SFL Corporation Ltd (SFL) 2023 Q4 法說會逐字稿

Welcome to SFL's fourth quarter 2023 conference call.

歡迎參加 SFL 2023 年第四季電話會議。

My name is Sander Borgli, and I'm an Analyst in SFL.

我叫 Sander Borgli，是 SFL 的分析師。

Our CEO, Ole Hjertaker, will kick off the call with an overview of the fourth-quarter highlights.

我們的執行長 Ole Hjertaker 將在電話會議上概述第四季度的亮點。

Then our Chief Operating Officer, Trym Sjølie, will comment on vessel performance matters followed by our CFO, Aksel Olesen, who will take us through the financials.

然後，我們的營運長 Trym Själie 將就船舶性能問題發表評論，隨後我們的財務長 Aksel Olesen 將向我們介紹財務狀況。

The conference call will be concluded by opening up for questions, and I will explain the procedure to do so prior to the Q&A session.

電話會議將以開放提問方式結束，我將在問答環節之前解釋這樣做的程序。

Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

在我們開始演講之前，我想指出，本次電話會議將包含 1995 年美國私人證券訴訟改革法案含義內的前瞻性陳述。

Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements.

預期、預期、打算、估計或類似表達等詞語旨在識別這些前瞻性陳述。

Forward-looking statements are not guarantees of future performance.

前瞻性陳述並非對未來績效的保證。

These statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements.

這些陳述是基於我們目前的計劃和預期，本質上受到風險和不確定性的影響，這些風險和不確定性可能導致未來的活動和營運結果與前瞻性陳述中所述的存在重大差異。

Important factors that could cause actual results to differ include, but are not limited to, conditions in the shipping, offshore and credit markets.

可能導致實際結果差異的重要因素包括但不限於航運、離岸和信貸市場的狀況。

You should therefore not place undue reliance on these forward-looking statements.

因此，您不應過度依賴這些前瞻性陳述。

Please refer to our filings within the Securities and Exchange Commission for a more detailed discussion of risks and uncertainties, which may have a direct bearing on our operating results and our financial condition.

請參閱我們向美國證券交易委員會提交的文件，以了解有關風險和不確定性的更詳細討論，這些風險和不確定性可能對我們的經營業績和財務狀況產生直接影響。

Then I will leave the word over to our CEO, Ole Hjertaker, with highlights for the fourth quarter.

然後我將向我們的執行長 Ole Hjertaker 介紹第四季度的亮點。

Thank you, Sander.

謝謝你，桑德。

We are now celebrating our 80th dividend and have a unique profile as a maritime infrastructure company with a diversified fleet.

我們現在正在慶祝第 80 次股息，作為一家擁有多元化船隊的海事基礎設施公司，我們擁有獨特的形象。

The total charter revenues were $209 million in the quarter, and EBITDA was $132 million, which were in line with the third quarter.

該季度包機總營收為 2.09 億美元，EBITDA 為 1.32 億美元，與第三季持平。

Over the last 12 months, the EBITDA equivalent has been $481 million.

過去 12 個月，EBITDA 等值金額為 4.81 億美元。

The net income came in at around $31 million in the quarter or $0.25 per share.

該季度淨利潤約為 3,100 萬美元，即每股 0.25 美元。

The net income was impacted by some one-off items in the quarter, including negative mark-to-market on hedging instruments and accounting effects on Hercules, which our CFO, Aksel Olesen, will explain in more details later in the presentation.

淨利潤受到本季度一些一次性項目的影響，包括對沖工具的負市價和對 Hercules 的會計影響，我們的財務長 Aksel Olesen 將在稍後的演示中詳細解釋這一點。

In line with the improved results and commitment to return value to our shareholders, we are, again, increasing our quarterly dividend this time to $0.26 per share.

為了配合業績的改善以及向股東回報價值的承諾，我們再次將季度股息提高至每股 0.26 美元。

We have now paid dividends every quarter since our inception in 2004, and this has accumulated to more than $30 per share or nearly $2.7 billion in total.

自 2004 年成立以來，我們現在每季都會派發股息，股息已累計超過每股 30 美元，總計近 27 億美元。

Our fixed rate backlog stands at approximately $3.2 billion.

我們的固定利率積壓金額約為 32 億美元。

And importantly, this backlog is concentrated around long-term charters to very strong end users.

重要的是，這種積壓主要集中在向非常強大的最終用戶提供長期包機。

And the backlog figure excludes revenues from the vessels traded in the short-term market, and also excludes future profit share optionality, which we have seen can contribute significantly to our net income.

積壓訂單數據不包括短期市場交易船舶的收入，也不包括未來利潤分成的選擇權，我們已經看到這可以對我們的淨利潤做出重大貢獻。

And with that, I will give a word over to our Chief Operating Officer, Trym Sjølie.

接下來，我將向我們的營運長 Trym Sjlie 說幾句話。

Thank you, Ole.

謝謝你，奧萊。

We have 73 maritime assets in our portfolio, and our backlog from owned and managed shipping assets stand at $3.2 billion.

我們的投資組合中有 73 項海事資產，我們自有和管理的航運資產的積壓金額達 32 億美元。

The current fleet is made up of 15 dry bulk vessels, 36 container ships, 13 tankers, 2 drilling rigs, and 7 car carriers where 6 are on the water and 1 still under construction in China.

目前船隊由15艘乾散貨船、36艘貨櫃船、13艘油輪、2艘鑽井平台和7艘汽車運輸船組成，其中6艘在水面，1艘仍在中國建造。

The latest new building is scheduled for delivery in March '24.

最新的新大樓計劃於 24 年 3 月交付。

We have evolved from having a single asset class charter to one single customer to a diversified fleet and multiple counterparties.

我們已經從單一資產類別的包機發展到單一客戶，再到多元化的機隊和多個交易對手。

And the fleet composition has varied from originally, 100% tankers via majority offshore assets ten years ago, two container vessels, now being the largest segment, with just under 50% of the backlog.

船隊的組成也發生了變化，十年前，100% 的油輪主要依靠海上資產，現在兩艘貨櫃船成為最大的部分，積壓量略低於 50%。

Most of our vessels are on long-term charters, but we have, over the last eight to ten years, completely transformed the company's operating model and have moved away from financing type bareboat charters, and instead assume through operating exposure, which makes us relevant for large industrial end users like Maersk, K Line, Hapag-Lloyd and others.

我們的大多數船舶都是長期租賃，但在過去的八到十年裡，我們徹底改變了公司的營運模式，不再採用融資類型的光船租賃，而是透過經營風險承擔，這使我們具有相關性適用於馬士基、K Line、赫伯羅特等大型工業最終用戶。

In the fourth quarter, 95% of charter revenues from all assets came from time charter contracts, and only 5% from bare boats or dry leases.

第四季度，所有資產的租船收入中有 95% 來自定期租船合同，只有 5% 來自光船或乾租。

In addition to fixed rate charter revenues, we have had significant contribution to cash flow from profit share arrangements over time, both relating to charter rates and cost savings on fuel.

除了固定費率包機收入外，隨著時間的推移，我們還從利潤分享安排中對現金流做出了重大貢獻，這都與包機費率和燃料成本節省有關。

Out of our current 73 vessels, we have 13 on bareboat type contracts and 60 on time charter and spot trading.

在我們現有的 73 艘船舶中，有 13 艘是光船型合同，60 艘是定期租船和現貨交易。

Our operation is quite complex with vessels across multiple sectors.

我們的營運相當複雜，船舶跨越多個領域。

We have our own commercial operation out of Oslo and operational management out of Singapore and Stavanger.

我們在奧斯陸擁有自己的商業運營，並在新加坡和斯塔萬格擁有營運管理。

Our OpEx philosophy is to continuously invest in our fleet to optimize the vessel's performance and maintain a high level of service to our customers.

我們的營運支出理念是不斷投資於我們的船隊，以優化船舶的性能並保持為客戶提供高水準的服務。

This includes investing to minimize off-hire, as well as investments to increase cargo carrying capacity and reducing energy consumption.

這包括投資以盡量減少停租，以及投資以增加貨運能力和減少能源消耗。

This has become increasingly important with the implementation of IMO carbon intensity indicator, which will impact vessels’ operational profile, including routing and speed.

隨著國際海事組織碳強度指標的實施，這一點變得越來越重要，這將影響船舶的營運狀況，包括航線和速度。

In Q4, we had a total of over 6,400 operating days, defined as calendar day, less technical off-hire and dry dockings.

第四季度，我們總共有超過 6,400 個營運日，定義為日曆日，科技停租和乾塢較少。

Two vessels have been in dry dock in the quarter.

本季已有兩艘船停泊在乾船塢。

Our overall utilization across the shipping fleet was 99.7% in Q4, and 99% for the drilling rigs.

第四季我們運輸船隊的整體利用率為 99.7%，鑽機利用率為 99%。

The charter revenue from our fleet was $209 million in Q4, and OpEx for the fleet was $76 million.

第四季我們機隊的包機收入為 2.09 億美元，機隊的營運支出為 7,600 萬美元。

Among the key ESG targets for SFL is the reduction of carbon emissions on our fleet.

SFL 的主要 ESG 目標之一是減少我們車隊的碳排放。

Such reduction can either be met by fleet renewal in more efficient ships and with greener fuels.

這種減少可以透過更新船隊、使用更有效率的船舶和使用更環保的燃料來實現。

Increased efficiency of existing fleet or a combination of both.

提高現有機隊的效率或兩者的組合。

As part of our fleet rejuvenation program, we are working with our main container charterers, Maersk and Hapag-Lloyd to increase energy efficiency of our container fleet.

作為我們船隊復興計劃的一部分，我們正在與我們的主要貨櫃承租人馬士基和赫伯羅特合作，以提高我們貨櫃船隊的能源效率。

For the six Hapag-Lloyd vessels, we are investing in energy-saving devices, improved hull form with new bulbous bow, new propellers and fittings, supreme anti-fouling paint and exhaust gas scrubbers.

對於六艘赫伯羅特船舶，我們正在投資節能設備、採用新型球鼻艏改進船體形狀、新型螺旋槳和配件、高級防污漆和廢氣洗滌器。

Furthermore, we are boosting the cargo intake, up to nominally 15,400 TEU by increased deadweight and modifications to lashing bridges and lashing gears.

此外，我們還透過增加自重以及對綁紮橋和綁紮裝置進行改造，將貨物吞吐量提高到名義上的 15,400 TEU。

We estimate that fuel consumption and emissions per TEU carried is down by approximately 20%.

我們估計每 TEU 運輸的燃料消耗和排放量下降約 20%。

We have also had similar work done on vessels to Maersk, whether energy-saving is in the same region or better.

我們在去馬士基的船上也做過類似的工作，無論節能是在同一地區還是更好。

And with that, I will give the word over to our CFO, Aksel Olesen, who will take us through the financial highlights of the quarter.

接下來，我將向我們的財務長 Aksel Olesen 匯報，他將向我們介紹本季的財務亮點。

Thank you, Trym.

謝謝你，特里姆。

On this slide, we have shown a pro forma illustration of cash flows for the fourth quarter.

在這張投影片上，我們展示了第四季現金流量的預期說明。

Please note that this is only a guideline to assess the company's performance, and is not in accordance with US GAAP, and also net of extraordinary and non-cash items.

請注意，這只是評估公司績效的指導方針，不符合美國公認會計準則，也不符合非常規和非現金項目。

The company generated gross charter hire of approximately $209 million in the fourth quarter, with approximately 93% of the revenue coming from a fixed charter rate backlog, which currently stands at $3.2 billion, providing us a strong visibility on our cash flow going forward.

該公司第四季的包機租金總額約為 2.09 億美元，其中約 93% 的收入來自固定包機費率積壓，目前為 32 億美元，這為我們提供了對未來現金流的清晰可見度。

In the fourth quarter, the container fleet generated gross charter hire of approximately $92 million, including approximately $3.4 million in profit share related to fuel savings on some of – seven of our large container assets.

第四季度，貨櫃船隊的包機租金總額約為 9,200 萬美元，其中包括約 340 萬美元的與我們七大大型貨櫃資產中的部分燃油節省相關的利潤份額。

With five car carriers on charter, following the delivery of our second dual-fuel LNG car carrier in November, gross charter hire increased approximately $22 million in the fourth quarter compared to approximately $9 million in the third quarter.

繼 11 月交付第二艘雙燃料液化天然氣汽車運輸船後，我們包租了 5 艘汽車運輸船，第四季度的包租總額增加了約 2,200 萬美元，而第三季約為 900 萬美元。

Our tankers, our 15 tankers on long-term charters generated approximately $30 million in gross charter hire during the fourth quarter in line with the previous quarter.

我們的油輪，我們的 15 艘長期包機油輪，第四季度的包機租金總額約為 3000 萬美元，與上一季持平。

The company has 15 dry bulk carriers of which eight were employed on long-term charters.

該公司擁有 15 艘乾散貨船，其中 8 艘為長期租船。

The vessels generated approximately $21 million in gross charter hire in the fourth quarter.

這些船舶在第四季度產生了約 2,100 萬美元的總租船租金。

Seven of these vessels were employed in the spot and short-term market and contributed with approximately $7.3 million in the charter hire compared to approximately $6.2 million in the previous quarter.

其中七艘船舶在現貨和短期市場上使用，為包機租金貢獻了約 730 萬美元，而上一季約為 620 萬美元。

SFL owns two modern harsh environment drilling rigs, the large jack-up rig Linus and the semisubmersible ultra deepwater rig Hercules.

SFL擁有兩座現代化惡劣環境鑽井平台：大型自升式鑽井平台Linus和半潛式超深水鑽井平台Hercules。

During the fourth quarter, the rigs generated approximately $44.9 million in contract revenues compared to approximately $64.1 million in the third quarter.

第四季度，鑽孔機合約收入約為 4,490 萬美元，而第三季度約為 6,410 萬美元。

Linus is under long-term contract of ConocoPhillips on the greater Ekofisk field in Norway until the end of 2028.

Linus 與康菲石油公司簽訂了挪威大 Ekofisk 油田的長期合同，合約至 2028 年底。

During the quarter, Linus revenue was approximately $19 million compared to approximately $16.6 million in the previous quarter.

本季度，Linus 營收約為 1,900 萬美元，而上一季約為 1,660 萬美元。

Hercules completed a drilling contract with ExxonMobil in Canada in September and commenced a contract with Galp Energia in Namibia in mid-November after a short stay in Las Palmas for preparations.

Hercules於9月在加拿大完成了與埃克森美孚的鑽探合同，並在拉斯帕爾馬斯短暫停留進行準備後於11月中旬開始與納米比亞的Galp Energia簽訂合同。

During the quarter, Hercules revenue was approximately $25.9 million compared to approximately $47.5 million in the previous quarter.

本季度，Hercules 的營收約為 2,590 萬美元，而上一季的營收約為 4,750 萬美元。

The reduction in contract revenue for the Hercules relates to fewer contract days in the quarter as the rig spent about half of the quarter in mobilization mode.

Hercules 合約收入的減少與本季合約天數減少有關，因為該鑽機本季約有一半時間處於動員模式。

The US GAAP mobilization revenue and costs are deferred and recorded over estimated contract duration.

美國公認會計準則動員收入和成本在預計合約期間內遞延並記錄。

Accordingly, we expect to record additional net mobilization revenue for approximately $3.6 million in the first quarter, in addition to ordinary operating revenue under the contract.

因此，除了合約規定的正常營業收入外，我們預計第一季還將錄得約 360 萬美元的額外淨動員收入。

Our operating and G&A expenses for the quarter was $80 million compared to $86 million in the third quarter as we had fewer drydocking's and lower rig operating expenses in the quarter.

我們本季的營運和一般管理費用為 8,000 萬美元，而第三季為 8,600 萬美元，因為本季我們的乾船塢數量較少​​，鑽機營運費用也較低。

This summarizes to an adjusted EBITDA of approximately $132 million in the fourth quarter compared to $130 million in the previous quarter.

總而言之，第四季度調整後 EBITDA 約為 1.32 億美元，而上一季為 1.3 億美元。

Then move on to the profit and loss statements.

然後轉到損益表。

For the fourth quarter, reported total operating revenues according to US GAAP of approximately $209.6 million, which is in line with the $209.5 million of charge hire actually received.

根據美國公認會計原則，第四季的總營業收入約為 2.096 億美元，與實際收到的 2.095 億美元的租金相符。

During the quarter, the company recorded profit share income of approximately $3.4 million from fuel savings for some of our large container vessels and a car carrier.

本季度，該公司因部分大型貨櫃船和汽車運輸船節省的燃油而錄得約 340 萬美元的利潤分享收入。

The increase in operating revenue is primarily driven by revenue from commencement of new charters for car carriers.

營業收入的成長主要是由汽車承運商新包機的收入所推動的。

Also, we booked an extra $8.3 million of accrued income on two car carriers as the vessels charter extensions and the US GAAP are subject to averaging the previous charter rate and the higher charter rate until the end of the extensions.

此外，我們也為兩家汽車運輸公司額外預訂了830 萬美元的應計收入，因為船舶租船延期和美國公認會計準則取決於先前租船費率和延期結束前較高租船費率的平均值。

We expect an additional positive effect of approximately $1.1 million in the first quarter before we will record approximately $800,000 lower earnings versus actual received higher per quarter until the end of the extended charter.

我們預計第一季將產生約 110 萬美元的額外正面影響，直到延長租約結束之前，我們每季的收入將比實際收到的收入減少約 80 萬美元。

On the financial items, we had negative non-cash mark-to-market effects from derivatives of approximately $5.1 million.

在金融項目上，衍生性商品對我們產生了約 510 萬美元的負面非現金以市價影響。

Negative market effects from equity investments of approximately $1.4 million and an increase of approximately $300,000 on credit loss provisions.

股權投資對市場的負面影響約為 140 萬美元，信用損失準備金增加約 30 萬美元。

So overall and according to US GAAP, the company reported a net profit of approximately $31.4 million or $0.25 per share compared to approximately $29.3 million or $0.23 per share in the previous quarter.

總體而言，根據美國公認會計準則，該公司報告淨利潤約為 3,140 萬美元或每股 0.25 美元，而上一季淨利潤約為 2,930 萬美元或每股 0.23 美元。

Moving on to the balance sheet.

繼續看資產負債表。

At quarter end, as well as approximately $165 million of cash and cash equivalents.

截至季末，還有約 1.65 億美元的現金和現金等價物。

Furthermore, the company multiple securities are approximately $5.1 million in addition to eight debt free vessels with an estimated market value of more than $100 million following the debt repayment of approximately $20 million related to our five supramax dry bulk vessels.

此外，在償還與我們的五艘超靈便型乾散裝貨船相關的約2000萬美元債務後，該公司的多種證券價值約為510萬美元，此外還有八艘無債務船舶，估計市場價值超過1億美元。

In terms of CapEx commitments, we have $77 million of remaining CapEx at quarter end on two car carriers under construction.

就資本支出承諾而言，截至季度末，我們在兩艘正在建造的汽車運輸船上還有 7,700 萬美元的剩餘資本支出。

The vessels are fully financed by individual Yoco financing arrangements and the combined net cash proceeds upon delivery from the yard is estimated to approximately $45 million.

這些船舶均由個別 Yoco 融資安排提供全額資金，從船廠交付後的綜合淨現金收益估計約為 4,500 萬美元。

Furthermore, our harsh environment like the rig Linus is scheduled to undergo its tenure special periodic survey in the second quarter of 2024.

此外，我們像 Linus 這樣的惡劣環境計畫在 2024 年第二季進行任期特別定期調查。

With an estimated net capital expenditure of approximately $30 million, which will be funded with cash account.

預計淨資本支出約為3000萬美元，將透過現金帳戶提供資金。

Based on the Q4 numbers, the company had a book equity ratio of approximately 28%.

根據第四季的數據，該公司的帳面權益比率約為28%。

Then, to conclude, the company has delivered another strong quarter, and the board has declared the 80th consecutive cash dividend, which has been increased to $0.26 per share.

最後，公司又迎來了一個強勁的季度，董事會宣布連續第 80 次派發現金股息，股息增加至每股 0.26 美元。

Our fixed charter rate backlog currently stands at $3.2 billion, which provides us with strong visibility on a cash flow going forward.

目前，我們的固定租船積壓金額為 32 億美元，這為我們提供了對未來現金流的清晰可見度。

The company has a strong balance sheet and a liquidity position with $165 million of cash at quarter end and a significant investment capacity.

該公司擁有強大的資產負債表和流動性狀況，季末現金為 1.65 億美元，並且具有強大的投資能力。

And finally, with the Hercules on back-to-back contracts with Galp and Equinor in 2024, and delivery of our new building car carriers together with new contracts for our existing vessels with strong revenue generations in the quarters to come.

最後，Hercules 將於 2024 年與 Galp 和 Equinor 簽訂背靠背合同，交付我們的新造汽車運輸船以及我們現有船舶的新合同，在未來幾個季度產生強勁的收入。

And with that, we conclude the presentation and move on to the Q&A session.

至此，我們結束了演示並進入問答環節。

(Operator Instructions) Chris Wetherbee.

（操作員指示）Chris Wetherbee。

Okay, thanks.

好的謝謝。

Good afternoon, guys.

下午好，夥計們。

Appreciate the time here.

珍惜在這裡的時光。

I guess I wanted to first start off with across the portfolio as you’re looking out to 2024, where do you see the opportunities here?

我想我想先從整個投資組合開始，因為您展望 2024 年，您認為這裡有哪些機會？

I guess, where would you be thinking about potentially deploying incremental capital to across the portfolio?

我想，您會考慮將增量資本部署到整個投資組合的哪裡？

Thank you.

謝謝。

We are looking pretty broad at the market opportunities in several segments.

我們正在廣泛關注幾個細分市場的市場機會。

I would say many of the segments are fundamentally undersupplied.

我想說，許多細分市場從根本上來說是供應不足的。

So there could be good growth opportunities.

因此可能會有良好的成長機會。

We have done quite a few deals on the tanker side.

我們在油輪方面已經做了很多交易。

We’ll be happy to do more there, very low order books.

我們很樂意在那裡做更多低階書籍。

We believe there is long-term sustainable growth opportunities there.

我們相信那裡有長期可持續成長的機會。

We have done several car carriers recently with deliveries of new dual fuel vessels, also a market with good underlying growth, a long gap with very few new buildings for a period of around 10 years, structurally undersupplied and with significant growth, particularly out of China and where you have industrial counterparties who are willing to then look at longer charters.

我們最近為幾家汽車運輸公司交付了新的雙燃料船，這也是一個潛在增長良好的市場，與十年左右的新建築很少有很大差距，結構性供應不足，但增長顯著，特別是在中國以外以及工業對手方願意考慮更長的租船合約。

Same thing also on the liner side, generally on containers.

同樣的情況也發生在襯裡側，通常是貨櫃上。

Yes, there is a significant order book on some of the larger sizes.

是的，一些較大尺寸的訂單量很大。

But as we have seen, the liner companies are very focused on efficiency.

但正如我們所看到的，班輪公司非常注重效率。

And you could look at -- so even though there is a good order book, they could still be very interested in adding new capacity, both with the new fuels and with improved cargo capacity.

你可以看看——所以即使有很好的訂單，他們仍然可能對增加新的運力非常感興趣，無論是使用新的燃料還是提高貨運能力。

So we are turning all the stones.

所以我們正在轉動所有的石頭。

I would say last year was a little slow generally, I mean, for two reasons.

我想說去年整體來說有點慢，我的意思是，有兩個原因。

One, we saw an increase in new building prices, or you could call it replacement cost for assets and also a combination with interest rates coming upwards.

第一，我們看到新建築價格上漲，或者你可以稱之為資產重置成本以及利率上升的組合。

And as we are discussing, of course, when we look at project opportunities, we also look at the cost of it, operating costs, the funding of it, et cetera.

當然，正如我們所討論的，當我們考慮專案機會時，我們也會考慮其成本、營運成本、資金等等。

And it takes a little time when you have underlying fundamental factors moving upwards for that to filter into, call it our chartering counterparties decision mode.

當你有潛在的基本因素向上移動時，需要一點時間才能滲透進來，稱之為我們的租船交易對手決策模式。

We think that is changing now.

我們認為現在這種情況正在改變。

We think our discussions partners are taking in that it’s more of a long-term development and not the short-term spike, and therefore, could be more open to do more business also at the levels that we see now.

我們認為，我們的討論合作夥伴正在認識到，這更多的是長期發展，而不是短期飆升，因此，在我們現在看到的水平上，可能會更加開放地開展更多業務。

So we are optimistic on 2024, looking at multiple opportunities, but I can, of course, not comment on any of those until they are concluded.

因此，我們對 2024 年持樂觀態度，正在尋找多種機會，但當然，在它們得出結論之前我不能對其中任何一個發表評論。

Understood.

明白了。

Maybe I could follow up on the container side.

也許我可以在容器方面跟進。

So I guess, maybe a two-part question here.

所以我想，這裡可能有一個由兩個部分組成的問題。

So you noted maybe some interest on the chartering there.

所以你注意到也許有人對那裡的租船感興趣。

Could you maybe talk a little bit about what you’re seeing?

您能否談談您所看到的情況？

A little surprising there.

那裡有點令人驚訝。

But I guess maybe there is the potential for some duration or bid in that market and I guess maybe in connection with that as you think about operational changes that you may be seeing from the liner companies in terms of how they’re handling some of the disruptions that are out there, whether it be Red Sea, Suez Canal diversions, or if it’s Panama Canal low water levels, and even East Coast potential labor issues later in the fall.

但我想也許該市場存在一段時間或出價的潛力，我想也許與此有關，當你考慮班輪公司如何處理一些運營變化時，你可能會看到這些變化。那裡存在的干擾，無論是紅海、蘇伊士運河改道，也是巴拿馬運河低水位，甚至東海岸秋季晚些時候潛在的勞動力問題。

I don’t know if you’re seeing specific changes from the way that these companies want to operate the vessels that could potentially lead to incremental capacity being put to work?

我不知道您是否看到這些公司希望營運船舶的方式發生了具體變化，這可能會導致增量產能投入使用？

Yeah, some of the companies out there on the liner side have saw this exceptional windfall profits particular in 2021 and 2022.

是的，班輪方面的一些公司已經看到了這種非凡的意外利潤，特別是在 2021 年和 2022 年。

And we’ve seen the market normalize more.

我們看到市場更加正常化。

Generally, I would say that the liner business has more similarities to the airline industry than the general shipping markets like tankers and bulkers.

一般來說，我認為班輪業務與航空業比油輪和散裝貨船等一般航運市場有更多相似之處。

It’s all about efficiency.

一切都與效率有關。

It’s all about cost per produced unit.

這一切都與每生產單位的成本有關。

And that is why now, when we also see longer transportation legs, caused by -- it could be canal issues and other factors, it’s all down to using the most fuel-efficient vessels and where they are -- and with fuel efficient, I mean, fuel efficient per produced box for the liner company because they are also measured on emissions, in addition to the costs that it is to transport this.

這就是為什麼現在，當我們看到運輸距離更長時，可能是運河問題和其他因素造成的，這一切都取決於使用最節能的船隻及其所在位置以及燃料高效，我的意思是，班輪公司生產的每個箱子的燃油效率，因為除了運輸成本之外，它們還根據排放量進行衡量。

So the modifications we did to some of our existing vessels is a good example.

因此，我們對一些現有船舶所做的修改就是一個很好的例子。

They are very modern vessels, electronic engine.

它們是非常現代化的船隻，配備電子引擎。

They’re all designed after the financial crisis, so they are so-called wide beam designs.

它們都是在金融危機之後設計的，所以它們是所謂的寬光束設計。

And we can, with a relatively modest investment, make them I would say effectively as good as a brand-new vessel that you would construct today with that engine configuration type.

我想說，我們可以透過相對適度的投資，使它們與您今天使用該引擎配置類型建造的全新船舶一樣有效。

Of course, for liner companies, it’s also all about making sure that they are positioned for new fuels.

當然，對於班輪公司來說，這也是為了確保他們為新燃料做好準備。

So that’s also something that we would be very interested in looking at.

所以這也是我們非常感興趣的事情。

But mindful that when we do that, we want some charter duration as it’s not set in stone quite yet.

但請注意，當我們這樣做時，我們需要一定的包機期限，因為它尚未確定。

What will be the long-term, call it, fuel for the future.

什麼是長期的，可以稱之為未來的燃料。

So, we would be happy to look at -- we have some dual fuel LNG vessels in our fleet.

因此，我們很高興看到——我們的船隊中有一些雙燃料液化天然氣船。

We would be happy to look at methanol and other fuel types if we can work in cooperation with our customers.

如果我們能夠與客戶合作，我們將很樂意研究甲醇和其他燃料類型。

We have very strong vessel operations.

我們擁有非常強大的船舶營運能力。

I think what we hear from our customers is that they like our mindset, they like the way we focus on efficiencies every single day we have, and we try to make sure that we facilitate our customers with good long-term logistics assets.

我認為我們從客戶那裡聽到的是，他們喜歡我們的心態，他們喜歡我們每天專注於效率的方式，並且我們努力確保我們透過良好的長期物流資產為客戶提供便利。

Gregory Lewis.

格雷戈里·劉易斯.

Please unmute your line.

請取消線路靜音。

I'm here to ask your question.

我是來問你的問題的。

Yeah.

是的。

Hey, good afternoon, everybody, and thanks for taking my question.

嘿，大家下午好，感謝您提出我的問題。

Yeah, I did want to talk a little bit about the asset portfolio.

是的，我確實想談談資產組合。

I'm always asking about the rigs, but I guess I first wanted to ask about the dry bulk fleet.

我總是詢問鑽井平台的情況，但我想我首先想問的是乾散貨船隊的情況。

I mean, it's a handful of vessels, asset prices seem firm.

我的意思是，只有少數船隻，資產價格似乎堅挺。

It seems like it's difficult to find multi-year charters.

似乎很難找到多年的特許經營權。

Just curious on your views on how the dry bulk assets fit into the portfolio and how you're thinking about those assets longer term?

只是想知道您對乾散貨資產如何融入投資組合的看法以及您如何看待這些資產的長期發展？

Thank you.

謝謝。

As you rightly say for the supramaxes and the kamsarmaxes, there isn't really a lot of interesting long-term charter opportunities.

正如您對超靈便型油輪和卡姆薩爾型油輪的正確說法，實際上並沒有很多有趣的長期包租機會。

That's why these vessels are being traded in the short-term market.

這就是這些船隻在短期市場上進行交易的原因。

We believe we have a robust setup to get maximum results out of that.

我們相信我們有一個強大的設置可以從中獲得最大的結果。

And they've been trading okay and quite well.

他們的交易一直都很好而且很好。

We think, for a company like SFL, it would be perhaps wrong to say that these are strategic assets.

我們認為，對於像 SFL 這樣的公司來說，說這些是戰略資產也許是錯的。

When we're looking at new projects, it's very difficult to make that ships work in our model due to the lack of long-term charters available, at least at the moment.

當我們考慮新項目時，由於缺乏可用的長期包機，因此很難讓這些船舶在我們的模型中運行，至少目前是這樣。

So regarding how long they will be in our portfolio, I think that depends on the market going forward.

因此，關於它們在我們的投資組合中的存在時間，我認為這取決於未來的市場。

As we've shown before, if the right market conditions prevail, we will sell them.

正如我們之前所表明的，如果市場條件合適，我們將出售它們。

But right now, I think on balance, it makes more sense to keep them.

但現在，我認為總的來說，保留它們更有意義。

But of course, if we see a strong dry bulk market coming, then we might want to change our mind on that.

但當然，如果我們看到強勁的乾散貨市場即將到來，那麼我們可能會改變主意。

And as part of the thought process, just as I try to work through this -- I mean, clearly the assets are fine, are doing fine and generating a return.

作為思考過程的一部分，正如我試圖解決這個問題一樣——我的意思是，顯然資產很好，運作良好並產生回報。

Is part of the issue finding an opportunity to recycle that cash?

問題的一部分是尋找回收現金的機會嗎？

Is that what we need to be thinking about as the trigger to monetize those assets?

這是我們需要考慮的將這些資產貨幣化的觸發因素嗎？

Yes, absolutely.

是的，一點沒錯。

I mean, for now, as Trym said, I mean, they're performing quite well.

我的意思是，就目前而言，正如特里姆所說，我的意思是，他們的表現相當不錯。

Most of these vessels are debt free, and they're generating quite good cash flow even in today's not too exciting market.

這些船舶大多數都沒有債務，即使在當今不太令人興奮的市場中，它們也能產生相當不錯的現金流。

So of course, we enjoy that.

當然，我們很享受這樣的感覺。

But longer term, our mindset and as we have seen in the past, we've turned over.

但從長遠來看，我們的心態以及我們過去所看到的，我們已經改變了。

I mean, over the 20 years the company has been in business.

我的意思是，公司已經營業了 20 年了。

We have continuously effectively recycled vessels by selling them after end of long-term charter periods or when we feel that they don't -- they are not so easy to find long-term charters for, and then reinvested in other vessels where we can find, call it dynamic.

我們不斷有效地回收船舶，方法是在長期租船期結束後或當我們認為它們不那麼容易找到長期租船時將其出售，然後再投資於我們可以的其他船舶找到，稱之為動態。

So our core focus is obviously on the modern vessels.

因此，我們的核心重點顯然是現代船舶。

We can put on long-term charters to very strong counterparties.

我們可以向非常強大的交易對手簽訂長期租約。

And then we manage other vessels and try to optimize the return on those.

然後我們管理其他船隻並嘗試優化這些船隻的回報。

So whether we continue to charter them and enjoy the cash flow or we dispose of them at some stage at the right price, that all depends on our market view at the time.

因此，我們是繼續租用它們並享受現金流，還是在某個階段以合適的價格處置它們，這一切都取決於我們當時的市場看法。

But these vessels, it's a relatively small proportion of our fleet, both in terms of numbers, but certainly in terms of will it implied values and cash flow.

但這些船隻在我們船隊中所佔的比例相對較小，無論是在數量上，還是在其隱含的價值和現金流方面。

So over time, we've always had I would say between 10% to 20% of our fleet effectively in the short-term market and I think right now we are maybe on the lower end of that percentage.

因此，隨著時間的推移，我們一直有 10% 到 20% 的機隊在短期市場上有效，我認為現在我們可能處於該百分比的較低端。

[Ari Plumet].

[阿里·普魯梅特]。

Hey, guys, hello.

嘿，夥計們，你們好。

Thank you for taking my question.

感謝您回答我的問題。

First of all, another good quarter.

首先，又一個好季度。

Thank you very much and thank you for the good prospects going forward.

非常感謝你們，也感謝你們為我們帶來了美好的前景。

I wanted to ask about a geopolitical issue.

我想問一個地緣政治問題。

Recently, there were problems in and around the Red Sea.

近期，紅海及其周邊地區出現問題。

And I'm wondering what effect that has on SFL's business?

我想知道這對 SFL 的業務有何影響？

Do you see, for example, an increase in demand for more fuel-efficient boats or could you go into a little detail on that, please?

例如，您是否看到對更省油的船隻的需求增加，或者您能否詳細介紹一下這一點？

Yes.

是的。

Thank you.

謝謝。

Yes.

是的。

I mean, we have seen quite changing market dynamics relating to that.

我的意思是，我們已經看到與此相關的市場動態發生了很大變化。

And I would say, also, relating to the Panama Canal where you have seen restrictions and reduction in capacity going through the canal due to draft issues in that region.

我還要說，與巴拿馬運河有關，由於該地區的吃水問題，您已經看到通過運河的能力受到限制和減少。

So first of all, I mean, our vessels are on long-term charters.

首先，我的意思是，我們的船隻是長期租用的。

So our customers are paying their daily hire, I would say irrespective of where the vessel goes, whether it goes -- whether it used to go through the Suez Canal or whether these vessels went around Africa.

因此，我們的客戶每天都在支付租金，我想說，無論船隻去往何處，是否航行——是否曾經經過蘇伊士運河，或者這些船隻是否繞過非洲。

And for our customers, that was also a question of economics and logistics.

對我們的客戶來說，這也是一個經濟和物流問題。

You’re taking a vessel through the Suez Canal, had some significant costs in canal dues.

您乘坐一艘船通過蘇伊士運河，需要支付一些重大的運河費。

I mean just to be mindful of that.

我的意思是要注意這一點。

I mean, we talk about our ships.

我的意思是，我們談論我們的船。

If you look at the country Egypt, I mean, they used to have around $10 billion in canal fees as part of their revenue stream.

如果你看看埃及這個國家，我的意思是，他們曾經有大約 100 億美元的運河費作為其收入來源的一部分。

And now that, of course, is dramatically reduced as a consequence of the turmoils and the deviation of the assets.

當然，現在由於動盪和資產偏離，這一數字急劇減少。

But for our customers, they spend more days at sea, burning more fuel, and that is you are absolutely correct.

但對於我們的客戶來說，他們在海上度過了更多的時間，燃燒了更多的燃料，這是絕對正確的。

For them, it’s all about having the most fuel-efficient vessels as they now trade these vessels longer.

對他們來說，最重要的是擁有最省油的船隻，因為他們現在交易這些船隻的時間更長。

But we hope, of course that that noise will succeed and that we can return to a more normalized, call it, the transition level through that region.

但我們當然希望這種噪音能夠成功，並且我們能夠透過該地區回到更正常化的過渡水平。

But I would say, in the near term, we don’t see so much direct impact on our numbers because we don’t really have many vessels in the spot market that would normally trade through those areas.

但我想說，在短期內，我們的數量不會受到太大的直接影響，因為我們在現貨市場上並沒有很多通常透過這些地區進行貿易的船隻。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions) As there are no further questions from the audience, I would like to thank everyone for participating in this conference call.

（操作員說明）由於觀眾沒有再提出問題，我要感謝大家參加這次電話會議。

If you have any follow-up questions to management, there are contact details in the press release or you can get in touch with us through the contact pages on our web page, www.sflcorp.com. Thank you.

如果您對管理層有任何後續問題，請參閱新聞稿中的詳細聯絡信息，或者您可以透過我們網頁 www.sflcorp.com 上的聯絡頁面與我們聯絡。謝謝。