Knot Offshore Partners LP (KNOP) 2016 Q3 法說會逐字稿

Good afternoon and welcome to the KNOT Offshore Partners third-quarter 2016 earnings conference call. (Operator Instructions.) Please note this event is being recorded.

下午好，歡迎參加 KNOT Offshore Partners 2016 年第三季財報電話會議。 （操作員說明。）請注意此事件正在被記錄。

I would now like to turn the conference over to John Costain, CEO. Please go ahead.

現在我想將會議交給執行長約翰·科斯坦 (John Costain)。請繼續。

Thank you. If any of you have not seen the earnings release or slide presentation, they are both available on the Investors section of the website. On today's call, our review will include non-US GAAP measures such as distributable cash flow, DCF, and adjusted EBITDA. The earnings release includes a reconciliation of these non-US GAAP measures to the most directly comparable GAAP financial measures.

謝謝。如果你們中的任何人還沒有看過收益發布或幻燈片演示，它們都可以在網站的投資者部分找到。在今天的電話會議上，我們的審查將包括非美國公認會計準則指標，例如可分配現金流量、DCF 和調整後 EBITDA。收益發布包括這些非美國公認會計原則指標與最直接可比較的公認會計原則財務指標的調節。

A quick reminder that any forward-looking statements made during today's call are subject to risks and uncertainties, and these are discussed at length in our annual and quarterly SEC filings. As you know, actual events and results can differ materially from those forward-looking statements. The Partnership does not undertake a duty to update any forward-looking statements.

快速提醒您，今天電話會議期間做出的任何前瞻性陳述都受到風險和不確定性的影響，這些在我們的年度和季度 SEC 文件中進行了詳細討論。如您所知，實際事件和結果可能與這些前瞻性陳述有重大差異。合夥企業不承擔更新任何前瞻性陳述的義務。

And now, on to the presentation. KNOT Offshore Partners, KNOP, focuses on the shuttle tanker segment. This asset is field specific and an integral part of the logistics supply chain. It provides a vital service, transporting oil from the offshore oil production unit to shore side -- in effect, a midstream mobile pipeline business with fully contracted revenues -- stable, non-volume-based revenue streams.

現在，進行示範。 KNOT Offshore Partners (KNOP) 專注於穿梭油輪領域。該資產是特定領域的，是物流供應鏈不可或缺的一部分。它提供了一項至關重要的服務，將石油從海上石油生產裝置運送到岸上——實際上，這是一項具有完全合約收入的中游移動管道業務——穩定的、非基於數量的收入流。

KNOP trades at a significant yield premium to the Alerian Index, which represents around 75% of MLPs by market cap. Unlike most of these MLPs, however, we are operating in a space which is seeing substantial oil production growth and consequently, the supply of shuttle tankers is tightening as demand grows. We have a young fleet, and after a record-breaking set of results in the previous quarter, today we report our latest best-ever financial results for the third quarter of 2016. These are our highest-ever revenues and operating income, together with our highest-ever adjusted EBITDA and distributable cash flow, a very solid financial situation.

KNOP 的交易收益率明顯高於 Alerian 指數，以市值計算，Alerian 指數約佔 MLP 的 75%。然而，與大多數此類 MLP 不同的是，我們所在領域的石油產量大幅增長，因此，隨著需求的增長，穿梭油輪的供應正在緊張。我們擁有一支年輕的機隊，在上一季度取得了一系列破紀錄的業績之後，今天我們報告了2016 年第三季最新的最佳財務業績。這是我們有史以來最高的收入和營業收入，以及我們有史以來最高的調整後 EBITDA 和可分配現金流，財務狀況非常穩健。

We are also pleased to announce the latest addition to the MLP fleet, the Raquel Knutsen, for an acquisition price of $116.5 million, effective on the 1st of December, 2016. The vessel was delivered in March 2015 with a 10-year firm charter to Repsol. As well as being an accretive acquisition, the vessel has a time charter duration of over 8.25 years plus five further years of options, significantly increasing our NLP charter backlog. It also reduces the average age of the fleet.

我們也很高興地宣布 MLP 船隊新增了 Raquel Knutsen 號，收購價格為 1.165 億美元，於 2016 年 12 月 1 日生效。該船於 2015 年 3 月交付，並簽訂了為期 10 年的固定租約雷普索爾。該船不僅是一項增值性收購，而且其期租期限超過 8.25 年，再加上五年的選擇權，顯著增加了我們的 NLP 租船積壓。它還降低了機隊的平均年齡。

Our sector is unique amongst marine MLPs in that there has been no speculative ordering of shuttle tankers, so the Partnership should yield both stable and sustainable revenues. Before ordering a new vessel, our sponsor, Knutsen NYK, will always agree a long-term employment contract with the charterer. Our sponsor, Knutsen NYK, is, according to Clarkson Platou Research, part of the largest shipping group in the world, and NYK is a major company in the Mitsubishi family.

我們的產業在海運 MLP 中是獨一無二的，因為沒有穿梭油輪的投機性訂單，因此合作夥伴關係應該會產生穩定和可持續的收入。在訂購新船之前，我們的贊助商 Knutsen NYK 將始終與承租人簽訂長期僱傭合約。根據 Clarkson Platou Research 的數據，我們的贊助商 Knutsen NYK 是世界上最大的航運集團的一部分，而 NYK 是三菱家族的一家主要公司。

Now turning to the presentation, slide 3, Q3 2016 financial highlights and recent events. For the third quarter of 2016, the Partnership generated record revenues and operating income of $43.6 million and $21.2 million, respectively, also our highest-ever adjusted EBITDA and distributable cash flow of $35.1 million and $20.3 million. We declared a stable distribution of $0.52 for this quarter with a coverage ratio of 1.35. We had an excellent operation performance of 100% utilization this quarter.

現在轉向演示文稿，幻燈片 3，2016 年第三季的財務亮點和近期事件。 2016 年第三季度，該合作夥伴關係創造了創紀錄的收入和營業收入，分別達到4,360 萬美元和2,120 萬美元，調整後的EBITDA 和可分配現金流也達到了歷史最高水平，分別為3,510 萬美元和2,030 萬美元。我們宣布本季的穩定分配為 0.52 美元，覆蓋率為 1.35。本季我們的營運業績非常出色，利用率達 100%。

We are pleased to announce that on the 13th of September, 2016, Statoil exercised its options to extend the time charter of the vessel Bodil Knutsen for two additional years in accordance with the existing time charter. We have also granted a series of one-year extension options -- five years in total -- at the end of the term period.

我們很高興地宣布，2016 年 9 月 13 日，挪威國家石油公司行使其選擇權，根據現有期租合約將 Bodil Knutsen 輪的期租再延長兩年。我們還在任期結束時授予了一系列為期一年的延期選項——總共五年。

In addition, we are announcing the latest addition to the MLP fleet, the Raquel Knutsen, for an acquisition price of $116.5 million, effective on the 1st of December, 2016. The vessel was delivered in March 2015 with a 10-year firm charter to Repsol. With this acquisition, which demonstrates our sponsor's strong support of and commitment to the MLP, our fleet will have grown 275% since the IPO in April 2013.

此外，我們還宣布 MLP 船隊新增了 Raquel Knutsen 號，收購價格為 1.165 億美元，於 2016 年 12 月 1 日生效。該船於 2015 年 3 月交付，並簽訂了為期 10 年的固定租約雷普索爾。這項收購體現了我們的保薦人對 MLP 的大力支持和承諾，自 2013 年 4 月首次公開募股以來，我們的機隊數量將增加 275%。

Slide 4, income statement. Total revenues were $43.6 million for the three months ended 30th of September, 2016, Q3, compared to $43.1 million for the three months ended 30th of June, 2016, Q2, an increase of $0.5 million. Operating expenses for Q3 were $22.4 million compared to $22.8 million in Q2. Operating income for Q3 was therefore $21.2 million compared to $20.2 million for Q2.

投影片 4，損益表。截至2016年9月30日第三季的三個月總收入為4,360萬美元，而截至2016年6月30日第二季的三個月總收入為4,310萬美元，增加了50萬美元。第三季的營運支出為 2,240 萬美元，而第二季的營運支出為 2,280 萬美元。因此，第三季的營業收入為 2,120 萬美元，而第二季的營業收入為 2,020 萬美元。

Net income is significantly impacted by the recognition of realized losses and unrealized gains and losses on derivative instruments. A net gain of $3.6 million in Q3 and a loss of $3.2 million in Q2, due to changes in long-term interest rate outlook.

衍生性工具的已實現損失和未實現損益的確認對淨利潤產生重大影響。由於長期利率前景的變化，第三季淨收益為 360 萬美元，第二季淨虧損為 320 萬美元。

Net income for Q3 was $19.4 million compared to $11.6 million in Q2. This equates to an earnings per unit of $0.70 per dollar -- $0.70, sorry. If we adjust the unrealized non-cash element of derivatives, a $4.4 million gain, earnings per unit become $0.52.

第三季淨利為 1,940 萬美元，而第二季淨利為 1,160 萬美元。這相當於每美元每單位的收益為 0.70 美元——抱歉，為 0.70 美元。如果我們調整衍生性商品的未實現非現金部分，收益為 440 萬美元，每單位收益將變為 0.52 美元。

Slide 5, adjusted EBITDA. In Q3 the Partnership generated our best-ever adjusted EBITDA of $35.1 million. It compares to $34.1 million in Q2. Adjusted EBITDA refers to earnings before interest, taxation, depreciation, and amortization. It provides a proxy for cash flow. Adjusted EBITDA is a non-US GAAP measure used by our investors to measure financial performance.

投影片 5，調整後的 EBITDA。第三季度，該合作夥伴關係創造了我們有史以來最好的調整後 EBITDA 3510 萬美元。相比之下，第二季為 3,410 萬美元。調整後 EBITDA 是指息稅折舊攤提前利潤。它提供了現金流量的代理。調整後 EBITDA 是我們的投資者用來衡量財務表現的非美國公認會計準則衡量標準。

With a wasting asset like a vessel, younger fleets in theory should produce lower EBITDAs for every dollar invested. The annuity effect reduces value loss in the earlier years, which is factored into replacement CapEx calculation for distributable cash flow. KNOP's fleet has an average age of 4.9 years, and this compares to the rest of the industry average for shuttle tankers, excluding KNOP's, of 11.5 years.

對於像船舶這樣的消耗性資產，理論上，年輕的船隊每投資一美元就能產生較低的 EBITDA。年金效應減少了前幾年的價值損失，這被納入可分配現金流的重置資本支出計算中。 KNOP 船隊的平均船齡為 4.9 年，而業界其他穿梭油輪（不包括 KNOP 船隊）的平均船齡為 11.5 年。

Slide 6, distributable cash flow, another non-US GAAP measure used to estimate the distribution sustainability. Today we report our highest-ever quarter distributable cash flow of $20.3 million in Q3 compared to $18.5 million in Q2. We maintain our highest distribution level for Q3 of $0.52 per unit, equivalent to an annual distribution of $2.08. This distribution coverage ratio for the quarter was a very comfortable 1.35.

投影片 6，可分配現金流量，這是用於估計分配永續性的另一個非美國公認會計準則衡量標準。今天，我們報告了第三季有史以來最高的季度可分配現金流量，達到 2,030 萬美元，而第二季為 1,850 萬美元。我們維持第三季每單位 0.52 美元的最高分配水平，相當於年度分配 2.08 美元。本季的分配覆蓋率為 1.35，非常舒適。

Slide 7, balance sheet. At the end of September, we had our best available liquidity position to date, with cash and cash equivalents of $27.4 million and an ongoing undrawn credit facility of $35 million. The credit facility's available until June 2019. We have a predictable cash flow, and we do not have any loan maturities before the second half of 2018.

投影片 7，資產負債表。截至 9 月底，我們擁有迄今為止最好的可用流動性頭寸，現金和現金等價物為 2,740 萬美元，持續未提取的信貸額度為 3,500 萬美元。信用額度有效期至 2019 年 6 月。我們擁有可預測的現金流，且在 2018 年下半年之前沒有任何貸款到期。

The total interest-bearing debt outstanding was $635 million. And annually, we currently have scheduled repayments of $48.9 million. This compares to replacement CapEx charge of $28 million when computing distributable cash flow. We believe this treasury position is very comfortable, and with our sponsor's support, we have been able to utilize some of this available liquidity to further grow the MLP.

未償付息債務總額為 6.35 億美元。目前，我們每年計劃還款額為 4,890 萬美元。相較之下，在計算可分配現金流量時，重置資本支出費用為 2,800 萬美元。我們相信這個財務狀況非常舒適，並且在我們贊助商的支持下，我們已經能夠利用其中一些可用流動性來進一步發展 MLP。

Slide 8, stable operation performance results in stable financial performance. Since the formation of KNOP, we have had very strong levels of vessel utilization, which means continually high and increasing predictable revenue, adjusted EBITDA and discounted cash flow as more vessels are added to the fleet. In Q3, we had a record distributable cash flow of $20.3 million, and we'll make a $15 million distribution.

幻燈片8，經營績效穩定，財務表現穩定。自 KNOP 成立以來，我們的船舶利用率一直非常高，這意味著隨著更多船舶加入船隊，可預測收入、調整後的 EBITDA 和折現現金流將持續保持高水準並不斷增加。第三季度，我們的可分配現金流達到創紀錄的 2,030 萬美元，我們將分配 1,500 萬美元。

Since our initial public offering over three years ago, we have declared distributions of $6.66, so our initial investors have received a total return of nearly 32%. Our current yield is around 11%.

自三年多前首次公開募股以來，我們已宣布分配 6.66 美元，因此我們的初始投資者獲得了近 32% 的總回報。我們目前的收益率約為 11%。

Slide 9, Raquel Knutsen drop-down. Built by Cosco Zhoushan in China and delivered on the 27th of March, 2015, the Raquel Knutsen is a Suezmax class shuttle tanker operating under a time charter that expires in the first quarter of 2025 with Repsol Sinopec in Brazil. There are options to extend until 2030. We have agreed with our sponsor, Knutsen NYK, to acquire the vessel for the MLP for $116.5 million, with delivery effective from the 1st of December, 2016. It will be part financed by commercial debt of around $75 million and also through a combination of non-amortizing seller credits of $25 million and also cash which we have available. The corporate credit line will remain undrawn at this point.

第 9 張投影片，Raquel Knutsen 下拉選單。 Raquel Knutsen 號由中遠舟山在中國建造，於 2015 年 3 月 27 日交付，是一艘蘇伊士型油輪，與巴西雷普索爾中石化簽訂的期租合約將於 2025 年第一季到期。有選項可延長至 2030 年。我們已與我們的贊助商 Knutsen NYK 達成協議，以 1.165 億美元的價格為 MLP 收購該船，交付自 2016 年 12 月 1 日起生效。該船的部分資金將由約7500 萬美元，也透過2500 萬美元的非攤銷賣方信貸和我們可用的現金相結合。此時，企業信貸額度將維持未提領狀態。

The senior loan has a margin of 200 basis points with an annual repayment of $4.3 million. Since our last drop on the 15th of October, 2015, the Ingrid Knutsen and until acquiring the Raquel Knutsen on the 1st of December, 2016, the MLP will have repaid $59.2 million of the secured interest-bearing debt outstanding. The next charter rate will yield around $6 million of net income and approximately $13 million of EBITDA for the year ended 31st of December, 2017.

高級貸款的利差為 200 個基點，每年還款額為 430 萬美元。自 2015 年 10 月 15 日我們上次收購 Ingrid Knutsen 以來，一直到 2016 年 12 月 1 日收購 Raquel Knutsen 為止，MLP 將償還 5,920 萬美元的未償擔保付息債務。下一個租船費率將在截至 2017 年 12 月 31 日的年度產生約 600 萬美元的淨利潤和約 1300 萬美元的 EBITDA。

Slide 10, long-term contracts backed by leading energy companies. The Windsor Knutsen has a two-year contract from the 13th of October, 2015, with Brazil Shipping I as a subsidiary of Royal Dutch Shell, with options to extend a further six years. Hilda Knutsen and sister ship Torill Knutsen are employed on the Goliat field. Of the original five-year contracts on these two vessels, an average of two years of the firm charter period remains. Given the specialized nature of this contract, we would expect the vessels to operate on this field throughout its life.

幻燈片 10，由領先能源公司支持的長期合約。 Windsor Knutsen 與荷蘭皇家殼牌子公司巴西航運 I 簽訂了一份為期兩年的合同，從 2015 年 10 月 13 日開始，並可選擇再延長六年。希爾達·克努森 (Hilda Knutsen) 和姊妹船托里爾·克努森 (Torill Knutsen) 受僱於 Goliat 油田。在這兩艘船最初的五年合約中，平均還剩下兩年的固定租期。鑑於該合約的特殊性，我們預計船舶在其整個生命週期內都將在該油田作業。

The Bodil Knutsen, the largest shuttle tanker operating in the North Sea, is ice class and on charter to Statoil until May 2019. There are five further options to extend. Statoil has recently been given permission to proceed with the development of Johan Castberg field in the Barents Sea, 250 kilometers north of Hammerfest, and this should provide medium-term employment and security for the Bodil.

Bodil Knutsen 號是在北海運營的最大的穿梭油輪，其船級為冰級，並由挪威國家石油公司租用至 2019 年 5 月。還有五個進一步的選項可供選擇。挪威國家石油公司最近獲準繼續開發巴倫支海的 Johan Castberg 油田，該油田位於哈默菲斯特以北 250 公里處，將為博迪爾提供中期就業和安全。

Four of our vessels are on long-term bare-boat charter to 2023 with Petrobras Transporte. These vessels are among the youngest in the Petrobras fleet, being delivered between 2011 and 2012, and are heavily utilized. Dan Sabia and Dan Cisne are a unique size, and the Fortaleza Knutsen and Recife Knutsen have shallow drafts with lots of thruster capacity. Three of these vessels have undertaken their first five-year special survey in 2016 at the charterer's expense.

我們的四艘船舶與 Petrobras Transporte 簽訂了長期光船租賃協議，直至 2023 年。這些船舶是巴西國家石油公司船隊中最年輕的船舶之一，於 2011 年至 2012 年期間交付，並且得到大量使用。 Dan Sabia 和 Dan Cisne 尺寸獨特，Fortaleza Knutsen 和 Recife Knutsen 吃水淺，推進器容量大。其中三艘船舶已於 2016 年進行了首次為期五年的特別檢驗，費用由承租人負擔。

Delivered in 2013, the Carmen Knutsen is on charter direct to Repsol Sinopec until 2023. The Ingrid Knutsen was delivered in December 2013 and is operating in the North Sea on a time charter to Standard Marine Tonsberg, a Norwegian subsidiary of ExxonMobil. This will expire in the first quarter of 2024. The charterer has options to extend the charter to five one-year periods.

Carmen Knutsen 於 2013 年交付，直接租給雷普索爾中石化，直至 2023 年。Ingrid Knutsen 於 2013 年 12 月交付，並以期租給埃克森美孚挪威子公司 Standard Marine Tonsberg 在北海運營。該期限將於 2024 年第一季到期。承租人可選擇將租約延長至五個一年。

Slide 11, tenders have returned. At the time of the IPO, our fleet of four vessels had an average age of about three years. Now, over three years later, we have a fleet of 10 vessels which have an average age of 4.75 years. The Raquel Knutsen will reduce the average fleet age by three months on entering the MLP. With strong sponsor support and despite recent market volatility, we continue to grow. The market for new-builts has returned, and we have had several tentative inquiries and an invitation to tender for two new-built Suezmax shuttle tankers.

投影片 11，標書已回傳。首次公開募股時，我們的四艘船組成的船隊平均船齡約為三年。現在，三年多後，我們擁有一支由 10 艘船組成的船隊，平均船齡為 4.75 年。 Raquel Knutsen 加入 MLP 後，平均船齡將縮短三個月。儘管最近市場波動，但在贊助商的大力支持下，我們仍在繼續成長。新建市場已經回歸，我們已經收到了幾艘新建蘇伊士型穿梭油輪的試探性詢價和招標邀請。

Slide 12, the drop-down inventory -- four potential acquisitions. Today we have a further potential drop-down inventory of four vessels, having added seven vessels to the fleet. The fixed contract periods for the drop-down fleet is a minimum of five years on average. It could be longer, depending on which series of options the charterer elects to take on delivery.

第 12 張投影片，下拉清單—四項潛在收購。今天，我們的船隊增加了七艘船，庫存進一步減少了四艘船。下拉機隊的固定合約期限平均至少為五年。它可能會更長，具體取決於承租人在交付時選擇採取的一系列選項。

Slide 13, committed to safety. In the 12 months to the end of October 2016, both Knutsen NYK, which manages the shuttle tanker fleet of KNOP, and Knutsen OAS Shipping, which manages Knutsen Group's LNGs and product tankers, have not registered any LTIs, lost-time injuries. And during that period, more than 7 million hours has been worked all over the world.

投影片 13，致力於安全。截至2016年10月止的12個月內，管理KNOP穿梭油輪船隊的Knutsen NYK和管理Knutsen集團液化天然氣和成品油輪的Knutsen OAS Shipping均未登記任何LTI、誤工工傷。在此期間，全世界的工作時間已超過 700 萬小時。

Slide 14, save the date. On the 15th of February, 2017, the Partnership will hold an Investor Day. While the interim is also the quarter end, 31st December will be presented in addition to an Investor Day. It will be in a similar format to last year's event.

幻燈片 14，儲存日期。 2017 年 2 月 15 日，合夥企業將舉辦投資者日。雖然中期也是季度末，但除投資者日外，還將舉辦 12 月 31 日。它將採用與去年活動類似的形式。

The summary. In summary, we have a solid and highly profitable contract base with a revenue backlog of $727 million and a further $153 million with the Raquel Knutsen drop-down. An average contract duration as of the 30th of September was 4.9 years. We have a modern shuttle tanker fleet with an average age of 4.8 years, and this compares to the rest of the industry average of 11.5 years.

摘要。總而言之，我們擁有穩固且高利潤的合約基礎，積壓收入達 7.27 億美元，Raquel Knutsen 的收入還達 1.53 億美元。截至 9 月 30 日，平均合約期限為 4.9 年。我們擁有一支平均船齡為 4.8 年的現代化穿梭油輪船隊，而業界其他公司的平均船齡為 11.5 年。

The Partnership is well placed and highly focused on expanding in the medium term. As both the MLP and the oil markets recover, no one has more expertise and experience in operating a sophisticated shuttle tanker than Knutsen Offshore, and we operate these vessels with real expertise. We've had minimal off-hire with 100% utilization in the last quarter and 99.7% since the IPO, excluding scheduled dry dockings. We have a supportive sponsor who has a large asset base, which will grow the MLP by capturing a good proportion of the expanding market.

此合作關係處於有利地位，並高度重視中期擴張。隨著 MLP 和石油市場的復甦，沒有人比 Knutsen Offshore 在操作複雜的穿梭油輪方面擁有更多的專業知識和經驗，而我們以真正的專業知識操作這些船隻。我們的停租情況極少，上個季度的利用率為 100%，自 IPO 以來利用率為 99.7%（不包括預定的乾船塢）。我們有一個擁有龐大資產基礎的支持性贊助商，它將透過佔領不斷擴大的市場的很大一部分來發展 MLP。

Thank you, and I'd like to turn it over now to anybody who's got any questions.

謝謝，我現在想把它轉給任何有問題的人。

(Operator Instructions.) Michael Webber, Wells Fargo.

（操作員說明。）Michael Webber，富國銀行。

Just to quickly touch base on the drop and any sort of corresponding distribution increase, I could have missed it in the prepared remarks. I know I didn't see it in the release. But what's the thought process around eventually bumping the distribution following the drop-down and/or any timing around that decision?

只是為了快速了解下降和任何相應的分配增加，我可能在準備好的評論中錯過了它。我知道我在發行版中沒有看到它。但是，在下拉和/或圍繞該決定的任何時間安排之後，最終改變分配的思考過程是什麼？

Well, we haven't. We've decided at the present time to use the additional funds from the Raquel to further strengthen the balance sheet and improve our cover ratios because in the medium term, obviously, we've taken more leverage with this drop and with the cover that we have today, we can repay the debt quite substantially. I mean, at the moment, the 1.35 coverage is being used over time to reduce the leverage in the MLP. And since we did the last drop of the Ingrid, we have repaid -- we will have, when we receive this vessel, we will have repaid around $60 million US. And by the end of 2016, we will have repaid a similar amount. So we see that we need to keep the cover if we're not raising new equity or doing something else. So that's really the thinking behind it today.

嗯，我們還沒有。我們目前決定使用 Raquel 的額外資金來進一步強化資產負債表並提高我們的覆蓋率，因為從中期來看，顯然，我們已經透過這次下跌和我們的覆蓋率採取了更多的槓桿作用。有了今天，我們已經可以相當大幅度地償還債務了。我的意思是，目前，隨著時間的推移，1.35 的覆蓋率正在被用來降低 MLP 中的槓桿率。自從我們完成了英格麗德號的最後一滴水以來，我們已經償還了——當我們收到這艘船時，我們將償還大約 6000 萬美元。到2016年底，我們將償還類似金額。因此，我們發現，如果我們不籌集新股本或做其他事情，就需要保留掩護。這就是今天背後的真正想法。

Right, and that makes sense. So when you look at the, I guess, the amort and the balloon schedule the next couple of years, I believe you've got $155 million and a balloon payment coming in 2018 along with a $50 million amort schedule in 2017 and something similar in 2018. So it's pretty lumpy in 2018 and into 2019, which --

是的，這是有道理的。因此，當您查看未來幾年的攤銷和氣球計劃時，我相信您將在 2018 年獲得 1.55 億美元和氣球付款，以及 2017 年 5000 萬美元的攤銷時間表以及類似的東西2018 年。所以2018 年和2019 年的情況相當不穩定，——

Yes, so the 2018's really related to the Hilda and Torill. I mean, obviously, we'll wait to see how the charterers, what instructions the new charterers have and what we can raise against the vessels. Obviously, if the charterer wants a term deal, it makes it easier to actually increase leverage on the ships. If you want optionality, we'll probably just renew at the current level. So we don't know what the outcome is for these things until it actually happens, and therefore, it's quite good to stay flexible, really, and not push it all out to distributions.

是的，所以 2018 年確實與 Hilda 和 Torill 有關。我的意思是，顯然，我們會等著看承租人如何，新承租人有什麼指示，以及我們可以對船舶提出什麼要求。顯然，如果租船人想要簽訂定期協議，那麼實際上增加船舶槓桿就更容易了。如果您想要選擇性，我們可能只會按當前等級進行更新。因此，在這些事情真正發生之前，我們不知道結果是什麼，因此，保持靈活性是非常好的，而不是將其全部推向發行版。

Of course. And maybe if I back away from that for a second, and the question on the dividend was within the context of your equity currency, looking at that amort schedule. So maybe just big picture, when you see that 2018 and 2019 schedule coming up, you've got good contract coverage, you've got the possibility of raising the distribution here, but you want to build some cover. When can you realistically address the 2018 and 2019 balloon payments to actually refi those, and then how do you prioritize your toolkit in terms of your levers you can use, including new equity or organic, actually, to try to handle that?

當然。也許我暫時先不談這個問題，關於股息的問題是在你的股本貨幣的背景下，看看攤銷時間表。所以也許只是大局，當你看到 2018 年和 2019 年的賽程即將到來時，你已經獲得了良好的合約覆蓋範圍，你有可能提高這裡的分配，但你想建立一些覆蓋範圍。你什麼時候才能真正解決2018 年和2019 年的巨額付款問題，以實際重新融資，然後你如何根據你可以使用的槓桿來優先考慮你的工具包，包括新的股權或有機的，實際上，試圖解決這個問題？

We like to have a little bit of flexibility, because obviously, we don't like to press the charterer on the rates. It's more he should come to us and decide what he wants to do. It's just an easier negotiation that gives a bit more flexibility. And at some point, they will come to us and ask about the renewal on the ships, I would expect, because the ships, the two, the Hilda and Torill, are very specialized.

我們希望有一點彈性，因為顯然，我們不喜歡向承租人施加壓力。他更應該來找我們並決定他想做什麼。這只是一個更容易的談判，提供了更多的靈活性。我預計，在某個時候，他們會來找我們，詢問船舶的更新情況，因為這兩艘船，希爾達號和托里爾號，非常專業。

And then upping in 2019, they'll start looking at the (inaudible) of our ships that are starting to come up, and there's quite a lot of refinancing at that point. But the contracts still have a lot of cover on them, so we see that -- we're quite relaxed about it, really. This area is not something -- but it's something we haven't got a lot of visibility on in terms of how much you can actually -- until you actually finalize the negotiations and then talk to the banks, we haven't got a lot of visibility on exactly how much cash we will have from that. So it's better to wait and see, really, and this is why, one of the reasons why, if we're not going to the market and getting equity, we're better off just dropping the ship and leaving the distribution increase in the corporate.

然後在 2019 年，他們將開始關注我們開始建造的船舶（聽不清楚），屆時將有相當多的再融資。但合約仍然有很多保障，所以我們看到了——我們對此非常放鬆，真的。這個領域不是什麼大事——但我們還沒有太多了解你實際上可以做多少——直到你真正完成談判，然後與銀行交談，我們還沒有太多了解。我們將從中獲得多少現金的可見性。因此，最好還是觀望，真的，這就是為什麼，如果我們不進入市場並獲得股權，我們最好放棄船舶並將分配增加留在市場中。公司的。

Okay, no, that makes sense. Just within that context and looking at the option theory associated with a number of these vessels, what's the window prior to that option kicking in where they actually need to notify you whether or not they're going to be keeping the vessel? Can you get some visibility into that, six to nine months ahead of time, or is it a tighter window?

好吧，不，這是有道理的。就在這種背景下，看看與許多此類船隻相關的選擇理論，在該選擇權開始之前，他們實際上需要通知您是否要保留該船隻的窗口是什麼？您能否提前六到九個月了解這一情況，或者是一個更嚴格的窗口期？

Yes, it's usually six months. Normally there's an option they have to take there, yes.

是的，通常是六個月。通常情況下，他們必須採取一個選擇，是的。

Okay.

好的。

And the way the shuttle tanker market is today, it's pretty tight. I mean, we've actually (inaudible) our ships out to one of our competitors, and there isn't a lot of tonnage around, so we're not over-worried about this. We think that the market will stay reasonably tight now, and as I alluded to in the call, we're starting to see inquiries about new ships again. So the opportunities are beginning to open up a bit. But it's early days yet. It's been very quiet for the last year, but I think it's functioning the way the capital markets have been generally, and the shipbuilding market as well. But it's starting to change because of the new ships.

就目前的穿梭油輪市場而言，它非常緊張。我的意思是，我們實際上（聽不清楚）我們的船已經運往我們的競爭對手之一，並且周圍沒有太多噸位，所以我們對此並沒有過度擔心。我們認為市場現在將保持相當緊張，正如我在電話中提到的，我們開始再次看到有關新船的詢問。因此，機會開始出現一些。但現在還為時過早。去年非常安靜，但我認為它的運作方式與資本市場和造船市場的整體運作方式相同。但由於新船的出現，情況開始改變。

That makes sense. One more for me and I'll turn it over. I believe you mentioned, or you mentioned earlier somewhere there's an active tender for two shuttles in the market right now, and I think there's another one coming down the pipe that we read about. Just given the state, from a financial standpoint of some of your competitors, maybe your larger competitors, where they're still digging out from some balance sheet issues, how competitive are those dynamics? And is it materially different today than, say, it was two to three years ago in terms of who you're seeing at the table next to you, vying for this business?

這就說得通了。再給我一份，我會把它翻過來。我相信你提到過，或者你之前提到過，目前市場上正在積極招標兩架太空梭，而且我認為我們讀到的另一架太空梭正在醞釀中。就國家而言，從一些競爭對手（也許是更大的競爭對手）的財務角度來看，他們仍在挖掘一些資產負債表問題，這些動態的競爭力如何？就你看到坐在你旁邊的桌子上爭奪這項業務的人而言，今天的情況與兩三年前相比是否有重大不同？

I don't think it helps. It's not very easy to comment on the competitors. But obviously, from our perspective, we're happy that we're in a good position to contract. And I can't really comment on those other MLPs or their businesses.

我認為這沒有幫助。對競爭對手發表評論並不容易。但顯然，從我們的角度來看，我們很高興我們處於簽訂合約的有利位置。我無法真正評論其他 MLP 或他們的業務。

Have they been any more or less competitive in terms of the tendering process?

他們在招標過程中的競爭力是否有所增強或減弱？

I would say that we can be pretty competitive because we can finance pretty well the ships. We have a very good reputation, and therefore, leverage is easy for the financing. I mean, it's difficult for me to comment on how the businesses do the contracting. We just have our own business model, and that's that.

我想說我們可以非常有競爭力，因為我們可以很好地為船舶提供資金。我們有很好的聲譽，因此槓桿融資很容易。我的意思是，我很難評論企業如何簽約。我們只是有自己的商業模式，僅此而已。

Right, but you're seeing fewer players vying for the same business because they're busier, right? That's all I'm getting at.

是的，但是你會看到競爭同一業務的玩家越來越少，因為他們更忙，對嗎？這就是我的全部意思。

I would expect the usual suspects would be invited, Michael. (Inaudible)

我預計通常的嫌疑人都會被邀請，邁克爾。 （聽不清楚）

Okay, that's helpful. All right, I will turn it over, but thank you for the time, guys.

好的，這很有幫助。好吧，我會把它翻過來，但謝謝你們花時間，夥計們。

Spiro Dounis, UBS Securities.

Spiro Dounis，瑞銀證券。

I think you're the only green stock on my screen today, so congrats on that. Just wanted to pick up on some where Mike left off, just around maybe equitizing this drop at a later date. And I don't want to put words in your mouth, but it sounds like maybe you're still not thrilled with where the units are trading. So to the extent the yield compresses, things get better, unit price goes up, just maybe some thoughts around doing issuance later, repaying some of these seller's loan earlier than expected and then raising the distribution on the back of that. Is that a path you could take or a possibility?

我想你是今天我螢幕上唯一的綠色股票，所以恭喜你。只是想繼續麥克留下的一些內容，也許稍後可以平衡這一下降。我不想在你嘴裡說話，但聽起來你可能仍然對這些單位的交易地點不感到興奮。因此，在收益率壓縮的情況下，情況會好轉，單價上漲，也許只是一些關於稍後發行、比預期更早償還部分賣方貸款，然後在此基礎上提高分配的想法。這是你可以走的路還是一種可能性？

Yes, in order to further strengthen the balance sheet and increase our financial flexibility, we will definitely make opportunistic issuances of equity, given the right pricing level.

是的，為了進一步強化資產負債表並提高財務靈活性，在適當的定價水平下，我們肯定會機會性地發行股票。

It's not our major focus, because obviously, we have to acquire ships over time, because every year that the MLP is significantly deleveraging, and we'd like to keep a reasonably decent level of leverage and grow the MLP. So since the Ingrid drop and, say, to the end of 2017, we will basically have repaid nearly $120 million in debt. And therefore, we like to keep a bit of -- it's good to keep a bit of leverage, because today, it's quite a nice way of building the distribution. But yes, we definitely see opportunities to expand the business. We definitely would like to take more equity.

這不是我們的主要關注點，因為顯然，我們必須隨著時間的推移購買船舶，因為 MLP 每年都會大幅去槓桿化，我們希望保持相當不錯的槓桿水平並增加 MLP。因此，自從 Ingrid 下降以來，比如說到 2017 年底，我們基本上已經償還了近 1.2 億美元的債務。因此，我們希望保留一點——保留一點槓桿作用是件好事，因為今天，這是建立發行版的一種很好的方式。但是，是的，我們確實看到了擴大業務的機會。我們肯定希望獲得更多股權。

I think the main points about the drop that's happened today is it shows the sponsors majorly, they're keen on keeping the MLP as a viable business and pushing it forward. I think it's really a positive development, because obviously, we've had a very difficult time in the last 12 months, like a lot of MLPs. And this just shows major commitments, and that's good.

我認為今天發生的下跌的要點是，它主要向贊助商表明，他們熱衷於保持 MLP 作為可行的業務並推動其向前發展。我認為這確實是一個積極的發展，因為顯然，我們在過去 12 個月中經歷了非常困難的時期，就像許多 MLP 一樣。這只是表明了重大承諾，這很好。

Yes, and that actually segues into my next question, which was around the sponsor's appetite to grow. And once again, you mentioned those tenders. Just curious -- are there any cash needs at the sponsor level that would maybe precipitate either another drop-down or an equity raise to help fund, maybe these new two shuttle tankers that you potentially could win? Just trying to get a sense of if you win those, what does that mean right here and now for the MLP?

是的，這實際上引出了我的下一個問題，即贊助商的成長慾望。你再一次提到了那些招標。只是好奇——贊助商層面是否有任何現金需求，這可能會導致另一次下拉或股權融資以幫助資助，也許你可能會贏得這兩艘新的穿梭油輪？只是想了解一下，如果你贏得了這些，這對 MLP 來說意味著什麼？

I think at the moment, it doesn't mean a lot, because the deposits are not very large on these contracts these days. I think it's about 15%, I would say. That's not something we'd worry about. I think they're not that short of cash that they would make a strategic decision in a few weeks over winning a contract like that. They do have some reserves -- quite considerable. So I don't think it would make much difference, to be honest.

我認為目前這並沒有太大意義，因為現在這些合約上的保證金不是很大。我認為大約是 15%。這不是我們擔心的事。我認為他們並不缺現金，他們會在幾週內就贏得這樣的合約做出戰略決定。他們確實有一些儲備——相當可觀。所以說實話，我認為這不會有太大區別。

Got you. And sorry if I missed it. Was there any sort of timing around when we might hear about these tenders? Is it a next-six-months deal, or even closer than that?

明白你了。如果我錯過了，抱歉。我們什麼時候可能會聽到這些招標？這是未來六個月的協議，還是更接近的協議？

I don't actually know, but I would expect it would be six months, something like that, I would expect, whether we win or not. The good thing is the market's opening up again and people are starting to make inquiry. I mean, we're not going to win all the contracts, and our competitors are not going to win all the contracts. But there are contracts out there, and there's an appetite to buy again, and that's positive.

我實際上不知道，但我預計這將是六個月，我預計，無論我們是否獲勝。好消息是市場再次開放，人們開始詢問。我的意思是，我們不會贏得所有合同，我們的競爭對手也不會贏得所有合約。但那裡有合同，而且有再次購買的興趣，這是積極的。

Oh, it was a good sign. All right, that's it for me. Thanks, John.

哦，這是一個好兆頭。好吧，我就這樣了。謝謝，約翰。

Nick Raza, Citi.

尼克·拉扎，花旗銀行。

Just a couple of quick follow-up questions. John, is there a level of leverage that you can point us towards in terms of where you think the Partnership should be or would be ideal? Just so we can measure at which point in time you'll initiate drop-downs or do a distribution increase.

只是幾個快速的後續問題。約翰，您認為合作關係應該達到或理想的程度是否可以為我們指明一個槓桿水平？這樣我們就可以衡量您將在哪個時間點啟動下拉或增加分配。

Good question, Nick. It obviously depends on the -- a little bit on the retail banking market as well. But we like to target about five, the ratio of the bidder over interest, and we find at the moment, the easiest way to actually releverage the MLP is to drop a new ship in highly leveraged, or more leveraged than the average, because obviously, you'd have to refinance the existing play, then. So it makes sense to keep the leverage going that way.

好問題，尼克。顯然，這也取決於零售銀行市場。但我們喜歡將目標定為5 左右，即投標人與利息的比率，我們發現目前真正重新利用MLP 的最簡單方法是以高槓桿率或高於平均水平的槓桿率放棄一艘新船，因為顯然， ，那麼你就必須為現有的遊戲再融資。因此，保持槓桿作用是有道理的。

I mean, with a young fleet like this, we are deleveraging on a straight-line basis, but the write-down on the ship is really more of an annuity. So you do get a gap. And basically, that's the cover on our distribution, because we go in with a fairly neutral cash flow. And so we'd always try and keep -- every drop, we'd always try and push the leverage on the drop, and then -- I mean, I think today it's probably fine. I mean, by the end of 2017, we'll be actually on probably more normalized leverage, I guess.

我的意思是，有了這樣一支年輕的船隊，我們正在直線去槓桿化，但船舶的減記實際上更多的是年金。所以你確實有一個差距。基本上，這就是我們分配的封面，因為我們的現金流相當中性。因此，我們總是嘗試並保持 - 每一次下降，我們總是嘗試並推動下降的槓桿作用，然後 - 我的意思是，我認為今天可能沒問題。我的意思是，到 2017 年底，我猜我們的槓桿率實際上可能會更加標準化。

So around that five times, if you foresee, assuming net of balloon payments and any other obligations that you may have -- go ahead.

因此，如果您預見到，假設扣除大筆付款和您可能承擔的任何其他義務，那麼大約是五倍——繼續吧。

The balloons, we just expect to refinance. I mean, generally you can assume that, because the ships are relatively young, the market's a very stable market, you would expect to have no problems refinancing the balloon. If we can't at least increase the leverage before the balloon and refinance this, it's a function of the market being a bit tight financially. But generally, we would look to increase the level of debt when we refinance through the (inaudible) on the balloon.

氣球，我們只希望再融資。我的意思是，一般來說，您可以假設，由於船舶相對較年輕，市場是一個非常穩定的市場，您預計為氣球再融資不會有任何問題。如果我們不能至少在氣球膨脹之前增加槓桿並為其再融資，那麼這是市場財務有點緊張的結果。但一般來說，當我們透過氣球上的（聽不清楚）再融資時，我們會尋求增加債務水準。

Fair enough, fair enough.

夠公平，夠公平。

So we don't consider it an ordinary payment.

所以我們不認為這是普通的付款。

Fair enough. And then as an offbeat question, some of your competitors, one of your competitors is arguably in financial duress. Is there a thought to buying out other folks' shuttle tanker operations outright?

很公平。然後作為一個另類的問題，你的一些競爭對手，你的競爭對手之一可以說陷入了財務困境。是否有考慮直接買斷其他人的穿梭油輪業務？

We've always looked at that. Remember, we bought the (inaudible) fleet a few years ago. It's not something we -- the price has to be right, to be honest with you, and the contracts have to be good. Yes, we're always interested. But today, that's not on the agenda.

我們一直在關注這一點。請記住，我們幾年前就買了（聽不清楚）機隊。這不是我們的事——老實說，價格必須合適，而且合約必須良好。是的，我們總是感興趣。但今天，這不在議程上。

Fair enough, fair enough. That's all I had, guys. Thank you so much.

夠公平，夠公平。這就是我所擁有的一切，夥計們。太感謝了。

Ben Brownlow, Raymond James.

本·布朗洛，雷蒙德·詹姆斯。

John, congratulations on the quarter and the drop-down. On the pace of growth with the remaining four drop-down vessels, can you just comment about how you're thinking about that? Is that largely dependent on the capital markets?

約翰，恭喜本季和下拉式選單。關於剩下的四艘下拉式船隻的成長速度，您能評論一下您對此的看法嗎？這很大程度取決於資本市場嗎？

Yes, I'd say so. I mean, I think the sponsor's pretty strong and can keep the yield strip outside of the MLP if he wants to. He saw an opportunity because we have quite a lot of cash on the balance sheet, and we've deleveraged a fair bit to drop a ship in.

是的，我會這麼說。我的意思是，我認為贊助商相當強大，如果他願意，可以將收益帶保留在 MLP 之外。他看到了機會，因為我們的資產負債表上有相當多的現金，而且我們已經進行了相當程度的去槓桿化以投入一艘船。

I think if we don't look for sources of capital, then I think it's likely that we will wait a little bit to continue to grow. It just depends on how the market reacts to our units over time, and then if we get the opportunity, we might go onto the market and raise equity, do a bond issue. I don't really know. We'd have to think about it, really.

我認為如果我們不尋找資金來源，那麼我認為我們可能會等待一段時間才能繼續成長。這只取決於市場對我們的單位隨著時間的反應如何，然後如果我們有機會，我們可能會進入市場並籌集股本，發行債券。我真的不知道。我們真的必須考慮一下。

But today, we were just happy that we got a ship in. It's probably, it's pushed the MLP as far as it can. They approached us, to be honest. It's stretched a little bit because we have taken the seller credit. But the commercial debt's fine. The debt position is pretty safe. I think the whole thing is pretty good. The cover's very good, and we're seeing next year, if all things being equal, you'll see an even higher level of cover on the fleet, which is good.

但今天，我們很高興我們得到了一艘船。它可能已經將 MLP 推到了極限。老實說，他們接近我們。它有點延伸，因為我們已經接受了賣家的信用。但商業債務還好。債務狀況相當安全。我覺得整件事情還是不錯的。覆蓋範圍非常好，我們預計明年，如果一切條件相同，您將看到機隊的覆蓋範圍更高，這很好。

Good. And on the valuation approach, would you look at the Raquel on a similar valuation versus the other four drops?

好的。在估值方法上，您是否會以與其他四款類似的估值來看待Raquel？

Don't know on that. That's stuff to be decided by the conflicts committee and the (inaudible) opinion we get as to what level is correct or appropriate. I mean, ultimately with the MLP, because of the way that the marine space is, you have a young fleet, it's quite highly leveraged and deleverages quite quickly. You have to drop in assets accretively, obviously. But you have to keep dropping assets in to get the full value of the MLP, keep the leverage there.

對此一無所知。這是由衝突委員會和我們得到的關於什麼級別是正確或適當的（聽不清楚）意見來決定的事情。我的意思是，最終透過 MLP，由於海洋空間的情況，你擁有一支年輕的艦隊，它的槓桿率相當高，去槓桿化也很快。顯然，你必須不斷地減少資產。但你必須不斷投入資產才能充分發揮 MLP 的價值，並保持槓桿作用。

Because the contracts that we have, either with oil majors or with national oil companies, generally, they're very, very strong contracts, and they do yield, we do yield stable revenues. So to get the maximum benefit out of that, you have to keep acquiring assets and dropping them in so that they're -- otherwise, you just end up deleveraging the MLP over time, and it's not -- at this level of yield, it doesn't really work. We can today, with 10 ships, we can drop another ship in every one to two years and improve the outlook. Of course, that depends on what people's view of the market is and what the banking sector's view of shipping is. But all things being equal, that will be the case. So we have to keep growing, really, to make it work and to make it worthwhile.

因為我們與石油巨頭或國家石油公司簽訂的合同一般來說都是非常非常強有力的合同，而且它們確實產生了收益，我們確實產生了穩定的收入。因此，為了從中獲得最大利益，你必須不斷收購資產並將其投入，否則，你最終只會隨著時間的推移對 MLP 進行去槓桿化，而事實並非如此，在這個收益率水平上，它真的不起作用。今天，我們可以用 10 艘船，每隔一到兩年再放下一艘船，從而改善前景。當然，這取決於人們對市場的看法以及銀行業對航運的看法。但在所有條件相同的情況下，情況就會如此。因此，我們必須不斷成長，真正地使其發揮作用並使其有價值。

That makes sense. And then just switching over, just one or two quick more. On the Windsor, any discussions there on the extension? And can you just remind us what the rate revision on that?

這就說得通了。然後再切換，再快一兩個。在溫莎，有關於延期的討論嗎？您能否提醒我們對此的利率調整是多少？

What we had on that, we had about 6% or 7% reduction in the rate. That's the structure of the contract now. It's going to be one option, one option, one. Why would they renegotiate that, because ultimately, they wanted the flexibility. That was part of the deal, to get the three BG ships that we had at the time. Now they're Shell ships. And that would be agreed. We agreed to give them a bit of flexibility, like in the Windsor on that short contracts. And also, that's really how it has arisen. So it's not going to change.

我們的情況是，我們的稅率降低了大約 6% 或 7%。這就是現在合約的結構。這將是一種選擇，一種選擇，一種。他們為什麼要重新談判，因為最終他們想要靈活性。這是交易的一部分，獲得我們當時擁有的三艘 BG 艦艇。現在它們是殼牌船舶。我們會同意這一點。我們同意給他們一點彈性，就像溫莎的短期合約一樣。而且，它確實是這樣產生的。所以它不會改變。

Similarly, the Bodil, that's what we've agreed to, that's what we'll stick to, and I wouldn't expect any problem with that. It will get exercised. It's not quite flexible because going forward, the market's getting tighter as well.

同樣，博迪爾，這就是我們已經同意的，這就是我們將堅持的，我不認為會有任何問題。它會得到鍛煉。它不太靈活，因為展望未來，市場也變得更加緊張。

Okay. And the Bodil, that was at a very similar rate to the prior contract, right? Okay.

好的。還有 Bodil，這與之前的合約非常相似，對吧？好的。

A little bit less, but similar.

少了一點，但相似。

Thank you.

謝謝。

(Operator Instructions.) Lin Shen, HITE Asset Management.

（操作員指示。） 沉林，海特資產管理公司。

When I see the slide, page 11, you have a chart which is back to February 2016, early this year's supply-demand forecast. So can you talk about what are you seeing now, or your current forecast on next year? Do you see the gap for demand-supply should be very positive for your business?

當我看到第 11 頁的投影片時，您會看到一張追溯到 2016 年 2 月的圖表，即今年年初的供需預測。那麼您能談談您現在看到的情況，或是目前對明年的預測嗎？您認為供需缺口對您的業務應該非常有利嗎？

Yes, I mean, I actually like the fact the market's taken quite time. It's developing reasonably at a nice pace. I think the graphs that were previously quite, they have actually reduced the demand-supply difference in the balance. I'm happy with this, because it means that orders are done in a gradual and nice way.

是的，我的意思是，我實際上喜歡市場花了相當長的時間這一事實。它正在以良好的速度合理地發展。我認為以前的圖表實際上已經減少了平衡中的供需差異。我對此感到滿意，因為這意味著訂單會以漸進且良好的方式完成。

If you had a massive surplus or shortage of ships within the space of a year or two, you might end up with a frenzy of orders, and it's not always necessarily the most disciplined way to run a business. So I think we can see -- empirical evidence tells us, because the sponsor has a really, with their fleet, they're fully utilized. And also, our competitors are having the same problem. They're not compared to us. One of our competitors moved, actually, time charter ship-outs for them for several years, so they just can't get the tonnage. So there is definitely a shortage here.

如果在一兩年內船舶出現大量過剩或短缺，最終可能會出現訂單狂潮，而這並不總是最有紀律的經營方式。所以我認為我們可以看到——經驗證據告訴我們，因為贊助商確實擁有一支真正的機隊，他們得到了充分利用。而且，我們的競爭對手也面臨同樣的問題。他們不與我們相比。實際上，我們的一位競爭對手為他們提供了數年的期租船運，所以他們無法獲得噸位。所以這裡肯定是短缺的。

How this market comes out depends on how quickly the fields are opened up and how good the oil flows are from these fields. I mean, certainly, if you believe the press releases of some of the oil majors and national oil companies, you'll see that the outlook is very positive. So we're optimistic. I can't say that the figures will develop as firms project, but I think the outlook is very, very positive for the short tanker. And as of today, we can see that there is really a lot more interest in the market. It's starting to be a better movement, and we're seeing orders, which is quite a positive thing.

這個市場如何發展取決於油田開發的速度以及這些油田的石油流量有多好。我的意思是，當然，如果您相信一些石油巨頭和國家石油公司的新聞稿，您會發現前景非常樂觀。所以我們很樂觀。我不能說這些數字會隨著公司的預測而發展，但我認為短油輪的前景非常非常樂觀。截至今天，我們可以看到市場確實有更多的興趣。它開始變得更好，我們看到了訂單，這是一件非常積極的事情。

Thank you very much.

非常感謝。

This concludes our question-and-answer session, and the conference is also now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。