Kirby Corp (KEX) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Kirby Corporation 2026 first quarter earnings conference call. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 Kirby Corporation 2026 年第一季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Matt Kerin. Please go ahead.

請注意，今天的會議將被錄音。現在我想將會議交給今天的第一位講者 Matt Kerin。請開始。

Good morning and thank you for joining the Kirby Corporation 2026 First Quarter Earnings Call. With me today are David Grzebinski, Kirby's Chief Executive Officer; Christian O'Neil, Kirby's President and Chief Operating Officer; and Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer.

各位早安，感謝您參加 Kirby Corporation 2026 年第一季財報電話會議。今天與我一同出席的有 Kirby 執行長 David Grzebinski；Kirby 總裁兼營運長 Christian O'Neil；以及 Kirby 執行副總裁兼財務長 Raj Kumar。

A slide presentation for today's conference call as well as the earnings release, which was issued earlier today, can be found on our website. During this conference call, we may refer to certain non-GAAP or adjusted financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release and are also available in our website in the Investor Relations section under Financials.

今日電話會議的簡報投影片以及稍早發布的財報新聞稿，可於我們的網站上查閱。在本次電話會議中，我們可能會提及某些非 GAAP 或調整後的財務衡量指標。非 GAAP 財務衡量指標與最直接可比較之 GAAP 財務衡量指標的調節表，已包含於我們的財報新聞稿中，亦可於我們網站「投資人關係」專區的「財務資訊」項下取得。

As a reminder, statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties, and our actual results could differ materially from those anticipated as a result of various factors. A list of these risk factors can be found in Kirby's latest Form 10-K filing and in our other filings made with the SEC from time to time.

提醒各位，本次電話會議中關於未來的陳述屬於前瞻性陳述。這些陳述反映管理層對未來事件的合理判斷。前瞻性陳述涉及風險與不確定性，且由於各種因素，我們的實際結果可能與預期有重大差異。相關風險因素清單可見於 Kirby 最新提交的 Form 10-K 以及我們不時向 SEC 提交的其他文件。

I will now turn the call over to David.

現在我將把電話會議交給 David。

Thank you, Matt, and good morning, everyone. Earlier today, we announced first quarter earnings per share of $1.50, a 13% year-over-year increase compared to 2025's first quarter earnings per share of $1.33. Our first quarter results reflected improving market fundamentals in marine transportation with utilization and pricing strengthening as the quarter progressed, alongside continued strength in underlying demand for Power Generation in Distribution and Services.

謝謝你，Matt，各位早安。今天稍早，我們公布第一季每股盈餘為 1.50 美元，較 2025 年第一季每股盈餘 1.33 美元年增 13%。第一季結果反映海運運輸市場基本面改善，隨著季度推進，稼動率與價格走強；同時，配銷與服務業務中，發電（Power Generation）在配銷與服務的基礎需求持續強勁。

While results were partially impacted by weather-related disruptions and navigational delays in our inland marine transportation operations and ongoing OEM-related supply constraints in Distribution and Services, underlying demand conditions remained strong across both segments.

雖然我們的內河海運運輸業務受到天候相關干擾與航行延誤影響，且配銷與服務仍面臨 OEM 相關供應限制，但兩大事業部的基礎需求狀況仍維持強勁。

Overall, our combined businesses executed well and generated positive momentum entering into the second quarter. In inland marine, market fundamentals improved throughout the quarter as customer demand strengthened, refinery utilization increased and barge availability remained limited. As expected, operations were impacted by typical seasonal weather, lock delays and other navigational disruptions.

整體而言，我們的綜合業務執行良好，並在進入第二季時展現正向動能。在內河海運方面，隨著客戶需求增強、煉油廠稼動率提高且駁船供給仍然有限，市場基本面在本季持續改善。如預期，營運受到典型季節性天候、船閘延誤及其他航行干擾影響。

However, market conditions became increasingly constructive with barge utilization strengthening as the quarter progressed and averaged in the low 90% range for the full quarter. Spot pricing improved in the low single digits sequentially. Term contract renewals were flat to slightly up year-over-year and pricing momentum continued to build during the quarter.

然而，市場狀況愈發有利，駁船稼動率隨季度推進而走強，整季平均落在 90% 出頭的區間。現貨價格較前一季小幅上升（低個位數）。定期合約續約價格年比持平至小幅上升，且價格動能在本季持續累積。

Overall, the inland business delivered strong operating margins in the high-teens range for the quarter, driven by improved pricing and disciplined execution. Entering the second quarter, demand visibility has continued to improve, supported by strong refinery utilization and improving conditions across petrochemical markets, contributing to strong utilization and improved pricing.

整體而言，內河業務本季繳出約高十幾%的強勁營業利益率，主要受惠於價格改善與紀律執行。進入第二季後，在煉油廠高稼動率及石化市場狀況改善的支撐下，需求能見度持續提升，帶動高稼動率與價格改善。

Coastal marine transportation fundamentals remained strong throughout the first quarter with barge utilization averaging in the mid-to-high 90% range, which was supported by steady customer demand and limited supply of large capacity vessels. This favorable supply-demand dynamic continued to drive pricing gains with term contract renewal rates rising in the 20% range year-over-year.

沿岸海運運輸的基本面在第一季全程維持強勁，駁船稼動率平均落在 90% 中段至高段區間，主要受穩定的客戶需求與大型載重船舶供給有限所支撐。此一有利的供需動態持續推動價格上漲，定期合約續約率年增約 20% 左右。

Our team delivered strong operational execution and maintained a disciplined focus on cost and efficiency, and this resulted in operating margins in the high teens range.

我們的團隊展現強勁的營運執行力，並持續以成本與效率為紀律重點，因此帶來約高十幾%的營業利益率。

Turning to the Distribution and Services segment results reflected mixed conditions across our end markets with Power Generation remaining a key growth driver. Segment revenues increased 12% year-over-year, but declined sequentially due to OEM engine availability and continued softness in conventional Oil and Gas activity. Operating income increased modestly year-over-year, though declined sequentially as margin performance varied across our businesses.

接著談配銷與服務事業部：結果反映終端市場狀況不一，其中發電仍是主要成長動能。事業部營收年增 12%，但因 OEM 引擎供應量及傳統油氣活動持續疲弱而較前一季下滑。營業利益年比小幅增加，但因各業務的毛利表現不一而較前一季下降。

In Power Generation, revenues grew 45% year-over-year from solid backlog execution and significant demand for behind-the-meter power solutions. However, revenues declined sequentially as OEM engine deliveries were lower in the quarter.

在發電業務方面，受惠於穩健的在手訂單執行以及對表後（behind-the-meter）電力解決方案的顯著需求，營收年增 45%。然而，由於本季 OEM 引擎交付量較低，營收較前一季下滑。

Operating income increased year-over-year with margins remaining in the mid-single-digit range.

營業利益年比增加，利潤率維持在中個位數區間。

In Commercial and Industrial, revenues increased 8% sequentially and operating margins were in the high single-digit range, supported by strong marine repair activity and disciplined execution.

在商業與工業（Commercial and Industrial）業務方面，營收較前一季成長 8%，營業利益率落在高個位數區間，受惠於強勁的海事維修活動與紀律執行。

In Oil and Gas, revenues improved 13% sequentially, though results continue to be pressured by softness in conventional oil and gas markets and resulted in margins in the mid-single-digit range. Overall, the segment remains well positioned with steady execution across a diverse portfolio of end markets.

在油氣（Oil and Gas）業務方面，營收較前一季改善 13%，但結果仍受傳統油氣市場疲弱所壓抑，使利潤率落在中個位數區間。整體而言，該事業部在多元終端市場組合下，仍具備良好定位並維持穩健執行。

In summary, Kirby continues to operate from a position of strength. Marine transportation fundamentals remain constructive with high utilization and improved pricing across both inland and coastal markets.

總結來說，Kirby 仍以強勢態勢營運。海運運輸基本面仍具建設性，內河與沿岸市場皆維持高稼動率並帶動價格改善。

In Distribution and Services, strong activity in Power Generation and Commercial and Industrial markets continued to offset softness in our conventional Oil and Gas business. With this backdrop, combined with solid execution and ongoing cost discipline, we announced in this morning's press release that we are increasing our EPS guidance range for the year to up 5% to up 15%, which is up from flat to up 12% previously. I will discuss our outlook in more detail on the call.

在配銷與服務方面，發電以及商業與工業市場的強勁活動，持續抵銷我們傳統油氣業務的疲弱。在此背景下，結合穩健執行與持續的成本紀律，我們在今早的新聞稿中宣布，將全年 EPS 指引區間上調至年增 5% 至年增 15%，高於先前的持平至年增 12%。我將在會議中更詳細說明我們的展望。

But first, I will turn it over to Raj to discuss the first quarter segment results, balance sheet and capital allocation in more detail.

但在此之前，我先把時間交給 Raj，請他更詳細說明第一季各事業部結果、資產負債表以及資本配置。

Thank you, David, and good morning, everyone. In the first quarter of 2026, Marine Transportation segment revenues were $497million and operating income was $90 million with an operating margin of 18%. Compared to the first quarter of 2025, total marine transportation revenues increased $21 million or 4% and operating income increased $3 million or 4%.

謝謝你，David，各位早安。2026 年第一季，海運運輸事業部營收為 4.97 億美元，營業利益為 9,000 萬美元，營業利益率為 18%。與 2025 年第一季相比，海運運輸總營收增加 2,100 萬美元（或 4%），營業利益增加 300 萬美元（或 4%）。

When compared to the fourth quarter of 2025, total marine revenues increased 3% and operating income decreased 11%. As David mentioned, typical seasonal winter weather produced a 25% sequential increase in delay days and negatively impacted operations and efficiency in the first quarter.

與 2025 年第四季相比，海運總營收增加 3%，營業利益下降 11%。如 David 所提，典型的冬季季節性天候使延誤天數較前一季增加 25%，並在第一季對營運與效率造成負面影響。

Looking at the Inland business in more detail. The Inland business contributed approximately 79% of segment revenue. Average barge utilization was in the low 90% range for the quarter, which was an improvement over the fourth quarter of 2025 and in line with the first quarter of 2025.

更深入看內河業務。內河業務約占事業部營收的 79%。本季平均駁船稼動率落在 90% 出頭區間，較 2025 年第四季改善，並與 2025 年第一季相當。

Long-term inland marine transportation contracts or those contracts with a term of one year or longer contributed approximately 65% of revenue, with 56% from time charters and 44% from contracts of affreightment. Improved market conditions resulted in spot market rates moving up in the low single digits sequentially but were down in the mid-single-digit range from a year ago. Our term contracts that renewed during the first quarter were flat to slightly up.

內河海運運輸的長期合約（或合約期間一年以上者）約貢獻 65% 的營收，其中 56% 來自期租（time charters），44% 來自包運合約（contracts of affreightment）。市場狀況改善使現貨市場運價較前一季上升低個位數，但較一年前下降中個位數。第一季續約的定期合約價格持平至小幅上升。

Compared to the first quarter of 2025, inland revenues were flat but increased 4% compared to the fourth quarter of 2025 due to improved market conditions. Inland operating margins were in the high-teens range.

與 2025 年第一季相比，內河營收持平；但受惠於市場狀況改善，較 2025 年第四季增加 4%。內河營業利益率落在高十幾%的區間。

Now moving to the Coastal business. Coastal revenues increased 23% year-over-year, driven by strong customer demand and limited availability of large capacity equipment. Overall, Coastal had an operating margin in the high-teens range, benefiting from higher pricing and effective cost management. The coastal business represented 21% of revenues for the Marine Transportation segment. Average coastal barge utilization was in the mid-to-high 90% range, which was in line with both the first quarter of 2025 and the fourth quarter of 2025.

現在轉到沿海業務。沿海營收年增23%，主要受強勁客戶需求以及大型運力設備供給有限所帶動。整體而言，沿海業務的營業利益率落在十幾%的高檔區間，受惠於較高的定價與有效的成本管理。沿海業務占海運運輸事業部營收的21%。沿海駁船平均稼動率約在90%中段至高段，與2025年第一季及2025年第四季一致。

During the quarter, the percentage of coastal revenue under term contracts was approximately 92%. Renewals of term contracts were on average approximately 20% higher year-over-year.

本季沿海營收中，採期約合約的占比約為92%。期約合約續約的平均價格年增約20%。

With respect to our tank barge fleet for both the inland and coastal businesses, we have provided a reconciliation of the changes in the first quarter as well as projections for the full year. This is included in our earnings call presentation posted on our website. At the end of the first quarter, the inland fleet had 1,124 barges, representing 25.1 million barrels of capacity and is expected to be slightly up in 2026. Coastal Marine is expected to remain unchanged from the first quarter of 2026.

就我們內陸與沿海業務的油槽駁船船隊而言，我們已提供第一季變動的調節表，以及全年預估。相關內容已納入我們發布於官網的法說會簡報中。第一季季末，內陸船隊共有1,124艘駁船，運能為2,510萬桶，預期2026年將小幅增加。沿海海運預期將與2026年第一季持平、不變。

Now I will review the performance of the Distribution and Services segment. Revenues for the first quarter of 2026 were $347 million with operating income of $23 million and an operating margin of 6.7%. Compared to the first quarter of 2025, the Distribution and Services segment revenue increased by $37 million or 12%, with operating income increasing by approximately $1 million or 3%. This growth was primarily driven by Power Generation and strong marine repair activity.

接下來我將回顧配銷與服務事業部的表現。2026年第一季營收為3.47億美元，營業利益為2,300萬美元，營業利益率為6.7%。相較2025年第一季，配銷與服務事業部營收增加3,700萬美元（年增12%），營業利益約增加100萬美元（年增3%）。此成長主要由發電業務以及強勁的船舶維修活動所帶動。

When compared to the fourth quarter of 2025, revenues decreased by $23 million or 6% and operating income decreased by $7 million or 22% as a result of lower power generation shipments due to OEM engine availability, weakness from on-highway repair and continued softness in the conventional frac market.

相較2025年第四季，營收減少2,300萬美元（季減6%），營業利益減少700萬美元（季減22%），原因包括：受OEM引擎供應影響導致發電出貨量下降、公路用維修業務走弱，以及傳統壓裂市場持續疲軟。

Moving through the segment in more detail. In Power Generation, we continue to see meaningful order activity for the behind-the-meter prime power and backup power solutions for data centers and other industrial applications. This has resulted in continued growth in our backlog. However, engine availability from OEMs is limiting how quickly some of that demand converts to revenue.

進一步更詳細地說明各項業務。在發電業務方面，我們持續看到針對資料中心及其他工業應用的表後（behind-the-meter）主電力與備援電力解決方案有顯著的訂單活動。這使得我們的在手訂單（backlog）持續成長。然而，OEM的引擎供應限制了部分需求轉化為營收的速度。

Overall, total Power Generation revenues were up 45% year-over-year with operating margins in the mid-single digits. Power generation represented 44% of total segment revenues.

整體而言，發電業務總營收年增45%，營業利益率為中個位數水準。發電業務占該事業部總營收的44%。

On the Commercial and Industrial side, activity was strong in marine repair. And as a result, commercial and industrial revenues increased 1% year-over-year and 8% sequentially. Commercial and industrial made up 46% of segment revenues and had operating margins in the high single digits.

在商業與工業端，船舶維修活動表現強勁。因此，商業與工業營收年增1%，並較前一季成長8%。商業與工業業務占該事業部營收的46%，營業利益率為高個位數水準。

In the Oil and Gas market, we continue to see softness in conventional frac-related equipment as lower rig counts and fracking activity softened demand for new engines, transmissions, service and parts throughout the quarter. Revenue in oil and gas was down 25% year-over-year, but increased 13% sequentially, while operating income was down 53% year-over-year and down 28% sequentially. Oil and Gas had operating margins in the mid-single digits in the first quarter and represented 10% of segment revenue.

在油氣市場方面，我們持續看到傳統壓裂相關設備需求疲軟；由於鑽機數量下降與壓裂活動轉弱，使得本季對新引擎、變速箱、服務與零件的需求走弱。油氣營收年減25%，但季增13%；營業利益年減53%，且季減28%。油氣業務第一季營業利益率為中個位數水準，並占該事業部營收的10%。

I will now move to the balance sheet. As of quarter end, we had $58 million of cash with total debt of $983 million, and our debt to capitalization ratio was 22.3%. We ended the first quarter with $635 million of available liquidity. During the first quarter, we entered into an amended and restated credit agreement that extended the facility maturity date to March 26, 2031, and increased the revolving credit facility commitments to $750 million, and eliminated the term loan credit facility.

接下來我將轉到資產負債表。截至季末，我們持有現金5,800萬美元，總負債為9.83億美元，負債占資本比率為22.3%。第一季結束時，我們可用流動性為6.35億美元。第一季期間，我們簽訂經修訂並重述的信貸協議，將融資到期日延長至2031年3月26日，並將循環信貸承諾額度提高至7.5億美元，同時取消定期貸款信貸額度。

During the quarter, net cash provided by operating activities was $97.7 million and capital expenditures were $48.3 million, resulting in free cash flow of $49.4 million. In the first quarter of 2026, Kirby returned $52.7 million of capital to shareholders through share repurchase at an average price of $123.18. We continue to execute on our focused and disciplined acquisition strategy by agreeing to acquire 23 barges and three high horsepower boats from an undisclosed seller in the Inland Marine business for $95.8 million, of which $81.4 million was paid during the first quarter.

本季營運活動提供的淨現金為9,770萬美元，資本支出為4,830萬美元，因此自由現金流為4,940萬美元。2026年第一季，Kirby以平均每股123.18美元回購股份，向股東返還資本5,270萬美元。我們也持續執行聚焦且嚴謹的併購策略，已同意以9,580萬美元向未揭露賣方收購內陸海運業務的23艘駁船與3艘高馬力船舶，其中8,140萬美元已於第一季支付。

With respect to CapEx, we continue to expect capital spending to range between $220 million and $260 million for the year. Approximately $170 million to $210 million is associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and for facility improvements. Approximately $65 million is associated with growth capital spending in both our businesses.

就資本支出（CapEx）而言，我們仍預期全年資本支出將介於2.2億至2.6億美元。其中約1.7億至2.1億美元與海運維護性資本支出、既有內陸與沿海海運設備改善，以及設施改善相關。約6,500萬美元與兩項業務的成長性資本支出相關。

We remain on track to generate cash flow from operations of $575 million to $675 million for the year, resulting in expectations for another year of very strong free cash flow generation. As always, we remain committed to a balanced capital allocation approach using free cash flow to return capital to shareholders while pursuing long-term value-creating investment and acquisition opportunities.

我們仍按計畫在今年產生5.75億至6.75億美元的營運現金流，預期將再度實現非常強勁的自由現金流。一如既往，我們仍致力於採取均衡的資本配置方式，運用自由現金流在回饋股東的同時，亦追求可創造長期價值的投資與併購機會。

I will now turn the call back to David to discuss our full 2026 outlook.

接下來我把電話交回給David，請他說明我們2026年全年展望。

Thank you, Raj. We are off to a solid start in 2026. Global macro and geopolitical developments, including the Iran conflict, the Venezuelan oil situation, and the broader geopolitical uncertainty continue to create near-term variability. That said, the current conditions are proving somewhat supportive for our operations.

謝謝你，Raj。我們在2026年有一個穩健的開局。全球總體與地緣政治發展（包括伊朗衝突、委內瑞拉石油情勢，以及更廣泛的地緣政治不確定性）持續帶來短期波動。儘管如此，目前的環境條件對我們的營運仍具有一定支撐。

In Inland Marine, we anticipate positive market dynamics driven by limited new barge construction and strong demand from refining and petrochemical customers. Barge utilization is expected to be in the low 90% range as we move through the year. This is supported by strong -- strong refinery utilization and improving chemicals activity.

在內陸海運方面，我們預期在新駁船建造量有限，以及煉油與石化客戶需求強勁的帶動下，市場動能將偏正向。隨著年度推進，預期駁船稼動率將落在90%出頭的區間。此一預期受強勁的煉油廠稼動率以及化學品活動改善所支撐。

However, we do expect near-term cost headwinds in our inland marine operations during the second quarter due to rising fuel, particularly diesel costs. We currently expect the cost escalators and rate recovery mechanisms in our contracts will lag the near-term fuel cost increases during the second quarter, but will ultimately be realized in the following quarters in the second half.

不過，我們確實預期第二季內陸海運營運將面臨短期成本逆風，原因是燃料成本上升，尤其是柴油成本。我們目前預期，合約中的成本調整條款與運價回收機制在第二季對短期燃料成本上升的反映將有所落後，但最終會在後續季度、也就是下半年逐步反映實現。

As most of you are aware, there is generally a 30 to 120-day delay or lag before term contracts adjust for fuel. We anticipate this timing issue could result in approximately $0.05 to $0.10 of earnings per share impact in the second quarter.

如各位多數人所知，期約合約在燃料調整上通常會有30至120天的延遲或落後。我們預期此時間差可能在第二季對每股盈餘造成約0.05至0.10美元的影響。

Overall, we expect inland revenues to grow in the low to mid-single digits on a year-over-year basis with margins averaging in the high-teens to low 20% range for the full year.

整體而言，我們預期內陸營收將以年增低至中個位數的幅度成長，全年平均毛利率（利潤率）預期落在十幾%高檔至20%出頭的區間。

In Coastal Marine, market conditions remain favorable with balanced supply and demand across the fleet. Steady customer demand is expected to continue through the balance of the year with barge utilization in the mid-90% range. While we anticipate elevated shipyard activity in the second quarter, we continue to expect mid-single-digit revenue growth year-over-year and operating margins in the high-teens, driven by gradual pricing improvements as term contracts renew.

在沿海海運方面，市場狀況仍然有利，整體船隊供需維持平衡。預期穩定的客戶需求將延續至今年剩餘期間，駁船稼動率約在90%中段。雖然我們預期第二季船廠活動將維持在較高水準，但隨著期約合約續約帶動定價逐步改善，我們仍預期營收年增中個位數，且營業利益率維持在十幾%高檔。

In Distribution and Services segment, ongoing demand in power gen and marine repair activity is expected to help offset softness in on-highway service and repair and low levels of Oil and Gas activity with results remaining mixed overall.

在配銷與服務（Distribution and Services）部門，發電（power gen）與船舶維修活動的持續需求，預期可抵銷公路（on-highway）服務與維修的疲弱，以及油氣活動處於低檔的影響，整體結果仍將呈現好壞參半。

In Power gen, underlying demand fundamentals remain strong. Results, however, continue to be impacted by engine availability. Delayed OEM engine deliveries continue to contribute to variability. And as a result, we expect approximately $0.10 to $0.15 of earnings per share impact in the second quarter as certain projects shift into the second half of the year due to delayed engine deliveries from OEMs.

在發電（Power gen）方面，基礎需求動能仍然強勁。然而，業績仍持續受到引擎供應可得性的影響。原廠（OEM）引擎交付延遲仍持續造成波動。因此，由於OEM引擎交付延遲導致部分專案延後至下半年，我們預期第二季每股盈餘（EPS）將受到約0.10至0.15美元的影響。

As we have discussed in the past, engine availability rather than end market demand continues to be the primary constraint in this business.

如同我們過去所討論的，這項業務的主要限制因素仍是引擎供應可得性，而非終端市場需求。

Within Commercial and Industrial, marine repair demand remains healthy, while on-highway service and repair demand continues to be constrained. In Oil and Gas, results continue to be pressured by lower overall activity as the shift away from conventional frac continues and customers maintain a disciplined approach to capital spend. However, the current Oil and Gas ecosystem may become a potential upside if it persists much longer.

在商業與工業（Commercial and Industrial）領域，船舶維修需求仍然健康，而公路（on-highway）服務與維修需求仍持續受限。在油氣（Oil and Gas）方面，隨著市場持續轉離傳統壓裂（conventional frac），且客戶維持審慎的資本支出策略，整體活動量下降使得業績持續承壓。不過，若目前的油氣生態系持續更久，可能成為潛在上行因素。

Overall, the Distribution and Services segment continues to benefit from its diversified end market exposure and in particular, the Power gen ecosystem. Overall, the company expects segment revenues to be flat to slightly up for the full year with operating margins in the mid-to-high single digits.

整體而言，配銷與服務部門持續受惠於其多元化的終端市場曝險，尤其是發電（Power gen）生態系。公司整體預期該部門全年營收將持平至小幅成長，營業利益率落在中至高個位數百分比區間。

To conclude, we're off to a solid start in 2026 and have a favorable outlook for the remainder of the year. With a strong balance sheet and solid free cash flow, we continue to allocate capital in a disciplined manner, balancing share repurchases with opportunistic investments and acquisitions.

總結來說，我們在2026年有一個穩健的開局，且對今年剩餘期間的展望正向。憑藉強健的資產負債表與穩固的自由現金流，我們將持續以審慎方式配置資本，在股票回購與具機會性的投資及併購之間取得平衡。

Overall, we expect solid financial performance this year as is reflected in our decision to increase full year EPS guidance, and we see supportive fundamentals driving continued earnings growth beyond 2026 and well into '27 and '28.

整體而言，我們預期今年財務表現穩健，這也反映在我們決定上調全年每股盈餘（EPS）指引；同時，我們看到有利的基本面將推動2026年之後、並延伸至2027與2028年的持續獲利成長。

Operator, this concludes our prepared remarks. Christian, Raj, and I are now prepared to take questions.

接線員，以上為我們的事先準備發言。Christian、Raj和我現在準備回答問題。

(Operator Instructions) Greg Lewis, BTIG.

(接線員指示) Greg Lewis，BTIG。

Congrats on a good quarter. Question around the inland barge business. Clearly, it seems like things are strengthening. Like I guess what I'm kind of curious about is what is kind of driving that incremental tightness? Is it those -- it looks like Venezuelan barrels are up over the last couple of months. Crack spreads are obviously higher, so refiners are making more money. Is it -- are we seeing actual incremental volumes? Or is it just everybody else is making more money?

恭喜本季表現不錯。我想問一下內河駁船（inland barge）業務。很明顯看起來情況正在轉強。我比較好奇的是，推動這種額外緊俏（incremental tightness）的因素是什麼？是因為——看起來委內瑞拉原油（Venezuelan barrels）在過去幾個月增加了嗎？裂解價差（crack spreads）顯然更高，所以煉油商賺得更多。我們看到的是實際的增量運量（incremental volumes）嗎？還是只是大家都賺得更多？

Yes. Greg, thanks for the question. Yes. No, throughout the quarter, we started January kind of a continuation of what we were seeing in the fourth quarter. the Venezuelan crude was starting to come in.

是的。Greg，謝謝你的問題。是的。整個季度來看，我們在1月的情況大致延續了第四季所看到的趨勢；委內瑞拉原油開始進來。

We started to see that as a positive impact. So we started in January pretty strong. And then crack spreads started to gap out and refinery volumes just got really tight. So it built throughout the quarter. And so it's actually more volumes moving.

我們開始看到這帶來正面影響。所以我們在1月的開局相當強勁。接著裂解價差開始拉大，煉廠運量就變得非常緊俏。因此整個季度一路累積。所以實際上是有更多運量在移動。

Also, we're very pleased to see some more chemical activity. Some of the chemical companies' supply chains were disrupted in the Middle East, and there's more volumes moving here in the US because of that. It's been very constructive. We were happy to see it.

另外，我們也很高興看到化工活動增加。部分化工公司的供應鏈在中東受到干擾，因此在美國這邊有更多運量在移動。這是非常正向的發展。我們很樂見其成。

And the good news is it's continued. We're seeing momentum actually build a little bit right now.

而好消息是，這個趨勢仍在延續。我們目前看到動能其實還在進一步累積。

Okay. Great. And then I did have a question, and you called it out about engine availability to keep driving the power gen market higher. Is there any way to think about like Kirby's or KDS' visibility around, like what kind of lead times do you get from the OEMs about engine availability? Is it yes, I'm just trying to understand like clearly, we've raised guidance.

了解。很好。另外我也有個問題，你提到引擎供應可得性持續推動發電市場走高。有沒有什麼方式可以理解Kirby或KDS對於OEM引擎供應的能見度，例如OEM通常會提前多久提供引擎可得性的交期資訊？是的，我只是想了解——很明顯我們上調了指引。

We're confident we're going to be getting them. But I'm just curious about that visibility around being able to get engines and turn around and put them in customer hands.

我們有信心能拿到引擎。但我想了解的是，關於取得引擎並能夠快速交付到客戶端的能見度。

Yes. We have good visibility through '27. And I would tell you, in certain OEMs we're sold out through '27. So we have a good idea. A lot of it's in the backlog.

是的。我們對到2027年的能見度很高。而且我可以告訴你，某些OEM我們到2027年都已經售罄（sold out）。所以我們掌握得很清楚。其中很大一部分反映在訂單積壓（backlog）中。

Some of it we know we've got sales for. The good news here is the engine OEMs are flat out. They're running hard. They're all trying to increase capacity. They're sold out to '29, most of them.

有些我們也知道已經有銷售在手。這裡的好消息是，引擎OEM目前都在全力生產。他們產能開到最大。大家都在努力提升產能。多數廠商的產能已經售罄到2029年。

So we feel really good about our allocation. We're considered one of the premier system integrators out there, and we continue to get good allocation. It's just really tight. And that's the good news. They're very tight. Everybody wants the engines.

因此我們對我們的配額（allocation）感到非常有信心。我們被視為市場上頂尖的系統整合商之一，並且持續獲得不錯的配額。只是整體供應真的非常緊。而這其實是好消息。供應非常緊俏。每個人都想要引擎。

The fun thing for us is it's not just standby diesel applications anymore. It's behind-the-meter. And we love the behind-the-meter stuff. It's more sophisticated. It's highly engineered.

對我們來說有趣的是，現在不再只是備援柴油（standby diesel）應用。而是表後（behind-the-meter）。我們很喜歡表後的業務。它更複雜。工程設計含量很高。

We have a great offering in it. We stemmed. It started really with our e-frac offering, but we have a good set of engineering capabilities in behind-the-meter 24/7 power. And the great thing about that is it's going to run -- the equipment is going to run is going to have a repair and parts replacement cycle that's going to come in the outer years. So it's all about good demand that's shifting engine deliveries, and we see that lasting for quite some time.

我們在這方面有很強的產品與方案。我們的布局——一開始主要是從我們的電動壓裂（e-frac）方案起步，但我們在表後24/7供電方面也具備一套完整的工程能力。

These behind-the-meter contracts that some of our customers are having, some of them go for seven to, in one case, we know of a 15-year contract. So the co-locators and hyperscalers are not using behind-the-meter power as bridging anymore. This is becoming prime. So we're pretty excited about the way it looks. And when we look at our backlog, behind-the-meter is now eclipsing just standby diesel generation.

我們部分客戶簽訂的這些表後合約，有些期限是7年；在一個案例中，我們知道有15年的合約。因此，共置業者（co-locators）與超大規模業者（hyperscalers）不再把表後電力當作過渡（bridging）用途。這正在成為主力（prime）供電。所以我們對目前的發展相當振奮。而當我們看我們的訂單積壓（backlog）時，表後業務現在已經超越單純的備援柴油發電。

Which means a lot more service.

這代表會有更多的服務需求。

I was just going to add, Greg, with the behind-the-meter, as we've always talked about it, the margins are better than the backup stuff, right? And David referenced the service revenue, that's going to be even better margins.

我只是補充一下，Greg，關於表後業務，如同我們一直談到的，它的毛利率比備援（backup）業務更好，對吧？而David提到的服務收入，其毛利率會更好。

And Raj, I mean, not to paint you in a corner, but any kind of sense you can disclose about -- I mean, when we say better, is it single basis points or tens of basis points?

Raj，我不是要把你逼到角落，但你能否透露一些——我的意思是，當我們說「更好」時，是指幾個基點（basis points），還是幾十個基點？

So it's -- this is how I'll describe it. On the behind-the-meter on the prime side, you're probably looking at low double-digit margins. And when I talked about the service revenue, that's -- you're looking at about a couple of years out, that's probably going to be north of that.

所以——我會這樣描述。在表後、主力（prime）端，你大概會看到低雙位數的利潤率。而我提到的服務收入——大概在兩年後，你看到的利潤率可能會高於那個水準。

Ben Mohr, Citi.

Ben Mohr，花旗。

Congrats on the great results and also the raise. Just wanted to piggyback on Greg's first question there, looking at the drivers from crack spread widening, petchem exports, Venezuela heavy crude imports that you mentioned and possibly the Valero fire, bypass moves. Just wanted to get a sense of those contributors. Can you tell us how is it that you're able to raise your EPS target range but maintain your revenue and margin targets? And maybe talk to some of those contributors on what's driving the guide raise, but maintaining the revenue and margin.

恭喜你們交出很好的業績，也恭喜加薪。我想接續 Greg 剛才的第一個問題，從你提到的裂解價差擴大、石化產品出口、委內瑞拉重質原油進口，以及可能的 Valero 火災、改道等因素來看。我想更了解這些貢獻來源各自的影響。你們如何能在維持營收與毛利率目標不變的同時，上調 EPS 目標區間？也請談談是哪些因素推動你們上調指引，但仍維持營收與毛利率不變。

Yes. I mean the revenue and margin -- Ben, thanks for the question. The revenue and margin guidance is a range, and this just moved it up to the higher end of that range, in my opinion. We'll see. The good thing about pricing on the inland side is it does fall through the bottom line.

是的。我是說，關於營收與毛利率——Ben，謝謝你的問題。營收與毛利率的指引本來就是一個區間，而我認為這次只是把結果推向該區間的高端。我們再看看。內陸端定價的好處在於，它會直接反映到最終盈餘。

So the margin side is where we'll see it. Anyway, I think the more important thing on the inland is the supply and demand dynamic. I'm going to let Christian give you some color there because that's really what's driving this, the raise and also it portends really well for '27 and '28.

所以我們會在毛利率端看到它的影響。不過，我認為內陸更重要的是供需動態。我會請 Christian 給你一些補充說明，因為真正驅動這次上調的就是這點，而且也對 2027、2028 年有很好的前瞻意義。

Christian, why don't you give them some color on supply and demand?

Christian，你來跟他們補充一些供需面的背景好嗎？

Yes, you bet. Thank you, David. Yes, what we see right now is a tremendous amount of momentum that started building in March. We've already referred to the conflict in the Middle East and what that's done to crack spreads and to an awakening in petrochemical margins and activity. Beyond that, the supply side is still in great shape.

好的，沒問題。謝謝你，David。我們目前看到的是，自 3 月開始累積的非常強勁的動能。我們已經提到中東衝突，以及它對裂解價差、以及石化毛利率與活動回溫所帶來的影響。除此之外，供給端仍然維持在非常好的狀態。

There were only 66 barges built last year. It's an inexact science. We think maybe 70 on the books for this year. That's replacement capacity. We don't see anybody measurably growing the fleet.

去年只建造了 66 艘駁船。這不是精確科學。我們認為今年可能有大約 70 艘在訂單上。那主要是汰舊換新的產能。我們沒有看到有人在可觀地擴張船隊。

And some of that building is for a shipper, their own internal moves, and they're going to retire some older equipment. So we feel really good about the supply setup. Barges are still very expensive. It's still $4.5 million to build a typical plain vanilla clean 30,000-barrel tank barge.

而且其中一些建造是為了貨主自用的內部調度，他們也會退役一些較老的設備。所以我們對供給面的配置感到非常樂觀。駁船仍然非常昂貴。建造一艘典型、標準的 30,000 桶清潔油品槽駁船，成本仍約為 450 萬美元。

We see capital discipline in the market. And so supply is in a great spot. Beyond the petchem momentum and the refining margins, we see some other nuanced things like on the horizon, the Calcasieu lock will shut down daytime hours only in May. And that's going to be another tailwind for us. That will unfortunately cause some congestion on the Intercoastal Canal, but that is the most highest traffic lock in the inland waterway system, and we'll add a day transit either East or West when that goes down.

我們看到市場具備資本紀律。因此供給處在很好的位置。除了石化動能與煉油毛利率之外，我們也看到一些更細微的因素，例如即將發生的 Calcasieu 船閘在 5 月將只在白天時段關閉。這也會成為我們的另一個順風。這不幸會造成內陸沿岸運河（Intercoastal Canal）的一些壅塞，但那是內陸水道系統中交通量最高的船閘；當它停擺時，無論往東或往西，航程都會增加一天。

So it's a very constructive setup for inland as well as coastal, and we're feeling really good about the momentum we have right now.

所以對內陸與沿岸而言，整體都是非常建設性的局面，我們對目前的動能感到非常有信心。

That sounds great. And you mentioned that it portends well for '27, '28. And maybe if I could just ask where could you see your inland and coastal roughly 20% margins and your power gen roughly 5% to 10% margins. Where could they go in a strong market?

聽起來很棒。你也提到這對 2027、2028 年是個好兆頭。如果我可以再問一下，你們內陸與沿岸目前大約 20% 的毛利率，以及發電業務大約 5% 到 10% 的毛利率，在強勁市場下可能會到什麼水準？

Yes. Look, last really up cycle before people started building, we got to, I'd say, 27% margins for a quarter or so. I think it will be slow and steady. We won't pop there next year. It will take a couple of years, but I certainly believe that we'll go above the last cycle peaks margin on the inland side.

是的。你看，上一次真正的上行循環、在大家開始建造之前，我們的毛利率曾達到——我會說——大約 27%，維持了一季左右。我認為這會是緩慢而穩健的上升。明年不會一下子跳到那裡。需要幾年時間，但我確實相信內陸端會高於上一輪循環的毛利率高點。

I think on the coastal side, it probably won't get that high. The cost structure is a little different, but it certainly can move into the mid-20s in terms of margin. As Christian referenced, there's just no building. It doesn't make sense to build right now.

我認為沿岸端可能不會到那麼高。成本結構有些不同，但毛利率確實有機會提升到 20% 中段。如 Christian 所提到的，現在就是沒有人在建造。目前建造並不合理。

The cost of new barges and the cost of new boats is very expensive. Rates need to be -- if you have good capital discipline, rates need to be a good 40% above where they are right now to justify new builds. So we look at a slow and steady ramp into '27 and '28. It's hard to predict exactly when we'll get to peak margins. I would just add, in the last couple of years, we had a maintenance bubble.

新駁船與新船舶的成本都非常高。如果要有良好的資本紀律，運價必須比現在高出足足約 40%，才足以合理化新造。因此我們預期在 2027、2028 年會是緩慢而穩健的爬升。很難精準預測何時會到達毛利率高峰。我再補充一點，過去幾年我們遇到了一個維修高峰期。

These barges have a five-year maintenance cycle. So starting at the end of '27, the beginning of '28, we're going to have another maintenance cycle. So things could get pretty sporty in '28. We'll see.

這些駁船的維修週期是五年一次。所以從 2027 年底、2028 年初開始，我們會迎來下一個維修週期。因此 2028 年的情況可能會相當火熱。我們再看看。

On the power gen margins, as Raj talked a little bit about, behind-the-meter power systems have a higher margin than just standby diesel. So I'd like to see our KDS business get to high single digits and ultimately into the low double digits. But that's going to take some time. It is very mix sensitive. As you've seen, our margins were down a little bit sequentially because of mix.

至於發電業務毛利率，正如 Raj 稍早提到的，表後（behind-the-meter）電力系統的毛利率高於單純的備援柴油機。所以我希望我們的 KDS 業務能達到高個位數，並最終進入低雙位數。但這需要一些時間。它對產品組合非常敏感。如你所見，我們的毛利率較前一季略有下滑，原因就是組合。

But it should be building. And then when you get to out years, as Raj said, there's the service component that's going to start kicking in. These behind-the-meter running 24/7 engines, they're going to need serious maintenance after about three, four years of running heavy. So that's a long-winded answer, Ben. I hope it gives you some color.

但它應該會逐步建立。而到了更長期的年度，如 Raj 所說，服務的組成將開始發揮作用。這些表後、24/7 運轉的引擎，在高負載運行約三、四年後，將需要相當大量的維護。所以這是一個比較冗長的回答，Ben。希望能讓你更有概念。

Really appreciate that. Long-winded is always great. Maybe if I can squeeze one last one in. Last quarter, you gave that your power gen backlog grew 30% year-over-year. And then you guided to power gen revenue growing 10% to 20% with the bottleneck coming from the OEMs. Could you give us an update on that? Any changes up or down on both those numbers, the 30% backlog growth and the 10% to 20% revenue guide?

非常感謝。冗長一點總是很好。如果我可以再塞最後一題。上季你們提到發電業務的在手訂單年增 30%。你們也指引發電營收成長 10% 到 20%，瓶頸來自 OEM。可以請你更新一下嗎？這兩個數字——30% 的在手訂單成長，以及 10% 到 20% 的營收指引——有沒有上修或下修的變化？

Yeah. I think I gave -- I mentioned backlog. We don't want to get into the backlog announcing backlog every quarter, but I gave a range you could drive a truck through, I said $500 million to $1 billion backlog. We may have to update that because we're going to go at the top end of that range, but we're not just ready to do that just yet. But it continues to grow is what I would say.

有。我想我有提到——我提到了在手訂單。我們不想每一季都去公布在手訂單，但我給了一個你可以開卡車穿過去的區間，我說在手訂單大約 5 億到 10 億美元。我們可能需要更新，因為我們可能會落在那個區間的上緣，但我們現在還沒準備好這麼做。但我會說，它仍在持續成長。

Book-to-bill is well above 1. Things look really positive in the space.

接單出貨比（book-to-bill）遠高於 1。這個領域的情況看起來非常正面。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Adam Roszkowski on for Ken Hoexter. I guess to start, maybe just remind us what portion of the inland book is going to reprice in 2Q, 3Q, 4Q? And anything that you're seeing on early renewals, so flat to slightly up, trending better? Any thoughts there?

我是 Adam Roszkowski，代 Ken Hoexter 提問。我想先請教一下，內河合約組合中有多少比例會在第2季、第3季、第4季重新定價？另外，您在提前續約方面看到什麼情況？是持平到小幅上調、趨勢變得更好嗎？對此有什麼看法？

Yes. Sure, Adam. Christian and I'll tag team this a bit. As we've indicated in the past, term renewals are very fourth quarter heavy. About 40% of the term portfolio reprices in the fourth quarter. Just to give you some quick numbers, term contracts are about 65% of our revenue right now with the other spot. Christian, do you want to talk some more about the pricing dynamic and how term and spot roll?

是的。當然，Adam。Christian 和我會一起回答這部分。如同我們過去所提到的，定期合約的續約非常集中在第四季。大約有 40% 的定期合約組合會在第四季重新定價。給你一些快速數字：目前定期合約約占我們營收的 65%，其餘為現貨。Christian，你要不要再談談定價動態，以及定期與現貨如何輪動？

Yes. You asked about what the flow is through Q2 and Q3. Excuse as far as renewals.

是的。你問到第2季與第3季的流量情況。抱歉，我是指續約方面。

Christian got choked up. You choked them up. So sorry, he's got a frog in his throat. Yes, the term contracts, as I said, 40% in the fourth quarter. So the remaining 60% kind of gets spread between the other three quarters.

Christian 有點哽住了。你把他問到哽住了。很抱歉，他喉嚨卡住了。是的，定期合約如我所說，第四季占 40%。所以剩下的 60% 大致分散在其他三個季度。

As you would expect, the third quarter is probably heavier than the first and second quarter. In our prepared remarks, we said the term pricing so far was flat to up just slightly. The good news is that spot pricing is a good 10% above term pricing, maybe even more. And that's a healthy market when the spot usually leads term, both on the way up and on the way down. So we're very constructive about how term contracts should renew throughout the remainder of the year.

如你所預期，第三季可能會比第一季與第二季更集中一些。在我們事先準備的發言中，我們提到目前定期合約定價是持平到小幅上調。好消息是，現貨價格比定期合約價格高出約 10%，甚至可能更多。而這是一個健康的市場，因為現貨通常會領先定期，無論是在上行或下行時都是如此。因此，我們對於定期合約在今年剩餘時間的續約表現相當樂觀。

But the fourth quarter is the bigger piece. I think Christian has got his voice back. Anything you want to add?

但第四季是更大的一塊。我想 Christian 的聲音回來了。你還想補充什麼嗎？

No, I think you covered it.

沒有，我覺得你已經講得很完整了。

Glad to have you back, Christian. Maybe just on the recent strength, you mentioned improved conditions in petrochem markets, stronger refinery utilization. Clearly, you called out a Venezuela kind of incremental impact. It sounds like some Middle Eastern activity or flow-through is favoring this as well. So is there any sense of what is being driven by which or how much is being driven maybe by incremental Venezuela impacts or Middle Eastern activity? Any broad thoughts there?

很高興你回來了，Christian。關於近期的強勢表現，你提到石化市場狀況改善、煉油廠開工率更強。你也明確提到委內瑞拉帶來的增量影響。聽起來中東的一些活動或傳導效應也在支持這一點。那麼，是否能判斷哪些因素在驅動、或各自大概驅動了多少？例如委內瑞拉增量影響或中東活動各自的貢獻？有什麼整體看法嗎？

It's hard to exactly kind of put a number on it. I will say we do see moves that we know of from refineries that are chomping through a lot of Venezuelan crude, creating more intermediates and more heavies. We have seen some refiners term up some equipment that has thermal capability, the ability to move the heavier residual barrel. So we definitely have seen the impact, but it's hard to sort of peg the exact amount of crude oil that's going through -- Venezuelan crude oil that's going through any refinery on any given day. So it's just sort of more of a nuance.

這很難精確地量化。但我可以說，我們確實看到一些我們所知的煉油廠動作：它們正在大量處理委內瑞拉原油，產出更多中間餾分與更多重質油品。我們也看到一些煉油商把具備加熱能力、能夠運輸較重殘渣油桶（residual barrel）的設備改為簽定期合約。所以我們確實看到了影響，但很難精準釐清在任何一天、任何一家煉油廠到底處理了多少——委內瑞拉原油。因此這更像是一種細微的變化。

We see more volumes. We see more intermediates, we see more heavies. A couple of other interesting demand anecdotes. With the release of the SPR and the Venezuelan crude coming into the Gulf of Mexico, we have seen the traditional crude pipeline capacity that moves crude around the Gulf of Mexico get sort of overwhelmed. So we have seen incremental crude oil barge movements as a result of the pipeline capacity being oversubscribed at this point.

我們看到更多的運量。我們看到更多中間餾分、更多重質油品。另外還有幾個有趣的需求軼事。隨著戰略石油儲備（SPR）釋放以及委內瑞拉原油進入墨西哥灣，我們看到傳統用來在墨西哥灣周邊輸送原油的管線運能有點被擠爆。因此，由於目前管線運能超額認購，我們看到額外的原油駁船運輸量增加。

Probably not something that goes on in perpetuity, but just thought I would mention it as an interesting demand driver that's sort of tied to Venezuelan crude in your question.

這可能不會永遠持續，但我想提一下，這是一個有趣的需求驅動因素，且與你問題中提到的委內瑞拉原油有所關聯。

Yes. I mean shale crude, if you look at WTI, Brent, the spread has opened back up. And generally, when that -- when the spread between WTI and Brent starts to gap out, we start to see some incremental US crude moves. So we watch that.

是的。我的意思是，頁岩原油方面，如果你看 WTI 與 Brent，價差又擴大了。一般而言，當——當 WTI 與 Brent 的價差開始拉開時，我們就會看到一些美國原油的增量流動。所以我們會關注這點。

I mean, if you're looking for crude moves for us on the inland waterways, just look at that spread and you can pretty much get a feel for where -- what direction it's headed.

我的意思是，如果你想判斷我們在內河水道上的原油運輸動向，只要看那個價差，你基本上就能感覺到它——它正朝哪個方向走。

That's helpful. And just one last follow-up. Jones Act waiver was recently extended for another 90 days. It seems like this isn't impacting fundamentals in a major way or at all at this time. But just any thoughts on near or medium-term impacts if this is extended further?

這很有幫助。最後再追問一個問題。《瓊斯法案》（Jones Act）豁免最近又延長了 90 天。看起來目前這對基本面沒有造成重大影響，甚至沒有影響。但如果未來再進一步延長，對短期或中期可能的影響，你有什麼看法？

Yes. I mean the near-term impacts are almost nonexistent, as you would expect, Adam, on the inland side, there's really no foreign tonnage that can come into the inland waterways. So we feel pretty good about that. And as you know, inland is about 80% of our Marine segment. The blue water side is a little different.

是的。我的意思是，短期影響幾乎不存在，正如你所預期的，Adam，就內河這邊而言，基本上沒有外國船舶噸位能進入內河水道。所以我們對此感覺相當安心。而如你所知，內河約占我們海運（Marine）部門的 80%。遠洋（blue water）那邊就有點不同。

MR tankers and foreign tonnage can come in and trade. And we have seen it come in a bit. But as you know, we're booked up. Our fleet is essentially 100% contracted on the blue water side. Those contracts run about a year. If waivers go beyond that, we could start to see some impact. We have seen a number of non-Jones Act moves in the market.

MR 成品油輪以及外國船舶噸位可以進來交易。我們確實看到有一些進來。但如你所知，我們的訂單已滿。我們的遠洋船隊基本上是 100% 已簽約。那些合約大約是一年期。如果豁免延伸超過那個期限，我們可能就會開始看到一些影響。我們也看到市場上出現一些非《瓊斯法案》的運輸。

I would characterize -- well, let me backup. We know what the administration is trying to do. They're trying to deal with the war. They're worried about national security and military readiness and getting fuel where it needs to be to support their efforts, and we're all for that. But I would say the blanket waivers that are out there, we'd rather see it be a specific waiver.

我會這樣形容——嗯，我先補充一下。我們知道政府想做什麼。他們在試圖因應戰爭。他們擔心國家安全與軍事備戰能力，並確保燃料能送到需要的地方以支持其行動，我們也支持這點。但我會說，對於目前這種全面性的豁免，我們更希望看到的是特定用途的豁免。

So we have seen some Jones Act moves that I would call arbitrage related where traders are making some money rather than actually serving military readiness. So we watch it. We're not concerned about it if it's short term, but if it starts to extend past a year, it could have some impact. And I think Christian has some anecdotes about some mariners asking about it. Why don't you hear that?

因此，我們看到一些我會稱之為與套利相關的《瓊斯法案》運輸，也就是交易商在賺錢，而不是真正在服務軍事備戰。所以我們會持續觀察。如果是短期，我們不擔心；但如果開始延長超過一年，可能就會有一些影響。我想 Christian 也有一些關於船員在詢問此事的軼事。不如你來分享一下？

Yes. No, I think the elephant in the room, I know I personally have seen no impact on the price of gasoline or I fill up my car as a result of the waiver of the Jones Act. But I have 40 captains in today that I'm going to have lunch with and looking forward to that. I caught up with one this morning, had a cup of coffee. And unintended consequences, I'm sure, is the administration has been a strong advocate for the blue-collar worker, but this captain was worried about the Jones Act Waiver, was worried about his job, was worried about his son that wants to get into the industry.

是的。不，我想房間裡的大象是：就我個人而言，我沒有看到因《瓊斯法案》豁免而對汽油價格造成任何影響——我去加油時也沒有感覺到。但我今天有 40 位船長在場，我要和他們一起吃午餐，也很期待。我今天早上和其中一位聊了聊，喝了杯咖啡。我想政府一向強力支持藍領勞工，但一些非預期後果是，這位船長擔心《瓊斯法案》豁免，擔心自己的工作，也擔心他想進入這個產業的兒子。

So these type of things can have a chilling effect on the merchant mariner, which is a real strength of this country and a chilling effect on our ability to recruit and retain. So I think the administration has good intentions, but we certainly don't want to do anything to disincentivize our hardworking merchant mariners.

因此，這類事情可能會對商船船員產生寒蟬效應；商船船員是這個國家的真正優勢之一，也會對我們招募與留任的能力造成寒蟬效應。所以我認為政府的出發點是好的，但我們當然不希望做任何會削弱對我們辛勤工作的商船船員之激勵的事情。

And there's units out there on the West Coast and some other places that have lost jobs to foreign flag tonnage. And I don't -- let's get back to targeted waivers, as David mentioned, if anything, rather than this blanket waiver. Sorry, I can get on a soapbox on this topic.

而且西岸以及其他一些地方的單位，已經把工作流失給外國旗船舶運力了。我不——讓我們回到如 David 所提到的「有針對性的豁免」，如果真要做的話，而不是這種一概而論的全面豁免。抱歉，這個話題我很容易講到停不下來。

I'm going to get off and get back to the call.

我先打住，回到電話會議。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

So helpful color on spot. I just have a couple of follow-ups. So where is spot trending on a year-over-year basis? And that 10-point spread of spot over contract, I'm just curious, like where did that trough last -- middle of last year when things were challenging. When -- like when a couple of years ago, when things were really, really good in terms of pricing, where was that spread? I just want to put some context around this double-digit spread.

關於現貨市場的補充說明很有幫助。我還有幾個追問。現貨價格以年對年來看目前趨勢如何？另外，現貨相對合約高出 10 個百分點的差距，我想了解一下：去年年中情況比較具挑戰時，那個差距的低點大概是多少？再往前幾年、定價非常非常好的時候，那個差距又大概是多少？我只是想為這個雙位數的差距提供一些背景脈絡。

We'll try and give you some color here. Scott, 10% is a healthy gap above spot. I think when it really gets sporty, it's more like 10% to 15%. Obviously, when it's going down, spots below term. Last year, we -- as you know, we -- third and fourth quarter were a little tighter.

我們試著給你一些補充說明。Scott，10% 是現貨之上相當健康的差距。我認為當市場真的變得很火熱時，會更接近 10% 到 15%。顯然，當行情往下走時，現貨會低於長約。去年我們——如你所知——第三、第四季稍微緊一些。

And I would say that, that gap was more like 5% to 10%, maybe 7.5% on average, if I had to pick a number. But right now, we're at least 10% and probably growing a bit. And I think Christian can add some more color.

我會說那個差距更像是 5% 到 10%，如果一定要選一個數字，平均可能約 7.5%。但目前我們至少在 10%，而且可能還在擴大一些。我想 Christian 可以再補充一些。

Yes. I think the recent momentum as of March and what we're seeing, the pace at which we're pushing spot rates and achieving that is clipping pretty good, and David pegged it right at 10% and it's probably headed to 15% in the not-too-distant future.

是的。我認為截至 3 月的近期動能，以及我們所看到的情況，我們推升現貨運價並達成的速度相當不錯；David 把它定在 10% 很準，而且在不久的將來很可能會走向 15%。

Okay. That's helpful. And then maybe just a little bit of an update on the M&A environment. So we did some tuck-in barge -- acquired some barges. Do you think that's going to continue? Is that more likely than doing something larger? Just any sort of overall thoughts on barge acquisition?

好的。這很有幫助。接著想請你們更新一下併購環境。我們做了一些補強型的駁船——收購了一些駁船。你們覺得這會持續嗎？這是否比做一筆更大的交易更有可能？對於駁船收購整體上有什麼想法？

Yes. Well, Scott, as you know, we love acquisitions in our core businesses, particularly in the inland space. Our ability to integrate them is really powerful. I think Christian had this latest little tuck-in integrated within four hours.

是的。Scott，如你所知，我們很喜歡在核心業務上做收購，特別是在內河市場。我們整合的能力非常強。我想 Christian 這次最新的小型補強案在四小時內就整合完成了。

That's right.

沒錯。

All the barges were working within four hours of the closing. So we love those inland transactions. We're always looking at them. We still have 25 or so competitors out there. We'd be happy to buy any one of them.

所有駁船在交割後四小時內就投入營運了。所以我們很喜歡這些內河交易。我們一直在看。外面大概還有 25 家左右的競爭對手。我們很樂意收購其中任何一家。

But we remain very capital disciplined. And so there's always a bid-offer spread. Predicting a larger one is difficult at best. We certainly have the balance sheet capacity for it. You'll -- you'll see like our debt-to-EBITDA is probably 1.1, 1.2.

但我們在資本運用上仍然非常自律。因此市場上總是存在買賣價差。要預測一筆更大的交易，充其量也很困難。我們的資產負債表當然有能力承擔。你會——你會看到我們的淨負債對 EBITDA 可能大約是 1.1、1.2。

So we have plenty of balance sheet capacity. Raj upped our revolver from $500 million to $750 million. We'd certainly -- well, we're always looking at acquisitions. We're certainly open-minded to them.

所以我們的資產負債表空間很充足。Raj 把我們的循環信貸額度從 5 億美元提高到 7.5 億美元。我們當然——嗯，我們一直在看收購。我們對此也保持開放態度。

But I would just add on capital deployment, as Raj mentioned in his prepared remarks, we -- as we generate free cash flow, if we can't put it to work in a good acquisition, you'll see us buy back our stock. We like our stock where it's at, and we're happy to deploy our free cash flow back that way. That said, we always do prefer acquisitions, particularly in the inland space, but any of our core businesses, we are always looking. It's just hard to predict though, Scott.

但我也想補充資本配置方面：如 Raj 在事先準備的發言中提到的，當我們產生自由現金流時，如果無法把它用在一筆好的收購上，你會看到我們回購股票。我們喜歡目前的股價水準，也樂於把自由現金流以這種方式回饋。話雖如此，我們一向更偏好收購，特別是在內河市場；但在任何核心業務上，我們都一直在看。只是很難預測，Scott。

Okay. And then one last thing. I apologize if I missed this during the prepared comments. So I know you said there's going to be some pressure on coastal margins in Q2, but any color around like the magnitude of that or maybe just overall margin expectations for the quarter?

好的。最後一個問題。如果我在事先準備的評論中漏聽了，先說聲抱歉。我知道你們說第二季沿海業務毛利率會有一些壓力，但能否談談大概的幅度，或是本季整體毛利率的預期？

Yes. We just have a -- actually, we got -- our margins in the first quarter were a little better in coastal. One of the big units moved from first quarter into second quarter. And as you know, these big units can run $60,000 a day. So when they're out, they can be impacted. I don't have good guidance for coastal on the margin. I think maybe Raj and Matt can give you some color there.

是的。我們只是有——其實我們第一季沿海業務的毛利率稍微好一些。其中一個大型單位從第一季移到第二季。而如你所知，這些大型單位一天可能要 60,000 美元。所以當它們停工時，影響會很明顯。我沒有針對沿海業務毛利率的明確指引。我想 Raj 和 Matt 也許可以補充一些。

Yes. I think, Scott, I mean, it depends on the shipyard, right? How long the shipyard is going to last for. And as David mentioned, this could be quite long. What we do well is we try and manage the duration of the shipyard, working very closely with them, and we do a very good job.

是的。我想，Scott，這取決於船廠，對吧？船廠維修會持續多久。而如 David 提到的，這可能會相當久。我們做得好的地方在於，我們會非常密切地與船廠合作，努力管理進廠維修的期間，而且我們做得非常好。

We had some good progress last year. I think we talked about it the last time where in the Q2, Q3 time frame, we were able to get out of the shipyard quicker than what we expected. We'll see how it goes in Q2, but that's what we're going to do. We control what we can control.

去年我們取得了一些不錯的進展。我想我們上次也談到，在第二、第三季的時間範圍內，我們能比預期更快出廠。第二季會如何還要看，但這就是我們要做的事。我們只控制我們能控制的。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Matt Kerin for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給 Matt Kerin 作結語。

Thank you, James, and everyone on the call for participating in our call today. If you have any additional questions or comments, please feel free to contact me. Thank you, and have a good day.

謝謝你，James，也謝謝今天參與電話會議的各位。如果你有任何其他問題或意見，歡迎隨時與我聯絡。謝謝，祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝各位參與今天的會議。本次議程到此結束，您現在可以掛線。