SFL Corporation Ltd (SFL) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to SFL's third-quarter, 2024 conference call.

大家好，歡迎參加 SFL 2024 年第三季電話會議。

My name is Espen Nilsen, I'm Vice President of Investor Relations in SFL.

我叫 Espen Nilsen，是 SFL 投資人關係副總裁。

Our CEO Ole Hjertaker will start the call with an overview of the third quarter highlights then our Chief Operating Officer Trym Otto Sjølie will comment on vessel performance matters, followed by our CFO Aksel Olesen, who will take us through the financials.

我們的執行長 Ole Hjertaker 將首先概述第三季的亮點，然後我們的營運長 Trym Otto Själie 將就船舶績效問題發表評論，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, words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements.

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，諸如預期、預期、打算、估計或類似表達等詞語均屬於前瞻性陳述。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 can 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離岸航運和信貸市場的狀況。

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 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，以了解可能對經營業績和我們的財務狀況產生直接影響的風險和不確定性的更詳細討論。

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

然後我將向我們的執行長 Ole Hjertaker 介紹第三季的亮點。

Thank you, Espen.

謝謝你，埃斯彭。

We are now announcing our 83rd dividend and continue building our unique profile as a maritime infrastructure company with a diversified fleet.

我們現在宣布第 83 次股息，並繼續打造​​我們作為擁有多元化船隊的海事基礎設施公司的獨特形象。

We reported revenues of more than $260 million this quarter and the EBITDA equivalent cash flow in the quarter was approximately $167 million which is significantly up from the second quarter.

我們報告本季營收超過 2.6 億美元，本季 EBITDA 等值現金流約為 1.67 億美元，比第二季大幅成長。

Over the last 12 months, the EBITDA equivalent has been $580 million.

過去 12 個月，EBITDA 等值額為 5.8 億美元。

The net income came in at around $45 million in the quarter or $0.34 per share.

該季度淨利潤約為 4500 萬美元，即每股 0.34 美元。

And we had positive contributions relating to profit share on kamsarmax bulkers and fuel cost savings of $4.2 million in the quarter offset by approximately $5.6 million in negative non-cash mark-to-market and one off items.

本季我們在卡姆薩爾型散貨船的利潤分享和燃料成本節省方面做出了積極貢獻，節省了420 萬美元，抵消了約560 萬美元的負非現金按市價和一次性項目的影響。

Due to US GAAP accounting rules the revenue and expense in the quarter for the drilling rig Hercules also includes the mobilization period that started in the second quarter.

根據美國公認會計準則會計規則，Hercules 鑽孔機本季的收入和費用還包括從第二季開始的動員期。

Our CFO Aksel Olesen, will give more details on this.

我們的財務長 Aksel Olesen 將對此提供更多詳細資訊。

When he goes through the numbers for the quarter, our fixed rate backlog stands at approximately $4.7 billion.

當他查看本季的數據時，我們的固定利率積壓金額約為 47 億美元。

And importantly, two-thirds of this is to customers with investment grade rating, giving us a unique cash flow visibility.

重要的是，其中三分之二是具有投資等級評級的客戶，這為我們提供了獨特的現金流量視覺。

This backlog figure excludes revenues from the vessels trading in the short term market and also excludes revenues from the new dual fuel chemical carrier that will operate in a pool with stalled tankers.

這項積壓數據不包括短期市場交易船舶的收入，也不包括將在停泊油輪池中運作的新型雙燃料化學品運輸船的收入。

It also excludes future profit share optionality which we have seen can contribute significantly to our net income.

它也排除了未來利潤分享的選擇權，我們認為這種選擇權可以對我們的淨利潤做出重大貢獻。

And in line with our commitment to return value to shareholders, we are paying a quarterly dividend of $0.27 per share or around 10% dividend yield.

根據我們向股東回報價值的承諾，我們支付每股 0.27 美元的季度股息，即股息殖利率約 10%。

Most of our vessels are on long term charters and we have over the last 10 years, completely transformed the company's operating model making us relevant for large end users like Maersk, Volkswagen Group and Vitol.

我們的大多數船舶都是長期租用的，在過去 10 年裡，我們徹底改變了公司的營運模式，使我們與馬士基、大眾集團和維多等大型最終用戶息息相關。

We have been busy renewing and extending multiple existing charters and I've also recently ordered five large container vessels in combination with 10 year time charters adding $1.2 billion in that transaction alone.

我們一直忙於更新和延長多艘現有租船合同，我最近還訂購了五艘大型貨櫃船以及 10 年期租船合同，僅該交易就增加了 12 億美元。

In addition, we have taken delivery of seven new vessels so far this year including four vessels during the third quarter.

此外，今年到目前為止，我們已交付了七艘新船，其中四艘是在第三季交付的。

We are also in the process of upgrading several other vessels.

我們還在升級其他幾艘船。

And our Chief Operating Officer Trym Sjølie will talk more about this later.

我們的營運長 Trym Själie 稍後將詳細討論這一點。

During the quarter, we raised another unsecured bond loan the 16th in a row.

本季度，我們連續第 16 次籌集了另一筆無擔保債券貸款。

This was issued as a floating rate note in Norwegian Kroner and we have swapped it to US dollars at approximately 6.45% fixed interest.

這是以挪威克朗作為浮動利率票據發行的，我們已將其以約 6.45% 的固定利率兌換為美元。

This was primarily used to refinance a bond loan that was due to expire in early 2025.

這主要用於為將於 2025 年初到期的債券貸款進行再融資。

It has also been a busy quarter from a financing perspective where we have effectively addressed virtually all short term asset debt maturities, matching funding with charter tenders.

從融資角度來看，這也是一個繁忙的季度，我們有效地解決了幾乎所有短期資產債務到期問題，將融資與租船招標相匹配。

And with that, I will give the word over to our COO Trym Sjølie.

接下來，我將把這個消息轉交給我們的營運長 Trym Själie。

Thank you, Ole.

謝謝你，奧萊。

When including our new building program.

當包括我們的新建築計劃時。

As well as the six vessels delivered this year.

以及今年交付的六艘船。

We have 81 maritime assets in our portfolio and our backlog from owned and managed shipping assets stands at $4.7 billion.

我們的投資組合中有 81 項海事資產，自有和管理的航運資產積壓金額達 47 億美元。

The current fleet is made up of 15 dryable vessels, 39 container ships, 18 tankers, 7 car carriers and 2 drilling rigs.

目前船隊由15艘幹船、39艘貨櫃船、18艘油輪、7艘汽車運輸船和2艘鑽井平台組成。

We have a diversified fleet of assets charted out to first class charters and mostly long term charters.

我們擁有多元化的資產船隊，可租用頭等艙且大部分為長期租船。

Container vessels is a large, larger segment with almost 65% of the backlog.

貨櫃船是一個規模較大的細分市場，佔積壓量的近 65%。

In the third quarter, 96% of charter revenues from all assets came from time charter contracts and only 4% from bareboats or dry leases.

第三季度，所有資產的租船收入中有 96% 來自定期租船合同，只有 4% 來自光船或乾租。

In addition to fixed rate charter revenues, we've 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，我們還透過利潤分享安排對現金流做出了重大貢獻，這兩者都與包機費率和燃料成本節省有關。

In Q3 profit made arrangements have contributed about $4.3 million, out of the 81 vessels and rigs.

第三季度，81 艘船舶和鑽井平台中的獲利安排貢獻了約 430 萬美元。

We have 11 container ships on bareboat type contracts and the rest of the fleet on time charter of spot trading.

我們有11艘貨櫃船採用光船合同，其餘船隊採用現貨貿易定期租船合約。

Our operation is quite complex with vessels across multiple sectors and we have our own commercial operation out of Oslo and operational and technical management out of Singapore and Stavanger.

我們的營運相當複雜，船舶橫跨多個領域，我們在奧斯陸擁有自己的商業運營，在新加坡和斯塔萬格擁有營運和技術管理。

In Q3, we had about 6,700 operating days defined as calendar day less technical or fire and dry-dockings.

第三季度，我們大約有 6,700 個作業日，定義為不含技術或消防和乾塢的日曆日。

Three vessels have been in dry-dock in the quarter and our overall utilization across the fleet in Q3 was about 99%.

本季已有三艘船進入乾船塢，第三季我們船隊的整體利用率約為 99%。

The charter revenue from our fleet was $263 million in Q3 which is up from Q2 mainly due to the drilling rig liner being back in operation end of July after a special periodic survey, the drilling rig Hercules ended a contract in Canada, end of October and is currently on her way across the Atlantic to the west coast of Norway, as part of our de-decarbonization and commercial strategy.

第三季我們船隊的包租收入為2.63 億美元，較第二季度有所增長，主要是由於經過特別定期調查後，鑽井平台襯管於7 月底恢復運營，Hercules 鑽井平台於10 月底結束了在加拿大的合同，作為我們脫碳和商業策略的一部分，她目前正在穿越大西洋前往挪威西海岸。

We continue to invest in new vessels as well as upgrades to our existing fleet.

我們繼續投資新船以及升級現有船隊。

Our fleet has lately been enhanced by 11 LNG dual fuel vessels and three LR2 tankers.

我們的船隊最近增加了 11 艘液化天然氣雙燃料船和三艘 LR2 油輪。

It's four new building, 7,000 CEU car carriers have already been delivered to charters Wolfsburg and K Line and 2,33,000 [Denway] ton LNG, dual fuel stainless steel chemical tankers have been delivered and are on service to stall tankers.

它的四艘新建築、7,000 CEU 汽車運輸船已交付給 Wolfsburg 和 K Line 包租公司，2,33,000 [Denway] 噸液化天然氣、雙燃料不銹鋼化學品油輪已交付並可供攤位油輪使用。

5,16,800 CEU container vessel new builds are to be delivered in 2028 and by October all three of our new building LR2s have been delivered to Vitol.

新建造的 5,16,800 CEU 貨櫃船將於 2028 年交付，到 10 月，我們新建造的所有三艘 LR2 均已交付給維多。

Our investment in fleet upgrades continues.

我們對機隊升級的投資仍在繼續。

And in Q3, we had three vessels in dry-dock where energy saving devices and upgrade works were also carried out such investments and cooperation with our charters is important as a way to grow our relationship and increase backlog from existing vessels.

在第三季度，我們有三艘船在幹船塢，在那裡還進行了節能設備和升級工程，這種投資以及與我們的包機合作對於發展我們的關係和增加現有船舶的積壓非常重要。

Earlier this year, we increased the backlog to [MERS] with new five year charters for seven of our large container vessels which is a result of our close relationship and cooperation on vessel upgrades and performance enhancements.

今年早些時候，我們為七艘大型貨櫃船簽訂了新的五年期租約，從而增加了 [MERS] 的積壓訂單，這是我們在船舶升級和性能增強方面密切關係和合作的結果。

The first 48,700 teu CEU vessels will dock from December onwards and the upgrades include energy saving devices and increased cargo intake, boosting cargo capacity to about 9,500 teu while also reducing fuel consumption.

首批 48,700 teu CEU 船舶將從 12 月起靠岸，升級包括節能裝置和增加貨物攝取量，將貨運能力提高到約 9,500 teu，同時減少燃料消耗。

Another 3,11,000 teu vessels will dock from Q2 next year.

另外 3,11,000 teu 船舶將從明年第二季開始停靠。

Also with energy and cargo system upgrades to be carried out, on the HPA Lloyd charters.

此外，還將根據 HPA Lloyd 租船進行能源和貨運系統升級。

The remaining three vessels out of six will be completed in Q4 before delivery to Holod on the new five year time charters, a key tool in delivering on the various projects is a strong operations, technical and new building team who can work in close contact with the charters fleet renewal and upgrades, improves energy and operational efficiency of our vessels.

六艘船中的其餘三艘將在第四季度完工，然後根據新的五年期租船交付給 Holod，交付各種項目的關鍵工具是強大的運營、技術和新造船團隊，他們可以與包機船隊的更新和升級提高了我們船舶的能源和營運效率。

This is increasingly important in the new world of ever tightening environmental regulations, both regionally and globally.

在區域和全球環境法規日益嚴格的新世界中，這一點變得越來越重要。

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

現在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 are showing to perform my illustration of cash flows for the third quarter.

在這張投影片上，我們展示了第三季現金流的說明。

Please note that this is an online guideline to assess the company's performance and is not in accordance with us gap and also that of extraordinary and non-cash items.

請注意，這是評估公司業績的線上指南，與我們的差距以及非現金項目的差距不符。

The company generated gross charter hire of approximately $263 million during the third quarter with approximately $89 million coming from our container fleet.

該公司第三季的包機租金總額約為 2.63 億美元，其中約 8,900 萬美元來自我們的貨櫃船隊。

This includes approximately $2.4 million in profit share related to fuel savings on seven of our large container vessels.

其中包括與我們七艘大型貨櫃船節省燃料相關的約 240 萬美元的利潤份額。

The car carrier fleet generated approximately $26 million of gross charter hire in the quarter including profit share from fuel savings and a tanker fleet generated approximately $37 million in gross charter hire up from approximately $30 million in the previous quarter following the delivery of three tanker vessels during the quarter.

汽車運輸船隊在本季度產生了約2600 萬美元的總租船租金，其中包括燃油節省帶來的利潤份額，而在交付了三艘油輪後，油輪船隊的總租船租金從上一季度的約3000 萬美元增加到約3700 萬美元。

As fell at 15 dryable vessels of which eight are employed on long term charters.

可乾船數量下降至 15 艘，其中 8 艘為長期租船。

The vessels generated approximately $25 million in gross charter hire including approximately $1.7 million profit share generated from our eight capesize vessels on long term charters to Golden Ocean.

這些船舶產生了約 2,500 萬美元的總租船租金，其中包括我們長期租用至 Golden Ocean 的八艘海岬型船舶所產生的約 170 萬美元的利潤分成。

The seven vessels employed in the spot and short term market contributed with approximately $8.4 million in net charter hire compared to approximately $8.2 million in the second quarter.

現貨和短期市場上使用的七艘船舶貢獻了約 840 萬美元的淨租金租金，而第二季約為 820 萬美元。

In the third quarter, our energy assets generated approximately $86 million in contract revenues compared to approximately $29 million in the second quarter.

第三季度，我們的能源資產產生了約 8,600 萬美元的合約收入，而第二季度約為 2,900 萬美元。

Linus is under a long-term contract with ConocoPhillips in Norway until May 2029.

Linus 與挪威康菲石油公司簽訂了一份長期合同，合約為期至 2029 年 5 月。

During the quarter, revenues from the rig was approximately $16 million compared to approximately $10 million in the second quarter as the rig resumed operations in late July after finalizing its 10 year special survey.

本季度，該鑽機的收入約為 1,600 萬美元，而第二季度約為 1,000 萬美元，因為該鑽機在完成 10 年特別調查後於 7 月底恢復營運。

As of November 1, the riggs contract rate has been adjusted upwards to approximately $224,000 per day under the market adjustment rate mechanism.

截至11月1日，鑽機合約費率已依市場調整費率機制上調至約224,000美元/天。

During the third quarter.

第三季期間。

The Hercules commenced its drilling contracts with Ecuador and Canada revenue and costs associated with the contracts are recorded in accordance with us, GAAP which specifies that mobilization and demobilization fees and associated mobilization costs are to be recorded or a day spent during a contract.

Hercules 開始與厄瓜多爾和加拿大簽訂鑽井合同，與合同相關的收入和成本按照我們的 GAAP 進行記錄，其中規定應記錄動員和復員費用以及相關的動員費用或合同期間花費的一天。

So for the third quarter, we recorded approximately $70 million in contract revenue compared to approximately $19 million in the second-quarter.

因此，第三季我們的合約收入約為 7,000 萬美元，而第二季約為 1,900 萬美元。

Operating costs increased to approximately $32 million or from approximately $11 million in the second quarter.

營運成本從第二季的約 1,100 萬美元增至約 3,200 萬美元。

As the ring recorded full operating costs from early July.

該環從七月初起就記錄了全部營運成本。

This amortized mobilization costs deferred from the second quarter.

該攤銷動員成本從第二季延後。

As per the accounting standards just mentioned, our operating and G&A expenses for the quarter was approximately $99 million compared to approximately $70 million in the second quarter.

根據剛才提到的會計準則，我們本季的營運和一般管理費用約為 9,900 萬美元，而第二季約為 7,000 萬美元。

Mainly due to her being back on the contract for most of the quarter.

主要是因為她在本季度的大部分時間都恢復了合約。

This summarizes to an adjusted EBITDA for approximately $167 million compared to $131 million in the previous quarter.

調整後的 EBITDA 總計約為 1.67 億美元，而上一季為 1.31 億美元。

Then move on to the profit and loss statement as reported on the US GAAP, as we have described in previous earnings calls.

然後轉向按照美國公認會計準則報告的損益表，正如我們在先前的財報電話會議中所描述的那樣。

Our accounting statements are different from those of a traditional shipping company and that business strategy focuses on long term charter contracts.

我們的會計報表與傳統航運公司的會計報表不同，業務策略著重於長期租船合約。

Some part of our activities are classified as capital leasing.

我們的某些活動被歸類為資本租賃。

Therefore, a portion of our charter revenues are excluded from us cap operating revenues.

因此，我們的部分包機收入不包括在我們的營運收入上限中。

This includes repayment of investment in sales type direct financing leases and these assets and revenues per is classified as investment in associates for accounting purposes.

這包括銷售型直接融資租賃投資的償還，這些資產和收入出於會計目的被歸類為聯營公​​司投資。

So for the third quarter, we report total operating revenues according to US GAAP of approximately $255 million, which is less than approximately $263 million of charter hire actually received the reasons just mentioned.

因此，根據美國公認會計準則，我們第三季的總營業收入約為 2.55 億美元，低於上述原因實際收到的約 2.63 億美元的包機租金。

This includes profit share income of approximately $4.2 million from fuel savings on some of our large container vessels, a car carrier and our 8-K size tribal vessels on charter to Golden Ocean.

其中包括約 420 萬美元的利潤分享收入，這些收入來自我們的一些大型貨櫃船、一艘汽車運輸船和租給金洋的 8-K 型部落船隻的燃油節省。

During the quarter, we had an increase in vessel operating expenses mainly due to new vessel deliveries, scheduled dry dockings and the Hercules being back on contract for most of the quarter.

本季度，我們的船舶營運費用有所增加，主要是由於新船交付、定期乾船塢以及 Hercules 號在本季大部分時間恢復合約。

We also had an increase in depreciation and tax driven by new vessel deliveries and Hercules operations in Canada respectively.

新船交付和加拿大 Hercules 營運分別導致折舊和稅收增加。

So overall and according to cap, the company reported a net profit of approximately $44.5 million or $0.34 per share compared to approximately $20.6 million or $0.16 per share in the previous quarter.

總體而言，根據上限，該公司報告淨利潤約為 4,450 萬美元或每股 0.34 美元，而上一季約為 2,060 萬美元或每股 0.16 美元。

Moving on to the balance sheet at what brand SFL had approximately $164 million of cash and cash equivalents.

看看資產負債表，SFL 擁有約 1.64 億美元的現金和現金等價物。

The company also had multiple securities of approximately $4.6 million.

該公司還擁有價值約 460 萬美元的多種證券。

In addition to debt free vessels with an estimated market value of approximately $90 million in September, the company issued a new knock bond of $750 million in the Nordic credit market.

除了9月估計市場價值約9,000萬美元的無債務船舶外，該公司還在北歐信貸市場發行了7.5億美元的新敲門債券。

The loan bears a coupon of three and a quarter about the three month my reference rate and the term is five years.

這筆貸款的票面利率為我的三個月參考利率的三又四分之一，期限為五年。

The cash flows have swapped approximately $71 million and the interest rate is fixed at approximately 6.45 in connection with the new offering.

與新發行相關的現金流已交換約 7,100 萬美元，利率固定在約 6.45。

SFL exercised its option to redeem the NOC $600 million bond which was due in January 2025.

SFL 行使了贖回 NOC 於 2025 年 1 月到期的 6 億美元債券的選擇權。

The company has recently concluded financing arrangements of approximately $1 billion with approximately $700 million being drawn down during the quarter and the balance subsequent to board rent.

該公司最近完成了約 10 億美元的融資安排，其中約 7 億美元在本季度提取，餘額用於扣除董事會租金。

During the third quarter, the company paid a first year installment of 10 relating to a new building order of 16,800 container vessels with delivery in 2028.

第三季度，該公司支付了 10 美元的第一年分期付款，涉及 16,800 艘貨櫃船的新建造訂單，將於 2028 年交付。

Now the 5% is estimated due at the end of the fourth quarter and the balance is due closer to delivery.

現在，預計 5% 的付款將在第四季度末到期，餘額將在接近交付時到期。

We expect this to be financed by pre delivery and post-delivery loan facilities.

我們預計這將透過交付前和交付後貸款融資來融資。

And finally in July, the company raised $100 million in gross profits from the US public offering by issuing 8 million common shares.

最後，該公司在 7 月透過發行 800 萬股普通股，從美國公開募股中籌集了 1 億美元的毛利。

So based on the Q3 numbers, the company had a book a ratio of approximately 28%.

因此，根據第三季的數據，該公司的帳面比率約為 28%。

And to conclude, the board has declared the 83rd consecutive cash dividend of $0.27 per share which represents a dividend yield of approximately 10%, following recent investment and short renewals.

最後，董事會宣布連續第 83 次派發每股 0.27 美元的現金股息，在最近的投資和短期續約後，股息殖利率約為 10%。

A fixed short rate backlog could stand at $4.7 billion providing us with strong visibility on our cash flows going forward.

固定短期利率積壓可能達到 47 億美元，使我們能夠清楚了解未來的現金流。

They come with a strong balance sheet and liquidity position and we recently raised $100 million of gross proceeds in a public offering in addition to more than a billion of financing so far this year to address both refinancing of existing vessels and new acquisitions.

它們擁有強大的資產負債表和流動性狀況，我們最近在公開發行中籌集了1 億美元的總收益，此外今年迄今已籌集了超過10 億美元的資金來解決現有船舶的再融資和新收購的問題。

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)

（操作員說明）

Sherif Elmaghrabi.

謝里夫·埃爾馬格拉比。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

Ole, historically, some container ships have done some sale and leasebacks to help with fleet management.

Ole，從歷史上看，一些貨櫃船進行了一些售後回租，以幫助船隊管理。

Do you expect that to happen this year?

您預計今年會發生這種情況嗎？

And is that something that something that could be an opportunity for SFL?

這對 SFL 來說是一個機會嗎？

Well, we have a significant number of container ships in our fleet.

嗯，我們的船隊中有大量貨櫃船。

So, and from time to time, we have also, you know, acquired the container ships directly from liner companies and we have gone more away from doing more financial call it [Sellis] backs, which is really a high leverage, you know, financing in reality.

因此，時不時地，我們也直接從班輪公司收購貨櫃船，我們不再做更多的金融業務，稱為[塞利斯]支持，這確實是一個高槓桿，你知道，現實中的融資。

So we have some legacy assets there.

所以我們在那裡有一些遺留資產。

But I would say all, all the investments we've done over the last five, six years have been long term time charters.

但我想說的是，我們過去五、六年所做的所有投資都是長期租船合約。

And we think those deals have worked out pretty well.

我們認為這些交易效果很好。

And I think also, you know, having an operational platform like we have built up now, you know, makes us relevant for, for the likes of Maersks and HPP Lloyd and Volkswagen and others.

我還認為，擁有像我們現在建立的這樣的營運平台，使我們與馬士基、HPP Lloyd 和大眾等公司相關。

So, we of course, wouldn't mind do more business in that segment as we also look for opportunities in all the sectors that we focus on.

因此，我們當然不介意在該領域開展更多業務，因為我們也在我們關注的所有領域中尋找機會。

Thanks.

謝謝。

And with the Hercules mobilizing to Norway, how do contracting prospects there shape up versus Canada or Namibia?

隨著大力士號動員到挪威，與加拿大或納米比亞相比，那裡的合約前景如何？

And just, you know, any color you can provide on how conversations are going with potential charterers.

而且，您知道，您可以提供有關與潛在承租人的對話進行情況的任何顏色。

Oh, yes.

哦是的。

The rig recently finalized drilling for Ecuador in Canada has been working there since July and it's now being moved to Norway.

該鑽機最近完成了在加拿大厄瓜多爾的鑽探工作，自 7 月以來一直在那裡工作，現在正被轉移到挪威。

It's a pretty efficient location, you know, given the distance and you know, you call it maritime traveling distance.

這是一個非常有效率的位置，你知道，考慮到距離，你知道，你稱之為海上旅行距離。

That's why we take it to, to the North Sea and there are in the North Sea.

這就是為什麼我們把它帶到北海，北海也有。

And remember this rig has worked, you know, during the winter time up in the Bar and Sea and the ultra-harsh environment.

請記住，您知道，該鑽機在冬季的酒吧和大海以及超惡劣的環境中一直工作。

So it's a very capable rig and it's managed by, by [ODF] who is I would, I would say, you know, deemed to be, you know, among the top two or three, you know, operators of the most sophisticated drilling rigs out there.

所以這是一個非常有能力的鑽機，它是由 [ODF] 管理的，我想說，你知道，被認為是最複雜鑽井的前兩到三名操作員那裡有鑽機。

So we are looking for opportunities both in the North Sea and in West Africa, primarily near term.

因此，我們正在北海和西非尋找機會，主要是短期機會。

We don't see so many opportunities in Canada, but we expect that to come back, you know, later next year or into 2026.

我們在加拿大看不到那麼多機會，但我們預計這種機會會在明年晚些時候或 2026 年回歸。

So near term, we focus more on North Sea and West Africa.

因此，短期內，我們更加關注北海和西非。

We cannot be specific on discussions and the opportunities we see.

我們無法具體說明討論和我們看到的機會。

But we believe [Oal] who also announced their earnings today, they at least signal a positive outlook on the market segment.

但我們相信，今天也公佈了收益的[Oal]，他們至少表明了對該細分市場的積極前景。

Okay.

好的。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Thank you.

謝謝。

[Clement Mollins].

[克萊門特·莫林斯]。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to follow up on Sherif's question on the Hercules.

我想跟進謝里夫關於大力神號的問題。

And first of all, I was wondering, do you expect to recognize any revenue on Q4 from the contract with Echinacea in Canada?

首先，我想知道，您是否期望在第四季度從與加拿大 Echinacea 的合約中確認任何收入？

Oh, yeah, thank you.

哦，是的，謝謝。

Yes, we have.

是的，我們有。

I mean, the rig has been working now, you know, virtually to the end of you know, October.

我的意思是，該鑽機現在一直在工作，你知道，幾乎到十月底。

So there's been a, you know, a full month on hire plus we're also compensated for moving the rig afterwards.

所以，你知道，我們已經租了整整一個月，而且我們還得到了之後行動裝置的補償。

So we are effectively covered for say two out of three months in the fourth quarter.

因此，我們在第四季的三個月內有兩個月得到了有效的保障。

And, and of course, while, while, you know, while we wait for the next contract, we will, of course, you know, adjust and trim, you know, expenses, you know, along with that.

當然，當我們等待下一份合約時，我們當然會調整和削減費用。

So there will be, you know, a decent contribution from the rig also this quarter.

因此，您知道，本季該鑽機也將做出可觀的貢獻。

Makes sense.

有道理。

Thanks for the color and this one is more from a modeling perspective.

謝謝你的顏色，這個更多的是從建模的角度來看的。

But should the asset remain open throughout part of 2025?

但該資產是否應該在 2025 年部分時間維持開放狀態？

Could you provide some commentary on the expenses you would expect maybe on a daily basis?

您能否對您每天預計的費用提供一些評論？

Yeah.

是的。

You have when the rig is working as it has been both in Namibia and in Canada.

當鑽孔機正常工作時，就像在納米比亞和加拿大一樣。

Now in two rounds, we have seen operating expenses, you know, in the in the region around $200,000 per day.

現在，在兩輪中，我們看到該地區的營運費用每天約為 20 萬美元。

That is of course with full marine crew, full operational crew, full drilling activities, ongoing day and night with that rotation pattern.

當然，這需要完整的海事船員、完整的操作人員、完整的鑽井活動、日夜持續的輪調模式。

So when we in between contracts, we can reduce operating expenses a lot.

所以當我們在合約期間，我們可以減少很多營運費用。

And then it's really more down to, you know, how do we, how much of the equipment do we want and do we need to run all the time to make sure that it's ready to go, that it's hot and can go straight out and drill on a new contract.

然後更重要的是，你知道，我們如何，我們需要多少設備，我們是否需要一直運行以確保它準備好運行，它是熱的並且可以直接出去，鑽研新合約。

So from a modeling perspective, I think if you put in $75,000 to $100,000 per day, you should be pretty safe.

所以從建模的角度來看，我認為如果你每天投入 75,000 美元到 100,000 美元，你應該是相當安全的。

On the cost side, we will of course, manage cost, you know, and limit that as much as we can.

在成本方面，我們當然會管理成本，並盡可能限製成本。

But our primary objective here is to get the rig out working again.

但我們的首要目標是讓鑽孔機重新投入使用。

So we generate, you know, positive cash flows from the rig in operations.

因此，我們從營運中的鑽井平台中產生了正現金流。

Makes sense.

有道理。

This was kind of like the worst case scenario.

這有點像是最壞的情況。

That's all for me.

這就是我的全部。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

As we received a question on the side here, You've sold a 2005 built container vessel.

正如我們在這裡收到的一個問題，您已經出售了一艘 2005 年建造的貨櫃船。

What are your plans for the other older container vessels in the fleet?

您對船隊中其他舊貨櫃船有何計劃？

Yes, thank you.

是的，謝謝。

It's correct.

這是正確的。

We recently sold a 2005 built feeder vessel 1,700 teu that container ship has been on a contract with [MERS] now for a period And you know, as we have seen over time now, we typically own vessels until we see that we cannot really and you know, charter these vessels longer term.

我們最近出售了一艘2005 年建造的1,700 teu 支線船，該貨櫃船現已與[MERS] 簽訂合約一段時間。真正和你知道，長期租用這些船隻。

And typically we sell them own vessels that are older than 20 years.

通常我們向他們出售船齡超過 20 年的自有船舶。

So as this now is approaching the 20 year anniversary next year, we feel that this is an opportune time to dispose of the vessel at with a nice profit from that s we also have some other legacy older container ships in the fleet.

因此，明年即將迎來 20 週年紀念日，我們認為現在是處置該船的好時機，可以從中獲得可觀的利潤，因為我們的船隊中還有一些其他舊的舊貨櫃船。

We have 74,100 container ships with MSC.

我們有 74,100 艘貨櫃船與 MSC 合作。

That's really on a bare boat financing structure.

這其實是一種裸船融資結構。

Those vessels will there is there are purchase obligations on those vessels basically early second quarter next year.

這些船隻基本上將於明年第二季初承擔購買義務。

So those vessels would also then effectively be fed.

因此，這些船隻也將得到有效的補給。

And then we have a sister vessel of this, of the, of the vessel we recently announced we now are now sold that's also coming off charter again with Maersk during the second quarter.

然後我們有一艘這艘船的姊妹船，我們最近宣布我們現在已經出售了這艘船，這艘船也在第二季度再次與馬士基簽訂了租約。

And we have to assess what we do with that vessel over time, we may recharter it or we may sell it, you know, similar as we did with the with the one which just announced now.

我們必須評估隨著時間的推移我們對該船的處理方式，我們可能會重新租用它，也可能會出售它，你知道，就像我們對剛剛宣布的那艘船所做的那樣。

So we are we are monitoring that market, of course very closely and a positive side effect of doing this with these.

因此，我們正在密切監視這個市場，當然，這樣做會產生積極的副作用。

All the vessels is that these are also from a fuel efficiency perspective, the least efficient vessels in the portfolio.

從燃油效率的角度來看，所有船舶都是組合中效率最低的船舶。

And if you look away from the 74,100 and 1,700 that's remaining, all the other vessels are modern eco design vessels built, you know, from 2013 odd words with eco engines, et cetera.

如果你把目光從剩下的 74,100 艘和 1,700 艘上移開，所有其他船隻都是現代生態設計船隻，你知道，從 2013 年開始就使用了生態發動機等奇怪的詞。

So you know the effect of that is that we will actually have an improvement in our fuel efficiency ratio.

所以你知道，這樣做的效果是我們實際上會提高燃油效率。

Thank you, Ole.

謝謝你，奧萊。

Okay, as there are no further questions from the audience, I want to thank you everyone for participating in this conference call, If you have any follow up questions to the management, the contact details are in the press release or you can get touch with us through the contact page on our web page www.sflcorporation.com. Thank you all.

好的，由於觀眾沒有進一步的問題，我要感謝大家參加這次電話會議，如果您對管理層有任何後續問題，聯絡方式請參閱新聞稿，或者您可以聯繫透過我們網頁www.sflcorporation.com 上的聯絡頁面與我們聯絡。謝謝大家。