資本配置策略，更新船隊、維持財務彈性，並向股東回饋具意義的資本。接下來我把時間交給我們的財務長 Jeff Prebor，為各位進行財務回顧。Jeff。

Thanks, Lois, and good morning, everyone.

謝謝你，Lois，各位早安。

Turning to Slide 8, we delivered another quarter of record financial performance. Adjusted net income for the second quarter was approximately $295 million or $5.91 per diluted share, while adjusted EBITDA for the second quarter was $345 million. On the lower half of the page, blended spot TCEs weighted by revenue days were $79,000 per day compared to $27,500 per day a year ago and $55,600 per day in the first quarter. Crude tanker revenues totaled $253 million, including $51 million of profit sharing from our time charters.

接著看第 8 頁投影片，我們再度交出一季創紀錄的財務表現。第二季調整後淨利約為 2.95 億美元，或每股稀釋後盈餘 5.91 美元；第二季調整後 EBITDA 為 3.45 億美元。在頁面下半部，以營收天數加權的綜合現貨 TCE 為每日 79,000 美元，相較去年同期每日 27,500 美元，以及第一季每日 55,600 美元。原油油輪營收合計 2.53 億美元，其中包含我們定期租船的 5,100 萬美元利潤分成。

Together, these profit sharing arrangements increased our blended BLCC earnings across both our spot and time charter vessels to more than $150,000 per day. I'd like to highlight a few items that may not be immediately apparent from the financial statements. The lightering business contributed about $5 million of EBITDA with $13 million in revenue, vessel expenses of $3 million, $4 million of charter hire, and $1 million of G&A. Also, following the launch of the Suez Max pool, we began consolidating the Tankers International Suez entity as we currently control a majority of the participating vessels in the pool. While this results in the gross consolidation of revenues and expenses attributable to the other pool participants, it has no meaningful impact on Seaway's underlying economics. Accordingly, we've excluded those third-party vessels from our reported TCE revenue per day metrics shown on this slide.

合計而言，這些利潤分成安排使我們在現貨與定期租船船舶上的綜合 BLCC 收益提升至每日超過 150,000 美元。我想強調幾個從財務報表上可能不會立刻看出的項目。加駁（lightering）業務貢獻約 500 萬美元 EBITDA，營收 1,300 萬美元，船舶費用 300 萬美元、租船費 400 萬美元，以及 100 萬美元的管理費用（G&A）。此外，隨著 Suez Max 聯營池啟動，我們開始合併 Tankers International 的 Suez 實體，因為目前我們控制該聯營池中多數參與船舶。雖然這會將其他聯營池參與者所屬的營收與費用以總額方式合併入帳，但對 Seaways 的基本經濟利益並無實質影響。因此，我們已將這些第三方船舶排除在本頁所示、我們揭露的每日 TCE 營收指標之外。

On Slide 9, this bridge illustrates how we converted another quarter of strong operating performance into free cash flow.

在第 9 頁投影片，這張橋接圖說明我們如何將另一季強勁的營運表現轉化為自由現金流。

We began the quarter with total liquidity of $918 million. Composed of $377 million in cash and $541 million in undrawn revolving capacity. Following the bridge from left to right, we generated $345 million in adjusted EBITDA, funded $50 million in debt service, paid another $20 million in drydock and capital expenditures. And used about $49 million of working capital. The combination of these highlights represents free cash flow generation of about $261 million for the second quarter, a record that eclipses the next closest by $100 million. Beyond our free cash flow composition is essentially the capital allocation to spend during the quarter. We used about $10 million in cash for installment payments net of financing for the original six LR1 new builds. This was largely offset by the cash balance consolidated through Tankers International, SUES. Finally, we paid about $225 million in dividends to shareholders, representing our then record quarterly dividend of $4.55 per share. We ended the quarter with $409 million of cash and $526 million in undrawn revolving credit capacity, bringing total liquidity to about $935 million.

本季初我們的總流動性為 9.18 億美元。其中包括 3.77 億美元現金與 5.41 億美元未動用的循環額度。沿著橋接圖由左至右，我們產生 3.45 億美元的調整後 EBITDA，支付 5,000 萬美元的債務償付，並支付另外 2,000 萬美元的進塢修理與資本支出。同時使用了約 4,900 萬美元的營運資金。上述合計代表第二季自由現金流約 2.61 億美元，創下紀錄，較次高紀錄多出 1 億美元。除了自由現金流的構成之外，基本上就是本季的資本配置支出。我們就原先 6 艘 LR1 新造船的分期款項（扣除融資）使用了約 1,000 萬美元現金。這部分大致被透過 Tankers International、SUES 合併入帳的現金餘額所抵銷。最後，我們向股東支付約 2.25 億美元股利，代表當時創紀錄的單季每股股利 4.55 美元。本季末我們持有 4.09 億美元現金與 5.26 億美元未動用的循環信貸額度，使總流動性約為 9.35 億美元。

Moving to slide 10. Our balance sheet continues to provide the financial flexibility that supports both disciplined growth and meaningful shareholder returns. The detailed balance sheet is shown on the left with several key metrics highlighted on the right. Liquidity remains strong at close to $1 billion.

接著看第 10 頁投影片。我們的資產負債表持續提供財務彈性，支持我們在保持紀律的前提下成長，並向股東提供具意義的回報。左側為詳細資產負債表，右側則標示數項關鍵指標。流動性仍然強勁，接近 10 億美元。

We have invested about $2 billion in vessels that cost on our books, which are currently valued at nearly $4 billion. And with approximately $250 million in net debt, combined with rising asset values, our net loan to value is about 6% at the end of the second quarter. The table on the lower right summarizes our debt portfolio. Gross debt at quarter end was $651 million, which excludes consolidating the TI. SUES borrowing-based facility. Mandatory debt repayments for the second-half of 2026 are about $50 million. Our debt is almost entirely fixed or hedged, which contributes to our total cost of debt of around 5.5%. Taken together, these metrics demonstrate the strength of our balance sheet. With 25 uncovered vessels, substantial undrawn revolving credit capacity and one of the lowest leverage profiles in our sector. We believe Seaways remains exceptionally well-positioned to pursue attractive growth opportunities while contributing to return meaningful capital to shareholders.

我們已投資約 20 億美元於船舶（以帳面成本計），目前估值接近 40 億美元。在淨負債約 2.5 億美元、且資產價值上升的情況下，第二季末我們的淨貸款價值比（net loan to value）約為 6%。右下方表格彙總了我們的債務組合。季末總負債為 6.51 億美元，未包含合併 TI。SUES 的借款基礎融資（borrowing-based facility）。2026 年下半年強制性債務償還約為 5,000 萬美元。我們的債務幾乎全部為固定利率或已避險，這使我們的整體債務成本約為 5.5%。綜合而言，這些指標展現了我們資產負債表的強健。我們有 25 艘未設定抵押的船舶、可觀的未動用循環信貸額度，以及本產業中最低之一的槓桿水準。我們相信 Seaways 仍具備極佳的有利位置，可追求具吸引力的成長機會，同時向股東回饋具意義的資本。

On Slide 11, we provided our customary forward-looking guidance, including book-to-date spot TCE rates and our spot cash breakeven. As a reminder, these fixtures represent rates booked as of today and our reported TCE for the third quarter may differ as additional voids are fixed throughout the quarter. To date. We've booked approximately 48% of our expected third-quarter revenue days at a blended spot TCE of approximately $61,000 per day across the fleet. While fixture levels will continue to evolve throughout the quarter, we're encouraged by the strength of rates secured to date, particularly when viewed alongside our fleetwide spot cash breakeven. This continues to provide a meaningful margin for cash generation. On the bottom left-hand chart, we provide some updated guidance for our expenses for the rest of 2026. We also include in the appendix our quarterly expected off-hire and CapEx. I don't plan to read each item line by line, but encourage you to use these for modeling purposes. That concludes my remarks. I'd like to now turn the call back to Lois for closing comments. Lois.

在第 11 頁投影片，我們提供了慣例的前瞻性指引，包括截至目前已簽訂的現貨 TCE 與我們的現貨現金損益兩平點。提醒各位，這些租約（fixtures）代表截至今日已訂定的運價；由於本季仍會陸續鎖定額外的空航（voids），我們第三季揭露的 TCE 可能會有所不同。截至目前。我們已就全船隊預期第三季營收天數約 48% 完成訂艙，綜合現貨 TCE 約為每日 61,000 美元。雖然訂艙水準將在本季持續變動，但我們對目前已鎖定的運價強度感到鼓舞，特別是與全船隊的現貨現金損益兩平點一併觀察時。這仍為現金創造提供了具意義的利差空間。在左下方圖表，我們提供了 2026 年剩餘期間費用的更新指引。我們也在附錄中納入每季預期的停租（off-hire）與資本支出（CapEx）。我不打算逐行朗讀每個項目，但鼓勵各位將其用於建模。以上是我的說明。接下來我把電話交回 Lois 作結語。Lois。

Thanks, Jeff. On slide 12, we've included our investment highlights. Which I encourage everyone to read in their entirety. I want to leave you today with a few thoughts about what we believe differentiates Seaways. Over the past decade, we've built a company that balances growth, financial strength, and shareholder returns. These priorities reinforce each other. Since becoming a public company, we've delivered a compounded annual total shareholder return of more than 30% and built one of the strongest balance sheets in our industry. We've also been deliberate in how we built our fleet by investing across multiple tanker segments and enhancing our scale. With leading commercial pools, we position Seaways to participate in a broad range of market opportunities while remaining flexible to adapt to the volatility of our industry.

謝謝你，Jeff。在第 12 頁投影片中，我們列出了我們的投資亮點。我鼓勵大家完整閱讀。我想在今天結束前，分享幾點我們認為能讓 Seaways 脫穎而出的因素。過去十年，我們打造了一家在成長、財務實力與股東報酬之間取得平衡的公司。這些優先事項彼此相互強化。自成為上市公司以來，我們為股東帶來超過 30% 的年複合總報酬率，並建立了本產業最強健的資產負債表之一。我們也在打造船隊方面採取審慎策略，投資於多個油輪細分市場並提升規模。透過領先的商業聯營池，我們讓 Seaways 能參與廣泛的市場機會，同時保持彈性以因應本產業的波動。

That same philosophy extends to our balance sheet. We have nearly $1 billion of liquidity, net debt around 6% of our fleet's current value, and 25 vessels that are unencumbered. These metrics aren't simply measures of financial strength they provide the flexibility to invest when opportunities arise while remaining resilient through the market cycle. Just as importantly, our fleet-wide spot cash breakeven levels remain below $14,500 per day over the next year. With spot earnings currently many times that level, we believe Seaway is very well positioned to continue generating meaningful free cash flow, supporting both our investment strategy and our commitment to returning capital to shareholders. As we look ahead.

同樣的理念也延伸到我們的資產負債表。我們擁有接近 10 億美元的流動性，淨負債約為我們船隊目前價值的 6%，並有 25 艘船舶未設定擔保。這些指標不僅是財務實力的衡量，更提供我們在機會出現時投資的彈性，同時在景氣循環中保持韌性。同樣重要的是，未來一年我們全船隊的現貨現金損益兩平水準仍低於每日 14,500 美元。在現貨收益目前遠高於該水準的情況下，我們認為 Seaways 非常有利於持續產生可觀的自由現金流，支持我們的投資策略以及回饋股東資本的承諾。展望未來。

Our priorities remain unchanged. We continue to allocate capital with discipline, renew our fleet thoughtfully, preserve financial flexibility, and return meaningful capital to shareholders. These principles have shaped Seaways over the past decade and will continue to guide us as we create long-term value in the years ahead. Thank you very much. And with that said, operator, we'd like to open the lines for questions.

我們的優先事項維持不變。我們將持續以紀律配置資本、審慎更新船隊、維持財務彈性，並向股東回饋具意義的資本。這些原則在過去十年塑造了 Seaways，未來也將持續引導我們在往後多年創造長期價值。非常感謝。接下來，接線員，我們想開放電話線供提問。

(Event Instructions)

(活動說明)

Liam Burke with B. Riley Securities.

B. Riley Securities 的 Liam Burke。

Thank you. Good morning, Lois. Good morning, Jeff.

謝謝。早安，Lois。早安，Jeff。

Good morning. Lois, could you talk about more specifically any changes that you'd anticipate in the Atlantic Basin, either reroutes or additional production out of the West Africa or Latin America, and how you see that affecting long-term rates for the Suezmax or even the LR1s?

早安。Lois，你能否更具體談談你預期大西洋盆地會有哪些變化，例如改道或西非、拉丁美洲的額外產量增加，以及你認為這將如何影響 Suezmax 甚至 LR1 的長期運價？

Yeah, absolutely, Liam. So let's look at that. We'll sort of take it in pieces. One of the things that we're seeing very significantly now in the tanker market between the Vs, the Suezmaxes, particularly the Aphromaxis is a lot of dislocation and. Substitution by charters between sizes so that you're really seeing a lot of overlap between the sectors. And you'll notice in the second quarter, our LR1s were just standout performers. And that in particular was due to this dislocation where a lot of the larger ships had been pulled east and the LR1s really had their opportunity in the market. We see that the Americas is producing. Across the space, more barrels per day, so that you have the United States increasing, Guyana increasing, Brazil increasing, and Argentina. Whether or not you'll see more increases than what we already have, it seems like you're going to have a lot of stability.

好的，當然可以，Liam。我們來看一下。我們會分段來談。我們目前在油輪市場看到非常明顯的一點是，在 VLCC、Suezmax，特別是 Aframax 之間出現了大量的錯位與調整。租家在不同船型尺寸之間進行替代，因此你會看到各個區隔之間高度重疊。你也會注意到在第二季，我們的 LR1 表現非常突出。這尤其是因為這種錯位：許多較大型船舶被拉往東方市場，使得 LR1 在市場上獲得了機會。我們看到美洲地區正在增產。整體而言，每日產量增加：美國增加、蓋亞那增加、巴西增加，阿根廷也是。至於是否會比目前再進一步增加，看起來你將會看到相當程度的穩定性。

And when you really drop back and take all the horrible war effects. All of the war in the world out of the equation, you see the fundamental West increasing, the East demanding that crude.

當你退一步，把所有可怕的戰爭影響。把全球所有戰爭因素先排除在外，你會看到基本面是西方供給增加，而東方對原油的需求存在。

Right. And then looking on the product tanker side, it looks like that the capacity is sort of rebalanced, rates are still elevated but coming back to normal. Are you as optimistic on the product side as you are on the crude?

了解。那再看成品油輪方面，似乎運力已經重新平衡，運價仍偏高但正在回歸正常。你對成品油市場的樂觀程度，是否和你對原油市場一樣？

When we look at this, we're really seeing so many daily impacts, Liam, on the product carriers because. Ukrainians have been hitting a lot of the Russian refineries, so you see some of that. Those barrels taken off the market, the Middle East products are having a challenging time consistently getting exported. So what we're really seeing is the United States exporting diesel at 1.5 million barrels a day, gasoline almost 1 million barrels a day. So the United States refinery system is going full out, and those exports are concentrated on Mrs. So we see that fundamental basis there.

我們在看這個市場時，Liam，確實看到成品油輪每天都受到很多因素影響，因為。烏克蘭一直在打擊不少俄羅斯煉油廠，所以你會看到部分。這些桶數被移出市場；中東成品油也面臨持續穩定出口的挑戰。因此我們真正看到的是，美國柴油出口達每日 150 萬桶，汽油接近每日 100 萬桶。所以美國煉油系統正全力運轉，而這些出口主要集中在 MR 船型上，因此我們看到那裡的基本面支撐。

And then for the first time, we've seen China come back in July with not a million barrels a day of product exports, but something on the order of around 8,000. Barrels per day, 800,000. And that's an Mr. Market. So you're seeing China start exporting again, which we hadn't seen in a long time. So we're watching it all very carefully. We still see the Mrs. Particularly in the Western Hemisphere in the posting as we have in the quarter, almost $35,000 per day. So they continue to be products volume. In short supply and demand is continuing strong.

另外，我們也第一次看到中國在 7 月回來出口成品油，不是每日 100 萬桶，而是大約 80 萬桶左右。每日桶數，800,000。而那是 MR 的市場。所以你會看到中國開始再次出口，這是我們很久沒有看到的。因此我們正非常謹慎地觀察整體情況。我們仍看到 MR，特別是在西半球，正如本季所呈現的，報價接近每日 35,000 美元。因此成品油船型仍然呈現運量。供給偏緊，而需求持續強勁。

Great. Thank you, Lois.

很好。謝謝你，Lois。

Thank you.

謝謝。

Omar Nokta with Clarkson Securities.

Clarkson Securities 的 Omar Nokta。

Thank you. Hi, Lois. Hi, Jess. Good morning and congrats on a very strong result and looks like guidance is pretty solid as well. I have maybe two questions. Just first, on the LR1s, you've added the four that I guess you had two delivered last year, four coming this year, you're adding another four new buildings. So that's going to give you a market footprint of 14 for that Panamax International pool. Is the plan to continue trading as time goes on to continue trading within that niche Latin America. Trade or is there a plan or anticipation of an expansion to that bull's footprint?

謝謝。嗨，Lois。嗨，Jess。早安，恭喜你們交出非常強勁的成績，看起來指引也相當穩健。我大概有兩個問題。首先關於 LR1，你們新增了四艘——我想你們去年交付了兩艘、今年會交付四艘，現在又再新增四艘新造船。這將使你們在 Panamax International 聯營池的市場布局達到 14 艘。計畫是否是隨著時間推進，持續在拉丁美洲這個利基航線/貿易中運營？還是有計畫或預期要擴大該聯營池的布局規模？

Great question and thank you, Omar. On those LR1s, we were able to obtain great pricing with a trusted counterpart shipyard in Korea with K. And the vessels that we place will deliver in 2028. So we will have a full series of sisters with the vessels on the water, the two coming in the third quarter, and then those that will come in 2028. And that profile was aged in our fleet. So in due course, these vessels will, these 10 full series will replace those older units as and when they need to age out. We have a very strong. Customer base in the Americas. We transit through the old box. And this combination has proven over time to be a very reliable niche trade. So we intend to continue.

問題很好，也謝謝你，Omar。關於這些 LR1，我們與韓國一家值得信賴的造船廠夥伴以很好的價格簽下訂單，這批船將於 2028 年交付。因此，我們將擁有完整的姊妹船系列：包含目前在水上的船、第三季將交付的兩艘，以及 2028 年交付的那些船。而在我們船隊中，這個船型的船齡相對偏高。因此在適當時機，這 10 艘完整系列將在那些較舊船舶需要退役時逐步取代它們。我們在美洲擁有非常強勁的。客戶基礎。我們會通過舊船閘。而這樣的組合長期以來已證明是一個非常可靠的利基航線貿易。因此我們打算持續下去。

Okay. Thanks, Lois. And then maybe just a separately, just wanted to ask on the VLCCs on time charter and recognize that there's probably some sensitivity to this, but the three fixed vessels with profit share gave you an average of $214,000 versus the base rate of somewhere in the 30s. Is there any change to the construct of those time charters or should we just keep assuming that the profit share will come based on, say, spot market averages for. Rates inside of Hormuz?

好的。謝謝你，Lois。另外也想單獨問一下關於以定期租船（time charter）方式營運的VLCC。我知道這可能有些敏感，但那三艘含利潤分成的固定船舶，平均給你們帶來了21.4萬美元，相較之下基礎租金大概是3萬多美元。這些定期租船的架構有任何變化嗎？還是我們應該繼續假設利潤分成會依據例如現貨市場的平均水準來計算。例如霍爾木茲海峽內的運價？

Now, great question, Omar. So, you should really assume VLCC averages, right? So, you've got a limited number of VLCC routes in the world. So, our first response would be that our Vs have remained fully utilized clearly with the rates that have been posted. There are lots of components that go into our settlement, and when you're assessing our full VLCC fleet, we think you should. Could take a blend of the worldwide routes.

Omar，這個問題問得很好。所以你其實應該假設以VLCC的平均水準來看，對吧？全球VLCC航線的數量是有限的。因此我們的第一個回應是，我們的VLCC在目前公布的運價水準下，顯然仍維持滿載利用。我們的結算包含很多組成要素，而當你在評估我們整體VLCC船隊時，我們認為你應該。可以採用全球各航線的加權混合。

Okay, so we'll do that then.

好的，那我們就這麼做。

Okay. Thank you, Lois. I'll pass it back.

好的。謝謝你，Lois。我把時間交回去。

Thank you so much.

非常感謝。

Sharif Elmaghrabi with BTIG.

BTIG的Sharif Elmaghrabi。

Hey, thanks and good morning.

嗨，謝謝，早安。

Jeff and Lois, I'm looking at your balance sheet in front of me here and it is remarkably strong. No significant maturities until 2030. And I think when we zoom out, it looks like new build values are starting to reflect the purchasing power of top operators like yourselves. So when you think about opportunities for growth and you highlighted. The substantial liquidity position. Would you consider any growth opportunities outside the conventional crude and product tanker trade?

Jeff和Lois，我正在看你們眼前這份資產負債表，真的非常強勁。直到2030年之前都沒有重大的到期債務。而且我想從更宏觀的角度看，新造船價值似乎開始反映像你們這樣頂尖營運商的購買力。所以當你們思考成長機會，而且你們也強調了。相當充裕的流動性部位。你們會考慮在傳統原油與成品油油輪運輸之外的任何成長機會嗎？

Very good question. Jeff, I was going to give it to you, but I'm going to keep that one. Our strategy at INSW has been to. Really, we thought that the market would be strong, we would have volatility to the upside in our core space, and that is where you've seen our investments. We continue to look at how can you expand, where can you find the niche opportunities where you can gain an advantage. For right now, we're sticking to the oil tanker space.

非常好的問題。Jeff，我本來要把這題交給你，但我想我自己來回答。我們在INSW的策略一直是。我們確實認為市場會很強，而且在我們的核心領域會出現向上的波動性，而你也看到我們的投資都集中在那裡。我們持續在看要如何擴張、在哪裡能找到利基機會以取得優勢。就目前而言，我們仍會專注在油輪領域。

Okay, fair enough. Sticking with oil tankers then, in the Middle East, a few of the Gulf producers are working on Hormuz bypass projects. So I'm wondering if you're hearing chatter for any long-term fixtures linked to this new capacity, given where the spot market is. And maybe at a higher level, how quickly do you think these projects could rebalance ton-miles if they do come online on time?

好的，可以理解。那就繼續談油輪。在中東，有幾個海灣產油國正在推動繞過霍爾木茲海峽的專案。所以我想問，你們是否聽到任何與這些新增運能相關、考量到現貨市場水準的長期租約（long-term fixtures）的消息？另外從更高層次來看，如果這些專案如期上線，你認為它們會多快重新平衡噸海里（ton-miles）？

It's impressive, the pace and creativity, the amount of capital that is invested. But if you think about the disruption and the amount of revenue that is being offset for these both countries, we, of course, understand the pace at which they're going at. We have not seen any time charters for new routes for. Long-term and I think that with the amount of volatility and intensity that is happening, what we are seeing is countries coming out. Such as Abu Dhabi buying VLCCs last week where you just see a scramble for surety of ownership and supply, right? And that's pushing prices higher in space. So I think there is a lot of CapEx being put to work for long-term solutions. It hasn't translated into the, really into time charges at this point.

這些專案的速度與創意，以及投入的資本規模，都令人印象深刻。但如果你想到對這兩個國家而言所面臨的干擾，以及被抵銷的收入規模，我們當然理解他們推進的速度。我們尚未看到針對新航線的任何定期租船。長期的安排；而且我認為在目前這種高度波動與緊張的情況下，我們看到的是一些國家開始出手。例如阿布達比上週購買VLCC，你會看到大家在搶確保所有權與供給的確定性，對吧？而這也在推升該領域的價格。所以我認為有大量資本支出（CapEx）正在投入以尋求長期解方。但到目前為止，還沒有真正轉化為定期租船。

Okay, that's great color. Lois, thanks very much.

好的，這些補充很有幫助。Lois，非常感謝。

Thank you.

謝謝。

Lois Sabrocki for closing remarks.

Lois Sabrocki發表結語。

Thank you so much, Chase.

非常感謝你，Chase。

Thank you, all of our investors and the analysts. We very much appreciate you joining INSW. Stick with us as we go forward, our tanker earnings continue strong.

也謝謝所有投資人與分析師。我們非常感謝各位參與INSW的電話會議。請持續支持我們，展望未來，我們的油輪獲利仍將維持強勁。

Thank you so much.

非常感謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝您的參與。您現在可以掛線。