Knot Offshore Partners LP (KNOP) 2022 Q4 法說會逐字稿

Hello, and welcome to today's KNOT Fourth Quarter 2022 Earnings Results Conference Call. My name is Bailey, and I'll be your moderator for today's call. (Operator Instructions)

您好，歡迎參加今天的 KNOT 2022 年第四季獲利結果電話會議。我叫貝利，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to Gary Chapman, CEO and CFO. Gary, please go ahead.

我現在想將會議交給執行長兼財務長加里·查普曼 (Gary Chapman)。加里，請繼續。

Thank you, and welcome to our fourth quarter 2022 earnings call. The earnings release and this presentation are available on our website at knotoffshorepartners.com if you want to view them.

謝謝，歡迎參加我們的 2022 年第四季財報電話會議。如果您想查看收益報告和本簡報，請造訪我們的網站：knotoffshorepartners.com。

Slide 2 gives guidance on the inclusion of forward-looking statements in today's presentation, which are made in good faith, but which contain risks and uncertainties, meaning that actual results may be materially different. The partnership does not have or undertake a duty to update any such forward-looking statements. And for further information, please consult our annual and quarterly SEC filings.

投影片 2 提供了有關在今天的簡報中包含前瞻性陳述的指導，這些陳述是出於善意而做出的，但包含風險和不確定性，這意味著實際結果可能存在重大差異。該合作夥伴沒有也不承擔更新任何此類前瞻性陳述的義務。如需了解更多信息，請查閱我們向 SEC 提交的年度和季度文件。

Today's presentation also includes certain non-U.S. GAAP measures and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures.

今天的演示還包括某些非美國公認會計原則措施，我們的收益發布包括這些措施與最直接可比較的公認會計原則措施的調節。

On Slides 3 and 4 are highlights from the fourth quarter 2022 and subsequent. We announced a cash distribution of $0.026 per common units under a 1099 structure, which although reduced, was the 39th consecutive distribution overall since the partnership first listed in 2013.

投影片 3 和 4 是 2022 年第四季及後續季度的亮點。我們宣佈在 1099 結構下每普通單位 0.026 美元的現金分配，雖然有所減少，但這是自 2013 年合作夥伴關係首次上市以來的連續 39 次分配。

Our fleet in the fourth quarter operated with 96.1% utilization for scheduled operations and 94.9% utilization taking into account the scheduled drydocking of the Carmen Knutsen. Since we last reported, we've been busy. On November 29, 2022, Repsol Sinopec, the charterer of the Carmen Knutsen, confirmed its option to extend the existing time charter of the vessel by 1 further year. The vessel is now fixed until January 2024, with Repsol Sinopec holding options to extend the time charter by 2 further 1-year periods.

我們的船隊第四季的預定營運利用率為 96.1%，考慮到 Carmen Knutsen 的預定幹塢，利用率為 94.9%。自從我們上次報道以來，我們一直很忙。 2022 年 11 月 29 日，Carmen Knutsen 號的承租人 Repsol Sinopec 確認選擇將該船的現有期租再延長一年。該船現已修復至 2024 年 1 月，雷普索爾中石化持有將期租再延長 2 個 1 年期的選擇權。

And since the end of the fourth quarter, we have signed 6 new contracts or extensions, including a new 10-month contract with Altera for the Ingrid Knutsen, contract extension to the Tordis Knutsen and the Lena Knutsen, a new contract with our sponsor, Knutsen NYK for the Bodil Knutsen, the Hilda Knutsen and the Torill Knutsen.

自第四季末以來，我們已經簽署了6 份新合約或續約，其中包括與Altera 為Ingrid Knutsen 簽訂的為期10 個月的新合約、與Tordis Knutsen 和Lena Knutsen 的續約、與我們的讚助商簽訂的新合同， Knutsen NYK 代表 Bodil Knutsen、Hilda Knutsen 和 Torill Knutsen。

The 3 contracts with our sponsor were approved by the partnerships independent Conflicts Committee and provide a level of certainty to the partnership. And in respect to the Bodil Knutsen and the Ingrid Knutsen, these vessels are now contracted to at least fourth quarter of 2025 and 2026, respectively.

與我們的贊助商簽訂的 3 份合約得到了合作夥伴獨立衝突委員會的批准，為合作夥伴關係提供了一定程度的確定性。至於 Bodil Knutsen 和 Ingrid Knutsen，這些船舶目前的合約期限至少分別為 2025 年第四季和 2026 年。

In addition, during the fourth quarter or -- since 3 of our vessels, the Windsor Knutsen, the Torill Knutsen and the Ingrid Knutsen have operated for at least some time in the spot market, either performing conventional tanker voyages or offshore loading voyages, and each has been able to generate positive contribution from those activities.

此外，在第四季度或自我們的 3 艘船舶 Windsor Knutsen、Torill Knutsen 和 Ingrid Knutsen 至少在現貨市場運營了一段時間以來，要么執行傳統油輪航行，要么進行近海裝載航行，並且每個人都能夠從這些活動中做出積極貢獻。

The Windsor Knutsen was also successfully delivered to Shell on January 11, 2023, commencing on a fixed 1-year charter, with Shell also having option to extend the charter by 1 further year. And then finally, we have agreed commercial terms for a new multiyear time charter contract for each of the Fortaleza Knutsen and Recife Knutsen with Transpetro to commence directly upon expiration of the existing bareboat charters, and we are now awaiting the charterer's management approval, which we anticipate will follow shortly.

Windsor Knutsen 號也於 2023 年 1 月 11 日成功交付給殼牌，開始為期 1 年的固定租約，殼牌還可以選擇將租約再延長 1 年。最後，我們已與Transpetro 就福塔雷薩·克努森號和累西腓·克努森號的新多年期租船合約商定商業條款，該合約將在現有光船租賃期滿後直接開始，我們現在正在等待承租人管理層的批准，我們對此表示歡迎。預期很快就會出現。

The increased market activity in our main market Brazil continued in the fourth quarter, and to date, and we expect this will persist based on current market parameters and conditions. The North Sea time charter market where currently 4 of our 18 vessels operate, remain subdued, taking longer to return to the predicted higher levels of oil production and shuttle tanker demand. However, we have secured a level of income for all of these 4 vessels in 2023, with the Bodil Knutsen and the Ingrid Knutsen secured until the fourth quarter 2025 and 2026, respectively, as I mentioned.

我們的主要市場巴西的市場活動在第四季度持續增加，迄今為止，我們預計根據當前的市場參數和條件，這種情況將持續下去。目前，我們 18 艘船舶中有 4 艘在北海定期租船市場運營，該市場仍然低迷，需要更長的時間才能恢復到預期的較高石油產量和穿梭油輪需求水平。然而，正如我所提到的，我們已確保所有這 4 艘船在 2023 年獲得一定的收入水平，其中 Bodil Knutsen 和 Ingrid Knutsen 分別確保到 2025 年第四季和 2026 年。

At December 31, 2022, the partnership had $47.6 million in available liquidity, and the fleet had an average age of 8.7 years, with each vessel having an estimated useful life of 23 years.

截至 2022 年 12 月 31 日，該合夥企業擁有 4,760 萬美元的可用流動資金，船隊平均船齡為 8.7 年，每艘船的預計使用壽命為 23 年。

Slides 5 through 7 are our last summary of financial results, and as usual, I will just mention a few points. On slide 5, our revenues were strong in the fourth quarter, and indeed, there may be over $1 million more in loss of hire insurance to come, resulting from insurance claims for the Windsor Knutsen and the Synnove Knutsen. But under U.S. GAAP, we are not allowed to recognize in the accounts as we are not yet sure of the final amount.

投影片 5 到 7 是我們對財務表現的最後總結，像往常一樣，我只提幾點。在投影片 5 上，我們第四季的收入強勁，事實上，由於 Windsor Knutsen 和 Synnove Knutsen 的保險索賠，未來的租金保險損失可能會超過 100 萬美元。但根據美國公認會計原則，我們不能在帳目中確認，因為我們還不確定最終金額。

Operating expenses were lower in the fourth quarter, largely reflecting higher bunker fuel costs in connection with multiple vessel drydocks in both the second and third quarters, recalling that when time charter vessels are on-hire, fuel is a cost for our customers, but these vessels are off-hire during their drydock.

第四季的營運費用較低，主要反映了第二季和第三季與多艘船舶乾船塢相關的船用燃料成本較高，回想起當租用期租船時，燃料對我們的客戶來說是一項成本，但這些船舶在幹船塢期間停租。

Crew. Crew-related costs and logistics remain somewhat elevated compared to historic averages ever since the COVID-19 pandemic, and which level we believe is probably now the new normal as we move forward.

全體人員。與自 COVID-19 大流行以來的歷史平均水平相比，與船員相關的成本和物流仍然有所上升，我們認為這一水平現在可能是我們前進的新常態。

As we have mentioned before, with the wide and geographically spread crew and supply base to draw upon, we believe we have some protection against the inflationary pressures that are occurring in many countries just now. However, this is something that we like all companies are keeping under close review.

正如我們之前提到的，憑藉廣泛且分佈在各地的船員和供應基地，我們相信我們可以在一定程度上抵禦許多國家目前正在發生的通貨膨脹壓力。然而，我們希望所有公司都對此進行密切審查。

Higher LIBOR, higher utilization of our revolving facilities and having an 18th vessel from July 1 2022, have all increased interest expenses during 2022, and this trend continued in the fourth quarter. However, this has not had any impact and are continuing and schedule debt repayments made during the year.

較高的 LIBOR、較高的周轉設施利用率以及從 2022 年 7 月 1 日起擁有第 18 艘船，都增加了 2022 年的利息支出，並且這一趨勢在第四季度持續存在。然而，這並沒有產生任何影響，並且正在繼續並安排年內償還債務。

At December 31, 2022, the partnership's net exposure to floating interest rate fluctuations was $372.5 million or 35% of our total interest-bearing debt. In other words, 65% was fixed by interest rate swaps, were effectively fixed by our 2 sale and leaseback financings.

截至 2022 年 12 月 31 日，該合夥企業面臨的浮動利率波動淨風險為 3.725 億美元，占我們有息債務總額的 35%。換句話說，65% 是透過利率掉期固定的，實際上是透過我們的 2 次售後回租融資固定的。

On Slide 6, you can see our cash and cash equivalents balance at the end of the quarter of $47.6 million. And we are working on the upcoming debt refinancing, the first of which falls due in August 2023. And today, we have no reason to believe that they will not be refinanced on acceptable and similar terms and in good time prior to maturity. At present, we are not targeting to borrow more. That is, we do not currently plan to increase our leverage on any of the facilities.

在投影片 6 上，您可以看到季度末我們的現金和現金等價物餘額為 4,760 萬美元。我們正在進行即將到來的債務再融資，其中第一次將於 2023 年 8 月到期。今天，我們沒有理由相信它們不會以可接受的類似條款並在到期前及時獲得再融資。目前，我們不打算借更多錢。也就是說，我們目前不打算增加任何設施的槓桿率。

On slide 7, you can see the overall adjusted EBITDA result for the fourth quarter was very solid, and indeed it was the highest achieved in 2022.

在投影片 7 上，您可以看到第四季度的整體調整後 EBITDA 結果非常穩健，實際上是 2022 年取得的最高水準。

Slide 8 is an update on our contracted revenue and charter portfolio. As before, we have covered many of the contractual updates already, and they are also set out in the earnings release. So I won't repeat them here, other than to say that we are pleased with the progress we have been able to make in the fourth quarter of 2022 and subsequent.

投影片 8 是我們的合約收入和包機組合的更新。和以前一樣，我們已經介紹了許多合約更新，它們也在收益發布中列出。因此，我不會在這裡重複這些內容，只是說我們對 2022 年第四季及隨後的進展感到滿意。

We are in a position where we have contract coverage for almost the whole of 2023 and several vessels are now under contract for much longer periods. It's still a work in progress, but we have certainly made progress. Including contracts and extensions signed since December 31, 2022, we have remaining forward contracted revenue of $715 million.

我們的合約覆蓋範圍幾乎涵蓋整個 2023 年，而且目前有幾艘船的合約期限更長。這項工作仍在進行中，但我們確實取得了進展。包括自 2022 年 12 月 31 日以來簽署的合約和延期合同，我們的剩餘遠期合約收入為 7.15 億美元。

This figure excludes options, but it does include contracts and extensions signed since December 31, 2022. And as we have agreed commercial terms, though we have not yet signed, we have included the anticipated charters on a bareboat basis for the Fortaleza Knutsen and Recife Knutsen. Of our firm charters, these have 2.1 years remaining on average, and charters had options to extend these charters by further 2.2 years on average.

這個數字不包括期權，但它確實包括自2022 年12 月31 日以來簽署的合約和延期。由於我們已經商定了商業條款，儘管我們尚未簽署，我們已經包括了福塔萊薩·克努森和累西腓的預期光船租船合約克努森。我們公司的特許經營權平均還剩 2.1 年，特許經營者可以選擇將這些特許經營權平均再延長 2.2 年。

On Slide 9, we are showing our contract coverage in a different way. This slide is not saying that utilization in the first quarter of 2023 will be 100%, but rather than for this quarter, there are not further outstanding days still to be covered by a charter contract. This slide perhaps most clearly demonstrates where our work and focus is needed to restore forward visibility of earnings, to which we have very frequently referred to in the past.

在投影片 9 上，我們以不同的方式展示了我們的合約範圍。這張投影片並不是說 2023 年第一季的利用率將達到 100%，而是說，與本季相比，包機合約中沒有更多未完成的天數。這張投影片也許最清楚地展示了我們需要在哪些方面進行工作和關注，以恢復盈利的前瞻性可見性，我們過去經常提到這一點。

Then on slide 10, we have the potential dropdown vessels held by our sponsor KNOT, that the partnership may choose to purchase in the future. It remains the partnership's target to acquire these vessels from the sponsor when suitable opportunities arise. However, there is, of course, no guarantee that this will actually be possible.

然後在幻燈片 10 上，我們有贊助商 KNOT 持有的潛在下拉容器，合作夥伴將來可能會選擇購買。當合適的機會出現時，合作夥伴的目標仍然是從贊助商收購這些船隻。然而，當然不能保證這實際上是可能的。

Slide 11, we have included a similar slide in previous presentations, but we believe this remains a very valuable source of independent information that speaks to the future of shuttle tanker demand in Brazil. Indeed, the number of new FPSOs to be deployed in Brazil through to 2027 equates to approximately 50% of the world's total FPSOs. And with a low carbon score and low marginal cost of oil production, we remain very positive with respect to the mid to long-term outlook here. We have also included a further slide in the appendix to this presentation to give some more detail.

投影片 11，我們在先前的簡報中包含了類似的幻燈片，但我們相信這仍然是非常有價值的獨立資訊來源，可以說明巴西穿梭油輪需求的未來。事實上，到 2027 年，巴西部署的新 FPSO 數量約佔全球 FPSO 總數的 50%。由於石油生產的碳得分較低且邊際成本較低，我們對中長期前景仍然非常樂觀。我們還在本簡報的附錄中新增了一張投影片，以提供更多詳細資訊。

On Slide 12, as we've highlighted previously, despite the forecast growth in demand for shuttle tankers in the mid and long-term, only a very small number of new shuttle tanker orders have been placed for deliveries in 2023, 2024 and 2025, constituting approximately 8% of current shuttle tankers in service.

在投影片 12 上，正如我們之前所強調的，儘管中長期對穿梭油輪的需求預計會增長，但只有極少數新的穿梭油輪訂單在 2023 年、2024 年和 2025 年交付。約佔目前在役穿梭油輪的8%。

Given this, and with the main shipyards having very limited or no capacity due to containership and LNG carrier orders through 2025, the total order book for shuttle tanker is likely to remain very muted. Hence, we continue to expect that the market will meaningfully tighten potentially to the point of shortage. There does remain some uncertainty around forecasting the specific timing of such market developments.

有鑑於此，並且由於到 2025 年貨櫃船和液化天然氣運輸船訂單，主要造船廠的產能非常有限或沒有，因此穿梭油輪的總訂單量可能會保持非常低迷。因此，我們繼續預期市場將顯著收緊，直至短缺的程度。預測此類市場發展的具體時間確實仍存在一些不確定性。

New build shuttle tanker prices, indeed, the prices of any new ship today, remain elevated, up over 30% since the second half of 2021, as a result of tight shipyard capacity and higher input prices for steel and labor, all of which continues to help the competitiveness of our existing fleet.

事實上，由於造船廠產能緊張以及鋼鐵和勞動力投入價格上漲，新建穿梭油輪的價格（事實上，當今任何新船的價格）仍然處於高位，自 2021 年下半年以來上漲了 30% 以上。幫助我們現有機隊的競爭力。

So in summary for this quarter, on Slide 13, we had good utilization of 96.1% scheduled operations. We paid a quarterly distribution for the 39th consecutive quarter, albeit at a reduced level, and we have commenced discussions with lenders for our upcoming refinancings. And since December 31, 2022, we have signed 6 new charters and extensions and agreed commercial terms for multiyear charters for 2 further vessels.

總結本季度，在投影片 13 上，我們的預定營運利用率高達 96.1%。我們連續第 39 個季度支付了季度分配，儘管水準有所下降，並且我們已開始與貸方討論即將進行的再融資。自 2022 年 12 月 31 日以來，我們已簽署了 6 艘新租船合約和延期合同，並就另外 2 艘船舶的多年租船合約商業條款達成了一致。

Overall, we've made good progress and important progress towards restoring visibility of earnings and a sustainable path forward. And of course, there remains more to do. In the near term, as always, our focus is on safe operations, both on board and on shore and to take care of our crew, whilst maintaining our high standards and utilization statistics. Our other main focus is on, the refinancing is due in 2023, and we are well underway with these processes and hope to be in a position to have each closed well in advance of each maturity date.

總體而言，我們在恢復盈利可見性和可持續發展道路方面取得了良好進展和重要進展。當然，還有更多工作要做。短期內，一如既往，我們的重點是船上和岸上的安全運營以及照顧我們的船員，同時保持我們的高標準和利用率統計數據。我們的另一個主要關注點是，再融資將於 2023 年到期，我們正在順利推進這些流程，並希望能夠在每個到期日之前提前完成每個流程。

After the Carmen Knutsen drydock, which is already completed, there remains 4 further scheduled drydocks in 2023 to take place in Europe, and which we are planning for. 3 of these vessels are European based, so mobilization costs will be lower than for the Brazilian based vessels. And hopefully, it goes without saying that we are talking to our customers and proactively monitoring the market to ensure we can respond flexibly as charter or even spot opportunities arise.

繼卡門·克努森 (Carmen Knutsen) 幹船塢已經竣工之後，我們正在計劃 2023 年在歐洲舉辦另外 4 個乾船塢。其中 3 艘船位於歐洲，因此調動成本將低於位於巴西的船隻。希望，不用說，我們正在與客戶交談並主動監控市場，以確保我們能夠在包機甚至發現機會出現時靈活應對。

Then on Slide 14, we have just put this in here to promote our newly refreshed website. We've tried to add a little more background content on shuttle tankers, and we will try to continue to do so over time. And hopefully, people will find it useful and provide an improved experience.

然後在幻燈片 14 上，我們剛剛將其放在這裡​​以宣傳我們新刷新的網站。我們嘗試在穿梭油輪上添加更多背景內容，隨著時間的推移，我們將嘗試繼續這樣做。希望人們會發現它很有用並提供改進的體驗。

Thank you for listening and following this more formal part of the call. I'll be very happy to answer any questions.

感謝您收聽並關注通話中這個更正式的部分。我很樂意回答任何問題。

(Operator Instructions) The first question today comes from the line of Liam Burke from B. Riley.

（操作員說明）今天的第一個問題來自 B. Riley 的 Liam Burke。

Gary, a lot of your discussion on the market is Brazil. You have 4 vessels in the North Sea. If I look at the new building schedule, that's all slated for Brazil. Could you either give us color on the North Sea market? Or does it make more sense to move capacity to Brazil?

加里，您在市場上的許多討論都是關於巴西的。你有 4 艘船在北海。如果我看一下新的建設時間表，那都是針對巴西的。可以為我們介紹一下北海市場的情況嗎？或者將產能轉移到巴西更有意義嗎？

Yes, the North Sea market, as we said, is a little bit soft, and it's still the overhang from the project delays that we've seen historically. In terms of moving vessels down to Brazil, we certainly haven't ruled that out. The timing is everything. And we would obviously also incur not insignificant costs in moving the vessels down to Brazil. So we would want to be really sure that if we did that, it would be a successful move. And so I come back to my first point that timing is everything there to do that. But it's certainly something we haven't ruled out.

是的，正如我們所說，北海市場有點疲軟，這仍然是我們歷史上看到的項目延誤的懸念。就將船隻移至巴西而言，我們當然沒有排除這種可能性。時機就是一切。顯然，我們將船隻運往巴西也會產生不小的成本。因此，我們希望真正確定，如果我們這樣做，這將是一次成功的舉措。所以我回到我的第一點，時機就是做到這一點的一切。但這肯定是我們沒有排除的情況。

Obviously, your contracting outlook looks a lot better with what you've done in the fourth quarter. Does that help? And you are in negotiations for your debt refinancing?

顯然，從第四季的表現來看，你們的合約前景看起來要好得多。這樣有幫助嗎？您正在就債務再融資進行談判嗎？

Yes, absolutely. We think we will be able to successfully close all of those anyway regardless. But of course, all of our institutional lenders clearly are interested in us being a successful business. But yes, of course, it helps. But nonetheless, we were confident that we would be able to get all of these refinancing we've done on a timely basis regardless. But yes, of course, it helps.

是的，一點沒錯。我們認為無論如何我們都能夠成功地關閉所有這些。當然，我們所有的機構貸款人顯然都對我們成為成功的企業感興趣。但是，是的，這當然有幫助。但儘管如此，我們仍然相信，無論如何，我們都能夠及時獲得所有這些再融資。但是，是的，這當然有幫助。

And that also includes the 2 revolvers that are up for renewal in -- later in the year?

這還包括將於今年稍後更新的兩把左輪手槍？

That's correct. It includes those, yes.

這是正確的。是的，它包括那些。

Our next question today comes from the line of Richard Diamond from Castle wood.

今天我們的下一個問題來自 Castle wood 的 Richard Diamond。

I want to commend you on the progress you've made in -- since the beginning of the year. And I have a quick market question. Our charters where today you have (technical difficulty) market, if for example...

我想讚揚你們自今年年初以來所取得的進步。我有一個簡短的市場問題。我們的包機今天您擁有（技術難度）市場，例如...

Sorry, Richard. Very quiet.

對不起，理查德。很安靜。

Okay. Can you hear me?

好的。你聽得到我嗎？

That's much good. If you wouldn't mind starting again.

那太好了。如果你不介意重新開始的話。

Okay. One, I want to commend you on making a lot of progress. It's not easy. Hats off. Secondly, are charters aware that you have or we have significant choices in the marketplace? If you were a conventional tanker company, you could charter out your vessels and your stock price would likely double. I understand our strategy, I buy into it. I'm just wondering if the charters understand how vulnerable they are, if shuttle tankers leave for conventional shipping?

好的。第一，我想讚揚你取得了很大的進步。這並不容易。脫帽致敬。其次，包機公司是否意識到您或我們在市場上有重要的選擇？如果你是一家傳統的油輪公司，你可以租用你的船隻，你的股價可能會翻倍。我了解我們的策略，我也認同它。我只是想知道，如果穿梭油輪前往傳統運輸，租船公司是否明白他們有多脆弱？

Yes, Richard, it's a great point and a great question. And absolutely, we're very much aware of that, and we make sure our customers are aware of that, if they're not already aware of it by their own analysis. I mean, certainly, our shuttle tankers are irreplaceable. So -- and there are only so many of them. And with the yards full up, supply isn't going to suddenly increase in the next few years.

是的，理查德，這是一個很好的觀點，也是一個很好的問題。當然，我們非常清楚這一點，並且我們確保我們的客戶知道這一點，如果他們還沒有透過自己的分析意識到這一點。我的意思是，我們的穿梭油輪當然是不可取代的。所以——而且只有這麼多。由於堆場已滿，未來幾年供應量不會突然增加。

So I think it's something that we're continually impressed with our customers, that perhaps they need to take a close look at what's going to be available when they need it. So -- and I think we've seen a little bit of that with Equinor fixing some of the vessels, Windsor and Bodil -- for example, in the North Sea for Bodil. So I think there is a little bit of movement there. And I think we're increasingly seeing that certainly in Brazil, for sure.

因此，我認為我們的客戶一直給我們留下了深刻的印象，也許他們需要仔細研究在需要時可以獲得什麼。因此，我認為我們已經看到了 Equinor 修復了一些船隻（溫莎號和博迪爾號）的情況，例如在北海為博迪爾號修復的情況。所以我認為那裡有一點動靜。我認為我們在巴西肯定越來越多地看到這一點。

(Operator Instructions) The next question today comes from the line of Poe Fratt from Alliance Global Partners.

（操作員說明）今天的下一個問題來自 Alliance Global Partners 的 Poe Fratt。

I had a couple of questions more in the micro level. Do you have the mix of operating days broken out by charter versus what days worked in the spot or voyage market? And then what -- how many days were idle including the loss of hire days?

我在微觀層面還有幾個問題。您是否有按包機劃分的營運天數與現貨或航程市場的營運天數的組合？然後呢——包括僱用天數的損失在內，閒置了幾天？

Yes, of course, we've got all of that data. I think we obviously try to strike a balance in what we publish in terms of giving people enough to understand the business and to make good decisions, but not opening ourselves up too much in terms of our competitors and our customers. But certainly, we can take a look at that information, if that going forward is something that is of interest to people, as to whether or not we can publish some of that data in future quarters.

是的，當然，我們已經獲得了所有這些數據。我認為，我們顯然試圖在發佈內容方面取得平衡，讓人們有足夠的時間了解業務並做出正確的決策，但又不會向競爭對手和客戶開放太多。但當然，我們可以看看這些訊息，如果人們對未來感興趣的話，我們是否可以在未來幾季發布其中一些數據。

Yes. I guess it's less interesting from a standpoint of -- moving forward, you're going to have all the ones that worked in the voyage or spot market in the fourth and first quarter to date. We'll be moving on to charters with Knutsen NYK. So I was just trying to get a flavor for what happened in the fourth and the first? And to that end, what -- can you highlight the decision to move those back to time charters with Knutsen NYK? And why you didn't stick with the tanker market because of -- as the previous questioner said that the tanker market looks pretty good, but nonetheless, you're moving that capacity back into the shuttle market?

是的。我想，從未來的角度來看，這就沒那麼有趣了，到目前為止，您將擁有所有在第四季度和第一季在航程或現貨市場上發揮作用的產品。我們將繼續與 Knutsen NYK 合作進行包機服務。所以我只是想了解第四部和第一部發生的事情？為此，您能強調將這些內容移回與 Knutsen NYK 定期租船的決定嗎？為什麼你沒有堅持油輪市場，因為正如先前的提問者所說，油輪市場看起來相當不錯，但儘管如此，你還是要把運力轉移回太空梭市場？

Yes. So I think there's a few little points in there. But I think the Conflicts Committee had to look at it and what we've done is on an arm's length basis. And I think the overall point is that it provides us with the certainty, which I think is important for us at this point in time. Of course, we may look back with hindsight and realize that we could have perhaps got higher rates. We may look back and think we could -- we've done well.

是的。所以我覺得裡面有幾個小點。但我認為衝突委員會必須考慮這個問題，而我們所做的一切都是在公平的基礎上進行的。我認為總體而言，它為我們提供了確定性，我認為這對我們目前來說很重要。當然，事後看來，我們可能會意識到我們可能會得到更高的利率。當我們回顧過去時，我們可能會認為我們可以——我們做得很好。

But I think what we're trying to do is understand that certainty is valuable to KNOT right now in terms of coverage and cash flow. And also, as we've suggested a little bit in the past as well, headline tanker rates don't necessarily easily translate into cash in the bank, and also our vessels are heavier and will require a discount on that rate when we do put them into the conventional market.

但我認為我們正在努力做的是明白，就覆蓋範圍和現金流而言，確定性對於 KNOT 目前來說是有價值的。而且，正如我們過去也提到過的那樣，總體油輪費率不一定能輕易轉化為銀行現金，而且我們的船隻較重，當我們確實投入時，需要在該費率上打折他們進入傳統市場。

So I think when you look at the objectives of what we're trying to do at this moment, I think the Board and the Conflicts Committee felt that this was the right balance to strike, where these are relatively short-term arrangements. And in particular, the Hilda Knutsen is essentially on a rolling contract. So we have 1 vessel that we can take away or take back from KNOT, and if the market was to suddenly spike for a period of time, we would have some exposure there if we wanted to take that.

因此，我認為，當您考慮我們目前正在努力實現的目標時，我認為董事會和衝突委員會認為這是需要實現的正確平衡，因為這些都是相對短期的安排。特別是，希爾達·克努森 (Hilda Knutsen) 基本上是滾動合約。因此，我們有 1 艘船可以從 KNOT 拿走或收回，如果市場在一段時間內突然飆升，如果我們想拿走它，我們就會有一些敞口。

So I think, overall, the board just felt that the balance between certainty and what is achievable net, at the end of the day, this was the right balance for us to strike with the 1 vessel where we could move it around a little bit, if the market moved very, very positively.

所以我認為，總的來說，董事會只是覺得確定性和可實現的淨值之間的平衡，最終，這是我們用第一艘船實現的正確平衡，我們可以稍微移動它，如果市場走勢非常非常積極。

And when you look at the 3 that are under the time charter with Knutsen NYK, are all of those rates the same across the 3 shale tankers? And then, was there any change from the month-to-month previous arrangement to the new arrangement where you're essentially creating some certainty into the end of the year?

當您查看與 Knutsen NYK 簽訂的期租合約下的 3 艘頁岩油輪時，您會發現這 3 艘頁岩油輪的費率是否都相同？那麼，從先前的逐月安排到新安排是否有任何變化，在新安排中，您基本上是在年底創造一些確定性？

Yes. The -- I think the process that we go through and the Board goes through and the Conflicts Committee goes through, looks at the rate. And I think it's an appropriate rate once that analysis has been done. And I think the process involves looking at what the market's doing what we think is achievable, and to a degree, information from KNOT side that we are able to access, which is not actually all of it, because, clearly, that's KNOT's business.

是的。我認為我們所經歷的流程、董事會所經歷的流程以及衝突委員會所經歷的流程都會著眼於比率。我認為一旦分析完成，這是一個合適的比率。我認為這個過程涉及到看看市場在做什麼我們認為可以實現的事情，在某種程度上，我們能夠從 KNOT 方面獲得信息，這實際上並不是全部，因為，顯然，這是 KNOT 的業務。

But it's -- we're able to make an assessment on those charter rates such that the Conflicts Committee and the Board get comfortable that it's the fair arm's length rates under the circumstances. So I think clearly -- whilst I'm not answering your question in numbers terms, the charter rates across the vessels are similar. They're not wildly different. One isn't double the other, for example. They are very, very similar.

但我們能夠對這些包機費率進行評估，以便衝突委員會和董事會感到放心，這是在這種情況下公平的公平費率。所以我想得很清楚——雖然我沒有用數字來回答你的問題，但船舶的租船費率是相似的。它們並沒有太大不同。例如，一個不是另一個的兩倍。他們非常非常相似。

And then I should mention congratulations on closing some of the charter windows that you had. Can you just talk about the outlook for the other 2 bareboat charters in Brazil? One actually is -- I think the Dan Cisne is up in June. Can you just talk about on the Sabia -- the Dan Sabia, the Dan Cisne, sort of your outlook there, and your expectations will be also clipped to time charters versus bearboats? And then if you could also just expand on the difference, what we're going to see from the standpoint of your income statement impact on the change from bareboat to time charter?

然後我應該要祝賀你們關閉了一些包機視窗。能談談巴西另外兩艘光船租賃的前景嗎？事實上，我認為 Dan Cisne 將於六月上市。您能否談談 Sabia 號——Dan Sabia 號、Dan Cisne 號，以及您對那裡的展望，您的期望也將僅限於期租與承租船？然後，如果您也可以擴大差異，那麼從您的損益表的角度來看，我們將看到什麼對從光船到定期租船的變化的影響？

Yes. Well, certainly, the Fortaleza, Recife and the Cisne, Sabia, they're 2 sets of 2 sister vessels. So it makes sense that Transpetro or Petrobras are talking to us in these 2 pairs, rather than all 4 vessels at once, for example. And the Fortaleza, Recife have obviously come up first, and that's why we're talking to them about those. I think normally we would much prefer that we have these contracts signed earlier, and the same with the Cisne, Sabia as well. But we obviously can only go at the speed of our customer, and they have a lot of internal arrangements and things to sort out themselves.

是的。嗯，當然，福塔萊薩號、累西腓號和西斯內號、薩比亞號，它們是 2 組 2 艘姊妹船。因此，Transpetro 或 Petrobras 在這兩對船舶中與我們交談，而不是同時與所有 4 艘船交談，這是有道理的。福塔萊薩和累西腓顯然是最早出現的，這就是我們與他們談論這些的原因。我認為通常我們更希望早點簽署這些合同，與 Cisne、薩比亞也是如此。但我們顯然只能按照客戶的速度進行，他們有很多內部安排和事情需要自己解決。

I think at the moment, on the Cisne, Sabia, we will start those discussions with Petrobras, Transpetro, as soon as we finished with the Fortaleza and Recife, and that's our current expectation. So I'm afraid I'm not giving you too much information there, but we're essentially having to follow our customers lead.

我認為目前，在 Cisne、薩比亞，一旦我們完成了福塔雷薩和累西腓的討論，我們將開始與巴西國家石油公司、Transpetro 進行討論，這是我們目前的期望。因此，恐怕我不會向您提供太多信息，但我們基本上必須遵循客戶的指導。

And then when you look at sort of the time charters you have in place that started in January of 2024, can you just maybe give us a flavor for whether -- on the Tordis, the Lena, the Ingrid, as you move on to time charters with either Shell or Eni, what's the change? Is it up, down or neutral? Just directionally, if you give us an idea of sort of how those rates as they kick in, in early 2024 forward look relative to what the current environment is?

然後，當您查看從2024 年1 月開始的各種期租合約時，您能否給我們介紹一下，隨著時間的推移，在托迪斯(Tordis)、莉娜(Lena) 和英格麗德(Ingrid) 上與殼牌或埃尼的包機，有何變化？是上漲、下跌還是中性？就方向而言，如果您讓我們了解 2024 年初這些利率相對於當前環境的未來展望如何？

Yes. I mean, I think the rates on vessels are very much a factor of when those agreements were reached. And I think the net situation for 2024, for the vessels that you mentioned there, I haven't done the math, so you're going to have to, I'm afraid, just bear with me. But my expectation would be that the rates on a net basis would probably be neutral across all of those vessels.

是的。我的意思是，我認為船舶費率是達成這些協議的一個重要因素。我認為 2024 年的淨情況，對於你提到的船隻，我還沒有進行數學計算，所以恐怕你必須要耐心聽我說。但我的預期是，所有這些船舶的淨利率可能是中性的。

And again, Gary, that's relative to what they're currently working at?

再說一遍，加里，這與他們目前的工作有關嗎？

That's a level of detail that I'm going to struggle to answer on the phone. I think it's -- the rates, as I say, are a function of when the charters were agreed. And certainly, some of those charters were agreed a while ago. So I think we've got some positive numbers in there, and we've got some numbers that pass today, perhaps not so positive. And therefore, on a net basis, you're perhaps looking at a neutral figure for 2024, for those vessels today. But obviously, if we're fixing new charters for existing vessels, right now, those rates might be might be better given the outcome in the market in Brazil.

這是我在電話中很難回答的細節。我認為，正如我所說，費率是租船協議達成協議的函數。當然，其中一些章程是不久前才達成的。所以我認為我們已經得到了一些積極的數據，並且今天我們得到了一些通過的數據，也許不是那麼積極。因此，從淨值來看，對於今天的這些船舶，您可能會看到 2024 年的中性數字。但顯然，如果我們現在為現有船舶確定新的租船合同，考慮到巴西市場的結果，這些費率可能會更好。

And should I read anything into the -- you're not talking about DCF or distributable cash flow. Do you have a figure for fourth quarter 2022? And is that something you're going to be talking about going forward? Or it gets in the context of if you're going to be talking about distributable cash flow in 2023, sort of what you would be using for your maintenance CapEx?

我該讀什麼嗎——你​​不是在談論貼現現金流或可分配現金流。有2022年第四季的數據嗎？這是您今後要討論的話題嗎？或者，如果您要談論 2023 年的可分配現金流，那麼您將用於維護資本支出？

Yes. I think with the reduced distribution, we felt that it didn't make a lot of sense to continue with it. And so it's really not a metric we focused on at Q4. Clearly, it was helpful when people were monitoring the risk or the future outlook for the distribution. But I think we've reached the conclusion that perhaps it's not so helpful going forward, and that's really why we've not continued with it. We feel cash flow and liquidity is a clearer and more understandable position for our investors to look at.

是的。我認為隨著發行量的減少，我們覺得繼續下去沒有太大意義。因此，這確實不是我們在第四季關注的指標。顯然，當人們監控分配的風險或未來前景時，這是有幫助的。但我認為我們已經得出的結論是，也許這對未來沒有多大幫助，這就是我們沒有繼續下去的真正原因。我們認為現金流和流動性對我們的投資者來說是一個更清晰、更容易理解的狀況。

So in the span of any possible change in the distribution, you would be looking more to traditional payout ratios on earnings as opposed to distributable cash flow. Is that fair to say? Or can you just sort of expand on that?

因此，在分配發生任何可能變化的範圍內，您將更專注於傳統的收益支付率，而不是可分配現金流。這麼說公平嗎？或者你可以對此進行擴展嗎？

I think unfortunately, we cut the distribution, but it was only in January. So that's not at the moment something that we've focused on looking at. I'm not saying that the DCR and DCF would never come back or what else we might do in its place. But yes, I think right now, [Poe], I don't really have an answer to that.

我認為不幸的是，我們削減了發行量，但只是在一月。所以這不是我們目前關注的重點。我並不是說 DCR 和 DCF 永遠不會回來，或者我們可以做些什麼來代替它。但是，是的，我想現在，[坡]，我對此確實沒有答案。

Just if I could squeeze one last one in. There's a lot of turmoil -- There's obviously a lot of turmoil in the financial industry right now. Can you just talk about your interest rate hedges and when they roll? You have 65% of your debt currently hedged or fixed. And those don't last forever. Can you just give us a sort of an aging on the interest rate swaps and when they roll?

要是我能把最後一個擠進去就好了。有很多動盪——顯然現在金融業有很多動盪。您能談談您的利率對沖以及何時進行嗎？您目前有 65% 的債務被對沖或固定。這些不會永遠持續下去。能為我們介紹一下利率掉期的帳齡及其滾動時間嗎？

Yes, I don't have that information. We'll be putting out our 20-F very shortly and I suspect all of that detail will be in there. Is that something that you can wait for though?

是的，我沒有這些資訊。我們很快就會推出 20-F，我懷疑所有細節都會在那裡。這是你可以等待的事情嗎？

Absolutely. No, I was just wondering, I mean, my -- as I recall, I think there's 3-year tenors or maybe they're remaining like 2.5, 3 years left on them as…

絕對地。不，我只是想知道，我的意思是，我的——據我記得，我認為有 3 年期限，或者可能還剩下 2.5 年，還剩下 3 年…

There's a real mixture. And typically, they follow the debt profiles typically, but not always. So -- but I think the best thing to do, if you're not urgently waiting for that information is to get our 20-F and I suspect you'll find it in there.

有一個真正的混合物。通常，他們會遵循債務狀況，但並非總是如此。所以，但我認為，如果您不急於等待該信息，最好的辦法就是去我們的 20-F，我懷疑您會在那裡找到它。

(Operator Instructions) The next question today comes from the line of [Rohit Jindal from Quality Point].

（操作員說明）今天的下一個問題來自[來自 Quality Point 的 Rohit Jindal]。

And Gary, my question was along the similar vein related to the interest expense, right? Do we find the hedging that we are doing by of way these derivatives, is that as effective as was anticipated? Clearly, the interest expense right now is our biggest exposure and kind of keeping on target with the profit. So I just wanted to understand if you had any other clarity beyond the additional detail you'd be providing later?

加里，我的問題與利息支出類似，對吧？我們是否發現我們透過這些衍生性商品進行的對沖，是否如預期的那樣有效？顯然，目前的利息支出是我們最大的風險敞口，也是我們維持利潤目標的方式。所以我只是想了解，除了稍後提供的額外細節之外，您是否還有其他明確的想法？

Yes. I mean, we've always taken the view throughout the history of this business that it's prudent to hedge a good proportion of our floating debt. And by taking on to effectively fixed term sale and leaseback transactions, that's also helped the percentage that is effectively fixed.

是的。我的意思是，在這項業務的整個歷史中，我們始終認為，對沖我們很大一部分浮動債務是謹慎的做法。透過進行有效的固定期限售後回租交易，這也有助於提高有效固定的百分比。

I think we haven't entered into new swaps recently because of the rising interest rate environment. I think a lot of those forward pricing has already been factored in, and so the swaps were not so attractive. So I think we may see some of our coverage percentage wise for over time. But it's something we keep under constant review. If there is an opportunity and we feel it's the right thing to do, then there are opportunities for us to enter into new hedges.

我認為由於利率上升的環境，我們最近沒有進行新的掉期交易。我認為很多遠期定價已經被考慮在內，因此掉期並沒有那麼有吸引力。因此，我認為隨著時間的推移，我們可能會看到一些覆蓋率。但這是我們不斷審查的事情。如果有機會並且我們認為這是正確的做法，那麼我們就有機會進入新的對沖。

I think the Board mandates and gives management some leeway to -- so that we can act quickly on this within certain parameters, because obviously, if you wait too long, you kind of miss the boat. But it's something that we've constantly got under review. And like most of the companies, interest rate increases are not particularly welcome after low interest rates for so long. But we've only got 35% open today. So we're not in a bad position.

我認為董事會授權並給予管理層一些迴旋餘地，以便我們可以在一定的範圍內迅速採取行動，因為顯然，如果你等待太久，你就會錯過機會。但這是我們不斷審查的事情。與大多數公司一樣，在長期低利率之後，升息並不特別受歡迎。但今天我們只開放了 35%。所以我們的處境並不糟。

(Operator Instructions) There are no additional questions waiting at this time. So I'd like to pass the call back to Gary Chapman for any closing remarks. Please go ahead.

（操作員說明） 目前沒有其他問題。因此，我想將電話轉給加里·查普曼（Gary Chapman），請其作結束語。請繼續。

Yes. Thank you everybody for listening. And we'll hopefully be back in touch for our first quarter in May. Have a good day.

是的。謝謝大家的聆聽。我們希望能在五月的第一季恢復聯繫。祝你有美好的一天。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。