(OSG) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Q4 2023 Overseas Shipholding Group Inc. earnings conference call.

大家早安，歡迎參加海外船舶控股集團公司 2023 年第四季財報電話會議。

(Operator Instructions) Please also note today's event is being recorded.

（操作員說明）也請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Sam Norton, President and CEO of Overseas Shipholding Group.

現在，我想請海外造船集團總裁兼執行長薩姆·諾頓發言。

Sir, please go ahead.

先生，請繼續。

Thank you, Jamie.

謝謝你，傑米。

Welcome and thank you for joining our presentation of OCC's fourth quarter and full year 2023 financial results and for allowing us to provide commentary on those results and additional color as to the current state of our business and the opportunities and challenges that lie ahead.

歡迎並感謝您參加我們對 OCC 2023 年第四季和全年財務業績的介紹，並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會和挑戰提供更多資訊。

As usual, I'm joined in this presentation by our CFO, Dick Trueblood.

像往常一樣，我們的財務長 Dick Trueblood 也加入了我的演講。

But 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.

但首先，我想引導大家閱讀我們網站上的 PowerPoint 簡報第 2 頁和第 3 頁上的敘述，其中涉及前瞻性陳述、估計以及本次電話會議期間可能提供的其他資訊。

Contents of that narrative are an important part of this presentation, and I urge everyone to read and consider them carefully.

敘述的內容是本次演講的重要部分，我懇請大家仔細閱讀和思考。

We will be offering you more than just a historical perspective on OSG today.

今天我們將為您提供的不僅僅是 OSG 的歷史視角。

And our presentation includes forward-looking statements, including statements about anticipated future results.

我們的簡報包含前瞻性陳述，包括有關預期未來結果的陳述。

These statements are subject to uncertainties and risks.

這些陳述存在不確定性和風險。

Actual results may differ materially from those contemplated by our forward-looking statements that could be affected by a variety of factors, including factors beyond our control.

實際結果可能與我們的前瞻性聲明中預期的結果有重大差異，這些結果可能受到多種因素的影響，包括我們無法控制的因素。

For a discussion of these factors, we refer you to our SEC filing, particularly our Form 10-K for 2023, which we anticipate filing later today and which can be found 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 legally be required.

為了討論這些因素，我們建議您參閱我們的 SEC 文件，特別是 2023 年的 10-K 表格，我們預計今天晚些時候提交，可以在 SEC 網站 www.sec.gov 以及我們自己的網站，www.osg .com。本簡報中的前瞻性聲明僅代表今天的情況，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

In addition, our presentation today includes certain non-GAAP financial measures, which we define and reconcile to the most closely comparable GAAP measure in our earnings release, which is posted on our website before discussing our 2023 performance and offering a perspective on how we see 2024 shaping up, I would like to comment briefly on the unsolicited non-binding indication of interest submitted to our Board by self check resources to acquire the OSG. shares.

此外，我們今天的演示包括某些非GAAP 財務指標，我們對這些指標進行了定義，並與我們的收益發布中最接近的GAAP 指標進行了協調，該收益發佈在我們的網站上發布，然後討論了我們2023 年的業績並提供了我們如何看待的觀點2024 年即將到來，我想簡要評論一下透過自查資源向我們董事會主動提交的、不具約束力的意向意向，以收購 OSG。分享。

It does not already own for $6.25 per share in cash as we have previously disclosed, our Board is carefully considering sole checks indication of interest in consultation with our outside financial and legal advisers and is committed to acting in the best interest of our stockholders because of the Board's work is ongoing.

正如我們之前披露的那樣，它尚未以每股6.25 美元的價格持有現金，我們的董事會正在與我們的外部財務和法律顧問協商，仔細考慮唯一的興趣檢查指示，並致力於以股東的最佳利益行事，因為董事會的工作正在進行中。

We do not intend to comment further on this matter during this call or to respond to questions regarding sold Chubb's indication of interest or the possibility of any potential transaction.

我們不打算在本次電話會議期間就此事發表進一步評論，也不打算回答有關已出售安達的興趣或任何潛在交易的可能性的問題。

We respectfully ask that your questions be focused on the Company's financial results and ongoing business activities.

我們謹請您將問題集中於公司的財務表現和持續的業務活動。

We couldn't be more pleased with our 2023 results.

我們對 2023 年的結果感到非常滿意。

Following the positive results reported in prior quarters, it would be appropriate to state that we have stepped the landing for our fourth quarter performance.

繼前幾季報告的正面成果之後，我們可以適當地說我們第四季的業績已經取得了進步。

The quarter's contribution led to meeting our adjusted EBITDA target of $175 million for the full year, a 23.1% gain over 2022 results despite having three fewer fewer vessels in operation in 2023.

本季的貢獻幫助我們實現了全年 1.75 億美元的調整後 EBITDA 目標，儘管 2023 年營運船舶數量減少了三艘，但與 2022 年業績相比增長了 23.1%。

The benefits of charter parties fixed at escalating rates over the past several quarters are now being realized producing strong cash flow and providing the means to make continued progress and meeting our key capital allocation goals.

過去幾季固定費率不斷上升的租船合約的好處現在正在實現，產生強勁的現金流，並提供持續進步和實現我們關鍵資本配置目標的手段。

Previous previously announced capital investments in our Alaskan tanker assets, the purchase of $1.425 million shares during the quarter and the declaration of our first dividend payment in many years.

先前宣布對我們的阿拉斯加油輪資產進行資本投資，在本季度購買 142.5 萬美元的股票，並宣布我們多年來的首次股息支付。

Underscore this point, strong fundamentals have continued to support charter interest in our vessels and allowed us to maintain and expand our preferred contract profile of predominantly medium term charters, as has been the case for most of the past year, healthy refining margins and robust international tanker rates have supported strong performance across our fleet.

強調這一點，強勁的基本面繼續支持我們船舶的租船興趣，並使我們能夠維持和擴大以中期租船為主的首選合約概況，就像過去一年的大部分時間一樣，健康的煉油利潤和強勁的國際市場油輪運價支持了我們船隊的強勁表現。

Cash flow from operations continues to meet or exceed our expectations, giving us continued confidence that our business plan is working significantly.

營運現金流繼續滿足或超越我們的預期，使我們持續相信我們的業務計劃正在顯著發揮作用。

At year end, we have entered into an employment contract for the Alaskan explorer to transport US Gulf Coast crude oil to one of our Delaware Bay refining customers, demonstrating the existence of employment options for this class of vessel outside its traditional Alaskan market.

年底，我們與阿拉斯加勘探船簽訂了一份僱傭合同，將美國墨西哥灣沿岸原油運輸到我們的特拉華灣煉油客戶之一，這表明此類船舶在其傳統的阿拉斯加市場之外也存在就業選擇。

Taken together with three other vessel fixtures concluded in early 2024, we have added 116 months of forward charter cover since our last report, which has increased the value of our forward charter book to over $860 million in time charter equivalent earnings as of the end of March 2024.

加上2024 年初完成的其他三艘船舶固定合同，自上次報告以來，我們增加了116 個月的遠期租船保障，這使我們的遠期租船價值增加到截至2020 年底相當於定期租船收入超過8.6 億美元。2024 年 3 月。

Also of note on the chartering front has been our exercise of extension options allowed for under the terms of the bareboat agreement with the owner of the overseas campus.

在租船方面也值得注意的是，我們根據與海外校園所有者的光船協議條款允許行使延期選擇權。

The charter period has been extended for five years commencing in June 2025.

自 2025 年 6 月起，包機期限已延長五年。

Given this backdrop, we consider OSG. to be well positioned now and over the long term to generate strong cash flows in what we expect to be a durably balanced market characterized by stable demand and constrained supply.

在這種背景下，我們考慮了 OSG。現在和長遠來看，我們都處於有利位置，能夠在我們預期的以穩定需求和有限供應為特徵的持久平衡市場中產生強勁的現金流。

Several key developments during 2023 have served to bolster our confidence in our current business model.

2023 年的幾項關鍵發展增強了我們對當前業務模式的信心。

Most visible to even casual observer of shipping markets has been the persistent influence of geopolitical tensions outside of the US that have severely disrupted historical trading patterns for crude oil and its refined products.

即使對於航運市場的臨時觀察者來說，最明顯的是美國以外的地緣政治緊張局勢的持續影響，這種影響嚴重擾亂了原油及其成品油的歷史貿易模式。

Since December 2022, the EU has in response to the war in Ukraine, banned waterborne crude imports from Russia and the G7 nations have implemented price caps, limiting the global price paid for Russian oil and its refined products.

自2022年12月以來，歐盟為因應烏克蘭戰爭，禁止從俄羅斯進口水運原油，七國集團國家實施了價格上限，限制了俄羅斯石油及其成品油的全球價格。

Other countries have stepped in to purchase these commodities at a discount to world prices.

其他國家已介入以低於世界價格的折扣購買這些商品。

More recently, the conflict in the Middle East has impacted vessels transiting the Red Sea where vessels have been the target Accutane missiles and drone attacks causing many vessels to avoid the Red Sea transits and to instead make longer voyages around the Cape of Good Hope these circumstances have collectively resulted in the redirection of crude oil and refined product trade flows and increased aggregate tonne-mile demand.

最近，中東衝突對過境紅海的船隻造成了影響，紅海的船隻成為Accutane飛彈和無人機攻擊的目標，​​導致許多船隻避開紅海過境，而是在好望角周圍進行更長的航行。共同導致原油和成品油貿易流向的重新調整以及總噸英里需求的增加。

Although the United States was not a major importer of Russian or Persian Gulf oil markets have nonetheless been impacted by these global events.

儘管美國不是俄羅斯或波斯灣石油市場的主要進口國，但仍受到這些全球事件的影響。

Historically, high international freight costs have resulted from disrupted trade patterns.

從歷史上看，國際貨運成本高昂是由貿易模式中斷造成的。

Supply constraints now exists in markets that were alternative sources of supply competing against domestic product shipped from Jones Act tonnage.

作為替代供應來源的市場現在存在供應限制，這些供應來源與《瓊斯法案》噸位運輸的國內產品競爭。

As a result, traders now seem to favor domestic product sources over overseas alternatives, giving strong support to the use of Jones Act vessels.

因此，貿易商現在似乎更青睞國內產品來源，而不是海外替代品，這為使用《瓊斯法案》船隻提供了強有力的支持。

This increase in demand has resulted in higher utilization levels and higher rates for Jones Act vessels domestically, the continued impact of government policies encourage encouraging the use of renewable fuels has driven strong demand growth for transporting renewable diesel and its feedstock components from production sources along the Gulf Coast to markets along the U.S. West Coast, California's low carbon fuel standard regulations in particular has stimulated the use of renewable diesel, which is chemically identical to regular diesel can be used on its own or blended with conventional diesel and produces less carbon dioxide and nitrogen oxide than conventional diesel.

需求的增加導致國內瓊斯法案船舶的利用率提高和費率提高，政府鼓勵使用可再生燃料的政策的持續影響推動了沿線生產源運輸可再生柴油及其原料成分的強勁需求增長。從墨西哥灣沿岸到美國西海岸沿線市場，加州的低碳燃料標準法規尤其刺激了可再生柴油的使用，可再生柴油的化學性質與普通柴油相同，可以單獨使用或與傳統柴油混合使用，產生的二氧化碳更少，氮氧化物含量高於傳統柴油。

The Gulf Coast currently produces a significant portion of renewable diesel in California is the largest customer.

墨西哥灣沿岸目前生產很大一部分再生柴油，其中加州是最大的客戶。

Marine Transportation is the most cost-effective solution of a finished product to the West Coast.

海運是將成品運送到西海岸的最具成本效益的解決方案。

The length of the trip to California creates a significant increase in ton-mile demand and has created an important new market for Jones Act tankers.

加州航線的長度導致噸英里需求顯著增加，並為瓊斯法案油輪創造了一個重要的新市場。

That is expected to expand further in the years ahead of equal significance was the Biden administration's approval last year of ConocoPhillips Willow project in Alaska.

預計這種情況將在未來幾年進一步擴大，與拜登政府去年批准阿拉斯加康菲公司 Willow 計畫具有同等意義。

This project, together with an earlier permitted project to develop the Pikka discovery operated by Santos is expected to bring nearly 250,000 barrels per day of new crude oil production in Alaska by 2027.

該項目加上桑托斯營運的早期獲準開發 Pikka 油田的項目，預計到 2027 年將為阿拉斯加帶來近 25 萬桶/日的新原油產量。

The promise of significant increased future production bodes well for the prospective demand for overseas Alaska class tankers, which provide the most cost-effective means for delivery of North Slope crude oil to refineries located in California and Washington State.

未來產量大幅增加的承諾預示著對海外阿拉斯加級油輪的預期需求，這些油輪為將北坡原油運送到加州和華盛頓州的煉油廠提供了最具成本效益的方式。

Anticipating this increase in demand OSG. acquired in late 2023, the Alaskan Frontier sister to our other three APC operated crude oil tankers and contracted with engine manufacturer, MAN B&W to perform lifecycle upgrades on each of the engines on all four ATC vessels.

預計 OSG 需求會增加。 Alaskan Frontier 於 2023 年末收購，是我們其他三艘 APC 運營的原油油輪的姐妹船，並與發動機製造商 MAN B&W 簽訂合同，對所有四艘 ATC 船舶的每台發動機進行生命週期升級。

The life cycle life cycle upgrades will improve performance and fuel efficiency and also prepare the answers for possible use of methanol fuel in the future is expected that the fuel efficiency gain will result in 15% to 20% fuel savings as compared to the original engine design, leading to meaningful reduction in carbon output.

生命週期升級將提高性能和燃油效率，並為未來可能使用甲醇燃料做好準備，預計燃油效率的提高將比原始引擎設計節省 15% 至 20% 的燃油，從而顯著減少碳排放。

Significant capital investment in the four Alaskan class tankers should permit us to operate these vessels for a longer period of time and with lower maintenance costs for the remaining ones.

對四艘阿拉斯加級油輪的大量資本投資將使我們能夠更長時間地運作這些油輪，並降低其餘油輪的維護成本。

Another development of significant starting 2023 was the transaction transferring ownership of the seven veteran class tankers at OSG. operates under bareboat charters from Ensign entities previously owned by AMSCASA. to new owners owned by a private fund managed by Maritime Partners LLC.

2023 年開始的另一個重大進展是 OSG 七艘老牌油輪所有權的交易。先前由 AMSCASA 擁有的 Ensign 實體以光船租賃方式營運。由 Maritime Partners LLC 管理的私人基金擁有的新所有者。

In conjunction with this transaction, OSG. entered into new bareboat agreements and simplified the underlying arrangements that govern the relationship between OSG and now Maritime Partners, a Jones Act qualified company Maritime Partners transaction presented us with an opportunity to prepay all of its remaining deferred payment obligations on two of the seven bareboat chartered vessels at a 14% discount to the aggregate outstanding liability of $6.5 million.

結合本交易，OSG.簽訂了新的光船協議，並簡化了管理OSG 與現在的Maritime Partners 之間關係的基本安排，這是一項符合瓊斯法案的公司Maritime Partners 交易，為我們提供了一個機會，可以預付其在七艘光船租賃中的兩艘上的所有剩餘延期付款義務船舶的未償債務總額為 650 萬美元，折扣為 14%。

Other material commercial terms of the revised narrow-body rates remain unchanged from the original agreements.

修訂後的窄體飛機運價的其他重要商業條款與原始協議保持不變。

Looking ahead for the longer term OSG. is actively engaged in pursuing opportunities in the emerging market for transporting carbon dioxide that may be captured from industrial sites in the future.

展望更長期的 OSG。積極致力於在新興市場尋找運輸未來可能從工業場地捕獲的二氧化碳的機會。

In December OSG. was awarded a $400,000 grant from the US Department of Energy to study the development of its proposed Tampa regional intermodal carbon carbon hub [T-Rich] rich study is an important step towards realizing the potential for participating in an emerging market to manage the transport and sequestration of capturing CO2.

12月OSG。獲得美國能源部 40 萬美元撥款，用於研究其擬議的坦帕區域多式聯運碳樞紐的開發 [T-Rich] 豐富的研究是實現參與新興市場管理運輸和運輸的潛力的重要一步捕獲二氧化碳的封存。

The study will evaluate the commercial feasibility of developing intermediate storage hub at Port Tampa Bay for CO2 captured from industrial emitters across the state of Florida.

該研究將評估在坦帕灣港開發佛羅裡達州工業排放源捕獲的二氧化碳中間儲存中心的商業可行性。

As conceived T-Ridge would receive store and process initially, 2 million metric tons of CO2 per year, which will be transported by OSD. vessels across the Gulf of Mexico or permanent underground storage.

按照設想，T-Ridge 最初每年將接收和處理 200 萬噸二氧化碳，這些二氧化碳將由 OSD 運輸。穿過墨西哥灣的船隻或永久地下儲存。

T-ridge will be the first of its kind in the nation and could be scaled in the future to meet expanded volumes of captured CO2.

T-ridge 將是美國同類產品中的第一個，並且可以在未來擴展，以滿足捕獲更多二氧化碳的需求。

It bears repeating that given the restored health of our core businesses, decisions regarding allocation of capital remain the most important of those regularly considered by Board and management have always do when considering this question, the following topics featured prominently.

值得重申的是，鑑於我們核心業務的恢復健康，有關資本分配的決策仍然是董事會定期考慮的最重要的決策，管理層在考慮這個問題時一直這樣做，以下主題尤為突出。

First, we are interested in investing opportunistically in incremental U.S. Flag tanker and ATB. assets, both Jones Act and internationally trading US Flag tankers, where we expect long-term cash flow returns to provide value to our stakeholders.

首先，我們有興趣機會性投資增量美國國旗油輪和 ATB。資產，包括瓊斯法案和國際貿易的美國國旗油輪，我們預計長期現金流回報將為我們的利害關係人提供價值。

Second, the Board considers applying peak cycle cash flows to reduce the overall financial leverage in our business, while at the same time, it is considering ways to sustain access to liquidity either through creating a pool of unencumbered assets against which future balance and could be added if needed, whilst we were establishing new financing facilities, which would offer contingent liquidity at an acceptable cost.

其次，董事會考慮應用峰值週期現金流來降低我們業務的整體財務槓桿，同時，它正在考慮透過創建一個未支配資產池來維持流動性的方法，根據這些資產池，未來的餘額和可如果需要的話可以添加，同時我們正在建立新的融資設施，這將以可接受的成本提供或流動。

Third, the Board engages in discussions regarding continuing its ongoing efforts to return capital to our shareholders.

第三，董事會就繼續努力向股東返還資本進行討論。

And fourth, we seek opportunities to invest judiciously in gaining and sustaining a first mover advantage in participating in the emerging market for transporting liquid bulk commodities that are not currently in the mix of products being shipped on our vessels in this category, we see the most interesting opportunities to be the transportation of liquid carbon dioxide generated in the value chain seeking to capture and sequester industrial emissions of carbon dioxide.

第四，我們尋求機會進行明智的投資，以獲得並維持參與運輸液體散裝商品的新興市場的先發優勢，這些商品目前不屬於我們在該類別船舶上運輸的產品組合，我們看到最有趣的機會是運輸價值鏈中產生的液態二氧化碳，尋求捕獲和封存二氧化碳的工業排放。

I will now turn the call over to Dick to provide you with further details on our fourth quarter and full year results for 2023.

我現在將把電話轉給迪克，向您提供有關我們 2023 年第四季和全年業績的更多詳細資訊。

Thanks, Sam.

謝謝，山姆。

Please turn to Slide 7.

請翻到幻燈片 7。

Vessel demand continues to be strong with no additions to supply.

船舶需求持續強勁，供應沒有增加。

Customers continue to show interest in longer term time charters and entering into new contracts and direct continuation of their existing contracts.

客戶繼續對長期期租、簽訂新合約和直接延續現有合約表現出興趣。

Often well in advance of the scheduled maturity rates reflect this demand strength with recent rates now exceeding $80,000 per day for Jones Act MR tankers.

通常遠早於預定到期日的費率反映了這種需求強度，瓊斯法案 MR 油輪最近的費率現在超過每天 80,000 美元。

This resulted in a strong 2023 performance and significant visibility into 2024 and thereafter, we continued our share repurchase efforts with Board authorizing $45 million for this purpose in 2023 during the year, we purchased $8.6 million shares, including $1.4 million shares in the fourth quarter, bringing the total purchases, which began in 2022 to $18.6 million shares with a cumulative expenditure of $64.8 million.

這帶來了2023 年的強勁業績和對2024 年的顯著可見度，此後，我們繼續進行股票回購工作，董事會在2023 年為此目的授權了4500 萬美元，我們購買了860 萬美元的股票，包括第四季的140 萬美元的股票，使 2022 年開始的購買總額達到 1,860 萬美元，累計支出為 6,480 萬美元。

The average share price paid for all of these shares was $3.46 per share.

所有這些股票的平均支付價格為每股 3.46 美元。

Earlier in 2023, we purchased 75% of our outstanding warrants for $11.4 million.

2023 年初，我們以 1,140 萬美元購買了 75% 的未償認股權證。

This reduced potential dilution by $2.6 million shares.

這減少了 260 萬美元股票的潛在稀釋。

The warrants were canceled after acquisition.

收購後，認股權證取消。

The remaining outstanding warrants are convertible into 859,000 shares.

剩餘的已發行認股權證可轉換為859,000股股份。

At this time, we have remaining authority for further share repurchases of $25 million Please turn to Slide 8.

目前，我們仍有進一步回購 2,500 萬美元股票的權力。請參閱投影片 8。

We have continued to extend the maturities of our book of business as our customers' desire to lock in their transportation requirements. 2024 is essentially fully booked with some variability for our internationally trading vessels.

由於客戶希望鎖定其運輸需求，我們不斷延長業務期限。 2024 年我們的國際貿易船舶的預訂量基本上已滿，但存在一些變化。

Looking at this chart, in 2024, we have two vessels with charters ending before

看看這張圖表，在 2024 年，我們有兩艘船的租約結束時間早於

[123124].

[123124]。

One of these two vessels, the Mykonos as a series of one year options with the Military Sealift Command, which if all exercised, we'll keep on chartered through August 2028.

這兩艘船中的一艘，米科諾斯號，作為軍事海運司令部的一系列為期一年的選擇，如果全部執行，我們將繼續包租到 2028 年 8 月。

The two vessels becoming available at the end of 2024, participate in the Tanker Security Program.

這兩艘船將於 2024 年底投入使用，並參與油輪安全計畫。

And by design, the majority of their voyages are in the spot market.

按照設計，他們的大部分航次都是在現貨市場進行。

Alaskan Legend and Alaskan Navigator are subject to extension options if they exercise will continue their charter for years into the future.

如果阿拉斯加傳奇號和阿拉斯加領航者號在未來幾年繼續使用其包機服務，則可以選擇延期。

Looking at our contracted book of business on a revenue basis, without considering any business currently under negotiation and not assuming the exercise of any contractual options.

以收入為基礎查看我們的合約業務帳簿，不考慮目前正在談判的任何業務，也不假設行使任何合約選擇權。

Our future book of business at March 31, 2024, exceeds $860 million over the remaining life of those contracts.

截至 2024 年 3 月 31 日，我們未來的業務帳簿在這些合約的剩餘期限內將超過 8.6 億美元。

In arriving at this estimate, we have factored out estimated off-hire days due to future required dry-dock periods.

在得出這個估計值時，我們已考慮到由於未來所需的乾船塢期而估計的停租天數。

We completed the purchase of the frontier in the fourth quarter, a sister ship to our left three Alaskan tankers.

我們在第四季完成了對 Frontier 的購買，這是我們左邊的三艘阿拉斯加油輪的姊妹船。

She has been in cold lay-up since 2019, and we are now actively planning a lengthy shipyard period during which we will also perform engine life cycle upgrades and installation of a ballast water treatment system.

她自 2019 年以來一直處於冷擱置狀態，我們現在正在積極規劃一個漫長的船廠週期，在此期間我們還將進行引擎生命週期升級和安裝壓載水處理系統。

We expect her to Chimera commenced commercial alpha operations in the fourth quarter of 2024.

我們預計 Chimera 將於 2024 年第四季開始商業阿爾法營運。

Our total resource commitment, including the purchase price, is expected to approximate $50 million.

我們的資源承諾總額（包括購買價格）預計約為 5000 萬美元。

Please turn to Slide 9.

請翻到投影片 9。

We had 7,391 available days in 2023, of which 96% were contracted.

2023 年，我們有 7,391 個可用天數，其中 96% 已簽約。

Fixed rate debt represents a continuous improvement from the low of 2021 during the pandemic.

固定利率債務較 2021 年疫情期間的低點持續改善。

As well as a high point for the last five years available and contracted days decreased with the return of three vessels to AMSC. at the end of their bareboat charters in December 2023.

隨著三艘船返回美國超導公司，可用天數和合約天數均達到了過去五年的最高點。 2023 年 12 月光船租借結束。

Please turn to Slide 10.

請翻到投影片 10。

We're very pleased with our fourth quarter and full year results.

我們對第四季和全年的業績非常滿意。

All elements of our fleet continue to perform well.

我們機隊的所有部分繼續表現良好。

We did have some fluctuations due to scheduled drydock days.

由於預定的乾船塢日，我們確實遇到了一些波動。

Fourth quarter revenues increased modestly to $110.1 billion from $108.6 million, an increase in off-hire days due to drydock schedules moderated the increase rates and utilization remains high.

第四季營收從 1.086 億美元小幅成長至 1,101 億美元，由於乾船塢計畫導致的停租天數增加減緩了成長率，利用率仍然很高。

Revenue declines from the year ago quarter result from the return of three vessels in December 2022 at at the expiration of their bareboat charters, increased rates and higher utilization from the remaining fleet offset much of this decrease.

收入較去年同期下降的原因是三艘船舶於 2022 年 12 月光船租賃到期時返回，剩餘船隊的費率上漲和利用率提高抵消了大部分下降。

Full year time charter equivalent revenues were $423.5 million, essentially flat to 2022 time charter equivalent revenues of $426.3 million.

全年期租當量收入為 4.235 億美元，與 2022 年期租當量收入 4.263 億美元基本持平。

Fourth quarter adjusted EBITDA was $47.3 million compared to the prior year's quarter 48 -- to the prior quarter's $48.1 million.

第四季調整後 EBITDA 為 4,730 萬美元，而上年同期為 4,810 萬美元。

Full year adjusted EBITDA was $175.7 million, a 23% increase from 2022.

全年調整後 EBITDA 為 1.757 億美元，較 2022 年成長 23%。

The reduction in operating expenses and charter hire associated with return vessels offset the revenue decline from those vessels Please turn to Slide 11.

與回程船隻相關的營運費用和包機租金的減少抵消了這些船隻收入的下降。請參閱投影片 11。

Jones Act Handysize tanker revenues increased $2.2 million from the prior quarter, while ATB revenues increased $900,000.

Jones Act Handysize 油輪收入比上一季增加了 220 萬美元，而 ATB 收入則增加了 90 萬美元。

Specialized business revenues decreased $1.6 million.

專業業務收入減少 160 萬美元。

Please turn to Slide 12.

請翻到投影片 12。

Lightering volumes increased slightly from the third quarter with the corresponding increase in revenues.

打火機銷售量較第三季略有增加，營收也相應增加。

Non-jones Act tanker revenues decreased modestly modestly from the third quarter, resulting from lower quarterly uses from the utilization Jones Act.

非瓊斯法案油輪收入較第三季略有下降，原因是瓊斯法案的季度使用量下降。

Shuttle tanker revenues declined due to a scheduled drydock period for us can tanker revenues were essentially flat compared to the third quarter as the Alaskan Legend underwent first scheduled dry-dock period, each of the third and fourth quarters saw one vessel and drydock.

由於阿拉斯加傳奇號經歷了第一個預定的干船塢期，第三季和第四季各有一艘船和一艘乾船塢，因此，由於美國罐頭油輪的預定乾船塢期，其收入與第三季度基本上持平，因此穿梭油輪收入有所下降。

Please turn to page Slide 13.

請翻至第 13 頁。

Fourth quarter vessel operating contribution declined $2.2 million due to the lower contribution from the specialized businesses resulting from their specialized are there scheduled dry-dock periods, Jones Act Handysize tankers contribution increased $1 million freight increases due to new contract provided the impetus for this increase.

第四季船舶營運貢獻下降了220 萬美元，原因是專業業務的貢獻較低，這是由於其專業化的干船塢週期造成的，瓊斯法案靈便型油輪的貢獻增加了100 萬美元，由於新合同為這一增長提供了推動力，運費增加了100 萬美元。

The contribution from our ATBs increased $1.2 million and this increase was moderated slightly by the completion of a scheduled drydock.

我們的 ATB 的捐款增加了 120 萬美元，這一增加因預定乾船塢的完成而略有放緩。

Please turn to Slide 14.

請翻到投影片 14。

Fourth quarter adjusted EBITDA was $47.3 million.

第四季調整後 EBITDA 為 4,730 萬美元。

Adjusted EBITDA for 2023 full year was $175.7 million, a $32.9 million increase from 2022.

2023 年全年調整後 EBITDA 為 1.757 億美元，比 2022 年增加 3,290 萬美元。

Please turn to Slide 15. 2023 net income was $62.5 million compared to 2022 when net income was $26.6 million.

請參閱投影片 15。2023 年淨利為 6,250 萬美元，而 2022 年淨利為 2,660 萬美元。

The continuing impact of higher rates, increased contract duration and increased utilization contributed to these positive results.

更高的費率、更長的合約期限和更高的利用率的持續影響促成了這些積極的成果。

Please turn to Slide 16.

請翻到投影片 16。

I thought it might be instructive to quantifying how adjusted EBITDA is used.

我認為量化調整後 EBITDA 的使用方式可能具有指導意義。

The difference between adjusted EBITDA and this table approximate our free cash flow generation.

調整後的 EBITDA 與此表之間的差異近似於我們的自由現金流產生。

During 2024, we expect to expand $28 million in interest expense and reduce our outstanding indebtedness by $43 million.

2024 年，我們預計利息支出將增加 2,800 萬美元，未償債務減少 4,300 萬美元。

This includes the repayment of the Suncoast loan maturing in September with the then outstanding balance of $18 million.

這包括償還 9 月到期的 Suncoast 貸款，當時未償還餘額為 1800 萬美元。

Our CapEx for planned maintenance, this year's $30 million, we will expand an additional $32 million to reactivate the Frontier completer lifecycle engine upgrade and make progress payments towards the life cycle engine upgrades for the three Alaska vessels.

今年計劃維護的資本支出為 3000 萬美元，我們將額外增加 3200 萬美元，以重新激活 Frontier 完整生命週期發動機升級，並為三艘阿拉斯加船的生命週期發動機升級支付進度付款。

Finally, in the first quarter, we paid in full the ATC. $7 million deferred compensation obligations, one more 2024.

最後，在第一季度，我們全額支付了 ATC。 700 萬美元的遞延補償義務，2024 年還會增加一項。

Note that we are currently projecting that we will not pay any profit share with respect to our seven bareboat chartered vessels from ASC.

請注意，我們目前預計我們不會為 ASC 的七艘光船租賃船舶支付任何利潤分成。

We anticipate considering our vessel performance that in future years, we will begin to pay profit-sharing.

我們預計，考慮到我們的船舶業績，未來幾年我們將開始支付利潤分享。

Please turn to Slide 17.

請翻到投影片 17。

At September 30, 2023, we had total cash of $98 million.

截至 2023 年 9 月 30 日，我們的現金總額為 9,800 萬美元。

During the fourth quarter, we generated $47 million of adjusted EBITDA from working capital used $10 million.

第四季度，我們使用 1000 萬美元的營運資金產生了 4700 萬美元的調整後 EBITDA。

We invested $39 million in vessel drydock and other capital costs.

我們在船舶幹塢和其他資本成本上投資了 3,900 萬美元。

As mentioned before, we repurchased $41.4 million shares for $7 million.

如前所述，我們以 700 萬美元回購了 4,140 萬美元的股票。

Additionally, we paid $13 million in debt service.

此外，我們還償還了 1300 萬美元的債務。

As a result, we ended the quarter with $76 million of cash plus $15 million of liquid investments resulting in total liquidity of $91 million.

結果，本季結束時，我們擁有 7,600 萬美元的現金加上 1,500 萬美元的流動性投資，流動性總額達到 9,100 萬美元。

Please turn to Slide 18.

請翻到幻燈片 18。

Continuing our discussion of cash and liquidity.

繼續我們關於現金和流動性的討論。

As mentioned on the previous slide, $76 million of cash.

正如上一張幻燈片中提到的，7600 萬美元現金。

Our total debt was $404 million, which represents a decrease of $6 million in outstanding indebtedness in September with $354 million of equity.

我們的總債務為 4.04 億美元，這意味著 9 月的未償債務減少了 600 萬美元，權益為 3.54 億美元。

Our net debt to equity ratio is 0.9 times.

我們的淨負債與股本比率是0.9倍。

This concludes my comments on the financial statements and I'd like to turn the call back to Sam.

我對財務報表的評論到此結束，我想將電話轉回給 Sam。

Sam.

薩姆.

Yes, turning to our expectations for 2024.

是的，談談我們對 2024 年的期望。

For a high level of forward, contract coverage has now become a feature of our business profile.

對於高水準的遠期，合約涵蓋現已成為我們業務概況的一個特徵。

The markets within which we operate have continued to firm, allowing us to succeed in concluding new or extended time charters, which taken together with our existing book of business provide us with time charter coverage for our Jones Act vessels for over 95% of available vessel trading days for all of 2024.

我們經營的市場持續堅挺，使我們能夠成功簽訂新的或延長的期租合同，這與我們現有的業務相結合，為我們提供了瓊斯法船舶的期租覆蓋範圍，覆蓋了超過95% 的可用船舶2024 年全年交易日。

Recent fixtures of conventional Jones Act tankers have been in the mid $80,000 per day range for periods of three years.

最近，傳統《瓊斯法案》油輪的租金已連續三年維持在每天約 8 萬美元。

Fixtures for comparable periods for larger ATBs are now approaching $60,000 per day.

較大 ATB 的可比較時期的固定費用現在接近每天 60,000 美元。

We evaluate the market time charter equivalent for our ATC vessels at levels exceeding six figures on a daily basis.

我們每天評估 ATC 船舶的市場期租等值水準超過六位數。

Since we now have clear visibility of both charter rates and fixed contract coverage for 2020 for changes in our expectations for 2024 should 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 two of our Jones Act.

由於我們現在對2020 年的租船費率和固定合約覆蓋範圍有了清晰的了解，因此我們對2024 年預期的變化應該僅僅由於國際MR 市場中駁運量和費率條件的變化而發生，目前國際MR 市場中只有兩種我們的《瓊斯法案》。

Our non-Jones Act vessels trade available trading days for the year remain only for the fourth quarter for both the Alaskan Explorer and the Alaskan frontier for both of those vessels.

對於阿拉斯加探索者號和阿拉斯加邊境兩艘船舶，我們的非《瓊斯法案》船舶交易年度可用交易日仍僅限於第四季。

We are currently fielding inquiries for employments, and we are optimistic that we will fix these ships well in advance of their open availability date.

我們目前正在處理就業詢問，我們樂觀地認為我們將在這些船舶開放可用日期之前修復它們。

We anticipate continued strength in all important financial metrics and a sustained build in our available cash balances over the next several quarters.

我們預計未來幾季所有重要財務指標將持續走強，可用現金餘額將持續增加。

As profitable time charters at high utilization rates are realized.

隨著高利用率的獲利期租得以實現。

Given all of this, we are in position today to provide guidance of our expectation of time charter equivalent earnings for the full year of approximately $450 million.

考慮到所有這些，我們今天可以就全年約 4.5 億美元的定期租船等值收益預期提供指引。

Attaining this top line result should generate a growth in adjusted EBITDA of between 10% and 15% as compared with full year results for 2023 announced earlier today.

與今天稍早公佈的 2023 年全年業績相比，實現這一頂線業績應使調整後 EBITDA 增長 10% 至 15%。

After accounting for cash used for debt service plan, maintenance CapEx, installment payments for engine upgrades from our ATC vessels and the retirement of the ATC deferred compensation plan, we expect to generate surplus cash of approximately $50 million over the course of 2024.

在考慮用於償債計劃、維護資本支出、ATC 船舶發動機升級分期付款以及 ATC 遞延補償計劃退役的現金後，我們預計在 2024 年將產生約 5000 萬美元的盈餘現金。

To deliver these results.

交付這些結果。

Our mission is firmly focused on execution and operational excellence as well as a pursuit of growth opportunities described earlier.

我們的使命是堅定地專注於執行和卓越營運以及追求前面描述的成長機會。

Jamie, we can now open up the call for questions.

傑米，我們現在可以開始提問。

(Operator Instructions) Ryan Vaughan, Needham.

（操作員說明）Ryan Vaughan，Needham。

Thank you.

謝謝。

Hire Chairman.

聘請主席。

Jack, got great job on the quarter.

傑克，本季工作出色。

Great job on the year as well.

今年的工作也很出色。

A few questions for me.

有幾個問題問我。

Maybe just the first one, Sam, I know it's a little bit early, but you are you're through quite a bit of the CapEx on the slide here.

也許只是第一個，山姆，我知道現在有點早，但你已經經歷了幻燈片上相當多的資本支出。

You mentioned the fourth quarter, just how you're thinking about the use cases for the Frontier.

您提到了第四季度，以及您如何考慮 Frontier 的用例。

Number two, just thinking you guys have done an incredible job delevering the balance sheet.

第二，只是認為你們在去槓桿化資產負債表方面做得非常出色。

I'm just running some rough numbers.

我只是在計算一些粗略的數字。

It looks like at the end of the year would be a little bit less than 1.5 turns.

看起來到今年年底會略低於 1.5 圈。

You didn't just give us some guidance was probably even a little bit better than that.

您不僅給了我們一些指導，甚至可能比這更好一點。

Just how you're thinking about that.

就看你怎麼想了。

You did mention some unencumbered vessels, how you think about appropriate leverage for the business.

您確實提到了一些不受限制的船隻，以及您如何考慮業務的適當槓桿。

That's number two.

這是第二位。

And then just the last one, if you don't mind, Dave, you had mentioned$ 25 million left in the share buyback.

最後，戴夫，如果你不介意的話，你提到股票回購還剩 2500 萬美元。

Is that accessible currently or is that on hold given Sam, your earlier remarks about the unsolicited proposal.

鑑於 Sam，您之前對主動提議的評論，該功能目前可以訪問嗎？或者是否已被擱置。

Just any update on that?

有更新嗎？

Thank you.

謝謝。

Okay, so I'll throw I'll try and address three questions.

好的，我會嘗試解決三個問題。

If I can a frontier.

如果我能有一個邊境。

We expect to Frontier to be available out of the for or geographic drydock in Singapore.

我們預計 Frontier 可以在新加坡的乾船塢或地理乾船塢外使用。

So we expect the vessel to be out of the drydock by the end of September, depending on where her employment options evolve, that would maker, in my opinion, sort of ready to load cargo of probably three to six weeks later than that.

因此，我們預計該船將在 9 月底離開乾船塢，具體取決於她的就業選擇的發展，在我看來，這將使得該船可能比這晚三到六週做好裝載貨物的準備。

Depending on where she goes on and on in my prepared remarks, highlighted the fact that we think that medium term, the production of Alaska crude oil is going to be a big driver of the use case for all of our ATC vessels, the interim period between the end of this year and the early part of 2027.

根據她在我準備好的發言中的不斷闡述，強調了這樣一個事實：我們認為，從中期來看，阿拉斯加原油的生產將成為我們所有 ATC 船舶用例的主要推動力，即過渡期從今年年底到2027 年初。

That's that's a period that we have to fill.

這就是我們必須填補的時期。

We have some ideas about how we might do that, both in the traditional ASCOT trades as well as emerging interest that we see for transporting crude oil, our from the Gulf Coast, two locations on the East Coast United States.

我們對如何做到這一點有一些想法，無論是在傳統的 ASCOT 貿易中，還是在我們看到的從墨西哥灣沿岸、美國東海岸的兩個地點運輸原油的新興興趣中。

I also pointed out that we saw a good example of that in the use case for the Alaskan Explore.

我還指出，我們在阿拉斯加探索號的用例中看到了一個很好的例子。

She's currently on a contract to transport crude oil from Pad three to Pad one for one of our Delaware Bay refineries refinery customers.

她目前簽訂了一份合同，為我們特拉華灣煉油廠的一位煉油廠客戶將原油從三號基地運送到一號基地。

And there is there is interest from other parties, too explore utilize this size of the crude oil tanker in the Gulf Coast to the East Coast trades.

其他各方也有興趣探索利用這種規模的原油油輪進行墨西哥灣沿岸至東海岸的貿易。

So we see either one of those options in the short run, either either working the traditional Alaskan trades or working additional demand.

因此，我們在短期內看到這些選擇之一，要么處理傳統的阿拉斯加貿易，要么處理額外的需求。

So it's satisfying this demand in the Gulf Coast trades as to the likely short-term utilization of these vessels.

因此，它滿足了墨西哥灣沿岸貿易對這些船舶可能的短期使用的需求。

Medium term sort of beyond 2027, I think we feel that the home for all the vessels will be in the Alaska trade.

從中期來看，在 2027 年之後，我認為我們認為所有船隻的所在地都將是阿拉斯加貿易。

Does that new production comes onstream a level of debt.

新生產是否會帶來一定程度的債務？

Now that's a constant conversation for us.

現在這對我們來說是一個持續的對話。

We we we in our conversations, we consider there.

我們在談話中考慮那裡。

Our business is cyclical and that adds market peaks or near market peaks.

我們的業務是週期性的，這會增加市場高峰或接近市場高峰。

It's a good idea to be reducing debt, and that has been a factor A. pay an objective of ours over the last 18 months or so.

減少債務是個好主意，這也是我們過去 18 個月左右實現目標的因素。

And as Dick alluded to, we currently plan to allow our maturing debt facilities to just be paid off with surplus cash that we have.

正如迪克所提到的，我們目前計劃用我們擁有的剩餘現金來償還到期的債務融資。

I think that you'd noted 1.5 times.

我想你已經注意到 1.5 次了。

I think that that's a good number.

我認為這是一個很好的數字。

I think that we expect are we expect our net debt cash net of assumed debt net of cash by the end of this year to be less than that.

我認為，我們預計到今年年底，我們的淨債務現金（扣除承擔的債務（扣除現金）後的淨額）將低於這個數字。

Probably it's less than $300 million of net debt.

淨債務可能不到 3 億美元。

And I'll say we've guided to a 10% to 15% increase in adjusted EBITDA against the 2023 level.

我想說的是，我們的目標是調整後 EBITDA 比 2023 年增加 10% 到 15%。

So that would put it at less than 1.5 times term.

因此，期限將低於 1.5 倍。

Dick, do you want to answer the question on the $25 million?

迪克，你想回答關於 2500 萬美元的問題嗎？

Sure.

當然。

I think yes, if it is available currently, we would probably be somewhat cautious about using it right now, but we still see this as an attractive use of cash to reduce the outstanding shares and to return money to shareholders who have an interest in selling their shares.

我認為是的，如果目前可用，我們現在可能會對使用它持謹慎態度，但我們仍然認為這是一種有吸引力的現金用途，可以減少已發行股票並將資金返還給有興趣出售的股東他們的股份。

So I'm yes and clearly, it's USD25 million of unrealized (technical difficulty) and so it is fully available to us should we choose to use it.

所以我是肯定的，很明顯，它有 2500 萬美元的未實現（技術難度），所以如果我們選擇使用它，它完全可供我們使用。

Okay, great.

好的，太好了。

All right.

好的。

Well, thanks for that, and great job.

嗯，謝謝你，幹得好。

Appreciate it.

欣賞它。

Thanks, Ryan.

謝謝，瑞安。

Climent Molins, Value Investors.

克萊門特·莫林斯，價值投資者。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to start by asking our potential opportunities in the CO2 space.

我想先詢問我們在二氧化碳領域的潛在機會。

You receive a grant from the Department of Energy to status visibility of developments on storage and transport hub, how should we think about potential timings?

您獲得了能源部的撥款，以提高儲存和運輸樞紐開發的可見性，我們應該如何考慮潛在的時間表？

And secondly, should the project be commercially feasible?

其次，該專案在商業上是否可行？

Would I wish you focus on transportation or also the ownership and operation of the storage and terminal facilities on.

我希望您專注於運輸或倉儲和碼頭設施的所有權和營運。

So as to timing, it a lot depends on on a lot of things, but we are pursuing this opportunity with the belief that current support for climate climate change initiatives will continue, including a significant amount of funding that's being met and made available by the current administration to be able to promote those solutions.

至於時機，這在很大程度上取決於很多事情，但我們正在抓住這個機會，並相信目前對氣候變遷倡議的支持將繼續下去，包括由現任政府能夠推動這些解決方案。

The grant is part of that program.

這筆贈款是該計劃的一部分。

And we believe that within the next 12 to 18 months, we should complete the study that's being funded by that Grant, it would be on it would be a success, in my opinion, if by the end of 2025, we had a clear understanding of the scope, a full front-end engineering and design and a a full development of the scope for going out for construction bids to be able to to assemble the various component parts of this value chain that we are interested in investing in given the requirement that the vessels would need to be built in the United States.

我們相信，在接下來的 12 到 18 個月內，我們應該完成由該撥款資助的研究，在我看來，如果到 2025 年底，我們有一個清晰的認識，那麼這將是成功的範圍，完整的前端工程和設計，以及全面開發施工投標範圍，以便能夠組裝我們有興趣投資的價值鏈的各個組成部分，因為滿足以下要求：這些船隻需要在美國建造。

And given the current our current understanding of the lead time for vessel deliveries following a contract award I think a three year forward delivery position is a good number to be working on.

鑑於目前我們對合約授予後船舶交付週期的了解，我認為三年遠期交付位置是一個值得努力的數字。

I think that probably some of the other elements of the project could probably be completed within that three year period.

我認為該項目的其他一些內容可能可以在三年內完成。

So I think there is cause to believe that and sometime during 2029, probably the latter part of 2029, there might be there might be a revenue generator that would start from this project.

因此，我認為有理由相信，在 2029 年的某個時候，可能是 2029 年下半年，可能會從這個計畫開始產生收入。

So we're looking at a five year effectively to five year forward revenue generating opportunity, which I understand and to most people's sort of economic models that far out in the future.

因此，我們正在尋找五年到五年的未來創收機會，我對此的理解以及大多數人的經濟模型都屬於遙遠的未來。

Nonetheless, I would emphasize that should this project prove feasible the opportunities for managing the capture of carbon at industrial facilities in Florida we think is extraordinary within a 40 mile radius of Tampa itself.

儘管如此，我要強調的是，如果該項目被證明是可行的，我們認為在佛羅裡達州工業設施中管理碳捕獲的機會在坦帕本身 40 英里半徑內是非凡的。

There's existing industrial emitters that emit 25 million tonnes a year of carbon dioxide as I indicated in my comments, our initial project is our scale to 2 million tonne per annum, a scale.

正如我在評論中指出的那樣，現有的工業排放者每年排放 2500 萬噸二氧化碳，我們最初的項目是將我們的規模擴大到每年 200 萬噸。

But there are opportunities we think to scale up from that.

但我們認為有機會擴大規模。

If that keeps the concept proves feasible and for the hum for the scope of the work.

如果這保持了這個概念，那麼證明是可行的，並且對於工作範圍來說是可行的。

Clearly, we're interested in the maritime component of this.

顯然，我們對其中的海事部分感興趣。

However, our current focus is also to participate in the shore-based storage and liquefaction and storage facilities that would be shore-based and to and to participate as well potentially in the downstream storage and regasification of these facilities.

然而，我們目前的重點還在於參與岸基儲存、液化和儲存設施，以及參與這些設施的下游儲存和再氣化。

So that's all open to study and further further consideration.

因此，這一切都值得研究和進一步考慮。

But at this at this juncture where we're imagining a project boundary that would would extend from the outlook plans of a delivery of pipe probably from a emitter and to the to the outlet flange of the and have the delivery receiving facilities for delivery into probably pipelines for further our delivery to sequestration sites in PAD three.

但在這個時刻，我們正在想像一個項目邊界，該邊界將從可能從發射器輸送管道的前景計劃延伸到管道的出口法蘭，並具有用於輸送到可能的輸送接收設施進一步將我們運送到PAD 3 隔離點的管道。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

I also wanted to ask about recent contract renewals.

我還想問一下最近續約的情況。

You mentioned new three-year contracts for Jones Act vessels are assessed at the [mid-80,000], but could you provide some additional commentary on the delta between the new contracts for the Tampa, the endurance, the indication and the Alaskan exploration relative to their previous employment?

您提到瓊斯法案船舶的新三年合約是在[80,000中]評估的，但是您能否對坦帕號新合約之間的三角洲、耐久性、指示和阿拉斯加勘探相對於他們以前的工作？

So yes.

所以是的。

From C of O SCI.

來自 O SCI 的 C。

We picked one ATB during the during the first quarter of this year per increase from the previous rates is order of magnitude $20,000 per day and for the overseas and the Kisqali and for the overseas Tampa or the increase and then the case Gears order of magnitude at $20,000 per day for the end for the Tampa $10,000 per day roughly.

我們在今年第一季選擇了一個 ATB，與之前的費率相比，每次增加的數量級為每天 20,000 美元，對於海外和 Kisqali 以及海外坦帕或增加，然後情況 Gears 的數量級為坦帕每天大約10,000 美元，結束時每天20,000 美元。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

That's all from me.

這就是我的全部。

Thanks for taking my questions and congratulations for the quarter.

感謝您回答我的問題並對本季表示祝賀。

Appreciate it.

欣賞它。

Josh Kehoe.

喬許·基霍。

Great quarter.

很棒的季度。

Great year.

偉大的一年。

Just to echo what Ryan said earlier.

只是為了回應瑞安之前所說的。

I just have two questions.

我只有兩個問題。

The first one's just a quick one.

第一個只是一個快速的。

I previously Sam had mentioned potential interest in a newbuild ATB. from one of your customers.

我之前 Sam 曾經提到過對新建 ATB 的潛在興趣。來自您的一位客戶。

I'm just wondering if there's any update on that.

我只是想知道是否有任何更新。

Nothing firm at the moment, although I think it would be accurate to characterize the current Gulf Coast or cross Gulf availability of capacity as being quite tight.

目前還沒有任何確定的信息，儘管我認為將當前墨西哥灣沿岸或跨海灣可用運力描述為相當緊張是準確的。

And I think that one of the say, Josh that's one of the things that people are watching is whether the new carb regulations in California results and some of the equipment that is traditionally been moving on the West Coast coming back to the Gulf Coast.

我認為，喬希，人們正在關注的事情之一是，加州新的碳水化合物法規是否會產生效果，以及傳統上在西海岸移動的一些設備是否會返回墨西哥灣沿岸。

I saw today actually that the US Coast Guard is is choosing to not enforce some of those.

我今天實際上看到美國海岸警衛隊選擇不執行其中的一些規定。

And there's still an open question as to whether or not those carbon rules will be enforced.

至於這些碳規則是否會被執行，仍然是一個懸而未決的問題。

So I think people are watching that on the assumption that nothing much changes on the West Coast and other words that the existing equipment operating in the West Coast will be allowed to continue to operate there.

因此，我認為人們正在關注這一情況，假設西海岸沒有太大變化，換句話說，在西海岸運行的現有設備將被允許繼續在那裡運行。

I think that might be the catalyst one or more of the principle transporters of refined petroleum product in the Gulf Coast trades to come with an RFQ for for new ATB sometime during the first half of this year.

我認為，這可能會促使墨西哥灣沿岸貿易中的一個或多個主要精煉石油產品運輸商在今年上半年的某個時候提出新 ATB 的詢問。

Okay.

好的。

Yes, great color on the carb regulations on following those closely to.

是的，關於碳水化合物法規的偉大色彩是密切關注的。

So thank you on that.

所以謝謝你。

My second question was I noticed it looked like for Q4 that the international, the non Jones Act MR tankers, the TSP. tankers that it was a little bit soft on the numbers compared to previous.

我的第二個問題是，我注意到第四季的情況是國際非瓊斯法案 MR 油輪、TSP。油輪表示，與之前相比，其數字有點軟。

So I believe one of the tankers may have been ballasting back from East Asia and part of that.

所以我相信其中一艘油輪可能是從東亞壓載回來的，其中一部分是這樣的。

But I was just curious if you've seen any or heard any interest and increasing number of preference cargoes out of merit and whatnot to support the TSP. for treatment at the end of my questions.

但我只是好奇你是否看到或聽說過任何出於支持 TSP 的利益和越來越多的優先貨物。在我的問題結束時進行治療。

And once again, great quarter, you've hit your guidance spot on and I love seeing what's been going on.

再一次，偉大的季度，你已經達到了你的指導目標，我很高興看到正在發生的事情。

So thank you.

所以謝謝。

Yes, I think I think the TSP preference cargo issue is an ongoing conversation.

是的，我認為 TSP 優先貨物問題是一個持續的對話。

There's the programs that are sponsored by the transportation department are built around on commercial trades, plus this type of fleet plus a stipend plus access to preference cargoes.

運輸部門贊助的項目是圍繞商業貿易建立的，加上這種類型的車隊加上津貼和優先貨物的使用權。

I think there's a general view that the dry cargo operators and the Maritime Security Program, we are afforded a on a larger value through the preference cargoes.

我認為人們普遍認為乾貨運營商和海事安全計劃透過優先貨物為我們提供了更大的價值。

That is the case currently with the tanker trades and clearly the introduction of new US Flag tankers into what was already effectively for this cargo availability has raised some questions amongst the operators as to how and if and if so, how to increase the preference cargo availability?

目前的油輪貿易就是這種情況，顯然，將新的美國國旗油輪引入已經有效地滿足這種貨物可用性的情況下，在運營商中引起了一些問題，即如何以及如果是這樣，如何增加優先貨物可用性？

I think there is relative the relative recognition of the need to be able to address this issue at Transcom and at Marriott.

我認為 Transcom 和萬豪對解決這個問題的必要性有相對的認知。

And I think that that conversation over time should result in some and some positive direction from from from the owner's point of view, calm.

我認為，隨著時間的推移，從業主的角度來看，談話應該會帶來一些正面的方向，冷靜。

And I think I think it's really too early to comment on what the level of scope with the current level of preference carbon is going to be last year because of the we met with the Military Sealift Command's chartering of six vessels to assist them with repositioning cargo out of there at Red Hill storage facilities in Hawaii that created in the second half of the year of a significant increase in what's called M.

我認為現在評論去年碳優先水平的範圍還為時過早，因為我們會見了軍事海運司令部，租用了六艘船來協助他們重新定位貨物夏威夷紅山儲存設施在今年下半年導致了所謂的M .

And I consider that a preference progress or increase in U.S. Flag utilization internationally, most of those vessels, if not all and have now been redelivered.

我認為美國國旗在國際上的使用取得了進展或增加，其中大多數船隻（如果不是全部）現在已經重新交付。

And so there is a question as to what this year going to look like.

因此，存在一個關於今年會是什麼樣子的問題。

I mentioned that the Red Sea is clearly a of an area of operation, not favored by many operators.

我提到紅海顯然是一個作業區域，不受許多業者的青睞。

And so we've seen at least one cargo, which would normally have translated the Red Sea move from the from the Mediterranean, not on our ship it on one of the other U.S. flagships moved from them from a Mediterranean load port to a Middle Eastern discharge port not transiting the Suez Canal, but going around the Cape of Good Hope that obviously, it ton-mile demand and days on their preference cargo.

因此，我們至少看到了一件貨物，通常是從地中海從紅海運來的，而不是在我們的船上，而是在其他美國旗艦上從地中海裝貨港運到中東的。卸貨港不經過蘇伊士運河，而是繞過好望角，顯然，它的噸英里需求和他們偏好的貨物天數。

So that's a positive from the owner's perspective, that's a positive development.

因此，從業主的角度來看，這是正面的，這是正面的發展。

I think I think it's yet to be seen how things play out this year.

我想今年的情況還有待觀察。

But I think 2022 and 2023, we certainly saw a greater number of days under preference cargo during those two years than we had in prior years.

但我認為 2022 年和 2023 年，我們在這兩年中看到優先貨物的天數肯定比前幾年更多。

And you know, it's a question to me right now whether we revert back to the sort of level of domestic cargoes that we did in 2021 or whether we see a sustained level of increased preference cargoes resulting from various geopolitical events around the world and on and the step-up of our commitment to moving cargo and US flag vessels from Transcom's.

你知道，現在對我來說有一個問題：我們是否會恢復到 2021 年的國內貨運水平，或者我們是否會看到由於世界各地的各種地緣政治事件而導致的優先貨物持續增加。我們進一步承諾將貨物和懸掛美國國旗的船隻從Transcom 移走。

So yet to be seen.

所以還有待觀察。

And ladies and gentlemen, with that, we'll be concluding today's question and answer session.

女士們、先生們，我們今天的問答環節就到此結束。

I'd like to turn the floor back over to Sam Norton for any closing remarks.

我想請薩姆·諾頓發表結束語。

Thank you, Jamie, and thank you all again, all for listening in and we look forward to continuing to provide you with more information as and when we can and to what we consider will be a good quarters in the months ahead.

謝謝傑米，再次感謝大家的聆聽，我們期待在可能的情況下繼續為您提供更多信息，我們認為未來幾個月將是一個良好的季度。

Thanks again for listening, and have a good day.

再次感謝您的收聽，祝您有美好的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call.

女士們先生們，我們今天的電話會議就到此結束。

We thank you for joining.

我們感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。