(OSG) 2022 Q4 法說會逐字稿

(Operator Instructions) It is now my pleasure to pass the conference over to our host, Sam Norton, President and CEO of Overseas Shipholding Group. Mr. Norton, please proceed.

（操作員說明）現在我很高興將會議轉交給我們的主持人，海外船舶控股集團總裁兼首席執行官薩姆諾頓。諾頓先生，請繼續。

Thank you, Forum. The sun is shining here in Tampa, Florida on yet another beautiful morning from nicely the backdrop for sharing with you our presentation of OSG's fourth quarter 2022 and full year results. Thank you for listening in on our presentation of details as to the current state of our business and for allowing us to offer you additional commentary and insight into the opportunities and challenges that we might have had. As usual, I am joined in this presentation by our CFO, Dick Trueblood, and would like to welcome, in particular, other regular participants on this call who have exhibited commendable patients in maintaining their interest in OSG during the past several years. As well, I want to acknowledge the presence of new participants who have more recently begun to follow our story.

謝謝論壇。在佛羅里達州坦帕市，又一個美麗的早晨，陽光明媚，背景很好，可以與您分享我們對 OSG 2022 年第四季度和全年業績的介紹。感謝您聆聽我們對我們業務現狀的詳細介紹，並感謝您允許我們就我們可能遇到的機遇和挑戰向您提供更多評論和見解。像往常一樣，我和我們的首席財務官 Dick Trueblood 一起參加了這次演講，並特別歡迎其他經常參加這次電話會議的人，他們在過去幾年中表現出值得稱讚的患者對 OSG 的興趣。同樣，我想感謝最近開始關注我們故事的新參與者。

To start, I would like to direct everyone to the narrative on Pages 2 and 3 of the PowerPoint presentation available on our website regarding forward-looking statements, estimates and other information that may be provided during the course of this call. The contents of that narrative are an important part of this presentation, and I urge everyone to read and consider them carefully. We will be offering you more than just a historical perspective on OSG today, and our presentation includes forward-looking statements, including statements about anticipated future results. These statements are subject to uncertainties and risks. Actual results may differ materially from those contemplated by our forward-looking statements and could be affected by a variety of risk factors, including factors beyond our control.

首先，我想引導大家閱讀我們網站上提供的 PowerPoint 演示文稿第 2 頁和第 3 頁中關於前瞻性陳述、估計和可能在本次電話會議期間提供的其他信息的敘述。那個敘述的內容是本次演講的重要組成部分，希望大家仔細閱讀和思考。我們今天將為您提供的不僅僅是 OSG 的歷史觀點，我們的演示文稿包括前瞻性陳述，包括關於預期未來結果的陳述。這些陳述受不確定性和風險的影響。實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異，並可能受到各種風險因素的影響，包括我們無法控制的因素。

For a discussion of these factors, we refer you to our SEC filings, particularly our Form 10-K for 2022, which we anticipate filing later today, which are available at the SEC's Internet site, www.sec.gov as well as our own website, www.osg.com. Forward-looking statements in this presentation speak only as of today, and we do not assume any obligation to update any forward-looking statements, except as may be legally required.

為了討論這些因素，我們建議您參考我們向美國證券交易委員會提交的文件，尤其是我們預計今天晚些時候提交的 2022 年 10-K 表格，這些文件可以在美國證券交易委員會的網站 www.sec.gov 以及我們自己的網站上找到網站 www.osg.com。本演示文稿中的前瞻性陳述僅適用於今天，除法律要求外，我們不承擔任何更新任何前瞻性陳述的義務。

In addition, our presentation today includes certain non-GAAP financial measures, which we define and reconcile to the most closely comparable GAAP measures in our earnings release, which is posted on our website. Operational and financial performance during the final quarter of 2022 exceeded our expectations and allowed OSG to deliver full year results for both time charter equivalent earnings and adjusted EBITDA, well above the guidance provided in early November. Strong contributions during the quarter from our lightering and non-Jones Act assets were instrumental in achieving this performance. We are particularly gratified by the full year adjusted EBITDA figure, which at $142.8 million reflected an over 200% improvement versus 2021 adjusted EBITDA, accomplished while completing a heavy dry dock schedule during the year and while returning three MR tankers upon expiry of their leases in early December. Year-end cash balances, including investments in treasury securities came in squarely within the guidance rate provided in November at $93.5 million.

此外，我們今天的演示文稿包括某些非 GAAP 財務指標，我們在發佈在我們網站上的收益發布中定義並與最接近可比的 GAAP 指標進行協調。 2022 年最後一個季度的運營和財務業績超出了我們的預期，並使 OSG 實現了定期租船當量收益和調整後 EBITDA 的全年業績，遠高於 11 月初提供的指導。我們的打火機和非瓊斯法案資產在本季度的強勁貢獻有助於實現這一業績。我們對全年調整後的 EBITDA 數字感到特別滿意，該數字為 1.428 億美元，與 2021 年調整後的 EBITDA 相比提高了 200% 以上，同時完成了這一年的重型乾船塢計劃，並在租約到期後歸還了三艘 MR 油輪十二月初。包括國債投資在內的年終現金餘額完全符合 11 月份提供的 9350 萬美元的指導率。

When considering the sharp turnaround of the business environment in which OSG operates, I imagine that 2 important questions are front of mind, namely, what factors led to such a dramatic change in the operating environment and perhaps more importantly, can the current conditions supporting OSG's financial performance and opportunities continue? And if so, how long can they last? Attempting to address each of these questions in turn. I will start by observing that the domestic market for transporting energy products was prior to the onset of COVID-19, a marketing relative balance with owners poised to regain some pricing power following several years of oversupply.

當考慮到 OSG 經營環境的急劇轉變時，我認為有兩個重要問題是首要問題，即是什麼因素導致經營環境發生如此巨大的變化，也許更重要的是，目前支持 OSG 的條件是否可以？財務業績和機會繼續？如果是這樣，它們能持續多久？試圖依次解決這些問題中的每一個。首先，我將觀察國內運輸能源產品的市場是在 COVID-19 爆發之前出現的，這是一種營銷相對平衡，所有者準備在幾年的供過於求之後重新獲得一些定價權。

As has been discussed in some detail in prior presentations, the onset of the covid pandemic caused severe disruption to normal supply and distribution requirements in the United States and recovery from those disruptions took longer than had initially been expected. By early 2022, it was becoming clear that the anticipated restoration of normalized energy consumption and distribution patterns was taking shape and that our markets, we're in the process of regaining the supply and demand balance that had existed prior to the onset of the pandemic. Two factors combined to accelerate and extend the amplitude of that recovery. First, new charters entered the market seeking to secure vessels to transport renewable diesel from the U.S. Gulf Coast to the U.S. West Coast, creating new and materially additive ton-mile demand for Jones Act tankers. By our count, as many as eight Jones Act tankers will be involved in moving products across the Panama Canal to California by the end of this year, representing nearly 20% of the total Jones Act MR tanker fleet, an impressive increase in demand in its own right.

正如在之前的演講中詳細討論過的那樣，新冠疫情的爆發對美國的正常供應和分銷需求造成了嚴重破壞，而從這些破壞中恢復的時間比最初預期的要長。到 2022 年初，很明顯，正常的能源消耗和分配模式的預期恢復正在形成，我們的市場，我們正在恢復大流行病爆發前存在的供需平衡.兩個因素共同加速並擴大了復甦的幅度。首先，新的租船合同進入市場，尋求確保船隻能夠將可再生柴油從美國墨西哥灣沿岸運輸到美國西海岸，從而為瓊斯法案油輪創造了新的和實質性增加的噸英里需求。據我們統計，到今年年底，將有多達 8 艘《瓊斯法案》油輪將產品通過巴拿馬運河運往加利福尼亞，佔瓊斯法案 MR 油輪船隊總數的近 20%，其需求增長令人印象深刻自己的權利。

But in addition, when adding the extended length of each voyage to the West Coast into the equation, the resulting reduction of availability of vessels to serve the conventional pads to Florida clean product trades is very impactful. One cargo move from Louisiana to California utilizes capacity that could have been deployed to move as many as four cargoes across the Gulf into Florida. Thus, effective vessel supply has tightened considerably with the advent of renewable diesel trades. Second, and possibly of greater significance both now and for at least the immediate future, the severe disruption to historical international energy supply chains occasioned by the War in Ukraine resulted in chaotic conditions in the international tanker markets for much of 2022.

但除此之外，當將每次航行到西海岸的延長長度添加到等式中時，由此導致的為佛羅里達清潔產品貿易提供傳統墊地服務的船隻可用性的減少是非常有影響的。從路易斯安那州運往加利福尼亞州的一批貨物利用的運力本可以將多達四批貨物運過海灣運往佛羅里達州。因此，隨著可再生柴油貿易的出現，有效的船舶供應已經大大收緊。其次，烏克蘭戰爭對歷史上的國際能源供應鏈造成的嚴重破壞導致 2022 年大部分時間國際油輪市場處於混亂狀態，這在現在和至少在不久的將來可能具有更大的意義。

While OSG's business is largely a domestic business, closely integrated with the distribution needs of domestic producers of crude oil and refined products, it is not immune from conditions in the international markets. The opening up of international markets to U.S. energy producers in recent years has, in fact, reduced the level of insulation that OSG ships may have historically had from international events. Ships and ports are the enabling vehicles for International intercontinental trade. If the cost of shipping allows a trader to buy product domestically and sell it overseas at a delivered cost that generates a profit, then the product will move to the market that offers the higher price.

雖然 OSG 的業務主要是國內業務，與國內原油和成品油生產商的分銷需求緊密結合，但它也不能免受國際市場狀況的影響。事實上，近年來向美國能源生產商開放國際市場已經降低了 OSG 船舶在歷史上可能對國際事件的隔離程度。船舶和港口是國際洲際貿易的促成工具。如果運輸成本允許貿易商在國內購買產品並以產生利潤的交付成本將其銷售到海外，那麼產品將轉移到提供更高價格的市場。

The intercontinental trade of energy products success recently efficient and seeking out and closing these price arbitrage opportunities. The increased ability for traders to choose the most profitable trade, a domestic sale versus an international sale means that the Jones Act vessels are indirectly competing with foreign flag vessels for the transport of domestically produced energy products. While competition from international tankers is a possible concern during periods of market weakness in the international markets, when international markets are soaring as is currently the case, the relative cost and added security for using Jones Act vessels becomes more attractive to traders with strong focus on the domestic market. Firm international markets and heighten supply uncertainty has thus had the effect of increasing domestic demand for Jones Act vessels.

能源產品的洲際貿易最近取得了成功，並尋找並關閉了這些價格套利機會。貿易商選擇最有利可圖的貿易、國內銷售與國際銷售的能力增強意味著瓊斯法案船隻間接地與懸掛外國國旗的船隻競爭國內生產的能源產品的運輸。雖然在國際市場疲軟期間來自國際油輪的競爭可能是一個令人擔憂的問題，但當國際市場像目前這樣飆升時，使用瓊斯法案船隻的相對成本和增加的安全性對高度關注的貿易商更具吸引力國內市場。因此，堅挺的國際市場和加劇的供應不確定性增加了對瓊斯法案船舶的國內需求。

In summary, global market conditions that arose as a result of the war in Ukraine, acted to supercharge a domestic market that was already strengthening from the combination of a restoration of pre-COVID demand and the emergence of new demand from renewable diesel transport. The upshot of these developments has been that over the last 9 months, all OSG Jones Act vessels have returned to service and been fixed on time charter contracts, all of which extended into 2024 and beyond.

總而言之，因烏克蘭戰爭而出現的全球市場狀況對國內市場起到了增壓作用，該市場已經因 COVID 前需求的恢復和可再生柴油運輸的新需求的出現而走強。這些發展的結果是，在過去 9 個月中，所有 OSG Jones Act 船隻都已恢復服務並簽訂了定期租船合同，所有這些合同都延長至 2024 年及以後。

Recent MR fixtures have seen rates obtained in the low $70,000 per day range for periods of 2 to 3 years with some contracts fixing as much as 12 months in advance of the contract commencement date. ATB fixtures have reached as high as the low 50s. Pricing power for owners of Jones Act vessels have not been this strong in over a decade.

最近的 MR 固定裝置的費率在 2 到 3 年的時間段內達到每天 70,000 美元的低水平，一些合同在合同開始日期前 12 個月就確定了。 ATB 固定裝置已達到 50 年代的低點。十多年來，瓊斯法案船東的定價權從未如此強大。

How long can these owner-friendly conditions last? Fundamental factors suggest that this positive environment is set to persist. New supply of additional tonnage into the domestic market is years away, even if it were to be ordered today. The order book for MR tankers is empty and the two primary yards capable of building new MRs from the Jones Act trades are booked up with government and other commercial contracts well into 2026. The order book for large ATBs is also hefty. While options do exist for constructing new ATVs and domestic yards, any orders placed now will likely not be delivered before the second half of 2025. But also, the price of new vessel construction is historically high, giving owners and charterers a like pause in considering new investments. There is as well the overhang of increased obsolescence risk confronting owners looking to invest capital into assets for use in an uncertain and evolving regulatory environment in light of carbon reduction goals.

這些對業主友好的條件能持續多久？基本面因素表明，這種積極的環境將持續下去。向國內市場提供額外噸位的新供應需要數年時間，即使今天就可以訂購。 MR 油輪的訂單簿是空的，兩個能夠根據瓊斯法案交易建造新 MR 的主要船廠已與政府和其他商業合同訂滿，直到 2026 年。大型 ATB 的訂單簿也很龐大。雖然建造新的 ATV 和國內船廠的選擇確實存在，但現在下的任何訂單都可能不會在 2025 年下半年之前交付。而且，新船建造的價格處於歷史高位，讓船東和承租人暫停考慮新的投資。鑑於碳減排目標，所有者希望將資本投資於資產以在不確定和不斷變化的監管環境中使用時，也面臨著過時風險增加的懸而未決的問題。

With no clear solutions as to what may be the preferred option for powering ships of the future, most shipowners are reluctant to invest in new capacity to allow the existing fleet of vessels to be renewed in a timely manner or in a way that will significantly reduce greenhouse gas emissions in the short term. Increased owner concerns of being left with stranded assets may then result in a progressively aging and diminishing fleet, whether by a reduction in real numbers over time or simply because ships will be sailing at slower operating speeds, which will have the effect of gradually tightening real supply availability.

由於對於什麼可能是未來船舶動力的首選方案沒有明確的解決方案，大多數船東都不願意投資於新的產能，以允許現有船隊及時更新或以顯著減少的方式更新短期內的溫室氣體排放。船東越來越擔心被擱置的資產可能會導致船隊逐漸老化和減少，無論是隨著時間的推移實際數量減少還是僅僅是因為船舶將以較慢的運營速度航行，這將產生逐漸收緊實際的效果供應可用性。

Changes in demand may, of course, limit the effect of static or shrinking supply. Gasoline consumption is more likely than not to decline in the years ahead. The impact of greater penetration of electric vehicles should have a progressively larger influence on declining gasoline sales as we move further into the decade. Demand for middle distillates may be impacted as well by changes in consumption patterns, many of which will arise as a result of climate change initiatives, which are receiving strong political support at this juncture.

當然，需求的變化可能會限制供應停滯或萎縮的影響。未來幾年，汽油消費量很可能會下降。隨著我們進一步進入這十年，電動汽車普及率的提高對汽油銷量下降的影響應該會越來越大。對中間餾分油的需求也可能受到消費模式變化的影響，其中許多變化將因氣候變化倡議而產生，而氣候變化倡議目前正在得到強有力的政治支持。

Still, all available data suggests that the slope of decline in domestic fossil fuel consumption will be very shallow and that a continuing need for maritime transport of these fuels will remain in place for many years to come. Regulatory or market-driven changes affecting the demand for shipping renewable diesel from the Gulf Coast states to California could also impact specifically the Jones Act tanker market. However, our experience with customers in this emerging sector is that the security of access to transportation capacity offered by long-term contracts is a more important element in commercial discussions than has been the case recently with customers involved in crude and refined oil product trades.

儘管如此，所有可用數據都表明，國內化石燃料消耗量的下降幅度將非常小，並且在未來許多年內，對這些燃料的海上運輸的持續需求仍將存在。影響從墨西哥灣沿岸各州向加利福尼亞運輸可再生柴油需求的監管或市場驅動的變化也可能特別影響瓊斯法案油輪市場。然而，我們與這個新興行業客戶的經驗表明，與最近涉及原油和成品油產品貿易的客戶相比，長期合同提供的運輸能力的安全性是商業討論中更重要的因素。

This bias has provided OSG with opportunities to reduce exposure to volatility in our conventional tanker trades and given us a forward look of contract cover with renewable diesel customers extending for several years into the future. Short-term exposure to changes in this emerging market has thus been reduced as a result.

這種偏見為 OSG 提供了減少我們傳統油輪交易中波動風險的機會，並使我們對與可再生柴油客戶的合同覆蓋範圍在未來幾年內具有前瞻性。因此，減少了對這個新興市場變化的短期敞口。

Looking elsewhere on our current portfolio of assets, renewed focus on the importance of sustaining and increasing domestic crude oil production bodes well for the continued future of vessels acquired through our purchase of Alaska Tanker Company in 2020. There was good reason to believe that the demand for these vessels will remain strong for the foreseeable future, opportunities to increase time churn earnings from ATC vessels in 2024 and beyond are an important area of focus for us at this juncture.

看看我們目前的資產組合的其他地方，重新關注維持和增加國內原油產量的重要性預示著我們在 2020 年通過購買阿拉斯加油輪公司獲得的船舶的持續未來。有充分的理由相信需求由於這些船隻在可預見的未來將保持強勁，因此在 2024 年及以後增加 ATC 船隻的時間流失收入的機會是我們目前關注的一個重要領域。

One last development to note before turning things over to Dick. Prospects for an enlarged U.S. flag fleet operating outside of the Jones Act trades are finally taking shape. Applications for the congressionally approved and funded Tankersecurity program were submitted in mid-February, and Marriott is expected to review these applications and advise owners which vessels will be admitted into the program by the end of this month. OSG has taken a leadership role in working with its industry, labor and government partners to make this program a reality and have submitted applications for three vessels to be considered for the TSB program, two of these vessels, which would be transferred from the Maritime security program.

在將事情交給 Dick 之前要注意的最後一個進展。在瓊斯法案貿易之外運營的擴大的美國國旗船隊的前景終於成形。國會批准並資助的 Tankersecurity 計劃的申請已於 2 月中旬提交，萬豪預計將審查這些申請，並在本月底之前告知船東哪些船隻將被納入該計劃。 OSG 在與行業、勞工和政府合作夥伴的合作中發揮了領導作用，使該計劃成為現實，並提交了三艘船的申請，考慮將其納入 TSB 計劃，其中兩艘將從海事安全部門轉移程序。

Outstanding bids for providing the U.S. Department of Defense, U.S. flag tankers to assist with reorganizing fuel storage operation at Hawaii's RedHill facility are also expected to be awarded within the next 4 to 6 weeks. Anticipating some success in participating in one or both of these programs, OSG reflagged the overseas Suncoast in January, marking the first time in many years that additional U.S. Flag tanker capacity has been added to the U.S. registry.

為美國國防部提供美國國旗油輪以協助重組夏威夷紅山設施的燃料儲存業務的未決標書預計也將在未來 4 至 6 週內授予。預計參與其中一個或兩個項目會取得一些成功，OSG 在 1 月份重新標記了海外 Suncoast，標誌著多年來首次在美國登記處增加了額外的美國國旗油輪容量。

Depending on the extent of OSG's success and bids to participate in the aforementioned government programs, opportunities to reflag additional foreign-built vessels and add them to our international trading U.S. flag fleet could well arise.

根據 OSG 的成功程度和參與上述政府計劃的投標，很可能會出現重新懸掛更多外國建造船隻並將其添加到我們的國際貿易美國國旗船隊的機會。

I will now turn the call over to Dick to provide you with further details on our fourth quarter and full year results for 2022. Dick?

我現在將電話轉給迪克，向您提供有關我們 2022 年第四季度和全年業績的更多詳細信息。迪克？

Thank you, Forum. The sun is shining here in Tampa, Florida on yet another beautiful morning from nicely the backdrop for sharing with you our presentation of OSG's fourth quarter 2022 and full year results. Thank you for listening in on our presentation of details as to the current state of our business and for allowing us to offer you additional commentary and insight into the opportunities and challenges that we might have had. As usual, I am joined in this presentation by our CFO, Dick Trueblood, and would like to welcome, in particular, other regular participants on this call who have exhibited commendable patients in maintaining their interest in OSG during the past several years. As well, I want to acknowledge the presence of new participants who have more recently begun to follow our story.

謝謝論壇。在佛羅里達州坦帕市，又一個美麗的早晨，陽光明媚，背景很好，可以與您分享我們對 OSG 2022 年第四季度和全年業績的介紹。感謝您聆聽我們對我們業務現狀的詳細介紹，並感謝您允許我們就我們可能遇到的機遇和挑戰向您提供更多評論和見解。像往常一樣，我和我們的首席財務官 Dick Trueblood 一起參加了這次演講，並特別歡迎其他經常參加這次電話會議的人，他們在過去幾年中表現出值得稱讚的患者對 OSG 的興趣。同樣，我想感謝最近開始關注我們故事的新參與者。

To start, I would like to direct everyone to the narrative on Pages 2 and 3 of the PowerPoint presentation available on our website regarding forward-looking statements, estimates and other information that may be provided during the course of this call. The contents of that narrative are an important part of this presentation, and I urge everyone to read and consider them carefully. We will be offering you more than just a historical perspective on OSG today, and our presentation includes forward-looking statements, including statements about anticipated future results. These statements are subject to uncertainties and risks. Actual results may differ materially from those contemplated by our forward-looking statements and could be affected by a variety of risk factors, including factors beyond our control.

首先，我想引導大家閱讀我們網站上提供的 PowerPoint 演示文稿第 2 頁和第 3 頁中關於前瞻性陳述、估計和可能在本次電話會議期間提供的其他信息的敘述。那個敘述的內容是本次演講的重要組成部分，希望大家仔細閱讀和思考。我們今天將為您提供的不僅僅是 OSG 的歷史觀點，我們的演示文稿包括前瞻性陳述，包括關於預期未來結果的陳述。這些陳述受不確定性和風險的影響。實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異，並可能受到各種風險因素的影響，包括我們無法控制的因素。

For a discussion of these factors, we refer you to our SEC filings, particularly our Form 10-K for 2022, which we anticipate filing later today, which are available at the SEC's Internet site, www.sec.gov as well as our own website, www.osg.com. Forward-looking statements in this presentation speak only as of today, and we do not assume any obligation to update any forward-looking statements, except as may be legally required.

為了討論這些因素，我們建議您參考我們向美國證券交易委員會提交的文件，尤其是我們預計今天晚些時候提交的 2022 年 10-K 表格，這些文件可以在美國證券交易委員會的網站 www.sec.gov 以及我們自己的網站上找到網站 www.osg.com。本演示文稿中的前瞻性陳述僅適用於今天，除法律要求外，我們不承擔任何更新任何前瞻性陳述的義務。

In addition, our presentation today includes certain non-GAAP financial measures, which we define and reconcile to the most closely comparable GAAP measures in our earnings release, which is posted on our website. Operational and financial performance during the final quarter of 2022 exceeded our expectations and allowed OSG to deliver full year results for both time charter equivalent earnings and adjusted EBITDA, well above the guidance provided in early November. Strong contributions during the quarter from our lightering and non-Jones Act assets were instrumental in achieving this performance. We are particularly gratified by the full year adjusted EBITDA figure, which at $142.8 million reflected an over 200% improvement versus 2021 adjusted EBITDA, accomplished while completing a heavy dry dock schedule during the year and while returning three MR tankers upon expiry of their leases in early December. Year-end cash balances, including investments in treasury securities came in squarely within the guidance rate provided in November at $93.5 million.

此外，我們今天的演示文稿包括某些非 GAAP 財務指標，我們在發佈在我們網站上的收益發布中定義並與最接近可比的 GAAP 指標進行協調。 2022 年最後一個季度的運營和財務業績超出了我們的預期，並使 OSG 實現了定期租船當量收益和調整後 EBITDA 的全年業績，遠高於 11 月初提供的指導。我們的打火機和非瓊斯法案資產在本季度的強勁貢獻有助於實現這一業績。我們對全年調整後的 EBITDA 數字感到特別滿意，該數字為 1.428 億美元，與 2021 年調整後的 EBITDA 相比提高了 200% 以上，同時完成了這一年的重型乾船塢計劃，並在租約到期後歸還了三艘 MR 油輪十二月初。包括國債投資在內的年終現金餘額完全符合 11 月份提供的 9350 萬美元的指導率。

When considering the sharp turnaround of the business environment in which OSG operates, I imagine that 2 important questions are front of mind, namely, what factors led to such a dramatic change in the operating environment and perhaps more importantly, can the current conditions supporting OSG's financial performance and opportunities continue? And if so, how long can they last? Attempting to address each of these questions in turn. I will start by observing that the domestic market for transporting energy products was prior to the onset of COVID-19, a marketing relative balance with owners poised to regain some pricing power following several years of oversupply.

當考慮到 OSG 經營環境的急劇轉變時，我認為有兩個重要問題是首要問題，即是什麼因素導致經營環境發生如此巨大的變化，也許更重要的是，目前支持 OSG 的條件是否可以？財務業績和機會繼續？如果是這樣，它們能持續多久？試圖依次解決這些問題中的每一個。首先，我將觀察國內運輸能源產品的市場是在 COVID-19 爆發之前出現的，這是一種營銷相對平衡，所有者準備在幾年的供過於求之後重新獲得一些定價權。

As has been discussed in some detail in prior presentations, the onset of the covid pandemic caused severe disruption to normal supply and distribution requirements in the United States and recovery from those disruptions took longer than had initially been expected. By early 2022, it was becoming clear that the anticipated restoration of normalized energy consumption and distribution patterns was taking shape and that our markets, we're in the process of regaining the supply and demand balance that had existed prior to the onset of the pandemic. Two factors combined to accelerate and extend the amplitude of that recovery. First, new charters entered the market seeking to secure vessels to transport renewable diesel from the U.S. Gulf Coast to the U.S. West Coast, creating new and materially additive ton-mile demand for Jones Act tankers. By our count, as many as eight Jones Act tankers will be involved in moving products across the Panama Canal to California by the end of this year, representing nearly 20% of the total Jones Act MR tanker fleet, an impressive increase in demand in its own right.

正如在之前的演講中詳細討論過的那樣，新冠疫情的爆發對美國的正常供應和分銷需求造成了嚴重破壞，而從這些破壞中恢復的時間比最初預期的要長。到 2022 年初，很明顯，正常的能源消耗和分配模式的預期恢復正在形成，我們的市場，我們正在恢復大流行病爆發前存在的供需平衡.兩個因素共同加速並擴大了復甦的幅度。首先，新的租船合同進入市場，尋求確保船隻能夠將可再生柴油從美國墨西哥灣沿岸運輸到美國西海岸，從而為瓊斯法案油輪創造了新的和實質性增加的噸英里需求。據我們統計，到今年年底，將有多達 8 艘《瓊斯法案》油輪將產品通過巴拿馬運河運往加利福尼亞，佔瓊斯法案 MR 油輪船隊總數的近 20%，其需求增長令人印象深刻自己的權利。

But in addition, when adding the extended length of each voyage to the West Coast into the equation, the resulting reduction of availability of vessels to serve the conventional pads to Florida clean product trades is very impactful. One cargo move from Louisiana to California utilizes capacity that could have been deployed to move as many as four cargoes across the Gulf into Florida. Thus, effective vessel supply has tightened considerably with the advent of renewable diesel trades. Second, and possibly of greater significance both now and for at least the immediate future, the severe disruption to historical international energy supply chains occasioned by the War in Ukraine resulted in chaotic conditions in the international tanker markets for much of 2022.

但除此之外，當將每次航行到西海岸的延長長度添加到等式中時，由此導致的為佛羅里達清潔產品貿易提供傳統墊地服務的船隻可用性的減少是非常有影響的。從路易斯安那州運往加利福尼亞州的一批貨物利用的運力本可以將多達四批貨物運過海灣運往佛羅里達州。因此，隨著可再生柴油貿易的出現，有效的船舶供應已經大大收緊。其次，烏克蘭戰爭對歷史上的國際能源供應鏈造成的嚴重破壞導致 2022 年大部分時間國際油輪市場處於混亂狀態，這在現在和至少在不久的將來可能具有更大的意義。

While OSG's business is largely a domestic business, closely integrated with the distribution needs of domestic producers of crude oil and refined products, it is not immune from conditions in the international markets. The opening up of international markets to U.S. energy producers in recent years has, in fact, reduced the level of insulation that OSG ships may have historically had from international events. Ships and ports are the enabling vehicles for International intercontinental trade. If the cost of shipping allows a trader to buy product domestically and sell it overseas at a delivered cost that generates a profit, then the product will move to the market that offers the higher price.

雖然 OSG 的業務主要是國內業務，與國內原油和成品油生產商的分銷需求緊密結合，但它也不能免受國際市場狀況的影響。事實上，近年來向美國能源生產商開放國際市場已經降低了 OSG 船舶在歷史上可能對國際事件的隔離程度。船舶和港口是國際洲際貿易的促成工具。如果運輸成本允許貿易商在國內購買產品並以產生利潤的交付成本將其銷售到海外，那麼產品將轉移到提供更高價格的市場。

The intercontinental trade of energy products success recently efficient and seeking out and closing these price arbitrage opportunities. The increased ability for traders to choose the most profitable trade, a domestic sale versus an international sale means that the Jones Act vessels are indirectly competing with foreign flag vessels for the transport of domestically produced energy products. While competition from international tankers is a possible concern during periods of market weakness in the international markets, when international markets are soaring as is currently the case, the relative cost and added security for using Jones Act vessels becomes more attractive to traders with strong focus on the domestic market. Firm international markets and heighten supply uncertainty has thus had the effect of increasing domestic demand for Jones Act vessels.

能源產品的洲際貿易最近取得了成功，並尋找並關閉了這些價格套利機會。貿易商選擇最有利可圖的貿易、國內銷售與國際銷售的能力增強意味著瓊斯法案船隻間接地與懸掛外國國旗的船隻競爭國內生產的能源產品的運輸。雖然在國際市場疲軟期間來自國際油輪的競爭可能是一個令人擔憂的問題，但當國際市場像目前這樣飆升時，使用瓊斯法案船隻的相對成本和增加的安全性對高度關注的貿易商更具吸引力國內市場。因此，堅挺的國際市場和加劇的供應不確定性增加了對瓊斯法案船舶的國內需求。

In summary, global market conditions that arose as a result of the war in Ukraine, acted to supercharge a domestic market that was already strengthening from the combination of a restoration of pre-COVID demand and the emergence of new demand from renewable diesel transport. The upshot of these developments has been that over the last 9 months, all OSG Jones Act vessels have returned to service and been fixed on time charter contracts, all of which extended into 2024 and beyond.

總而言之，因烏克蘭戰爭而出現的全球市場狀況對國內市場起到了增壓作用，該市場已經因 COVID 前需求的恢復和可再生柴油運輸的新需求的出現而走強。這些發展的結果是，在過去 9 個月中，所有 OSG Jones Act 船隻都已恢復服務並簽訂了定期租船合同，所有這些合同都延長至 2024 年及以後。

Recent MR fixtures have seen rates obtained in the low $70,000 per day range for periods of 2 to 3 years with some contracts fixing as much as 12 months in advance of the contract commencement date. ATB fixtures have reached as high as the low 50s. Pricing power for owners of Jones Act vessels have not been this strong in over a decade.

最近的 MR 固定裝置的費率在 2 到 3 年的時間段內達到每天 70,000 美元的低水平，一些合同在合同開始日期前 12 個月就確定了。 ATB 固定裝置已達到 50 年代的低點。十多年來，瓊斯法案船東的定價權從未如此強大。

How long can these owner-friendly conditions last? Fundamental factors suggest that this positive environment is set to persist. New supply of additional tonnage into the domestic market is years away, even if it were to be ordered today. The order book for MR tankers is empty and the two primary yards capable of building new MRs from the Jones Act trades are booked up with government and other commercial contracts well into 2026. The order book for large ATBs is also hefty. While options do exist for constructing new ATVs and domestic yards, any orders placed now will likely not be delivered before the second half of 2025. But also, the price of new vessel construction is historically high, giving owners and charterers a like pause in considering new investments. There is as well the overhang of increased obsolescence risk confronting owners looking to invest capital into assets for use in an uncertain and evolving regulatory environment in light of carbon reduction goals.

這些對業主友好的條件能持續多久？基本面因素表明，這種積極的環境將持續下去。向國內市場提供額外噸位的新供應需要數年時間，即使今天就可以訂購。 MR 油輪的訂單簿是空的，兩個能夠根據瓊斯法案交易建造新 MR 的主要船廠已與政府和其他商業合同訂滿，直到 2026 年。大型 ATB 的訂單簿也很龐大。雖然建造新的 ATV 和國內船廠的選擇確實存在，但現在下的任何訂單都可能不會在 2025 年下半年之前交付。而且，新船建造的價格處於歷史高位，讓船東和承租人暫停考慮新的投資。鑑於碳減排目標，所有者希望將資本投資於資產以在不確定和不斷變化的監管環境中使用時，也面臨著過時風險增加的懸而未決的問題。

With no clear solutions as to what may be the preferred option for powering ships of the future, most shipowners are reluctant to invest in new capacity to allow the existing fleet of vessels to be renewed in a timely manner or in a way that will significantly reduce greenhouse gas emissions in the short term. Increased owner concerns of being left with stranded assets may then result in a progressively aging and diminishing fleet, whether by a reduction in real numbers over time or simply because ships will be sailing at slower operating speeds, which will have the effect of gradually tightening real supply availability.

由於對於什麼可能是未來船舶動力的首選方案沒有明確的解決方案，大多數船東都不願意投資於新的產能，以允許現有船隊及時更新或以顯著減少的方式更新短期內的溫室氣體排放。船東越來越擔心被擱置的資產可能會導致船隊逐漸老化和減少，無論是隨著時間的推移實際數量減少還是僅僅是因為船舶將以較慢的運營速度航行，這將產生逐漸收緊實際的效果供應可用性。

Changes in demand may, of course, limit the effect of static or shrinking supply. Gasoline consumption is more likely than not to decline in the years ahead. The impact of greater penetration of electric vehicles should have a progressively larger influence on declining gasoline sales as we move further into the decade. Demand for middle distillates may be impacted as well by changes in consumption patterns, many of which will arise as a result of climate change initiatives, which are receiving strong political support at this juncture.

當然，需求的變化可能會限制供應停滯或萎縮的影響。未來幾年，汽油消費量很可能會下降。隨著我們進一步進入這十年，電動汽車普及率的提高對汽油銷量下降的影響應該會越來越大。對中間餾分油的需求也可能受到消費模式變化的影響，其中許多變化將因氣候變化倡議而產生，而氣候變化倡議目前正在得到強有力的政治支持。

Still, all available data suggests that the slope of decline in domestic fossil fuel consumption will be very shallow and that a continuing need for maritime transport of these fuels will remain in place for many years to come. Regulatory or market-driven changes affecting the demand for shipping renewable diesel from the Gulf Coast states to California could also impact specifically the Jones Act tanker market. However, our experience with customers in this emerging sector is that the security of access to transportation capacity offered by long-term contracts is a more important element in commercial discussions than has been the case recently with customers involved in crude and refined oil product trades.

儘管如此，所有可用數據都表明，國內化石燃料消耗量的下降幅度將非常小，並且在未來許多年內，對這些燃料的海上運輸的持續需求仍將存在。影響從墨西哥灣沿岸各州向加利福尼亞運輸可再生柴油需求的監管或市場驅動的變化也可能特別影響瓊斯法案油輪市場。然而，我們與這個新興行業客戶的經驗表明，與最近涉及原油和成品油產品貿易的客戶相比，長期合同提供的運輸能力的安全性是商業討論中更重要的因素。

This bias has provided OSG with opportunities to reduce exposure to volatility in our conventional tanker trades and given us a forward look of contract cover with renewable diesel customers extending for several years into the future. Short-term exposure to changes in this emerging market has thus been reduced as a result.

這種偏見為 OSG 提供了減少我們傳統油輪交易中波動風險的機會，並使我們對與可再生柴油客戶的合同覆蓋範圍在未來幾年內具有前瞻性。因此，減少了對這個新興市場變化的短期敞口。

Looking elsewhere on our current portfolio of assets, renewed focus on the importance of sustaining and increasing domestic crude oil production bodes well for the continued future of vessels acquired through our purchase of Alaska Tanker Company in 2020. There was good reason to believe that the demand for these vessels will remain strong for the foreseeable future, opportunities to increase time churn earnings from ATC vessels in 2024 and beyond are an important area of focus for us at this juncture.

看看我們目前的資產組合的其他地方，重新關注維持和增加國內原油產量的重要性預示著我們在 2020 年通過購買阿拉斯加油輪公司獲得的船舶的持續未來。有充分的理由相信需求由於這些船隻在可預見的未來將保持強勁，因此在 2024 年及以後增加 ATC 船隻的時間流失收入的機會是我們目前關注的一個重要領域。

One last development to note before turning things over to Dick. Prospects for an enlarged U.S. flag fleet operating outside of the Jones Act trades are finally taking shape. Applications for the congressionally approved and funded Tankersecurity program were submitted in mid-February, and Marriott is expected to review these applications and advise owners which vessels will be admitted into the program by the end of this month. OSG has taken a leadership role in working with its industry, labor and government partners to make this program a reality and have submitted applications for three vessels to be considered for the TSB program, two of these vessels, which would be transferred from the Maritime security program.

在將事情交給 Dick 之前要注意的最後一個進展。在瓊斯法案貿易之外運營的擴大的美國國旗船隊的前景終於成形。國會批准並資助的 Tankersecurity 計劃的申請已於 2 月中旬提交，萬豪預計將審查這些申請，並在本月底之前告知船東哪些船隻將被納入該計劃。 OSG 在與行業、勞工和政府合作夥伴的合作中發揮了領導作用，使該計劃成為現實，並提交了三艘船的申請，考慮將其納入 TSB 計劃，其中兩艘將從海事安全部門轉移程序。

Outstanding bids for providing the U.S. Department of Defense, U.S. flag tankers to assist with reorganizing fuel storage operation at Hawaii's RedHill facility are also expected to be awarded within the next 4 to 6 weeks. Anticipating some success in participating in one or both of these programs, OSG reflagged the overseas Suncoast in January, marking the first time in many years that additional U.S. Flag tanker capacity has been added to the U.S. registry.

為美國國防部提供美國國旗油輪以協助重組夏威夷紅山設施的燃料儲存業務的未決標書預計也將在未來 4 至 6 週內授予。預計參與其中一個或兩個項目會取得一些成功，OSG 在 1 月份重新標記了海外 Suncoast，標誌著多年來首次在美國登記處增加了額外的美國國旗油輪容量。

Depending on the extent of OSG's success and bids to participate in the aforementioned government programs, opportunities to reflag additional foreign-built vessels and add them to our international trading U.S. flag fleet could well arise.

根據 OSG 的成功程度和參與上述政府計劃的投標，很可能會出現重新懸掛更多外國建造船隻並將其添加到我們的國際貿易美國國旗船隊的機會。

I will now turn the call over to Dick to provide you with further details on our fourth quarter and full year results for 2022. Dick?

我現在將電話轉給迪克，向您提供有關我們 2022 年第四季度和全年業績的更多詳細信息。迪克？

Thanks, Sam.

謝謝，山姆。

Please turn to Slide 7. In 2022, our markets began a recovery in the early part of the year. We began to see demand increase and rates rise. This was coupled with a continued reluctance on the part of charterers at that time to make longer duration commitments. As the year progressed, the recovery in user markets began in earnest. Coupled with this was the emergence of a renewable diesel market with the trade principally between the Gulf of Mexico and California. Rigs continue to strengthen as the year progressed. As the year change and move along, there was a shift to longer-term time charters, which is the historic Jones Act norm. Recent rates are now in the low $70,000 per day range for Jones Act MR tankers. Our Jones Act vessels are fully fixed for 2023 and approximately 85% fixed in 2024.

請轉到幻燈片 7。2022 年，我們的市場在年初開始復蘇。我們開始看到需求增加和利率上升。再加上當時承租人繼續不願做出更長期限的承諾。隨著時間的推移，用戶市場開始真正復甦。與此相伴的是可再生柴油市場的出現，貿易主要在墨西哥灣和加利福尼亞之間進行。隨著時間的推移，鑽井平台繼續加強。隨著年份的變化和前進，出現了向長期定期租船的轉變，這是具有歷史意義的瓊斯法案規範。瓊斯法案 MR 油輪的近期費率現在處於每天 70,000 美元的低位。我們的《瓊斯法案》船隻在 2023 年完全修復，大約 85% 在 2024 年修復。

In December, we redelivered three vessels to American Shipping Company as their bareboat charters expired. As a result of the redelivery, fourth quarter time charter equivalent revenues of $114.1 million were approximately flat when compared to third quarter TCE revenues. Adjusted EBITDA increased $1.3 million from the third quarter to $43.6 million. Compared to 2021's fourth quarter, TCE revenues increased $34.1 million or 43%. Adjusted EBITDA increased $27.1 million or 163%, reflecting a high degree of operating leverage in Hariton in our business.

12 月，我們將三艘光船租約到期的船隻重新交付給美國航運公司。由於重新交付，與第三季度的 TCE 收入相比，第四季度的期租等效收入為 1.141 億美元，大致持平。調整後的 EBITDA 比第三季度增加了 130 萬美元，達到 4360 萬美元。與 2021 年第四季度相比，TCE 收入增加了 3410 萬美元或 43%。調整後的 EBITDA 增加了 2710 萬美元或 163%，反映出 Hariton 在我們業務中的高度運營槓桿。

In June 2022, we commenced a $5 million share buyback, and this program was completed in early October at a total cost of $14.7 million. In November, we repurchased an additional $5 million shares for $14.3 million.

2022 年 6 月，我們開始了 500 萬美元的股票回購，該計劃於 10 月初完成，總成本為 1470 萬美元。 11 月，我們以 1,430 萬美元的價格回購了另外 500 萬美元的股票。

Please turn to Slide 8. The steady quarterly progression of increase in TCE revenues and adjusted EBITDA resulted in full year TCE revenues of $426.3 million, an increase of $133.7 million from 2021. 2022 revenue days increased from $6,064 in 2021 to $7,739 is our full fleet return to service. Adjusted EBITDA was $142.8 million, an increase of almost $100 million from the prior year.

請轉到幻燈片 8。TCE 收入和調整後 EBITDA 的季度穩步增長導致全年 TCE 收入為 4.263 億美元，比 2021 年增加了 1.337 億美元。2022 年收入天數從 2021 年的 6,064 美元增加到 7,739 美元是我們的全部機隊返回服務。調整後的 EBITDA 為 1.428 億美元，比上年增加近 1 億美元。

Please turn to Slide 9. Lightering revenues were flat compared to the third quarter as our ATBs were fully employed during both quarters. During earlier 2022 quarters, the OSG 350 had remained a layup. Revenues from our two ATBs were essentially again flat between the two quarters. The OSG 204 after completion of our prior long-term charter operated in both quarters under short-term time charters before entering into a long-term time charter commencing in January 2023. Dominicanos and Santorini continue to participate in the maritime security program and provide services to the government of Israel.

請轉到幻燈片 9。與第三季度相比，照明收入持平，因為我們的 ATB 在兩個季度都得到了充分利用。在 2022 年初的幾個季度中，OSG 350 一直處於上籃狀態。我們兩個 ATB 的收入在兩個季度之間基本持平。 OSG 204 在我們之前的長期租船合同完成後，在簽訂長期租船合同（2023 年 1 月開始）之前，在兩個季度均以短期租船合同運營。多米尼加諾斯島和聖托里尼島繼續參與海上安全計劃並提供服務給以色列政府。

During the quarter, we completed one GOI voyage and partially performed a second voyage, which was completed in January 2023. Additionally, we completed one voyage through the Military Sealift Command. Our TCE revenues were consistent between the quarters. Jones Act shuttle tanker revenues increased slightly compared to Q3 resulting from increased rates for the Overseas Tampa during the quarter.

在本季度，我們完成了一次 GOI 航行並部分進行了第二次航行，第二次航行於 2023 年 1 月完成。此外，我們還通過軍事海運司令部完成了一次航行。我們的 TCE 收入在兩個季度之間保持一致。與第三季度相比，瓊斯法案穿梭油輪收入略有增加，這是由於本季度海外坦帕的費率增加所致。

Alaskan tanker revenues increased on an increase in revenue days as the Alaskan Explorer return to service following our third quarter scheduled dry dock period. Jones Act Handysize tanker revenues decreased $1.8 million due to the return of three vessels during December. TCE revenues for the other seven vessels actually increased $4.9 million quarter-to-quarter.

隨著阿拉斯加探險者號在我們第三季度預定的干船塢期後恢復服務，阿拉斯加油輪的收入隨著收入天數的增加而增加。瓊斯法案靈便型油輪收入減少 180 萬美元，原因是 12 月份三艘油輪返航。其他七艘船的 TCE 收入實際上環比增加了 490 萬美元。

Please turn to Slide 10. The niche businesses continued their overall stable performance with third and fourth quarter revenues essentially flat. Lighting revenues decreased slightly on volume fluctuations between the quarters. Shuttle tanker revenues increased modestly on increased contract rates from the new time charter. Non-Jones Act Partitanker revenues decreased slightly in comparison to Q3 due to a slight increase in off-hire days.

請翻到幻燈片10。利基業務繼續保持整體穩定的表現，第三季度和第四季度的收入基本持平。由於季度之間的銷量波動，照明收入略有下降。穿梭油輪收入因新定期租船合同費率的增加而溫和增長。由於停租天數略有增加，與第三季度相比，非瓊斯法案 Partitanker 收入略有下降。

Please turn to Slide 11. Vessel Operating contribution decreased from $47 million in the third quarter of 2022 to $46.2 million in the current quarter. The Jones Act Handysize tanker contribution dropped $500,000 due to the vessels returned at the end of the leases. Niche market contribution declined $700,000 from the third quarter, principally due to our Lightning volume fluctuations.

請轉到幻燈片 11。船舶運營貢獻從 2022 年第三季度的 4700 萬美元減少到本季度的 4620 萬美元。瓊斯法案靈便型油輪的貢獻減少了 500,000 美元，原因是在租約結束時歸還了船隻。利基市場貢獻比第三季度下降了 700,000 美元，這主要是由於我們的閃電交易量波動。

Please turn to Slide 12. Adjusted EBITDA has increased each quarter this year with the fourth quarter's $43.6 million, exceeding the comparable 2021 fourth quarter by $27 million. Growth for the third quarter of 2022 to the fourth quarter was reduced again due to the return of three ships. The return vessels generated a de minimis amount of revenue while still incurring expenses.

請轉到幻燈片 12。調整後的 EBITDA 今年每個季度都在增長，第四季度為 4360 萬美元，比 2021 年第四季度同期增長 2700 萬美元。 2022年第三季度至第四季度的增長因三艘船的回歸而再次下調。回程船隻產生了微量收入，同時仍產生費用。

Please turn to Slide 13. Following an essentially breakeven first quarter this year, we have delivered three quarters of net income, resulting in full year earnings of $26.6 million in comparison to a net loss of $46.3 million in 2021. Increased demand for vessels from charterers lied return to service of all vessels still laid up at the end of December 2021, coupled with a full year of operations for vessels returned to service in late '21 as well as a strengthening rate environment in 2022, which led to significant improvement in our operating performance.

請轉到幻燈片 13。在今年第一季度基本實現盈虧平衡之後，我們實現了四分之三的淨收入，全年收益為 2660 萬美元，而 2021 年為淨虧損 4630 萬美元。租船人對船舶的需求增加謊稱所有船隻在 2021 年 12 月底仍在閒置中恢復服務，再加上 21 年底恢復服務的船隻全年運營以及 2022 年的費率環境增強，這導致我們的顯著改善經營業績。

Please turn to Slide 14. At December 31, 2021, we had total cash of $83 million. During 2022, we generated $143 million of adjusted EBITDA and used $26 million of cash for working capital. Further, we invested $24 million in vessel drydock and other capital costs and we purchased $15 million of U.S. treasury securities. As mentioned before, we repurchased $10 million shares of OSG stock for $29 million. During the year, we paid $54 million in debt service, $22 million of which reduced our outstanding debt through scheduled amortization. The result was we ended the year with $79 million of cash plus $15 million of liquid investments.

請轉到幻燈片 14。截至 2021 年 12 月 31 日，我們的現金總額為 8300 萬美元。 2022 年，我們產生了 1.43 億美元的調整後 EBITDA，並使用 2600 萬美元的現金作為營運資金。此外，我們在船舶幹船塢和其他資本成本上投資了 2400 萬美元，併購買了 1500 萬美元的美國國債。如前所述，我們以 2900 萬美元的價格回購了價值 1000 萬美元的 OSG 股票。這一年，我們支付了 5400 萬美元的債務，其中 2200 萬美元通過定期攤銷減少了我們的未償債務。結果是我們在年底擁有 7900 萬美元的現金和 1500 萬美元的流動投資。

Please turn to Slide 15. Continuing our discussion of cash and liquidity, as we mentioned on the previous slide, we had $79 million of cash at December 31, '22. Our total debt was $428 million, a decrease of $22 million from outstanding indebtedness at December '21. Scheduled loan amortization in 2023 is $23.7 million. With $340 million of equity, our net debt-to-equity ratio is 1x.

請轉到幻燈片 15。繼續討論現金和流動性，正如我們在上一張幻燈片中提到的那樣，截至 2022 年 12 月 31 日，我們擁有 7900 萬美元的現金。我們的總債務為 4.28 億美元，比 2021 年 12 月的未償債務減少了 2200 萬美元。 2023 年的預定貸款攤銷額為 2370 萬美元。憑藉 3.4 億美元的股本，我們的淨債務股本比為 1 倍。

Sam, I'd like to turn the call back to you and me as I've concluded my comments.

山姆，在我結束我的評論後，我想把電話轉回給你和我。

Thank you, Dick.

謝謝你，迪克。

Our fourth quarter results evidenced healthy operating conditions in our core markets. OCG's fleet is responding to the changing patterns of domestic and international transportation fuel shipments and is well positioned to participate in emerging areas of opportunity. Improving market conditions have resulted in OSG achieving more stability in its financial profile and greater visibility of forward cash flows to an extent not seen for many years. All Jones Act assets are fixed under time charters or contracts of appointment for the balance of 2023 and nearly 80% of 2024 available days are also fully covered at attractive rates.

我們第四季度的業績證明了我們核心市場的健康經營狀況。 OCG 的船隊正在應對不斷變化的國內和國際運輸燃料運輸模式，並準備好參與新興領域的機遇。不斷改善的市場條件使 OSG 的財務狀況更加穩定，遠期現金流量的可見度更高，達到了多年未見的程度。根據 2023 年剩餘時間的定期租船合同或任命合同，所有《瓊斯法案》資產都是固定的，並且 2024 年近 80% 的可用天數也以極具吸引力的價格完全涵蓋。

Our healthy book of forward time charter coverage gives us good visibility towards the results expected for 2023 and much of 2024. We anticipate continuing strength in all important financial metrics and a gradual build and available cash balances over the next several quarters as profitable time charters at higher utilization rates are realized.

我們健康的遠期定期租船覆蓋面讓我們對 2023 年和 2024 年大部分時間的預期結果有了很好的了解。我們預計所有重要的財務指標將持續強勁，並在未來幾個季度逐步建立和可用現金餘額作為有利可圖的定期租船實現了更高的利用率。

For the first quarter of 2023, as a result of having three less MR tankers in operation following delivery of these ships to American Shipping Company in early December, time charter equivalent earnings will likely see a drop of about 10% when compared with Q4 levels. Notwithstanding the drop of TCE earnings, quarter-to-date strength in what we have been able to observe from our niche market activities gives us confidence to expect levels of adjusted EBITDA to track very closely with what was achieved during the final quarter of 2022.

2023 年第一季度，由於 MR 油輪在 12 月初交付給美國航運公司後運營的 MR 油輪減少了三艘，因此與第四季度相比，期租等效收益可能會下降約 10%。儘管 TCE 收益下降，但我們從我們的利基市場活動中觀察到的季度迄今的強勢讓我們有信心預期調整後的 EBITDA 水平將與 2022 年最後一個季度所取得的成就非常接近。

Looking further ahead to the balance of 2023, OSG's healthy fundamentals offer the prospect of continued solid financial performance throughout the year. Our current forecast has kind charter equivalent earnings for the full year 2023 approaching $400 million. Attaining this top line result should generate adjusted EBITDA of between $140 million and $150 million for the full calendar year 2023. After deducting debt service and planned and maintenance capital expenses, we anticipate that free cash flow for the full year should be between $50 million and $60 million. To deliver these results, our mission is now squarely focused on execution, operational excellence and the pursuit of niche business growth opportunities.

展望 2023 年的餘額，OSG 健康的基本面為全年持續穩健的財務業績提供了前景。我們目前的預測是，2023 年全年的特許經營收入接近 4 億美元。實現這一頂線結果應該會在 2023 年全年產生 1.4 億至 1.5 億美元的調整後 EBITDA。扣除償債以及計劃和維護資本支出後，我們預計全年的自由現金流量應在 5000 萬至 1.5 億美元之間。 6000 萬美元。為了取得這些成果，我們的使命現在完全集中在執行、卓越運營和追求利基業務增長機會上。

In summary, it is fair to say that the business environment for OSG has shifted away from the defensive posture that has characterized much of the past three years. We can now look forward to evaluating real opportunities to extend and expand the cash-generating capabilities of our unique franchise while continuing to consider means to utilize surplus cash flow to reduce leverage and drive improving share price performance. As stated on prior calls, use of surplus cash flow should it arise, will be a regular topic of conversation with our Board. With this thought in mind, we recognize the increasing importance of understanding and participating in newly developing markets that would transition the U.S. economy away from fossil fuels. These evolving markets point to interesting and exciting potential for OSG to leverage its strong operating franchise to participate in these new trades. OSG continues to commit resources towards an expressed goal of identifying the best opportunities that will arise from this transition, and we are optimistic that these efforts will yield positive results over the medium term.

總而言之，可以說 OSG 的商業環境已經擺脫了過去三年大部分時間的防禦態勢。我們現在可以期待評估真正的機會來擴展和擴大我們獨特特許經營的現金產生能力，同時繼續考慮利用盈餘現金流來降低杠桿率並推動改善股價表現的方法。如之前的電話會議所述，如果出現盈餘現金流量的使用，將成為我們董事會經常討論的話題。考慮到這一點，我們認識到了解和參與將使美國經濟擺脫化石燃料的新興市場越來越重要。這些不斷發展的市場表明 OSG 具有有趣和令人興奮的潛力，可以利用其強大的經營特許權參與這些新交易。 OSG 繼續投入資源，以實現明確的目標，即確定此次過渡將帶來的最佳機會，我們樂觀地認為，這些努力將在中期產生積極成果。

Forum, we can now open the call to questions.

論壇，我們現在可以打開提問的電話了。

Thank you, Dick.

謝謝你，迪克。

Our fourth quarter results evidenced healthy operating conditions in our core markets. OCG's fleet is responding to the changing patterns of domestic and international transportation fuel shipments and is well positioned to participate in emerging areas of opportunity. Improving market conditions have resulted in OSG achieving more stability in its financial profile and greater visibility of forward cash flows to an extent not seen for many years. All Jones Act assets are fixed under time charters or contracts of appointment for the balance of 2023 and nearly 80% of 2024 available days are also fully covered at attractive rates.

我們第四季度的業績證明了我們核心市場的健康經營狀況。 OCG 的船隊正在應對不斷變化的國內和國際運輸燃料運輸模式，並準備好參與新興領域的機遇。不斷改善的市場條件使 OSG 的財務狀況更加穩定，遠期現金流量的可見度更高，達到了多年未見的程度。根據 2023 年剩餘時間的定期租船合同或任命合同，所有《瓊斯法案》資產都是固定的，並且 2024 年近 80% 的可用天數也以極具吸引力的價格完全涵蓋。

Our healthy book of forward time charter coverage gives us good visibility towards the results expected for 2023 and much of 2024. We anticipate continuing strength in all important financial metrics and a gradual build and available cash balances over the next several quarters as profitable time charters at higher utilization rates are realized.

我們健康的遠期定期租船覆蓋面讓我們對 2023 年和 2024 年大部分時間的預期結果有了很好的了解。我們預計所有重要的財務指標將持續強勁，並在未來幾個季度逐步建立和可用現金餘額作為有利可圖的定期租船實現了更高的利用率。

For the first quarter of 2023, as a result of having three less MR tankers in operation following delivery of these ships to American Shipping Company in early December, time charter equivalent earnings will likely see a drop of about 10% when compared with Q4 levels. Notwithstanding the drop of TCE earnings, quarter-to-date strength in what we have been able to observe from our niche market activities gives us confidence to expect levels of adjusted EBITDA to track very closely with what was achieved during the final quarter of 2022.

2023 年第一季度，由於 MR 油輪在 12 月初交付給美國航運公司後運營的 MR 油輪減少了三艘，因此與第四季度相比，期租等效收益可能會下降約 10%。儘管 TCE 收益下降，但我們從我們的利基市場活動中觀察到的季度迄今的強勢讓我們有信心預期調整後的 EBITDA 水平將與 2022 年最後一個季度所取得的成就非常接近。

Looking further ahead to the balance of 2023, OSG's healthy fundamentals offer the prospect of continued solid financial performance throughout the year. Our current forecast has kind charter equivalent earnings for the full year 2023 approaching $400 million. Attaining this top line result should generate adjusted EBITDA of between $140 million and $150 million for the full calendar year 2023. After deducting debt service and planned and maintenance capital expenses, we anticipate that free cash flow for the full year should be between $50 million and $60 million. To deliver these results, our mission is now squarely focused on execution, operational excellence and the pursuit of niche business growth opportunities.

展望 2023 年的餘額，OSG 健康的基本面為全年持續穩健的財務業績提供了前景。我們目前的預測是，2023 年全年的特許經營收入接近 4 億美元。實現這一頂線結果應該會在 2023 年全年產生 1.4 億至 1.5 億美元的調整後 EBITDA。扣除償債以及計劃和維護資本支出後，我們預計全年的自由現金流量應在 5000 萬至 1.5 億美元之間。 6000 萬美元。為了取得這些成果，我們的使命現在完全集中在執行、卓越運營和追求利基業務增長機會上。

In summary, it is fair to say that the business environment for OSG has shifted away from the defensive posture that has characterized much of the past three years. We can now look forward to evaluating real opportunities to extend and expand the cash-generating capabilities of our unique franchise while continuing to consider means to utilize surplus cash flow to reduce leverage and drive improving share price performance. As stated on prior calls, use of surplus cash flow should it arise, will be a regular topic of conversation with our Board. With this thought in mind, we recognize the increasing importance of understanding and participating in newly developing markets that would transition the U.S. economy away from fossil fuels. These evolving markets point to interesting and exciting potential for OSG to leverage its strong operating franchise to participate in these new trades. OSG continues to commit resources towards an expressed goal of identifying the best opportunities that will arise from this transition, and we are optimistic that these efforts will yield positive results over the medium term.

總而言之，可以說 OSG 的商業環境已經擺脫了過去三年大部分時間的防禦態勢。我們現在可以期待評估真正的機會來擴展和擴大我們獨特特許經營的現金產生能力，同時繼續考慮利用盈餘現金流來降低杠桿率並推動改善股價表現的方法。如之前的電話會議所述，如果出現盈餘現金流量的使用，將成為我們董事會經常討論的話題。考慮到這一點，我們認識到了解和參與將使美國經濟擺脫化石燃料的新興市場越來越重要。這些不斷發展的市場表明 OSG 具有有趣和令人興奮的潛力，可以利用其強大的經營特許權參與這些新交易。 OSG 繼續投入資源，以實現明確的目標，即確定此次過渡將帶來的最佳機會，我們樂觀地認為，這些努力將在中期產生積極成果。

Forum, we can now open the call to questions.

論壇，我們現在可以打開提問的電話了。

Thank you, Forum, and thank you all for joining.

感謝論壇，感謝大家的加入。

We're as excited today about our prospects as we have been in a long time. We look forward to being able to deliver the results that we have forecast for you and to speaking with you again in the near future to share with you what hopes to be a continually progressively improving story. Wishing you all a good day. Thanks again for joining.

我們今天對我們的前景感到興奮，就像我們長期以來一樣。我們期待能夠提供我們為您預測的結果，並在不久的將來再次與您交談，與您分享希望成為一個不斷進步的故事。祝大家有個美好的一天。再次感謝您的加入。

This concludes today's Overseas Shipholding Group, Inc. Fourth Quarter and Full Year 2022 Results Conference Call. Thank you for your participation. You may now disconnect your lines.

今天的 Overseas Shipholding Group, Inc. 第四季度和全年 2022 年業績電話會議到此結束。感謝您的參與。您現在可以斷開線路。

Certainly. (Operator Instructions) Our first question comes from the line of Ryan Vaughan with Needham & Company.

當然。 （操作員說明）我們的第一個問題來自 Needham & Company 的 Ryan Vaughan。

I just want to follow up. I think for a while, maybe some of the knock on the stock devaluation, Sam, was that -- you preferred for the last couple of years to enter into kind of shorter-term charters just until the market have recovered to what seemed more appropriate or fair. And just listening to you now, it seems like we've entered that time period, and we should expect that what you're seeing, what the market -- what's available to you today, this now is going to transition the thinking from the shorter stuff to medium, longer term. It sounds like you're basically fully booked for '24. And one, I guess, I just want to make sure that is accurate that we're in the environment that you've been waiting for setting the company up? That's number one.

我只想跟進。我認為有一段時間，也許對股票貶值的一些打擊，山姆，是——你在過去幾年更喜歡簽訂短期租約，直到市場恢復到似乎更合適的水平或公平。現在聽你說，我們似乎已經進入了那個時期，我們應該期待你所看到的，市場上的——今天你可以得到的，這將轉變思維短期到中期，長期。聽起來你 24 年基本上已經訂滿了。還有一個，我想，我只是想確保我們處於您一直在等待成立公司的環境中是準確的嗎？這是第一。

And then number two, you -- I caught something in your prepared remarks, you said some have -- some of your customers have signed contracts in advance. Would you mind just giving a little bit more detail on what you meant by that?

然後第二，你 - 我在你準備好的評論中發現了一些東西，你說有些 - 你的一些客戶已經提前簽署了合同。您介意再詳細說明一下您的意思嗎？

Sure, and I think the 2 points are related. We state in our public disclosure documents that the preferred chartering profile for our business is, one, heavily weighted towards medium- to longer-term contracts with our customers to serve as an integral part of their distribution channel and not just to be an Uber life asset to respond to occasional needs. We still feel very strongly that way. Some of the unique aspects of the Jones Act market, given the short duration of many of the voyages make it very difficult to optimize utilization of assets, if you're running 3- to 5-day voyages all the time, it puts a lot of -- we've said in the past, it puts a lot of disutilization risk on the owner as opposed to the end users.

當然，我認為這兩點是相關的。我們在公開披露文件中聲明，我們業務的首選包機配置文件是，一個，非常重視與客戶簽訂中長期合同，作為他們分銷渠道不可或缺的一部分，而不僅僅是優步生活資產來應對偶爾的需求。我們仍然有強烈的這種感覺。 Jones Act 市場的一些獨特之處，鑑於許多航程的持續時間很短，因此很難優化資產的利用，如果您一直運行 3 到 5 天的航程，這會帶來很多的——我們過去說過，與最終用戶相比，它給所有者帶來了很多停用風險。

All of those things are mitigated if we're on longer term or on time charter. And the longer the time charter, the better the visibility we have from insulating us from that disutilization risk. So yes, once we have moved into an environment where we feel that the rate structure is remunerative and allows us to earn a reasonable rate of return. We have certainly shifted our focus away from trying to push market rates up to an emphasis more on duration now than on further rate gains. And the market is there. As I said, every MR tanker that I'm aware of is fully fixed for the foreseeable future, not only ours, but our competitors the market tightened, as I said in my prepared remarks, considerably over the past 12 months. And that's led our customer base to be seeking visibility of transportation cover in a much more aggressive and forthright way than has been the case through much of 2019 through 2021.

如果我們是長期租船或定期租船，所有這些事情都會得到緩解。期租時間越長，我們就越能避免這種停用風險。所以是的，一旦我們進入一個我們認為費率結構有利可圖並允許我們獲得合理回報率的環境。我們當然已經將重點從試圖推高市場利率轉移到現在更多地關注持續時間而不是利率進一步上漲。市場就在那裡。正如我所說，我所知道的每艘 MR 油輪在可預見的未來都是完全固定的，不僅是我們的，而且我們的競爭對手——正如我在準備好的發言中所說，在過去 12 個月裡，市場收緊了很多。這導致我們的客戶群以比 2019 年到 2021 年大部分時間更積極、更直接的方式尋求運輸覆蓋的可見性。

And evidence of that is, as I said in my remarks, some of the contracts that we're fixing are fixing forward. So we have a number of vessels where they are currently employed and where the customer came to us and said they wanted to extend those contracts. Notwithstanding the fact that the current contracts don't expire for a year or more, looking forward, they came and they, at their initiative, they made a request to say we want to secure the visibility of this access to the vessel and we'd like to extend those contracts. In one particular case, we fixed the vessel to a different client who was looking for new trade. This is a renewable diesel trade and committed to take a vessel financing in the first half of 2024, and we fixed that ship 3 months ago. So that's an indication of the kind of tightness that we see in the market.

正如我在發言中所說，這方面的證據是，我們正在修復的一些合同正在向前修復。因此，我們有許多船隻，他們目前正在受僱，客戶來找我們，說他們想延長這些合同。儘管目前的合同不會在一年或更長時間內到期，但展望未來，他們來了，他們主動提出要求，說我們希望確保這種訪問船隻的可見性，我們'我想延長這些合同。在一個特定案例中，我們將船隻固定給了一位正在尋找新貿易的不同客戶。這是一家可再生柴油貿易公司，承諾在 2024 年上半年進行船舶融資，我們在 3 個月前修好了那艘船。所以這表明我們在市場上看到的那種緊縮。

And I always ask you about this, but I do think the business has changed so much. I just updated based off of the guidance you gave for 2023. I'm at 4.5x EBITDA free -- the $50 million to $60 million of free cash flow. And if I -- if we had spoken a couple of quarters ago, I probably would have been saying, "Oh, yes, like keep delivering. It makes a lot of sense and fast forward to the end of the year or even into next year, you're basically low ones of net leverage, 1x. But it just seems like with the duration that you're getting, it does open up the door to potential other opportunities, other growth opportunities. I'm sure nothing crazy, but maybe 1 or 2 vessels here and there that might be available to you. And even running some of those hypotheticals, and I appreciate the numbers are actually going to be a little bit better than I thought. But under those scenarios, I'm at, call it, net leverage of mid- one’s next year, which I was surprised to see. So I'm just wondering, just with basically how much the business has changed just getting that duration. Has that changed how you guys think about your capital allocation plans and also balancing that with the stock at 4.5x today?

我總是問你這個問題，但我確實認為業務發生了很大變化。我剛剛根據您為 2023 年提供的指導進行了更新。我的 EBITDA 為 4.5 倍，即 5000 萬至 6000 萬美元的自由現金流。如果我——如果我們在幾個季度前談過，我可能會說，“哦，是的，就像繼續交付一樣。這很有意義，快進到今年年底甚至明年年，你的淨槓桿率基本上很低，1 倍。但看起來隨著你獲得的持續時間，它確實為潛在的其他機會、其他增長機會打開了大門。我敢肯定沒有什麼瘋狂的，但可能會有 1 或 2 艘船可供您使用。甚至運行其中一些假設，我很欣賞這些數字實際上會比我想像的要好一點。但在那些情況下，我在，稱之為明年年中的淨槓桿率，我很驚訝地看到。所以我只是想知道，基本上業務在這段時間內發生了多少變化。這是否改變了你的方式伙計們考慮一下你的資本配置計劃，並在今天以 4.5 倍的價格平衡它？

At the risk of sounding like a broken record, I'll say what I've said every time you've asked the question is that there's really 3 areas that we focus on for capital allocation. And frankly, we see the capital allocation is probably the most important job that we have at this juncture as we evaluate both the cash flow generating capacity of our fleet together with opportunities for growth in either current businesses or an adjacent basis. This is clearly a very important topic for the Board and for the management team. We continue to believe that there are opportunities to invest in assets that will provide accretive cash flow. I've said in the past that this is not like the international market where you have a very liquid and a very deep and broad market to be able to move in and out of the market as the cycles evolve. That being said, there are opportunities, we think, to expand our fleet, probably more likely in the international trading side of our business than in the domestic side, but there are opportunities. We think there may be opportunities to look at expansion in the domestic side as well. So we want to make sure that we have sufficient capital to be able to pursue those opportunities.

冒著聽起來像破紀錄的風險，我會說每次你問這個問題時我所說的是，我們確實關注 3 個領域進行資本配置。坦率地說，我們認為資本配置可能是我們目前最重要的工作，因為我們評估了我們車隊的現金流產生能力以及當前業務或相鄰業務的增長機會。對於董事會和管理團隊來說，這顯然是一個非常重要的話題。我們仍然相信，有機會投資於將提供增值現金流的資產。我過去說過，這與國際市場不同，在國際市場中，您擁有一個非常流動、非常深入和廣泛的市場，能夠隨著周期的演變進出市場。話雖這麼說，我們認為有機會擴大我們的船隊，在我們業務的國際貿易方面可能比在國內方面更有可能，但機會是存在的。我們認為也有機會考慮在國內擴張。因此，我們要確保我們有足夠的資金來抓住這些機會。

My bias would be we can achieve 2 things at the same time if we deploy that cash. Without leveraging that cash, then we achieved the expansion in assets and cash flow generation, while at the same time, not increasing our leverage or probably decreasing our leverage on a cash -- from a cash measurement point of view. So that would kind of be the first goal if we could deploy some cash and do that without taking on additional leverage.

我的偏見是，如果我們部署這筆現金，我們可以同時實現兩件事。在沒有利用這些現金的情況下，我們實現了資產和現金流生成的擴張，同時，從現金計量的角度來看，沒有增加我們的槓桿或可能降低我們對現金的槓桿。因此，如果我們可以部署一些現金並在不增加槓桿的情況下做到這一點，那將是第一個目標。

If those opportunities don't present themselves, then clearly, the other 2 areas that we look at are, one, deleveraging the business to provide flexibility for financing at future dates if other opportunities come along at a later date. We have identified specific steps that we might take if we felt that, that was the appropriate steps to take. I would note that some of our debt -- all of our debt is fixed and some of it is fixed at levels below what current cash levels are yielding. So we do have a positive carry on some of that debt, which, of course, is something that we think about. But we're also very mindful of the fact that during periods when the market is strong, it's a good idea to decrease leverage and provide the liquidity and resources to be able to take advantage of turns in the markets if and when generally they come. So that's something that we think about a lot.

如果這些機會沒有出現，那麼很明顯，我們關注的其他兩個領域是，第一，如果其他機會在以後出現，則為未來的融資提供靈活性。我們已經確定了我們可能會採取的具體步驟，如果我們認為這是適當的步驟的話。我要指出的是，我們的一些債務——我們所有的債務都是固定的，其中一些固定在低於當前現金水平的水平。所以我們確實對其中的一些債務產生了積極的影響，這當然是我們考慮的事情。但我們也非常注意這樣一個事實，即在市場強勁時期，降低杠桿率並提供流動性和資源以便能夠在市場普遍出現時利用市場轉折是個好主意。所以這是我們經常考慮的事情。

On the share buyback stage, I think we've demonstrated our willingness to look at that as a real solution. We purchased $10 million shares last year. That's more than 10% of the outstanding shares at the time. It's a pretty substantial amount of share repurchasing. It remains in our playbook. And as you say, the relative value of the stock against how we might be able to deploy that capital. And the other 2 areas that I've discussed is a regular topic of conversation at our Board meeting and we'll continue to do so

在股票回購階段，我認為我們已經表明我們願意將其視為真正的解決方案。我們去年購買了 1000 萬美元的股票。那是當時已發行股票的 10% 以上。這是一筆相當可觀的股票回購。它保留在我們的劇本中。正如你所說，股票的相對價值與我們如何部署該資本的關係。我討論的其他兩個領域是我們董事會會議上的常規話題，我們將繼續這樣做

Yes, that makes sense. It seems like gaining that duration and basically, we're out to 2025, it just opens up the door for some things that might not have existed a couple of quarters ago. Just last one real quick. Sam, can you just remind us on, I know most of the vessels are, let's call it, mid-2000, late 2000s into 2010, 2011 and just the remaining useful life there? And then, Dick, just real quick, can you just remind us the MR expectations for 2023 along with CapEx, please?

是的，這是有道理的。似乎獲得了那個持續時間，基本上，我們已經到了 2025 年，它只是為一些幾個季度前可能不存在的事情打開了大門。最後一個真的很快。山姆，你能不能提醒我們，我知道大多數船隻都在 2000 年中期、2000 年代後期到 2010 年、2011 年，還有剩餘的使用壽命？然後，迪克，真的很快，你能提醒我們 2023 年的 MR 預期以及資本支出嗎？

The average life lion is a bit under 15 years across the entire fleet. The CapEx for this year will be in the $30 million range slightly up from '22, but certainly be some of the other peaks that we've seen. From a debt perspective, we have one piece of debt maturing in 2024 towards the third quarter and 2 in 2025. The debt service this year, it will be -- again, it's going to be about $54 million, $55 million in total for the year between congenial interest and interest cost would be about $32 million, $31 million and the principal amortization would be just a shade under $24 million.

在整個艦隊中，獅子的平均壽命不到 15 歲。今年的資本支出將在 22 年的 3000 萬美元左右，但肯定是我們看到的其他一些高峰。從債務的角度來看，我們有一筆債務將在 2024 年第三季度到期，兩筆將在 2025 年到期。今年的償債額將是——再說一遍，大約是 5400 萬美元，總計 5500 萬美元利息和利息成本之間的一年約為 3200 萬美元、3100 萬美元，本金攤銷將略低於 2400 萬美元。

Vaughan, and I think your question is, what can we expect the useful economic life of our vessels. As I hinted the prepared comp, I think that we can expect a market that will accept longer utilization of assets over time unless and until there's a clear solution or a clear answer that is arrived at to what propulsive systems for marine access will look like the nascent state of replacement technologies that would address that question today, just -- it's too early for anyone to really endorse in my opinion, to endorse a favored approach. And I think that the international market will be the testing grounds for what those technologies and what the emerging preferred solution will be. And the domestic U.S. market will most likely observe what happens in the international markets and how that question is resolved before taking decisions as to constructing new vessels in the United States.

Vaughan，我認為你的問題是，我們可以期望船隻的有用經濟壽命是多少。正如我在準備好的 comp 中暗示的那樣，我認為我們可以期待一個市場將隨著時間的推移接受更長時間的資產利用，除非並且直到有一個明確的解決方案或一個明確的答案，用於海上通道的推進系統看起來像什麼今天可以解決這個問題的替代技術的新生狀態，只是 - 在我看來，任何人都真正認可，認可一種受歡迎的方法還為時過早。我認為國際市場將成為這些技術以及新興首選解決方案的試驗場。在決定在美國建造新船之前，美國國內市場很可能會觀察國際市場的情況以及該問題是如何解決的。

So I think that's going to take a while. And I think the -- certainly, a useful economic life for Jones as tanker and ATB of 30 years or more. It is not unreasonable to consider at this juncture. And I think that the environmental arguments for sustaining and continuing the use of high-quality assets and the comparable greenhouse gas emission count that if you look at the full life cycle, building new ships is also a large producer of main house gas emission.

所以我認為這需要一段時間。我認為 - 當然，瓊斯作為油輪和 ATB 的有用經濟壽命為 30 年或更長時間。在這個節骨眼上考慮也不無道理。而且我認為，維持和繼續使用優質資產的環境論據以及可比的溫室氣體排放量，如果從整個生命週期來看，建造新船也是主要房屋氣體排放的大生產者。

So I think arguments will arise even in the environmental goal context that keeping high-quality assets in service for longer periods of time will actually be a -- result in a favorable outcome from a FICO greenhouse gas emission accounts. And I think that will encourage for goat assets in particular a view towards extending the useful economic life of these assets.

因此，我認為即使在環境目標背景下也會出現爭論，即保持高質量資產服務更長時間實際上將是一個 - 導致 FICO 溫室氣體排放賬戶的有利結果。我認為這將特別鼓勵山羊資產延長這些資產的有用經濟壽命。

It's sort of a natural support for that right now, which is just the inability of U.S.-based shipyards to be available to build Jones Art MR class tankers preponderant, so shipyard capacity is committed to the U.S. government for maybe coast guard ships, et cetera. So it just -- there isn't anything available even if you wanted to place an order today for all that would produce something in the foreseeable future.

現在這是對此的一種自然支持，這只是美國造船廠無法建造 Jones Art MR 級油輪的優勢，所以造船廠的產能承諾給美國政府，可能是海岸警衛隊的船隻，等等.所以它只是 - 即使你今天想為所有會在可預見的未來生產的東西下訂單，也沒有任何可用的東西。

Our next question comes from the line of Climent Molins with Value Investor's Edge.

我們的下一個問題來自 Value Investor's Edge 的 Climent Molins。

I wanted to start by asking about your TC cover on John Zak vessels in 2023 and 2024. Could you provide some insight on what kind of an edge TC you expect to realize on each f those years?

我想首先詢問您在 2023 年和 2024 年對 John Zak 船隻的 TC 覆蓋。您能否提供一些見解，說明您希望在那些年中實現什麼樣的優勢 TC？

I think that the guidance that we've given on overall TC is helpful in that. As we said, we expect a full calendar 2023-time charter equivalent earnings across our fleet to be close to $400 million. Obviously, embedded in that number is the Jones Act MR time charter equivalent fleet. We still have some historical time charter contracts that are significantly below current market rates, and we've fixed some vessels recently at what I would consider to be current rates. But blended rate on all of that is probably in the mid-60s but as older contracts roll off, that number should begin to pre-prior.

我認為我們就整體 TC 提供的指導在這方面很有幫助。正如我們所說，我們預計整個日曆 2023 年的定期租船等價收入將接近 4 億美元。顯然，該數字中嵌入了 Jones Act MR 期租等效船隊。我們仍然有一些遠低於當前市場費率的歷史定期租船合同，並且我們最近將一些船隻固定在我認為是當前費率的水平。但所有這些的混合利率可能在 60 年代中期，但隨著舊合同的結束，這個數字應該開始提前。

And regarding capital allocation going forward, you will have more clarity in a couple of weeks, once the DSP and the Red Hill have been awarded. But if everything goes according to plan, do you have the capacity to service those contracts with your fleet or should we expect vessel acquisitions? And if fleet expansion is required, where do you see the sweet spot regarding vessel vintage?

關於未來的資本分配，一旦獲得 DSP 和 Red Hill，您將在幾週內更加清楚。但是，如果一切按計劃進行，您是否有能力為您的船隊履行這些合同，或者我們是否應該期待船舶收購？如果需要擴大船隊，您認為船舶年份的最佳點在哪裡？

So if everything goes according to plan, I think there is scope for us to add between 1 and 3 additional MR tankers to our international trading fleet over the next 6 to 18 months depending on the timing of deliveries and the ability for us to go and consider a reasonable replacement tonnage. But even more so, I'd like to reiterate what I've said in the past that the 2022 National Defense Authorization Act included within it a provision to authorize the expansion of the tanker security program from the current 10 authorized vessels to 20 vessels in the future.

因此，如果一切按計劃進行，我認為我們有餘地在未來 6 到 18 個月內為我們的國際貿易船隊增加 1 到 3 艘額外的 MR 油輪，具體取決於交付時間和我們的運輸能力。考慮合理的替代噸位。但更重要的是，我想重申我過去說過的話，《2022 年國防授權法案》中包含一項條款，授權將油輪安全計劃從目前的 10 艘授權船隻擴大到 20 艘未來。

So I believe that the environment in Washington today is very supportive of arguments to expand U.S. Maritime in general and U.S. tanker assets in particular and that the political will to take the necessary steps to see that happen is as strong as it has been in my 7 years here. So not only are you looking at near-term resolution of Red Hill and tanker security program applications in the next quarter or 6 weeks but over the medium term, I think there is scope to consider additional tonnage to be added over time as that tanker security program or if and when that tanker security program expands from 10 to 20 ships, and I think that's something that we keep our eye on in terms of allocation of capital and making sure that we have the necessary resources to participate in those programs at the level which we think is appropriate for a company of our profile in this industry.

因此，我相信今天華盛頓的環境非常支持擴大美國海事，特別是美國油輪資產的論點，並且採取必要步驟實現這一目標的政治意願與我在 7 年時一樣強烈年在這裡。因此，您不僅要在下一季度或 6 週內關注 Red Hill 和油輪安全計劃申請的近期解決方案，而且在中期，我認為有空間考慮隨著時間的推移增加額外的噸位，因為油輪安全計劃，或者油輪安全計劃是否以及何時從 10 艘船擴展到 20 艘船，我認為這是我們在資本分配方面密切關注的事情，並確保我們有必要的資源來參與這些計劃我們認為這適合我們在這個行業中的形象公司。

Congratulations for the quarter.

祝賀本季度。

Our next question is from a private investor, Josh Kehoe.

我們的下一個問題來自私人投資者 Josh Kehoe。

Congrats on a good quarter. Just a quick follow-up on Climent's question, if you do add additional MR tankers, is there a particular vintage that you would be looking at right now? I know that the international tanker market has responded to things Sam has mentioned in prepared remarks around the product tanker markets in general, and a 5-year-old MR tanker right now is probably around $43 million, an 8-year-old tanker around $36 million. Is there any particular vintage you're looking at? Or would it depend on timing and what's available in the market if you were to acquire new vessels?

祝賀一個好的季度。只是對 Climent 的問題進行快速跟進，如果您確實添加了額外的 MR 油輪，您現在是否會關注某個特定的年份？我知道國際油輪市場已經對 Sam 在準備好的關於成品油輪市場的評論中提到的事情做出了回應，一艘 5 年船齡的 MR 油輪目前可能在 4300 萬美元左右，一艘 8 年船齡的油輪大約3600萬美元。你有沒有特別關注的年份？或者，如果您要購買新船，這取決於時間和市場上有什麼？

I think, Josh, is more the latter than the former. I'll make a couple of observations.

我認為，Josh 是後者多於前者。我會做一些觀察。

First of all, I would caution drawing straight lines between transactions that have occurred in the international second-hand market and interpolating those to understand what younger or more conventionally-owned tonnage might attract from a pricing point of view. And I say that because the vast majority of activity in the international MR market in recent months has been concentrated at the older end of the spectrum. And the buying market for that older end of the spectrum has been dominated by what I would call sanction insensitive buyers who are acquiring tonnage largely to be able to participate in the emerging trade of Russian crude oil and Russian product that has been abandoned by conventional Western buyers and traders that traditionally serve those markets.

首先，我要謹慎地在國際二手市場上發生的交易之間畫一條直線，並對這些交易進行插值，以了解從定價的角度來看，更年輕或更傳統的噸位可能會吸引什麼。我之所以這麼說，是因為最近幾個月國際 MR 市場上的絕大多數活動都集中在較老的頻譜範圍內。而老一端的購買市場一直由我所說的對製裁不敏感的買家主導，他們購買噸位主要是為了能夠參與俄羅斯原油和俄羅斯產品的新興貿易，這些貿易已被傳統的西方國家拋棄傳統上服務於這些市場的買家和貿易商。

And because of the nature of the opportunity there, buyers of that type of tonnage are relatively price insensitive because the relatively low capital investment for an older vessel can be rewarded very quickly and over a very short period of time through trading in, the press calls, the dark fleet or the, what I call, sanction insensitive participants in that rate. And just to put it in perspective, an Aframax tanker carries roughly 700,000 barrels of crude oil. If you go buy an Aframax tanker and you load one cargo out of the Baltic region in Russia and you transported to India, which is an emerging and active trade right now, and you're able to capture somewhere between a $10 and $20 discount to the crude price and pass some of that on to the buyer.

由於那裡機會的性質，這種噸位的買家對價格相對不敏感，因為舊船的資本投資相對較低，可以通過以舊換新在很短的時間內很快得到回報，新聞界稱，黑暗艦隊或我所說的以該比率制裁不敏感的參與者。舉個例子，一艘 Aframax 油輪運載大約 700,000 桶原油。如果你去購買一艘 Aframax 油輪，然後從俄羅斯的波羅的海地區裝載一批貨物，然後運往印度，這是目前新興且活躍的貿易，你可以獲得 10 到 20 美元的折扣原油價格並將其中的一部分轉嫁給買方。

Let's just say you take $10, that's $7 million of profit on the trade alone, plus the market is trading for those types of ships on a freight basis of somewhere between $80,000 and $100,000 a day. So in one voyage, it's conceivable in my mind that a sanction-insensitive buyer could make as much as $10 million to $12 million on one voyage. And so, if you're paying $20 million or $30 million for a vessel, with a view that this market is going to be sustained for at least the foreseeable future, you can see where the price levels would be relatively insensitive to just get your hands on a ship and it doesn't really matter what you pay.

假設您拿了 10 美元，光是交易就獲得了 700 萬美元的利潤，再加上市場以每天 80,000 到 100,000 美元的運費為基礎交易這些類型的船舶。因此，在我看來，在一次航行中，一個對製裁不敏感的買家可以在一次航行中賺取 1000 萬至 1200 萬美元。因此，如果你為一艘船支付 2000 萬或 3000 萬美元，鑑於這個市場將至少在可預見的未來持續下去，你可以看到價格水平相對不敏感的地方只是讓你的親自上船，你付多少錢並不重要。

I would counter that by saying that as you move forward into the younger age of the fleet, the capital amount that needs to be deployed goes up considerably and therefore, a belief in the duration of that market arbitrage that's available today needs to be much, much greater. And certainly, what I've seen is that there's been very little of any activity in the front end of the age profile that would affirm that a buying market exists at the price levels that if you interpolate those older vessels, would equate to the kind of price levels that you're talking. I know that there are organizations that try and provide vessel values based on kind of age, what's the newbuilding cost? What's a 10-year-old, what's a 15-year-old, and what does that translate into in terms of a 5-year-old vessel might be like.

我會反駁說，當你進入更年輕的機隊時，需要部署的資本數量會大幅增加，因此，對今天可用的市場套利持續時間的信念需要很多，大得多。當然，我所看到的是，在年齡概況的前端幾乎沒有任何活動可以確認購買市場存在的價格水平，如果你插入那些舊船，將等同於那種你所說的價格水平。我知道有些組織試圖根據船齡提供船舶價值，新造船的成本是多少？什麼是 10 歲，什麼是 15 歲，以及這轉化為 5 歲的船隻可能是什麼樣的。

Personally, I don't subscribe to that methodology at this juncture because I just don't see the level of transactions at the younger age of the profile that would support those higher valuations at this time. We'll see how this market evolves over the course of the next 6 to 12 months. Inputs into ship construction are also really important part, and there's been quite a bit of inflation and the shipyards have been trying to push prices as well.

就我個人而言，目前我不贊成這種方法，因為我只是看不到目前能夠支持更高估值的年輕交易水平。我們將看到這個市場在未來 6 到 12 個月內如何演變。對船舶建造的投入也是非常重要的部分，通貨膨脹相當大，造船廠也一直在努力推高價格。

Once again, the volume of transactions that we've seen or at least I've seen in terms of newbuilding activity would not suggest there's a deep market for paying those kind of price levels. So I think there is a considerable amount of opacity right now in where price points would exist for age profiles along the curve of 5, 10, 15, 20 years. And we need to see some discovery of that as we move through the year and understand how those price points will play out.

再一次，我們所看到的或至少我所看到的新造船活動的交易量並不表明支付這種價格水平的市場很深。因此，我認為目前存在相當大的不透明度，即沿著 5、10、15、20 年曲線的年齡分佈存在價格點。我們需要在這一年中看到一些發現，並了解這些價格點將如何發揮作用。

I would also observe, if you look at the MR trading market in international markets tend to be dominated by spot trading versus time charter returns. It's been an extraordinary volatile period for the MR tanker market over the last 2, 3 months. We've seen the rates jump from -- or fall from, say, the mid-60s on a voyage across the Atlanta down to single digits. -- and jump back up again to mid-30s, mid-40s, and then drop back down again to negative time charter returns.

我還會觀察到，如果你看一下國際市場上的 MR 交易市場，往往以現貨交易為主，而不是定期租船回報。在過去的 2、3 個月裡，MR 油輪市場經歷了一段異常動蕩的時期。我們已經看到在穿越亞特蘭大的航行中，費率從 60 年代中期躍升或下降至個位數。 -- 再次回升至 30 多歲、40 多歲中期，然後再次回落至負定期租船回報。

So there's quite a bit of uncertainty in the actual evolution of how the shift away from servicing Russian product, in particular, is going to evolve. And I think that creates a difficult market to read from a sale and purchase point of view, but one which I think settles out as we move through this year and probably gives us greater clarity as to if we were to buy a new MR tanker, where would we target along the age profile that we think would be an appropriate level for our needs. And where would liquidity be triggered where you had a willing buyer, but also willing seller. That still need to evolve and discovery of those price points remain ahead of us.

因此，從服務俄羅斯產品的轉變將如何演變的實際演變存在相當大的不確定性。而且我認為，從銷售和購買的角度來看，這造成了一個難以解讀的市場，但我認為隨著我們今年的發展，這個市場會得到解決，並且可能讓我們更清楚地知道我們是否要購買一艘新的 MR 油輪，我們將根據我們認為適合我們需求的年齡段定位到哪裡。如果你有一個願意的買家，但也有一個願意的賣家，那麼流動性會在哪裡被觸發。這仍然需要發展，而這些價格點的發現仍然擺在我們面前。

Now that's great color on the bifurcated S&P market makes a lot of sense. And then just a follow-up on your renewable diesel charters. I believe that you had mentioned that last quarter, having 3 or 4 ships doing that. Is that still -- and then you had mentioned on this call, perhaps a new 2024 client or an extension on an existing charter. Are you still looking roughly 4 MR tankers or any number of changes there for OSG?

現在，在分叉的標準普爾市場上，這種顏色很有意義。然後只是跟進您的可再生柴油包機。我相信你在上個季度提到過，有 3 或 4 艘船這樣做。那仍然是——然後你在這次電話會議上提到了，可能是一個新的 2024 客戶或現有章程的延期。你還在尋找大約 4 輛 MR 油輪或 OSG 的任何數量的變化嗎？

Josh, that's correct for right now. But Josh, we still see demand for renewable diesel transportation capacity, both from existing players, but also, we get new inquiries. I think -- to give you some guidance, I think that we now have a relationship with virtually every major producer of renewable diesel in the Gulf Coast.

喬希，現在是正確的。但是喬希，我們仍然看到現有參與者對可再生柴油運輸能力的需求，而且我們也收到了新的詢問。我想 - 給你一些指導，我認為我們現在與墨西哥灣沿岸幾乎所有主要的可再生柴油生產商都有關係。

And you've highlighted in some of your commentary that I've read that there is some uncertainty as to whether or not the production -- the increased production that's coming online over the next 12 to 18 months in the Gulf Coast, how much of that is going to be moving to the West Coast and how much of it including sustainable aviation fuel as a sort of subpart of renewable diesel, how much of that might begin to find export markets to Canada or to Europe or to Scandinavia. I think that's something that bears watching.

你在你的一些評論中強調了我讀到的關於產量是否存在一些不確定性 - 未來 12 到 18 個月在墨西哥灣沿岸的產量增加，有多少這將轉移到西海岸，其中有多少包括可持續航空燃料作為可再生柴油的一種子部分，其中有多少可能開始尋找出口市場到加拿大或歐洲或斯堪的納維亞半島。我認為這是值得關注的事情。

But certainly, from what we can see from the behavior of our customers, there is no indication there is any concern to the demand for transportation to the West Coast for the foreseeable future. I would say the opposite that there continues to be a very strong level of inquiry to tie up vessels and secure that capacity to ensure that, that product can continue to move to the West Coast.

但可以肯定的是，從我們客戶的行為來看，沒有跡象表明在可預見的未來對西海岸的交通需求存在任何擔憂。我要說的恰恰相反，仍然有非常強烈的詢問來捆綁船隻並確保該能力以確保該產品可以繼續運往西海岸。

Yes, renewable diesel, you guys were certainly on top of that so congratulations on grabbing those. And then just one last minor question having to do with the OSG Tampa. I'm looking at Slide 10, and it looks like Tampa might be placed under the shuttle tanker sort of subcategory. I'm just wondering is Tampa doing shuttle work or are they doing standard MR work right now?

是的，可再生柴油，你們肯定是最重要的，所以恭喜你抓住了那些。然後是與 OSG Tampa 有關的最後一個小問題。我正在看幻燈片 10，看起來坦帕可能被置於穿梭油輪的子類別下。我只是想知道坦帕是在做穿梭工作還是他們現在在做標準的 MR 工作？

Just as an explanation, we will be changing our -- the way that we disclose the individual kind of asset types and the presentations going forward, we have -- historically, the Tampa was a shuttle tanker. The OSG 350 vision was -- has been in the lightering business in the Delaware Bay. And so, in order to conform with historical presented financial figures, we have kept those as they have been through the end of 2022.

作為一個解釋，我們將改變我們的——我們披露各種資產類型的方式和未來的介紹——從歷史上看，坦帕號是一艘穿梭油輪。 OSG 350 的願景是——一直在特拉華灣從事駁船業務。因此，為了與歷史呈現的財務數據保持一致，我們保留了截至 2022 年底的數據。

But with our next subsequent release, we're going to alter that to reflect the Tampa as a standard MR tanker because that's in fact the service that it's been involved in. And the 350 will be joined in with our conventional ATB assets. And so, you'll see that reflected going forward and will make the necessary historical adjustments, so you can see those comparisons.

但在我們的下一個後續版本中，我們將對其進行更改，以將 Tampa 反映為標準 MR 油輪，因為這實際上是它所參與的服務。350 將與我們的傳統 ATB 資產結合在一起。因此，您會看到這反映了未來並將進行必要的歷史調整，因此您可以看到這些比較。

But we at the advice of our very strict financial advisers we're instructed to keep our presentation consistent with historical purposes through the end of 2022 and you'll only see those changes with our next quarter release when we ship those to reflect more accurately the current services that they're providing.

但是，根據我們非常嚴格的財務顧問的建議，我們被指示在 2022 年底之前使我們的演示文稿與歷史目的保持一致，您只會在我們下一季度發布的版本中看到這些更改，屆時我們將發布這些更改以更準確地反映他們提供的當前服務。

This concludes our question-and-answer session for today's call. I will now pass back to Mr. Norton for any closing remarks. Thank you.

今天電話會議的問答環節到此結束。現在，我將轉回給諾頓先生，聽取任何結束語。謝謝。