(OSG) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Overseas Shipholding Group Second Quarter 2023 Earnings Release Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Sam Norton, Chief Executive Officer. Please go ahead.

早上好，歡迎參加海外造船集團2023年第二季度收益發布電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給首席執行官薩姆·諾頓 (Sam Norton)。請繼續。

Thank you, Drew. Welcome, and thank you for listening in on this presentation of our financial results for the second quarter of 2023 and for allowing us to provide commentary on those results and additional color as to the current state of our business and opportunities and challenges that lie ahead. As usual, I am joined in this presentation by our CFO, Dick Trueblood.

謝謝你，德魯。歡迎並感謝您收聽我們 2023 年第二季度財務業績的演示，並感謝您允許我們對這些業績發表評論，並就我們當前的業務狀況以及未來的機遇和挑戰提供更多信息。與往常一樣，我們的首席財務官迪克·特魯布拉德 (Dick Trueblood) 也加入了我的演講。

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.

首先，我想引導大家閱讀我們網站上的 PowerPoint 演示文稿第 2 頁和第 3 頁上的敘述，內容涉及本次電話會議期間可能提供的前瞻性陳述、估計和其他信息。該敘述的內容是本次演講的重要組成部分，我敦促大家仔細閱讀和思考。今天我們將為您提供的不僅僅是 OSG 的歷史觀點，我們的演示文稿還包括前瞻性陳述，包括有關預期未來結果的陳述。

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. For a discussion of these factors, we refer you to our SEC filings, particularly our Form 10-Q for the second quarter of 2023, which we anticipate filing later today, and our previously released Forms 10-K and 10-Q, which can be found at the SEC's Internet site, www.sec.gov as well as our own website, www.osg.com.

這些陳述存在不確定性和風險。實際結果可能與我們前瞻性陳述中預期的結果存在重大差異，並且可能受到各種風險因素的影響，包括我們無法控制的因素。為了討論這些因素，我們建議您參閱我們向SEC 提交的文件，特別是我們預計在今天晚些時候提交的2023 年第二季度的10-Q 表格，以及我們之前發布的10-K 和10-Q表格，它們可以可在 SEC 的網站 www.sec.gov 以及我們自己的網站 www.osg.com 上找到。

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. 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.

本演示文稿中的前瞻性陳述僅代表今天的情況，我們不承擔任何更新任何前瞻性陳述的義務，除非法律要求。此外，我們今天的演示還包括某些非公認會計原則財務指標，我們對這些指標進行了定義，並與我們發佈在我們網站上的收益報告中最接近的公認會計原則指標進行了協調。

Solid and satisfying best characterizes the second quarter results that OSG announced earlier this morning. Following on from an equally strong performance during the first quarter of the year, we are now comfortably on track to exceed our prior guidance for full year financial results with first half adjusted EBITDA having reached $80 million. Contributing to our second quarter results were incrementally higher average TCE rates for our Jones Act MR tankers and stable and historically consistent returns from our specialized assets.

OSG 今天早些時候宣布的第二季度業績最能體現穩健和令人滿意的特點。繼今年第一季度同樣強勁的表現之後，我們現在有望超越之前的全年財務業績指引，上半年調整後 EBITDA 已達到 8000 萬美元。我們第二季度業績的貢獻在於我們的 Jones Act MR 油輪的平均 TCE 率逐步提高，以及我們的專業資產的穩​​定且歷史一致的回報。

Positive real cash flow witnessed in the past several quarters has continued to allow a build in liquid assets. The quarter-end cash balances, including investments in treasury securities stood at $120 million an increase when compared with first quarter comparable levels even after taking into consideration nearly $10 million of stock repurchased during the period. Favorable market conditions over the first half of this year have allowed us to achieve our preferred contract profile, which consists predominantly of medium-term charters.

過去幾個季度出現的正實際現金流繼續推動流動資產的增加。即使考慮到在此期間回購了近 1000 萬美元的股票，季末現金餘額（包括國債投資）仍為 1.2 億美元，與第一季度的可比水平相比有所增加。今年上半年有利的市場條件使我們能夠實現我們的首選合同類型，其中主要包括中期租船。

As of the end of June, the average contracted duration for our Jones Act vessels result was over 21 months, with 100% of 2023 available days and 80% of 2024 available days now fully fixed. This contract duration gives us an unusually high level of forward revenue visibility. Further, in none of the next 10 quarters, do we expect more than 2 vessels to be open for fixing at the same time. The combination of firm charter rates, staggered maturities and extended contract durations bodes well for continuing into the foreseeable future, our recent run of strong financial results.

截至 6 月底，我們的《瓊斯法案》船舶結果的平均合同期限超過 21 個月，2023 年可用天數的 100% 和 2024 年可用天數的 80% 現已完全固定。該合同期限為我們提供了異常高水平的遠期收入可見性。此外，我們預計在接下來的 10 個季度中，不會有超過 2 艘船舶同時開放進行修理。堅定的租船費率、交錯的到期日和延長的合同期限相結合，預示著我們最近的強勁財務業績將在可預見的未來持續下去。

During the quarter, the much anticipated conclusion of the Military Sealift Command's tender for vessels to be stationed in the Pacific in support of key Department of Defense operations, saw OSG's Overseas Mykonos awarded one of the long-term contracts for MR tankers, adding to the book of forward cover. The MSC contract is structured as a firm 1-year time charter with options to extend the contract on an annual basis for up to 66 months in total. We will produce more than $20 million of time charter equivalent earnings during the first year and close to $100 million of total TCE over the life of the contract if all options are exercised.

本季度，軍事海運司令部對駐紮在太平洋以支持國防部關鍵行動的船隻的招標結束，OSG 的海外米科諾斯號獲得了一份 MR 油輪的長期合同，增加了封面的書。 MSC 合同的結構為固定的 1 年期租船合同，可選擇每年將合同延長最多 66 個月。如果所有期權均被行使，我們將在第一年產生超過 2000 萬美元的定期租船等值收入，並在合同期內產生接近 1 億美元的總 TCE。

Our success in securing at least one of these tender contracts was a major objective for the year. As with OSG's participation in the Tanker Security Program, recognition of the key role played by OSG in supporting the maritime logistical requirements of the country's defense strategies is a welcome vote of confidence in the value of the services that we provide. The Overseas Mykonos delivered into the MSC contract last week and will, as a result, be withdrawn from the Tanker Security Program. This creates an opportunity for OSG to expand its fleet of internationally trading U.S. Flag tankers through the acquisition of a secondhand tanker to fill the TSP slot vacated by the Mykonos.

我們今年的主要目標是至少成功獲得其中一份招標合同。與 OSG 參與油輪安全計劃一樣，對 OSG 在支持國家國防戰略的海上後勤需求方面所發揮的關鍵作用的認可，是對我們提供的服務價值投出的一張值得歡迎的信任票。海外米科諾斯號上週交付了 MSC 合同，因此將退出油輪安全計劃。這為 OSG 創造了一個機會，通過收購一艘二手油輪來填補米科諾斯號空出的 TSP 位置，擴大其國際貿易美國國旗油輪船隊。

We are actively evaluating options to replace the Mykonos and are working to do so in the near future. As mentioned on previous calls, we have been seeking to add to our fleet count, opportunities for which are most promising through expansion of activities in U.S. flag operations outside of coastalized trades. Congresses authorization of an increased in the number of ships participating in the TSP from 10 to 20 ships offers optimism for the chance to further expand in this niche sector. Moving from 2 U.S. flag vessels engaged in foreign trade at the beginning of this year to potentially 4 such vessels by the end of this year is a good start to realizing this growth potential.

我們正在積極評估替代米科諾斯島的方案，並努力在不久的將來這樣做。正如之前的電話會議中提到的，我們一直在尋求增加我們的機隊數量，通過擴大沿海貿易以外的美國國旗業務的活動，這是最有希望的機會。國會授權將參與 TSP 的船舶數量從 10 艘增加到 20 艘，這為進一步擴大這一利基領域的機會帶來了樂觀。從今年年初從事外貿的 2 艘懸掛美國國旗的船隻增加到今年年底可能有 4 艘此類船隻，這是實現這一增長潛力的良好開端。

Turning to the domestic market. Most indications reflect a market that is continuing to tighten with all Jones Act tankers in nearly all ATBs fixed on time charter to primary end users and traders. Recent fixtures by competitors are reported to have seen an MR tanker taken for 2 years at a rate exceeding $80,000 per day, a 270,000 barrel ATB fixed at over $60,000 per day also for 2 years and 180,000 barrel ATB committed for 2 years at an average rate of $43,000 per day. The pricing power for owners of Jones Act vessels has not been this strong for nearly a decade.

轉向國內市場。大多數跡象表明，市場持續緊縮，幾乎所有 ATB 中的所有《瓊斯法案》油輪都固定向主要最終用戶和貿易商提供期租。據報導，競爭對手最近的固定安排中，一艘MR 油輪以每天超過80,000 美元的價格被佔用了2 年，一艘270,000 桶ATB 也被固定在每天60,000 美元以上，持續了2 年，而180,000 桶ATB 則被承諾了2 年平均價格。每天 43,000 美元。近十年來，《瓊斯法案》船舶所有者的定價能力從未如此強大。

During this past quarter, we reached agreements with each of OSG's 2 lightering customers who extended their respective contracts of affreightment for 2 years commencing July 1 of this year. Time charter equivalent earnings on the terms as extended at the minimum barrels committed will increase by roughly 10% over the minimum time charter equivalent amounts implied in the expiring contract terms. It is worth noting that both of these lightering customers have exceeded the minimum contract volumes in each of the past 2 years. OSG has 1 conventional MR tanker, 1 ATB and 1 Alaskan tanker coming open at the end of this year. Discussions are advanced to conclude terms for future employment of these vessels.

在上個季度，我們與 OSG 的 2 家駁運客戶達成協議，從今年 7 月 1 日起將各自的貨運合同延長兩年。與到期合同條款中隱含的最低定期租船等值金額相比，按承諾的最低桶數延長的定期租船等值收益將增加約 10%。值得注意的是，這兩家駁運客戶在過去兩年中每年都超過了最低合同量。 OSG 有 1 艘常規 MR 油輪、1 艘 ATB 和 1 艘阿拉斯加油輪將於今年年底投入運營。雙方將就這些船舶的未來使用條款進行進一步討論。

It is anticipated that all 3 of these ships will be fully fixed by the end of the current quarter, a position which if achieved will lead to a forward time charter book for all of 2024 that exceeds 90% of current vessel available days. OSG is actively taking steps intended to incrementally reduce the carbon footprint of our existing fleet. We have discussed some of these steps in our sustainability report available on our website. This commitment to imagining and delivering on a future business model with a reduced carbon footprint is an important component of our current plans. In this context, we have recently entered into several memoranda of understanding to make capital investments on existing vessels intended to reduce fuel consumption and associated CO2 emissions.

預計所有 3 艘船舶將在本季度末完全修復，如果實現這一目標，2024 年全年的遠期定期租船合同將超過當前船舶可用天數的 90%。 OSG 正在積極採取措施，逐步減少我們現有機隊的碳足跡。我們在網站上提供的可持續發展報告中討論了其中一些步驟。這種對想像和實現減少碳足蹟的未來商業模式的承諾是我們當前計劃的重要組成部分。在此背景下，我們最近簽署了幾份諒解備忘錄，對現有船舶進行資本投資，旨在減少燃料消耗和相關的二氧化碳排放。

Of these initiatives, the most significant is an MOU signed with engine maker MAN B&W to upgrade engines on 2 of our ATC tankers with a goal of achieving as much as a 15% reduction in annual fuel consumption. These engine upgrades, if concluded as planned in 2024 will involve a total project cost for 2 vessels of close to $25 million. The MOU includes options for upgrades on up to 2 additional Alaskan class vessels. Expected benefits to be achieved by these engine upgrades include reduced annual fuel, maintenance and operating costs of approximately $2.5 million per vessel, and an estimated reduction of 6,000 tons of CO2 emissions per year for each vessel. As important, these upgrades will ensure CII compliance under current rules beyond 2030, ensuring continued availability for these vessels to operate in Jones Act trades for the foreseeable future.

在這些舉措中，最重要的是與發動機製造商 MAN B&W 簽署的諒解備忘錄，以升級我們 2 艘 ATC 油輪的發動機，目標是實現年度燃油消耗減少 15%。這些發動機升級如果按計劃於 2024 年完成，兩艘船的項目總成本將接近 2500 萬美元。該諒解備忘錄包括升級最多 2 艘阿拉斯加級船舶的選項。這些發動機升級預計將帶來的好處包括每艘船每年減少約 250 萬美元的燃料、維護和運營成本，預計每艘船每年減少 6,000 噸二氧化碳排放。同樣重要的是，這些升級將確保 2030 年之後的 CII 符合現行規則，確保這些船舶在可預見的未來繼續在《瓊斯法案》貿易中運營。

Other upcoming investments on selected vessels include planned modifications to improve propeller efficiencies, installation of electronic performance monitoring equipment and use of high-performance hull coatings, all intended to reduce fuel consumption and improve operating efficiencies. These initiatives will help us move towards our stated goal of reducing overall greenhouse gas emissions across our fleet by 10% by the end of 2024.

即將對選定船舶進行的其他投資包括計劃進行改造以提高螺旋槳效率、安裝電子性能監控設備以及使用高性能船體塗層，所有這些都是為了減少燃料消耗並提高運營效率。這些舉措將幫助我們實現既定目標，即到 2024 年底將我們機隊的溫室氣體排放總量減少 10%。

Beyond modifications intended to incrementally reduce carbon footprint of our existing fleet, OSG continues to develop plans for contributing to a reduction in global greenhouse gas emissions through CO2 capture and sequestration. In recent months, we have witnessed considerable momentum building towards the development of intermediate storage hubs and transport networks to facilitate industrial-scale CO2 capture and sequestration process.

除了旨在逐步減少現有機隊碳足蹟的修改之外，OSG 還繼續制定計劃，通過二氧化碳捕獲和封存來減少全球溫室氣體排放。近幾個月來，我們看到中間儲存中心和運輸網絡的發展勢頭強勁，以促進工業規模的二氧化碳捕獲和封存過程。

OSG's established franchise for domestic transport of liquid bulk commodities gives us a significant competitive advantage for participating in this emerging market. OSG has recently partnered with key port operators along the Gulf Coast to submit applications for grants from the U.S. Department of Energy to develop detailed projects for intermodal transport hubs for captured CO2. OSG believes that the marine transport of captured CO2 is the most attractive means of connecting stranded industrial emitters in the region with sequestration sites. We are focused on working with our new partners to develop economically viable solutions to achieve this vision. I expect to be able to share with you more specifics on this topic in the quarters ahead.

OSG 已建立的液體散裝商品國內運輸專營權為我們參與這一新興市場提供了顯著的競爭優勢。 OSG 最近與墨西哥灣沿岸的主要港口運營商合作，向美國能源部提交撥款申請，以開發捕獲二氧化碳的多式聯運樞紐的詳細項目。 OSG 認為，捕獲的二氧化碳的海洋運輸是將該地區滯留的工業排放源與封存地點連接起來的最具吸引力的方式。我們致力於與新合作夥伴合作，開發經濟上可行的解決方案，以實現這一願景。我希望能夠在未來幾個季度與您分享有關該主題的更多細節。

I will now turn the call over to Dick to provide you with further details on our second quarter results for 2023. Dick?

我現在將把電話轉給迪克，向您提供有關我們 2023 年第二季度業績的更多詳細信息。迪克？

All right. Thanks, Sam. If we could turn to Slide 7, please. Our Board authorized a $10 million share repurchase program in March 2023. And in June, increased the authorization by an additional $10 million, bringing the current program to $20 million. In the second quarter, we repurchased 2.1 million shares for $8 million. Cumulatively, in 2023, our purchases through June 30, 2023, were 2.6 million shares for approximately $9.8 million. Since then, we have repurchased an additional 258,000 shares for $1 million through August 3. Cumulatively, since we began to repurchase shares in June 2022 and including the purchases in the third quarter of this year, we have bought a total of 12.9 million shares, returning $39.9 million to shareholders.

好的。謝謝，薩姆。請轉到幻燈片 7。我們的董事會於 2023 年 3 月批准了一項 1,000 萬美元的股票回購計劃。6 月，又將授權增加了 1,000 萬美元，使當前計劃達到 2,000 萬美元。第二季度，我們以 800 萬美元回購了 210 萬股股票。截至 2023 年 6 月 30 日，我們在 2023 年累計購買了 260 萬股股票，價值約 980 萬美元。此後，截至8 月3 日，我們以100 萬美元的價格額外回購了258,000 股股票。自2022 年6 月開始回購股票以來，包括今年第三季度的回購，我們累計購買了1,290 萬股股票，向股東返還 3,990 萬美元。

Please turn to Slide 8. Expanding on Sam's comment and also including revenue days from both our U.S. Flag and Jones Act operations, our contracted book of business for 2023 represents 96% of all available days. Keep in mind that the international U.S. Flag business is a combination of contracted affreightment business and spot voyages. This high level of contracted business substantially increases the predictability of our future operations.

請參閱幻燈片 8。擴展 Sam 的評論，還包括我們美國國旗和瓊斯法案業務的收入天數，我們 2023 年的合同業務賬簿佔所有可用天數的 96%。請記住，國際美國國旗業務是合同貨運業務和即期航行的結合。這種高水平的合同業務大大提高了我們未來運營的可預測性。

Looking at this on a revenue basis, without considering any business currently under negotiation, and not assuming the exercise of any existing contractual options, our future book of business is approximately $840 million over the remaining lives of our existing contracts. This factors out estimated off-hire days due to future required dry-dock periods. Second quarter operating results were in line with expectations. We continue to see active demand for future time charters as customers ensure their ability to meet their future transportation needs. As Sam addressed in his comments, the rate environment remains quite healthy, along with demand for longer-term contract duration. The Tanker Security Program commenced during the second quarter, saw 3 of our vessels accepted into the program.

從收入的角度來看，不考慮目前正在談判的任何業務，也不假設行使任何現有的合同選擇權，我們未來的業務在現有合同的剩餘期限內約為 8.4 億美元。這排除了由於未來所需的干船塢期而導致的預計停租天數。第二季度經營業績符合預期。我們繼續看到對未來期租的活躍需求，因為客戶確保他們有能力滿足未來的運輸需求。正如薩姆在評論中所說，利率環境仍然相當健康，而且對長期合同期限的需求也很大。油輪安全計劃於第二季度啟動，我們的 3 艘船舶獲准加入該計劃。

Program participation provides $6 million annual stipend paid monthly per vessel to reduce effective operating costs to permit U.S. flag vessels to compete in the international marketplace. Subsequently, one of these vessels, the Overseas Mykonos entered into a time charter with Military Sealift Command and will be removed from the TSP. As Sam discussed, we are actively seeking to acquire another vessel to fill the TSP position formerly occupied by the Mykonos.

參與該計劃的每艘船每月可獲得 600 萬美元的年度津貼，以降低有效運營成本，使美國國旗船舶能夠在國際市場上競爭。隨後，其中一艘船“海外米科諾斯號”與軍事海運司令部簽訂了期租合同，並將從 TSP 中刪除。正如 Sam 所討論的，我們正在積極尋求購買另一艘船來填補以前由米科諾斯號佔據的 TSP 位置。

We turn to Slide 9. Second quarter TCE revenues were $100.1 million, $4.6 million decline from the first quarter of this year. 77 off-hire days due to dry dock schedules was a primary contributor to the change. We will continue to see the impact of increased survey activity in the third quarter. We have 136 budgeted dry dock days in the second half, of which 96 days will occur in the third quarter. We expect to expand approximately $23 million on drydock and related capital expenditures over the balance of this year. Adjusted EBITDA was $39.5 million, a small decrease from the prior quarter, principally resulting from the discussed decrease in revenues.

我們轉向幻燈片 9。第二季度 TCE 收入為 1.001 億美元，比今年第一季度下降 460 萬美元。由於乾船塢時間表而導致的 77 個停租日是造成這一變化的主要原因。我們將繼續看到第三季度調查活動增加的影響。下半年我們有 136 天的預算幹船塢日，其中 96 天將出現在第三季度。我們預計今年剩餘時間將在幹船塢和相關資本支出上增加約 2300 萬美元。調整後 EBITDA 為 3,950 萬美元，較上一季度小幅下降，主要是由於所討論的收入下降所致。

Please turn to Slide 10. Our specialized business revenues declined $4.7 million and ATB revenues declined $1.5 million. Jones Act product tanker revenues increased $1.4 million due to the higher average daily rates.

請參閱幻燈片 10。我們的專業業務收入下降了 470 萬美元，ATB 收入下降了 150 萬美元。由於平均日費率上升，《瓊斯法案》成品油輪收入增加了 140 萬美元。

Looking at Slide 11. During the first quarter, lightering volumes had exceeded historic levels. In the second quarter, volumes returned to more typical levels and TCE revenues associated with this business reverted to historical means. Non-Jones Act tanker performance was influenced by the scheduled 30-day dry-dock period for the overseas Mykonos and fewer Military Sealift Command voyages during the quarter.

請看幻燈片 11。第一季度，駁運量超過了歷史水平。第二季度，銷量恢復到更典型的水平，與該業務相關的 TCE 收入恢復到歷史水平。非瓊斯法案油輪的表現受到海外米科諾斯島預定的 30 天干船塢期以及本季度軍事海運司令部航行次數減少的影響。

Jones Act shuttle tanker revenues increased $1.1 million, returning to customary quarterly levels following the completion of the Overseas Cascade's intermediate survey during the first quarter. Alaskan tanker revenues were stable between the quarters as those vessels continue to be fully chartered.

瓊斯法案穿梭油輪收入增加了 110 萬美元，在第一季度完成海外級聯的中間調查後恢復到通常的季度水平。阿拉斯加油輪的收入在兩個季度之間保持穩定，因為這些船隻繼續得到充分包租。

Please turn to Slide 12. Vessel operating contribution decreased slightly to $43.5 million from $46.6 million in the first quarter. The contribution from our specialized businesses decreased [$2.59] million as the lightering volumes returned to more customary levels coupled with the survey period for the Mykonos and a decrease in MSC cargoes reduced the non-Jones Act product tanker contribution. Jones Act Handysize tankers contribution increased $1.3 million due to rate increases on new contracts, providing the impetus for this change. The contribution from our ATVs decreased $1.7 million as both the OSG 204 and OSG 350 experienced off-hire for drydock period during the quarter.

請參閱幻燈片 12。船舶運營貢獻從第一季度的 4660 萬美元小幅下降至 4350 萬美元。我們的專業業務的貢獻減少了[259] 萬美元，原因是駁運量恢復到更慣常的水平，加上米科諾斯島的調查期，以及MSC 貨物的減少減少了非瓊斯法案產品油輪的貢獻。由於新合同費率上漲，瓊斯法案靈便型油輪捐款增加了 130 萬美元，為這一變化提供了動力。由於 OSG 204 和 OSG 350 在本季度幹船塢期間停租，我們的 ATV 貢獻減少了 170 萬美元。

Turn to Slide 13, please. Adjusted EBITDA was $39.5 million for the quarter, bringing our first half adjusted EBITDA to $80.4 million. A modest $1.4 million decline from the first quarter again reflects off-hire days for survey requirements and the lightering volume reductions. Adjusted EBITDA increased from Q2 by $8 million.

請翻到幻燈片 13。本季度調整後 EBITDA 為 3950 萬美元，使上半年調整後 EBITDA 達到 8040 萬美元。較第一季度小幅下降 140 萬美元，再次反映了調查要求的停租日和駁船量的減少。調整後 EBITDA 較第二季度增加 800 萬美元。

Please turn to Slide 14. We've continued to generate net income and our trailing 12-month basis of net income is $47.8 million. the substantial improvement in our markets, including the impact of renewable diesel vessel demand. has resulted in rate increases and increased contract duration substantially contributing to these positive results.

請參閱幻燈片 14。我們繼續產生淨利潤，過去 12 個月的淨利潤為 4780 萬美元。我們市場的實質性改善，包括可再生柴油船需求的影響。導致費率上漲和合同期限延長，為這些積極成果做出了重大貢獻。

Please turn to Slide 15. First, let me apologize as the published slide is an incorrect slide. And I'll discuss the correct information that affects 2 columns. At March 31, 2023, we had total cash of $105 million and that's $79 million. During the quarter, we adjusted -- we generated $39 million of adjusted EBITDA and working capital used $11 million of cash and not contribute $14 million. We invested $5 million in vessel drydock and other capital costs, and we repurchased 2.8 -- 2.1 million shares for $8 million. We paid $14 million for debt service, $6 million, of which reduced our outstanding debt through scheduled amortization. We ended the quarter with $106 million of cash plus an additional $15 million of liquid investments resulting in total liquidity of $121 million.

請轉到幻燈片 15。首先，請允許我道歉，因為發布的幻燈片是不正確的幻燈片。我將討論影響 2 列的正確信息。截至 2023 年 3 月 31 日，我們的現金總額為 1.05 億美元，即 7900 萬美元。在本季度，我們進行了調整——我們產生了 3900 萬美元的調整後 EBITDA，營運資金使用了 1100 萬美元的現金，但沒有貢獻 1400 萬美元。我們在船舶幹塢和其他資本成本上投資了 500 萬美元，並以 800 萬美元回購了 2.8 至 210 萬股股票。我們支付了 1400 萬美元的償債費用，其中 600 萬美元通過定期攤銷減少了未償債務。本季度結束時，我們擁有 1.06 億美元的現金，加上額外的 1500 萬美元的流動性投資，流動性總額達到 1.21 億美元。

Please turn to Slide 16. Continuing our discussion of cash and liquidity, as mentioned before, we had $106 million of cash. Our total debt was $416 million representing a decrease of $6 million in outstanding indebtedness since March 2023. Scheduled loan amortization for the remainder of 2023 is $11.8 million, with $354 million of equity, our net debt-to-equity ratio is 0.9x. In 2024, our scheduled debt service is $53.1 million, of which $24.9 million is principal amortization. Additionally, our loan on the Overseas Sun Coast matures in September '24, and we'll have an outstanding balance at that time of $18 million. This concludes my comments on the financial statements.

請參閱幻燈片 16。繼續我們對現金和流動性的討論，如前所述，我們擁有 1.06 億美元的現金。我們的總債務為4.16 億美元，意味著自2023 年3 月以來未償債務減少了600 萬美元。2023 年剩餘時間的計劃貸款攤銷為1,180 萬美元，權益為3.54 億美元，我們的淨債務與權益比率為0.9 倍。到 2024 年，我們的預定償債額為 5310 萬美元，其中 2490 萬美元是本金攤銷。此外，我們在海外陽光海岸的貸款將於 24 年 9 月到期，屆時我們的未清餘額將為 1800 萬美元。我對財務報表的評論到此結束。

I'd like to turn the call back to Sam. Sam?

我想把電話轉回給薩姆。薩姆？

Thank you, Dick. As highlighted by Dick's detailed comments, the first half of 2023 has proceeded largely according to plan with positive performance in both average TCE rates and the contribution of some of our specialized assets, putting us on track ahead of where we guided at the outset of the year. With now greater visibility of charter rates and coverage contracted for future quarters, the extent of variabilities to expectations for the balance of the year will occur solely as a result of changes in lightering volumes and in the rate conditions experienced in the international MR market, in which currently only 2 of our Non-Jones Act vessels trade.

謝謝你，迪克。正如迪克的詳細評論所強調的那樣，2023 年上半年基本上按照計劃進行，平均 TCE 率和我們一些專業資產的貢獻都取得了積極的表現，使我們走在了我們一開始指導的軌道上。年。現在，隨著未來幾個季度租船費率和合同承保範圍的可見性提高，今年剩餘時間的預期變化程度將僅由於國際 MR 市場上的駁運量和費率條件的變化而發生。目前我們只有2 艘非瓊斯法案船隻進行貿易。

Our fleet today remains well positioned to respond to the changing patterns of domestic and international transportation of fuel shipments and is well situated and actively engaged in participating in emerging areas of opportunity. We anticipate continuing strength in all important financial metrics and the sustained build and available cash balances over the next several quarters as profitable time charters at higher utilization rates are realized.

今天，我們的船隊仍然能夠很好地應對國內和國際燃料運輸不斷變化的模式，並且處於有利位置並積極參與新興的機遇領域。我們預計，隨著以更高利用率實現盈利期租，未來幾個季度所有重要財務指標將持續走強，並持續建立和可用現金餘額。

As Dick noted, we do anticipate increased dry dock and survey out of service days for the second half of this year. Nevertheless, with our success in securing improved terms on a number of vessel contracts, it gives us confidence in improving our guidance for full year 2023 results from what we have presented last quarter. We now expect time charter equivalent earnings for the full year of approximately $410 million. Obtaining these top line results should generate adjusted EBITDA of about $160 million for the full calendar year of 2023. After deducting debt service and planned maintenance capital expenses, we anticipate that free cash flow for the full year should be close to $70 million.

正如迪克指出的那樣，我們確實預計今年下半年的干船塢和調查停運天數將會增加。儘管如此，隨著我們成功地改善了許多船舶合同的條款，這讓我們有信心改善我們上季度公佈的 2023 年全年業績指引。我們目前預計全年定期租船等值收益約為 4.1 億美元。獲得這些頂線結果應會在 2023 年全年產生約 1.6 億美元的調整後 EBITDA。扣除償債和計劃維護資本支出後，我們預計全年自由現金流應接近 7000 萬美元。

To deliver on these results, our mission is firmly focused on execution and operational excellence as well as the pursuit of growth opportunities in some of our specialized businesses. The extended contract coverage into 2024 also allows us to project with a reasonable degree of certainty, results that should be achieved from existing vessels for next year. Given what we know today, we expect time charter equivalent earnings for 2024 to exceed $430 million and an adjusted EBITDA to exceed $175 million for the full calendar year 2024.

為了實現這些成果，我們的使命堅定地專注於執行力和卓越運營，以及在我們的一些專業業務中追求增長機會。將合同期限延長至 2024 年也使我們能夠以合理的確定性預測現有船舶明年應取得的成果。根據我們目前所知，我們預計 2024 年定期租船等值收益將超過 4.3 億美元，2024 年全年調整後 EBITDA 將超過 1.75 億美元。

Capital allocation and the future use of surplus cash flow was a regular topic of conversation with our Board. We consider allocation of capital decisions to be among the most important that we must make towards achieving a proper balance between investing in the future, managing the level of our fixed payment obligations and considering appropriate means for returning cash to our shareholders. We recognize the need to invest in solutions to ensure the long-term sustainability of our business model to continue to meet the investment objectives of our shareholders and to be responsive to ambitious goals of achieving a future target of zero emissions for ocean shipping. As reflected in the comments made during this presentation, we believe that we are making good progress towards meeting all of these goals. We hope that you will agree with our assessment and that we can continue to advance these objectives in the months and years ahead. Drew, we can now open up the call for questions.

資本配置和剩餘現金流的未來使用是我們董事會經常討論的話題。我們認為，為了在未來投資、管理固定付款義務水平和考慮向股東返還現金的適當方式之間實現適當平衡，資本分配決策是我們必須做出的最重要決策之一。我們認識到需要投資於解決方案，以確保我們業務模式的長期可持續性，以繼續滿足股東的投資目標，並響應實現未來海運零排放目標的宏偉目標。正如本次演示期間發表的評論所反映的那樣，我們相信我們在實現所有這些目標方面正在取得良好進展。我們希望您同意我們的評估，並希望我們能夠在未來的幾個月和幾年中繼續推進這些目標。德魯，我們現在可以開始提問。

(Operator Instructions) The first question comes from Climent Molins with Value Investor's Edge.

（操作員說明）第一個問題來自價值投資者邊緣的克萊門特·莫林斯（Climent Molins）。

You provided some very interesting commentary on CO2 Transport, although this is still in an exploratory phase, when do you think any potential firm commitment could materialize? Could this be a 2024 event? Or how should we think about it?

您對二氧化碳運輸提供了一些非常有趣的評論，儘管這仍處於探索階段，您認為任何潛在的堅定承諾何時可以實現？這會是 2024 年的活動嗎？或者說我們應該如何思考？

Thanks for the question, Climent. This is an area of opportunity that we think is extremely interesting. But as you noted, it's a project or a series of projects that will likely have a long lead time, just to put it in context, if we were to order some vessel to comply with Jones Act regulations to be able to service meaningful volumes of CO2 transport, likely delivery time for a new vessel in the United States today is probably in the order of magnitude of 3 to 4 years.

謝謝你的提問，克萊門特。我們認為這是一個非常有趣的機會領域。但正如您所指出的，如果我們要訂購一些船舶遵守《瓊斯法案》規定，以便能夠為有意義的數量的船舶提供服務，那麼這個項目或一系列項目可能需要很長的交付時間。目前，美國新船的二氧化碳運輸交付時間可能為3 到4 年的數量級。

So even if we were to have a firm project in hand today, revenue generation from that project would likely not be visible for a better part of 3 to 5 years. I think our own expectations are that, within the next 2 years, we're hopeful that we will see real progress made towards actually seeing projects get off the ground. Projects getting off in my understanding of that, meaning the commitments from emitters and sequesters to annual volumes of CO2 transport that would allow the infrastructure to be committed to and to be commence construction of all of those intermediate pipelines and storage and vessel and receiving facilities on the other end. So it's certainly not something that's going to be revenue generating in the next 12 to 24 (technical difficulty) but I think longer term, it's an area of opportunity that could provide significant additive revenue to our portfolio in the long run.

因此，即使我們今天手頭有一個確定的項目，該項目的收入也可能在 3 到 5 年內看不到。我認為我們自己的期望是，在未來兩年內，我們希望能夠看到項目落地取得真正進展。根據我的理解，項目開始實施，意味著排放者和封存者對每年二氧化碳運輸量的承諾，這將使基礎設施能夠致力於並開始建設所有這些中間管道、儲存、船舶和接收設施。另一端。因此，這肯定不會在未來 12 到 24 年內（技術難度）產生收入，但我認為從長遠來看，這是一個機會領域，可以為我們的投資組合提供大量的額外收入。

That's very helpful. And following up on that question, would there be any appetite to invest in the online infrastructure? Or would you mostly stick with the vessels.

這非常有幫助。跟進這個問題，是否有興趣投資在線基礎設施？或者你會主要堅持使用船隻。

I think that's a question that we're still in the early stage of considering. But I think that we will examine this question from the perspective of how best to deploy our capital to ensure the most competitive position that we can attain in the full value chain of capture and distribution. I don't think that would include actual capture -- carbon capture equipment at emitter sites. But in the transportation chain that links stranded emitters with sequestration sites, I think there's scope for us to examine each and every part of that value chain in the transportation chain.

我認為這是一個我們仍處於考慮的早期階段的問題。但我認為，我們將從如何最好地部署我們的資本的角度來審視這個問題，以確保我們在捕獲和分配的整個價值鏈中獲得最具競爭力的地位。我認為這不包括實際的捕獲——排放點的碳捕獲設備。但在連接滯留排放者和封存地點的運輸鏈中，我認為我們有空間檢查運輸鏈中價值鏈的每個部分。

Makes sense. That's very helpful. You've secured a grand total of first long term government contracts, but you have 3 international MRs and I was wondering how do you plan to fulfill this last slot, is a bareboat being the most likely option? Or would you rather acquire the vessel?

說得通。這非常有幫助。您已經獲得了全部第一份長期政府合同，但您有 3 個國際 MR，我想知道您計劃如何完成最後一個位置，光船是最有可能的選擇嗎？或者您更願意購買這艘船？

I think that we look at both options. My own opinion is life is easier if we own the vessel as opposed to bareboat the vessel, but we really look at it from the point of view of a capital cost perspective as to which is ultimately the most beneficial structure.

我認為我們會考慮這兩種選擇。我自己的觀點是，如果我們擁有這艘船，而不是光著船，生活會更容易，但我們確實從資本成本的角度來看待它，以決定哪種結構最終是最有利的。

Congratulations for the quarter.

祝賀本季度。

My pleasure, Climent.

我很榮幸，克萊門特。

Next question comes from Ryan Vaughan with Needham.

下一個問題來自 Ryan Vaughan 和 Needham。

Great job in the quarter. And Sam, thanks for the guidance, that's some big time numbers, so great job there, especially for 2024. You commented on a few of the things I was going to ask you about, but maybe for Sam and for Dick, if you could just help us out a little bit, generating a ton of free cash flow, look at for $160 million EBITDA this year, $175 million next year, leverage, it's getting pretty low here, 1.5 on a net basis. With that being said, obviously, we're at a good point in the cycle. Can you guys just talk about what you're thinking about. It's a bigger balance but from an actual leverage perspective, it's quite low. How are you thinking about what's ideal? Where would you like to be as we start thinking out 6 months, maybe toward the end of the year as far as debt and cash balances, what's ideal for the company.

本季度工作出色。 Sam，感謝您的指導，這是一些重要的時間數字，非常棒的工作，尤其是2024 年。您對我要問您的一些事情發表了評論，但也許對Sam 和Dick 來說，如果您可以的話只是幫助我們一點點，產生大量的自由現金流，看看今年的 EBITDA 為 1.6 億美元，明年為 1.75 億美元，槓桿率現在很低，淨值 1.5。話雖如此，顯然我們正處於週期的一個好點。你們能談談你們的想法嗎？這是一個更大的餘額，但從實際槓桿的角度來看，它相當低。你如何看待什麼是理想的？當我們開始考慮 6 個月（也許是年底）的債務和現金餘額時，您希望處於什麼位置，什麼對公司來說是理想的。

Yes, I think clearly, we have one piece of debt maturing next year and then in 2025, we start to see some additional debt maturities arising. I mean, I think, in some respects, I mean, we would like to continue, we are continuing to deleverage our business a bit and reduce what our fixed obligations are. But it as you know, Ryan, it becomes a real mix of what other opportunities are out there on how to deploy cash and make capital investments for the future. We have an opportunity now to look at repaying some debt without refinancing it.

是的，我清楚地認為，我們有一筆債務明年到期，然後到 2025 年，我們開始看到一些額外的債務到期。我的意思是，我認為，在某些方面，我的意思是，我們希望繼續，我們將繼續對我們的業務進行一些去槓桿化，並減少我們的固定義務。但瑞安，正如你所知，它真正融合了其他關於如何部署現金和為未來進行資本投資的機會。我們現在有機會考慮在不進行再融資的情況下償還部分債務。

And I think that would at least in the very near term, be attractive. But it's a decision, it's going to be made based on how we see opportunities unfolding for adding a ship to the TSP program, for instance, and whether that is, again, it's an outright purchase or it's a bareboat charter and what that implies. And then we continue to have an interest in expanding our fleet that participates in the TSP as it grows from 10 to 20 vessels. And so we're going to have to look at those capital commitments as well and then balance it all out. And so I think it's going to be an evolving outcome.

我認為這至少在短期內是有吸引力的。但這是一個決定，將根據我們如何看待將船舶添加到 TSP 計劃中的機會來做出，例如，無論是直接購買還是光船租賃以及這意味著什麼。然後，我們繼續有興趣擴大參與 TSP 的船隊，因為船隊數量從 10 艘增加到 20 艘。因此，我們還必須考慮這些資本承諾，然後進行平衡。所以我認為這將是一個不斷發展的結果。

Maybe I can add on to that. There is in loose bucket terms, there's probably 3 areas I think we're going to need to expand some of it well, leaving aside share repurchases and debt repayment. In terms of sort of investment in the business opportunities in the near term, there's probably 3 (technical difficulty) that we consider we need to be mindful of when we think about our forward cash requirements. One is, as Dick mentioned, the replacement of Mykonos TSP program, whether that's a bareboat or an outright purchase, that would obviously have implications on the amount of cash that would be used. And then the second is we remain hopeful to be able to find a means of reactivating the Alaskan frontier that would involve capital both for likely the acquisition of that vessel, which is currently still owned by BP as well as pretty substantial investment into bringing that vessel back to an operating conditions. She's been in layup since 2019. So there's some hope that we have some clarity on that by the end of the year.

也許我可以補充一下。從鬆散的角度來看，我認為我們可能需要在三個領域很好地擴展其中的一些領域，不考慮股票回購和債務償還。就近期商業機會的投資而言，我們認為在考慮遠期現金需求時可能需要注意 3 個（技術難度）。一是，正如迪克提到的，更換米科諾斯島 TSP 計劃，無論是光船還是直接購買，這顯然都會對將使用的現金量產生影響。其次，我們仍然希望能夠找到一種重新激活阿拉斯加邊境的方法，這將涉及可能收購該船（目前仍由英國石油公司擁有）的資金，以及相當大的投資來引進該船回到操作狀態。自 2019 年以來，她一直處於上籃狀態。因此，我們希望到今年年底我們能對此有所澄清。

And then the third area that I addressed in some detail in my prepared comments is investments in capital expenditures to reduce fuel consumption in our ships, again, those are investments that will be made likely over the period of 2024 and 2025. So all these things are out there and how we fund those and how we finance them really will evolve from day to day. I would note that pretty attractive, all of our debt is currently fixed rate and in an environment where interest rates are rising, the real benefit of prepayment of debt becomes pretty marginalized when you look at particularly some of the specific loans that we have out there.

然後，我在準備好的評論中詳細討論的第三個領域是資本支出投資，以減少我們船舶的燃料消耗，這些投資可能會在 2024 年和 2025 年期間進行。所以所有這些事情就在那裡，我們如何為這些資金提供資金以及我們如何為它們提供資金確實會每天都在變化。我要指出的是，非常有吸引力，我們所有的債務目前都是固定利率，在利率上升的環境下，當你特別考慮我們現有的一些特定貸款時，提前償還債務的真正好處變得相當邊緣化。

I think all else being equal, we will pursue it continuing deleveraging of our business through acquisition of -- capital deployment on those projects that I mentioned, either with minimum amounts or no amounts of new debt and then look to refinance or put some more debt on those existing projects once they're completed and when some of our other debt has run off, and do that in a more consolidated basis rather than one-off financing packages.

我認為在其他條件相同的情況下，我們將通過收購我提到的那些項目的資本部署來繼續實現我們業務的去槓桿化，無論是最低金額還是沒有新債務，然後尋求再融資或增加一些債務一旦這些現有項目完成並且我們的其他一些債務已經耗盡，我們就會在這些項目上進行這些項目，並在更鞏固的基礎上進行，而不是一次性的融資方案。

And I think that, as Dick mentioned as well, some of the maturities that we have coming due in the next 24 months or so. If things continue to go as per plan, we may just repay those and not refinance those facilities leaving ourselves with a series of unencumbered assets that we can use as financing collateral for future projects, either collectively those loans coming off or together with new projects that we add into over the next 12 to 24 months. So I think that gives you a little bit of a clear description of what goes on in our thinking when we look at these opportunities, it's certainly better today than it was several or a couple of years ago in terms of the options that are open to us, and we're clearly thinking about how best to use that cash to maximize our opportunities.

我認為，正如迪克也提到的，我們將在未來 24 個月左右的時間內到期。如果事情繼續按計劃進行，我們可能只是償還這些貸款，而不是為這些設施再融資，從而留下一系列未支配資產，我們可以將這些資產用作未來項目的融資抵押品，無論是全部貸款還是與新項目一起使用我們將在接下來的 12 至 24 個月內進行添加。因此，我認為這可以讓您清楚地描述我們在考慮這些機會時的想法，就可以選擇的選項而言，今天肯定比幾年前或幾年前更好。我們顯然正在考慮如何最好地利用這些現金來最大化我們的機會。

That's great, Sam. And if you don't mind, just a follow-up on -- you gave us the 3 options, all make perfect sense, approximate timing on number one. And then I heard you say for the Alaska Frontier, hopefully, have some clarity by the end of the year. What's the rough time line to get that back in the water.

太好了，薩姆。如果您不介意，請繼續跟進——您給了我們 3 個選項，所有選項都非常有意義，第一個選項的大致時間。然後我聽到你說阿拉斯加邊境希望在今年年底前能得到一些澄清。將其放回水中的大致時間是多少？

Yes, we clearly would like to get a substitute vessel for the Mykonos sooner or rather than later. So as I said in my comments, our hope is that we're able to achieve that by the end of the year. Clarity on the Alaskan Frontier, that remains a little bit of a moving target, but I think today, we are more hopeful that we will see some movement on that within the next -- within this year, within the next 6 months.

是的，我們顯然希望遲早能為米科諾斯島找到一艘替代船。正如我在評論中所說，我們希望能夠在今年年底之前實現這一目標。阿拉斯加邊境的明確性，這仍然是一個不斷變化的目標，但我認為今天，我們更有希望在未來 - 今年內，未來 6 個月內 - 看到一些進展。

And then we would then need to be able to invest and invest to bring it back into service. Our current time line right now, the earliest that we would expect the Alaskan Frontier to be contributing to revenue of the company would be late in 2024. So for now, it's not really featuring in our forecasting. But we should know more about that in the next 3 to 4 months.

然後我們需要能夠不斷地投資以使其重新投入使用。我們目前的時間表是，我們預計阿拉斯加邊境最早會在 2024 年晚些時候為公司帶來收入。所以目前，它並沒有真正出現在我們的預測中。但我們應該在未來 3 到 4 個月內對此有更多了解。

And finally, we -- as I said, we signed an MOU with MAN B&W to invest in 2 of our ATC ships to upgrade the engines there, and we have an opportunity to do 2 additional vessels. And as I mentioned, the capital cost -- the total project costs there, including all elements will probably run for the 2 ships order magnitude of $25 million. And that capital will be expanded. If we sign firm contracts, which we are working to do within the next 60 days, that capital will be deployed kind of evenly over the 15-month period starting at the end of September.

最後，正如我所說，我們與 MAN B&W 簽署了一份諒解備忘錄，投資我們的 2 艘 ATC 船來升級那裡的發動機，並且我們有機會再建造 2 艘船。正如我所提到的，兩艘船訂單的資本成本——包括所有要素在內的總項目成本可能會達到 2500 萬美元。並且該資本將會擴大。如果我們簽署確定的合同（我們正在努力在未來 60 天內完成），那麼這些資金將在 9 月底開始的 15 個月內均勻部署。

(Operator Instructions) The next question comes from Joshua Kehoe, Private Investor.

（操作員說明）下一個問題來自私人投資者 Joshua Kehoe。

If possible, could we follow up a little bit on the TSP program. I know the MSC and Government of Israel voyages are done at good rates, but the international spot market is a little bit more volatile. My understanding is currently only 9 of the 10 TSP slots are filled. And I just want to kind of get your sense of the desire of participants to enter into that program given the more volatile international spot rates for MR tankers.

如果可能的話，我們能否對 TSP 計劃進行一些跟進。我知道 MSC 和以色列政府的航程價格很好，但國際現貨市場波動更大。據我了解，目前 10 個 TSP 插槽中只有 9 個已滿。鑑於 MR 油輪的國際即期匯率波動較大，我只是想了解一下參與者加入該計劃的願望。

Thanks for the question, Josh. A couple of observations that I would make. I think longer term that participants in the TSP program believe that it is an attractive program. And that as I have commented as well, the expansion from 10 to 20 shifts is something that is likely to occur over the next 3 to 4 years. I think the cadence of entry into an expansion of the TSP, however, is something that in the short term, is somewhat problematic or not in alignment with the aspirations of the transportation department and the Department of Defense. Two things stand out and contributing to that delta in expectations. One is the continued high rate of the price or the high prices for international tankers that currently, in my option, don't reflect the existing spot markets or time charter markets for international MR tankers.

謝謝你的提問，喬什。我會提出一些觀察結果。我認為從長遠來看，TSP 計劃的參與者相信這是一個有吸引力的計劃。正如我也評論過的那樣，從 10 個班次擴展到 20 個班次很可能在未來 3 到 4 年內發生。然而，我認為，短期內擴大 TSP 的節奏有些問題，或者不符合交通部和國防部的願望。有兩件事很突出，促成了預期的增量。一是國際油輪的持續高價格或高價格，在我看來，目前這並不能反映國際 MR 油輪現有的現貨市場或期租市場。

Just to give an example, there was announced recently, a series of new buildings entered into with full methanol capable engine design and specification for delivery, I believe, in 2025. And those ships were fixed for long time charters, I believe, 5 to 7 years in a range of about $25,000 per day. That would imply a longer term time charter rates for more conventional vessels probably in the gap between $20,000 and $25,000 per day. If you have scrubbers or eco or all the rest of that probably there's some variability there. But we certainly see equivalent time charter rates for international MR tankers in the lower 20s, let's call it, $22,000, $23,000, $24,000 per day is probably being effective rates. And when you look at those types of rates, vis-a-vis the actual prices for vessels in the market, it's quite difficult to make any kind of sense out of the returns that can be generated from that, whether trading internationally or trading in TSP program.

舉個例子，最近宣布，一系列新建築採用全甲醇發動機設計和交付規範，我相信，將於 2025 年交付。而且這些船舶被固定為長期租船，我相信，5 至7 年，每天約25,000美元。這意味著更多傳統船舶的長期期租費率可能在每天 20,000 美元到 25,000 美元之間。如果你有洗滌器或生態或所有其他的，可能會有一些變化。但我們確實看到國際 MR 油輪的同等期租費率在 20 左右，我們稱之為每天 22,000 美元、23,000 美元、24,000 美元可能是有效費率。當您查看這些類型的費率時，相對於市場上船舶的實際價格，無論是國際交易還是國內交易，都很難從由此產生的回報中獲得任何意義。 TSP 計劃。

I've spoken about this on calls and discussed with you in the past, there is a -- in my mind, there's an overhang of the opportunities available to sanction insensitive traders to be able to participate in moving Russian crude oil and products that I believe is getting close to the end of its development. By that, I mean, I think people that are going to engage in that trade probably fulfill their appetite for ships to be able to buy to do that. And therefore, that buying nexus, that buying appetite is either waning or completed. And once that process finishes, I think then price levels for other buyers of anchors that participate in the normal non-Russian trades you'll start to see some decline in prices.

我過去曾在電話中談到過這一點，並與你們討論過，在我看來，有大量機會可以製裁麻木不仁的交易者，讓他們能夠參與運輸俄羅斯原油和我的產品。相信其開發已接近尾聲。我的意思是，我認為那些將要從事這項貿易的人可能會滿足他們對能夠購買船舶來做到這一點的胃口。因此，這種購買聯繫、購買慾望要么正在減弱，要么已經結束。一旦該過程完成，我認為參與正常非俄羅斯交易的其他錨買家的價格水平將開始出現價格下降。

And I think that one of the reasons that maybe you have commented there's only 9 and we have to go out and replace the vessel as well, and we haven't done it yet. One of the reasons why you're seeing that kind of lag is a belief that the normalization of prices to align themselves with sort of time charter equivalent rates in the market will occur over the coming months. Of course, it may not. There's no guarantee there. But I think there is a view out there that, that process may begin to materialize.

我認為這可能是您評論的原因之一，因為只有 9 個，我們也必須出去更換容器，但我們還沒有這樣做。您看到這種滯後的原因之一是相信價格正常化將在未來幾個月內與市場上的期租等效費率保持一致。當然，也可能不是。那裡沒有任何保證。但我認為有一種觀點認為，這一過程可能會開始實現。

The other important factor that I want to emphasize in terms of the trajectory of vessels entering into the tanker security program is the continued shortage of maritime labor which manifests itself near every day in our normal business. And when you start to add the number of new additional U.S. Flag vessels to the pool is and will continue to put tremendous stress on the manning capabilities of companies participating in that program. We are actively engaged in Washington with Congress and with sponsors for the program to first understand the requirements for manning and second to plan for a ramp-up of additional manpower in conversations with labor, they characterize this as a good problem to have. I'm not sure if it's a good problem, it's a problem and ultimately, it leads to more jobs.

關於加入油輪安全計劃的船舶軌跡，我想強調的另一個重要因素是海事勞動力的持續短缺，這在我們的正常業務中幾乎每天都表現出來。當你開始增加新的美國國旗船隻的數量時，參與該計劃的公司的人員配備能力將繼續面臨巨大壓力。我們在華盛頓積極與國會和該計劃的讚助商合作，首先了解人員配置的要求，其次在與勞工的對話中計劃增加額外的人力，他們認為這是一個很好的問題。我不確定這是否是一個好問題，但它確實是一個問題，最終會帶來更多的就業機會。

And one of the objectives of the Tanker Security Program is to broaden and deepen the pool of U.S. mariners available for supporting maritime logistics for the Defense Department. So I think everybody is on board and understanding that, that's a long-term goal. Short term, the whatever teething pains or the real hurdles that exist in trying to ramp up that manpower very quickly, that's a concern. And I think that probably contributes more than the volatility of the international market for MRs in the long run. I think that the availability of labor in the short run is a greater contributor to hesitancy in terms of putting more vessels into the program.

油輪安全計劃的目標之一是擴大和深化可用於支持國防部海上後勤的美國海員隊伍。所以我認為每個人都同意並理解這是一個長期目標。短期來看，無論是在初期的痛苦還是在快速增加人力方面存在的真正障礙，這都是一個令人擔憂的問題。我認為，從長遠來看，這可能比國際 MR 市場的波動更重要。我認為，短期內勞動力的可用性是導致在將更多船隻投入該計劃方面猶豫不決的一個更大原因。

That makes a lot of sense. And if I may follow up real quickly because I'm always interested in renewable diesel. And I know both Vertex and PBF, their renewable diesel plants have come online in the second quarter. Are you seeing any more appetite in terms of obtaining charters for renewable diesel runs or you had mentioned before, I believe you thought 8 to 10 vessels would eventually be involved in doing that transportation. I'm just wondering if you've seen anything change there. Great quarter, and I really like that guidance for 2024.

這很有意義。我可以很快跟進嗎，因為我一直對可再生柴油感興趣。我知道 Vertex 和 PBF 的可再生柴油工廠已在第二季度上線。您是否看到了獲得可再生柴油運輸租船的更多興趣，或者您之前提到過，我相信您認為最終將有 8 到 10 艘船隻參與這項運輸。我只是想知道你是否看到那裡有什麼變化。很棒的季度，我真的很喜歡 2024 年的指導。

So my take on renewable diesel is, if there were more MR tankers available in market today, there would probably be more appetite for movers of renewable diesel to take those vessels. As I said in my prepared comments, to our knowledge, every MR tanker is currently fixed and deployed. So there is no current availability of vessels. So a little hard to speculate how -- where there's demand and where there's supply because there's just simply isn't any supply right now.

因此，我對可再生柴油的看法是，如果今天市場上有更多 MR 油輪，那麼可再生柴油運輸商可能會更有興趣接收這些船隻。正如我在準備好的評論中所說，據我們所知，每艘 MR 加油機目前都已修復和部署。因此目前沒有可用的船隻。因此，很難推測哪裡有需求，哪裡有供應，因為現在根本沒有任何供應。

We certainly continue to field inquiries from some of the existing customers that we have about availability and tonnage in the future. So that leads me to believe that there's probably still demand there. I think to hedge that a little bit, I think and you know this, I've read some of the comments that you posted online, developments in terms of other states with renewable fuel or equivalent to California low carbon fuel credits. If those sorts of things were to come online, that might change some of the transportation and the dynamics for the long West Coast or Gulf Coast or West Coast trades. I don't think anyone reasonably expects that to change in the next year or 2. But looking beyond that, I think that's an area of some question and probably tempers the appetite of our current customers in terms of looking at longer-term contracts.

我們當然會繼續向一些現有客戶詢問未來的可用性和噸位。所以這讓我相信那裡可能仍然有需求。我想稍微對沖一下，我想你也知道這一點，我讀過你在網上發布的一些評論，其他州在可再生燃料或相當於加州低碳燃料信用方面的進展。如果這些東西上線，可能會改變西海岸或墨西哥灣沿岸或西海岸漫長貿易的一些運輸和動態。我認為沒有人合理地期望這種情況會在明年或兩年內發生變化。但除此之外，我認為這是一個存在問題的領域，並且可能會降低我們當前客戶對長期合同的興趣。

This concludes our question-and-answer session. I would like to turn the conference back over to Sam Norton for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給薩姆·諾頓（Sam Norton）發表閉幕詞。

Thank you, Drew, and once again, thanks to everybody for listening in. We are certainly encouraged with the trajectory of our business and look forward to continuing to give you good news as we roll through the balance of this year and into 2024. Wishing everybody a good day. Thank you very much.

謝謝德魯，再次感謝大家的傾聽。我們的業務發展軌跡無疑讓我們深受鼓舞，並期待在今年餘下時間進入 2024 年時繼續給您帶來好消息。大家美好的一天。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。