SFL Corporation Ltd (SFL) 2024 Q4 法說會逐字稿

My name is Espen Nilsen.

我的名字是 Espen Nilsen。

I'm Vice President of investor relations in SFL.

我是SFL的投資人關係副總裁。

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

我們的執行長 Ole Hjertaker 將在電話會議開始時概述第四季度的亮點。

Then our Chief Operating Officer, Trym Sjølie, will come in 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 Sjølie 將介紹船舶性能事宜，隨後我們的財務長 Aksel Olesen 將帶我們了解財務狀況。

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.

電話會議結束時將開放提問，我將在問答環節之前解釋提問的程序。

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.

在我們開始簡報之前，我想指出，本次電話會議將包含美國 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。

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.

前瞻性陳述並不能保證未來的表現。

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 out forth in the forward-looking statements.

這些聲明是基於我們目前的計劃和預期，並且本質上受風險和不確定性的影響，可能導致未來活動和營運結果與前瞻性聲明中所述的存在重大差異。

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

可能導致實際資源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 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經營業績和我們的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，我將把第四季度的亮點交給我們的執行長 Ole Hjertaker。

(inaudible) $132 million which is significantly up from the second quarter.

（聽不清楚） 1.32 億美元，較第二季大幅成長。

Over the last 12 months, the EBITDA equivalent has been $581 million.

過去 12 個月，EBITDA 等值於 5.81 億美元。

The net income came in at around $20 million in the quarter or $0.15 per share, and we had positive contribution relating to profit share on Capesize bulkers and fuel cost savings of $2.5 million.

本季淨收入約為 2,000 萬美元，或每股 0.15 美元，我們對好望角型散裝貨船的利潤份額和 250 萬美元的燃料成本節省做出了積極貢獻。

Our fixed rate backlog stands at approximately $4.3 billion and importantly, two-thirds of this is to customers with investment grade rating, giving us a unique cash flow visibility and resilience.

我們的固定利率積壓訂單約為 43 億美元，重要的是，其中三分之二是投資等級評級的客戶，這為我們帶來了獨特的現金流可見度和彈性。

This backlog figure excludes revenues from the vessels trading in the short-term market and also excludes revenue on the new dual fuel chemical carrier that operates in a pool [with stalk] Tankers.

這項積壓訂單數字不包括在短期市場交易的船舶的收入，也不包括油輪聯營體中運營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.

它也排除了未來的利潤分享選擇權，我們已經看到這對我們的淨收入做出重大貢獻。

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的承諾，我們支付每股 0.27 美元的季度股息，或約 10% 的股息殖利率。

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 Vittel.

我們的大部分船隻都是長期租賃的，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 Vittel 等大型終端用戶建立了密切的聯繫。

During the year, we renewed and extended multiple existing charters and took delivery of nine new vessels in 2024.

年內，我們續簽並延長了多份現有租船合同，並於 2024 年交付了 9 艘新船。

We also ordered five new large container vessels last year which added $1.2 billion to our fixed rate charter backlog.

去年我們還訂購了五艘新的大型貨櫃船，這使我們的固定利率租船積壓訂單增加了12億美元。

And we are also in the process of upgrading several other vessels, and the Chief Operating Officer Timm Shirley will talk more about that later.

我們還正在升級其他幾艘船隻，首席營運長蒂姆·雪莉（Timm Shirley）稍後將詳細介紹該事宜。

It has also been a busy year from a financing perspective where we have effectively addressed virtually all short-term asset debt maturities matching funding with chartered tenor.

從融資角度來看，這也是忙碌的一年，我們有效地解決了幾乎所有短期資產債務到期問題，並以特許期限匹配融資。

In total, we raised $1.3 billion in financing, including $220 million in senior unsecured bonds in 2024.

總體而言，我們籌集了 13 億美元的融資，其中包括 2024 年的 2.2 億美元無擔保優先債券。

And subsequent to year-end, we raised a new $150 million senior unsecured bond loan in the Nordic market with maturity in 2030.

年底之後，我們在北歐市場籌集了一筆新的 1.5 億美元優先無擔保債券貸款，到期日為 2030 年。

We have had a dispute with Seadrill for some time in connection with the condition of the drilling rig Hercules when it was redelivered to us in December 2022.

一段時間以來，我們與 Seadrill 就 Hercules 鑽井平台的狀況發生了爭執，該鑽井平台於 2022 年 12 月重新交付給我們。

Last week there was a ruling in Oslo District court where Seadrill was ordered to pay us approximately $48 million in compensation, including interest and legal costs.

上週，奧斯陸地方法院作出裁決，Seadrill 須向我們支付約 4,800 萬美元的賠償金，包括利息和法律費用。

It was a comprehensive case with more than 80,000 pages of documentation and a ruling over 112 pages.

這是一個綜合性案件，有超過 80,000 頁的文件和超過 112 頁的裁決書。

This ruling is subject to appeal from both sides within a month of the judgment.

該裁決作出後一個月內，雙方均可提出上訴。

We have so far not included any potential proceeds as an asset on a balance sheet, and the legal costs have been expensed over time in a general administrative expenses.

到目前為止，我們還沒有將任何潛在收益作為資產列入資產負債表，法律費用已經隨著時間的推移被計入一般管理費用中。

Separately, there is a case is due to commence later in 2025 in connection with certain parts delivered to us by Seadrill in connection with the special survey of Hercules in 2023.

另外，還有一宗案件將於 2025 年稍後開始審理，該案與 Seadrill 在 2023 年對 Hercules 進行特別調查時向我們交付的某些零件有關。

We disagree on the actual ownership of some of the parts before they were delivered to us and therefore also the compensation claimed by Seadrill.

在部分零件交付給我們之前，我們對它們的實際所有權存在分歧，因此對 Seadrill 要求的賠償也存在分歧。

It will most likely take several months before this case is heard and there is a final ruling.

此案很可能需要幾個月的時間才能開庭審理並做出最終判決。

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

最後，我將把發言權交給我們的營運長 Trym Sjølie。

Thank you, Ole.

謝謝你，Ole。

Our fleet currently contains 80 maritime assets.

我們的船隊目前擁有 80 艘海上資產。

This includes vessels, rigs, and contracted new buildings.

其中包括船舶、鑽井平台和簽約的新建築。

In 2024, we took delivery from the shipyard of two LNG dual fuel PCTCs and three LR2 tankers, as well as purchased two dual fuel LNG 33,000 deadweight ton stainless steel chemical tankers.

2024年，我們從船廠接收了兩艘LNG雙燃料PCTC和三艘LR2油輪，並購買了兩艘雙燃料LNG 33,000載重噸不銹鋼化學品船。

We also last year placed orders for five 16,700 TEU container ships in China.

去年我們也在中國訂購了五艘16,700 TEU貨櫃船。

Also last year we increased the backlog to Maersk 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.

此外，去年，我們與馬士基簽訂了七艘大型貨櫃船的五年期新租船合同，增加了訂單積壓量，這是我們在船舶升級和性能提升方面密切合作的結果。

The first two vessels out of these seven have already been upgraded and were delivered to Maersk in Q1 this year.

這七艘船中的前兩艘已經升級並於今年第一季交付給馬士基。

On divestments, we have sold one of our old 1,700 TEU container ships, the Green Ace, that was delivered to buyers in Q4.

在資產剝離方面，我們已出售一艘舊的 1,700 TEU 貨櫃船“Green Ace”，該船已於第四季度交付給買家。

Also, Golden Ocean, the charter for our eight Capesize bulk carriers, recently declared their purchase option for the eight vessels.

此外，我們八艘好望角型散裝貨船的租賃方 Golden Ocean 最近宣布了對這八艘船舶的購買選擇權。

We expect the vessels to be delivered to Golden Ocean early Q3 this year.

我們預計這些船舶將於今年第三季初交付給 Golden Ocean。

Our backlog from owned and managed shipping assets thus stands at $4.3 billion and the current fleet is made up of 15 dry board vessels, 38 container ships, 18 tankers, 2 drilling rigs, and 7 car carriers.

我們自有和管理的航運資產積壓訂單價值為 43 億美元，目前的船隊由 15 艘乾貨船、38 艘貨櫃船、18 艘油輪、2 艘鑽井平台和 7 艘汽車運輸船組成。

We have a diversified fleet of assets charted out to first class customers on mostly long-term charters, and the majority of our customer base is large industrial end users.

我們擁有多元化的船隊，主要以長期租船的方式租給一流客戶，我們的客戶群大部分是大型工業終端用戶。

Container vessels remain our largest segment with almost 68% of the backlog.

貨櫃船仍然是我們最大的細分市場，佔積壓訂單的近68％。

As mentioned previously by Ole, we have increasingly been investing in vessel maintenance and upgrades from IMO and especially the EU.

正如 Ole 之前提到的，我們越來越多地向國際海事組織，特別是歐盟投資船舶維護和升級。

There are ever tightening regulatory requirements to reduce emissions from shipping, driving the need for continuous improvements.

減少航運排放的監管要求日益嚴格，推動持續改善的需求。

Such improvement and investing in assets is also critical for our customers and by doing so puts us in a better position to grow organically with our existing clients by either providing new vessels to their service or by extending with our current fleet.

這種改進和資產投資對我們的客戶來說也至關重要，這樣一來，我們就更有能力與現有客戶一起實現有機成長，無論是為他們提供新船還是擴大我們現有的船隊。

We see that particularly the container operators are keen to see such partnership models developing with large upgrade projects including cargo boost, energy saving devices, propeller modifications, and even change to the whole form like new bulb boost power.

我們看到，貨櫃運營商尤其熱衷於看到這種合作模式的發展，其中包括大型升級項目，包括貨物增壓，節能裝置，螺旋槳改造，甚至改變為整體形式，如新燈泡增壓電源。

We have identified major benefits from these investments, both in terms of cost saving for our customers and lower emissions.

我們發現這些投資帶來了巨大的利益，既能為客戶節省成本，又能減少排放。

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

第四季度，所有資產的租賃收入中有 96% 來自定期租船合同，只有 4% 來自光船租賃或乾租。

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.

除了固定費率的租船收入外，隨著時間的推移，我們還從利潤分享安排中獲得了顯著的現金流貢獻，這不僅與租船費率有關，也與燃料成本節省有關。

In Q4, profit split arrangements have contributed about $1.8 million which is lower than a typical quarter due to lower fuel costs spread between heavy fuel oil and very low sulfur fuel oil.

第四季度，利潤分割安排貢獻了約 180 萬美元，低於典型季度，原因是重質燃料油和極低硫燃料油之間的燃料成本差距較小。

The charter revenue from our fleet was about $232 million in Q4.

第四季度，我們機隊的包機收入約為 2.32 億美元。

We had a total of almost 6,800 operating days in the quarter, defined as calendar day, less technical or fire and dry dockings.

本季度，我們總計營運近 6,800 天，定義為日曆天，扣除技術日、火災日和乾船塢日。

Eight vessels have been in dry dock in the quarter, including major upgrade projects.

本季共有 8 艘船舶進入乾船塢，其中包括重大升級項目。

Our overall utilization across the shipping fleet in Q4 was 98.3%, mainly due to the 108 days spent in dry dock.

我們第四季的船隊整體利用率為 98.3%，主要是因為船舶在幹船塢停留了 108 天。

For the rigs, the availability was about 67%, mainly due to idle period for the Hercules rig.

就鑽井平台而言，可用率約為 67％，主要由於 Hercules 鑽井平台的閒置期。

And on that, on the energy side, the Hercules rig was contracted with Equinor Canada until mid-November, including demobilization time to Norway.

就能源方面而言，Hercules 鑽井平台與 Equinor Canada 簽訂了合同，有效期至 11 月中旬，其中包括返回挪威的時間。

The rig is currently warm stacked and being marketed for opportunities later in 2025 and 2026.

該鑽井平台目前處於熱堆疊狀態，並將在 2025 年和 2026 年稍後進行行銷。

During the fourth quarter, the rig recorded revenue of $34 million and costs of approximately 26 million.

第四季度，該鑽井平台的營收為 3,400 萬美元，成本約為 2,600 萬美元。

Going forward, we expect the stacking costs of the rig to be considerably lower than those of Q4.

展望未來，我們預期鑽機的堆放成本將比第四季大幅降低。

And for the Linus, the rig recorded its first full operating quarter after its special periodic survey in May to July last year and had Q4 revenue of $20.2 million.

而對於「萊納斯號」鑽井平台而言，該鑽井平台在去年5月至7月進行特別定期調查後，首次錄得完整營運季度，第四季營收達2,020萬美元。

The rigs market index rate increased 2.3% in the fourth quarter, and costs were $13 million in Q4 compared to $11.8 million in the previous quarter.

鑽井平台市場指數率在第四季度上漲了 2.3%，成本為 1,300 萬美元，而上一季為 1,180 萬美元。

Subsequent to quarter end, we got a notification from our insurers that we will receive close to $5 million to partly cover the expenses we incurred for the spot can repairs during the rig's yard sale last summer.

季度末之後，我們收到保險公司的通知，我們將獲得近 500 萬美元的賠償，以部分支付去年夏天鑽機庭院拍賣期間現場維修所產生的費用。

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，我將把發言權交給我們的財務長 Aksel Olesen，他將向我們介紹本季的財務亮點。

Thank you, Mr. Sjølie.

謝謝你，Sjølie先生。

On this slide, we're going to perform my illustration of cash flows for the fourth quarter.

在這張投影片上，我們將對第四季的現金流進行說明。

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

請注意，這是評估公司績效的指南，它並不符合美國公認會計準則，也未扣除非常規和非現金項目。

The company generated gross charter hire of approximately $232 million during the fourth quarter, with approximately $85 million coming from our container fleet, which was down from the previous quarter due to scheduled dry dockings and efficiency upgrades on some of our large container vessels.

第四季度，該公司的總租船收入約為 2.32 億美元，其中約 8,500 萬美元來自我們的貨櫃船隊，由於我們的一些大型貨櫃船進行了預定的干船塢和效率升級，該收入較上一季度有所下降。

This includes approximately $1.7 million in profit share related to fuel savings on seven of a large container vessels.

其中包括與七艘大型貨櫃船的燃料節省有關的約170萬美元的利潤份額。

In the fourth quarter, the company sold the 2005 built Feeder container vessel, Green Ace, for approximately $10.8 million and with the gain of approximately $5.4 million.

第四季度，該公司以約 1,080 萬美元的價格出售了 2005 年建造的 Feeder 貨櫃船 Green Ace，收益約 540 萬美元。

And subsequent to quarter end, the company has agreed to sell the sister vessel, [Asian Ace], for approximately $9.5 million with expected delivery to the buyer in the second quarter of 2025 after expiry of the current charter.

在本季末之後，該公司同意以約 950 萬美元的價格出售其姊妹船 [Asian Ace]，預計在現有租約到期後於 2025 年第二季交付給買家。

The vessel is debt free and the gain of approximately $4 million is expected to be recorded in the second quarter.

該船沒有債務，預計第二季將錄得約 400 萬美元的收益。

The car carrier fleet generated approximately $26 million of gross charter hire in the quarter, including profit share from fuel savings.

本季度，汽車運輸船隊創造了約 2,600 萬美元的總租船收入，其中包括燃油節省帶來的利潤份額。

The Tanker fleet generated approximately $42 million in gross charter hire, up from approximately $37 million in the previous quarter, as all five tankers acquired in 2024 now have been delivered.

油輪船隊的總租船租金收入約為 4,200 萬美元，高於上一季的約 3,700 萬美元，因為 2024 年收購的五艘油輪目前均已交付。

SFL has 16 dry bulk vessels, of which eight are employed on long-term charters.

SFL 擁有 16 艘乾散裝貨船，其中 8 艘用於長期租賃。

The vessels generated approximately $23 million in gross charter hire in the fourth quarter, including approximately $900,000 in profit share generated from eight capesize vessels on long-term charters to Golden Ocean.

這些船舶在第四季度產生了約 2,300 萬美元的總租船收入，其中包括 Golden Ocean 長期租賃的八艘好望角型船舶產生的約 90 萬美元的利潤份額。

The seven vessels employed in the spot and short-term mark contributed with approximately $7.4 million in that charter revenue compared to approximately $8.4 million in the third quarter.

在現貨和短期市場中使用的七艘船舶為該租船收入貢獻了約 740 萬美元，而第三季約為 840 萬美元。

Subsequent to quarter end, Golden Ocean exercised its purchase option for eight Keta vessels for $112 million in aggregate.

季度末之後，Golden Ocean 行使了購買 8 艘 Keta 船舶的選擇權，總額為 1.12 億美元。

The vessels will be redelivered to Golden Ocean during the third quarter of 2025, and the net cash proceeds of repayment of debt is estimated to approximately $50 million.

該批船舶將於2025年第三季重新交付給Golden Ocean，償還債務的淨現金收益估計約為5,000萬美元。

In the fourth quarter, our energy assets generated approximately $55 million in contract revenues compared to approximately $86 million in the third quarter as the Hercules finished its contract with Equinor in Canada in mid-October.

由於 Hercules 號於 10 月中旬在加拿大完成了與 Equinor 的合同，因此第四季度我們的能源資產產生了約 5500 萬美元的合同收入，而第三季度約為 8600 萬美元。

Line is under a long-term contract with ConocoPhillips in Norway until May 2029, and during the quarter, revenues from the rig was approximately $20 million compared to approximately $16 million in the third quarter.

Line 與挪威康菲石油公司簽訂了長期合同，有效期至 2029 年 5 月，本季該鑽井平台的收入約為 2000 萬美元，而第三季度約為 1600 萬美元。

Our operating and DNA expenses for the quarter was approximately $104 million compared to approximately $99 million in the third quarter, mainly due to scheduled dry dockings and delivery of new vessels.

本季我們的營運和 DNA 費用約為 1.04 億美元，而第三季約為 9,900 萬美元，這主要由於計劃的干船塢和新船的交付。

This summarizes to an adjusted EBITDA of approximately $132 million compared to $167 million in the previous quarter.

調整後的 EBITDA 總計約為 1.32 億美元，而上一季為 1.67 億美元。

We then move on to the profit and loss statements as reported

然後我們來看看報告的損益表

[on U.S. GAAP.]

[基於美國公認會計準則。

For the fourth quarter, we report total operating revenues, according to U.S. GAAP of approximately $229 million compared to approximately $255 million in the previous quarter.

根據美國公認會計準則，我們報告第四季的總營業收入約為 2.29 億美元，而上一季約為 2.55 億美元。

The operating revenue decrease is primarily driven by the Hercules concluding its contract with Equinor in Canada in mid-October.

營業收入下降主要是因為 Hercules 在 10 月中旬與加拿大 Equinor 簽訂了合約。

During the quarter, the company recorded profit share income for approximately $2.6 million from fuel savings from some of the large container vessels, a car carrier, and our eight capsize drive vessels on chartered to golden ocean.

在本季度，該公司從一些大型貨櫃船、一艘汽車運輸船以及我們租給金海洋的八艘傾覆驅動船的燃料節省中獲得了約 260 萬美元的利潤分成收入。

During the quarter, we had an increase in vessel operating expenses, mainly due to scheduled dry dockings and new vessel deliveries.

本季度，我們的船舶營運費用增加，主要原因是計劃的乾船塢和新船交付。

Furthermore, the result was impacted by non-recurring and non-cash items, including a gain of approximately $5.4 million in connection with the sale of the feeder container vessel, Green Ace, a negative mark to mark effect from sources of approximately $2 million, negative mark to mark effects from equity investments of approximately 500,000 and a decrease in approximately 100,000 on credit loss provisions.

此外，業績還受到非經常性和非現金項目的影響，包括與出售支線貨櫃船 Green Ace 相關的約 540 萬美元收益、約 200 萬美元來源的負面標記效應、約 50 萬美元的股權投資的負面標記效應以及約 10 萬美元的信用損失準備金減少。

So overall, and according to U.S. GAAP, the company report a net profit of approximately$20 million or $0.15 per share compared to approximately $44.5 million or $0.34 per share in the previous quarter.

總體而言，根據美國公認會計準則，該公司報告的淨利潤約為 2,000 萬美元或每股 0.15 美元，而上一季約為 4,450 萬美元或每股 0.34 美元。

So, moving on to the balance sheet.

接下來我們來看資產負債表。

At quarter end, SFL had approximately $135 million of cash and cash equivalents.

截至季末，SFL 擁有約 1.35 億美元的現金和現金等價物。

Furthermore, the company had marketable securities of approximately $4.6 million.

此外，該公司還擁有價值約 460 萬美元的有價證券。

In addition to debt-free vessels, with an estimated market value for approximately $75 million.

除了無債務船隻外，估計市值約為 7500 萬美元。

The company has recently concluded financing arrangements of approximately $1 billion, with approximately $280 million being drawn down during the quarter.

該公司近期已達成約 10 億美元的融資安排，本季已提取約 2.8 億美元。

During the fourth quarter, the company paid the second installment of approximately 5% relating to the new billing order for five 16,800 TEU container vessels with scheduled delivery in 2028.

第四季度，該公司支付了與五艘 16,800 TEU 貨櫃船新訂單相關的第二期款項約 5%，這些船計劃於 2028 年交付。

The remaining balance is due closer to delivery and expect this to be financed by pre- and post-del delivery loan facilities.

剩餘餘額將在交付臨近時支付，預計由交付前和交付後貸款融資。

Subsequent to the quarter end, the company successfully placed a new sustainability linked bond of $150 million in the Nordic market in anticipation of new investments and general corporate purposes.

本季末之後，該公司成功在北歐市場發行了 1.5 億美元的新永續發展掛鉤債券，以期獲得新的投資和一般公司用途。

And based on the Q4 numbers, the company had a big equity ratio of approximately 28%.

根據第四季的數據，該公司的股權比例約為 28%。

And to conclude, the board has declared the 84th consecutive cash dividend of $0.27 per share, which represents a dividend yield of approximately 10%.

最後，董事會已宣布連續第 84 次派發現金股息，每股 0.27 美元，股息殖利率約 10%。

The company has a strong balance sheet and liquidity position, and they effectively addressed the majority of all short-term asset debt maturities matching funding which are the tenants.

該公司擁有強勁的資產負債表和流動性狀況，並且有效地解決了所有短期資產債務到期匹配融資的大部分問題。

In total, we raised approximately $1.3 billion in financing, including $220 million in senior unsecured bonds and subsequently quarter end, raised a new $1150 million senior secured bond in the Nordic market with maturity in 2030.

總體而言，我們籌集了約 13 億美元的融資，其中包括 2.2 億美元的優先無擔保債券，並於本季末在北歐市場籌集了新的 11.5 億美元的優先擔保債券，到期日為 2030 年。

Our fixed short rate backlog currently stands at approximately $4.3 billion after adding approximately $2 billion during 2024.

我們的固定短期利率積壓訂單目前約為 43 億美元，2024 年增加了約 20 億美元。

Two-thirds of the backlog is the customers with investment grade rating, giving a strong visibility on the cash flow going forward.

積壓訂單的三分之二是具有投資等級的客戶，這使得未來現金流具有強烈的可視性。

And with that, I give the word back to the operator who will open the line for questions.

說完，我將訊息告知接線員，接線員將開通熱線來回答您的問題。

We will now open for a question-and-answer session.

我們現在將進入問答環節。

(Operator Instructions)

（操作員指令）

We will have our first question from Gregory Lewis.

我們的第一個問題來自 Gregory Lewis。

Please unmute your speaker to ask your question.

請取消靜音以提出您的問題。

Hey, thank you and good afternoon, everybody and thanks for taking my questions.

嘿，謝謝大家，下午好，謝謝你們回答我的問題。

I actually had a few today.

我今天確實吃了一些。

The first is going to be around the semi-submersible rig, the Hercules.

第一個計畫是圍繞著半潛式鑽井平台「Hercules」進行的。

Clearly, the rig got back to work, had a good year in '24s, I believe it's currently warm stacked outside of off of Norway.

顯然，鑽井平台已經恢復工作，在 24 年代度過了美好的一年，我相信它目前在挪威外海溫暖堆積。

Was hoping you could kind of, two couple questions around the Hercules.

希望您能就大力士提出兩個問題。

One is, how should we think about that OpEx cost.

一是，我們應該如何考慮 OpEx 成本。

It, as that rig is warm stacked off of Norway, and as we think about budgeting for 2025, or how are you thinking about budgeting that expense for 2025, just given some of the prospects that you're seeing for that rig, maybe as things start to warm up or the weather improves in the North Sea, as we kind of move in the summer.

由於該鑽井平台在挪威附近溫暖堆積，並且我們考慮 2025 年的預算，或者您如何考慮為 2025 年預算這筆費用，只是考慮到您對該鑽井平台的一些前景的看法，也許隨著天氣開始變暖或北海天氣好轉，隨著我們在夏天的移動。

Thanks, Greg.

謝謝，格雷格。

The rig just concluded very successfully a drilling campaign in Canada for Equinor.

該鑽井平台剛剛非常成功地完成了在加拿大為 Equinor 進行的鑽探工作。

This is a rig that is one of a handful of rigs that are capable of drilling, both in ultra deep water and

這是少數能夠同時在超深水和

--.

--.

It has drilled in in the Arctic, before and can do it again.

它以前曾在北極進行鑽探，並且可以再次進行鑽探。

So, the issue right now is that, that market is a little slow at the beginning of '25s, and we believe there are more prospects, in the second half and onwards, I would say.

所以，現在的問題是，在 1925 年代初期市場發展有點緩慢，但我們相信，在下半年及以後，會有更多前景。

If you talk to market analysts, they would say that 2026 looks very promising.

如果你與市場分析師交談，他們會說 2026 年看起來非常有希望。

So, for now, we are keeping the ring idle.

因此，目前，我們保持該環處於閒置狀態。

The reason why it is in the location where it is, is that it's very close to where it has a true edge.

它之所以位於該位置，是因為它非常接近其真正的邊緣。

And also, we're taking the opportunity, while it is idle now, to do some upgrades for the rig, which makes it more attractive in the long run.

此外，我們也利用目前閒置的機會對鑽孔機進行一些升級，從長遠來看，這將使其更具吸引力。

So, we don't rig, having to take the rig out of business, when it's working to do some upgrades that has to do with everything from, the very latest drilling control systems and frankly, many of that what they call six and seven generation rigs have the same issue, so we're dealing with it now beforehand.

因此，我們不會使用鑽機，當鑽機進行一些升級時，我們必須讓鑽機停止運行，這些升級與最新的鑽井控制系統等所有方面有關，坦率地說，許多所謂的六代和七代鑽機都有同樣的問題，所以我們現在正在提前處理它。

And also some other upgrades that we think would make the rig more attractive.

我們也認為其他一些升級將使該鑽機更具吸引力。

We spent more than $100 billion on the rig in early in early 2023, and that rig we believe is very attractively positioned, but a very soft first quarter, definitely, or sorry, first half I would say.

我們在 2023 年初在該鑽井平台上花費了超過 1000 億美元，我們認為該鑽井平台的位置非常有吸引力，但第一季或抱歉，我想說上半年肯定非常疲軟。

So, our expectation is not to that, rig will be back working until later in the year.

所以，我們的預期並非如此，鑽孔機要到今年稍後才能恢復工作。

Okay, great.

好的，太好了。

And then I did want to, bounce around a little bit, can appreciate the stability of the dividend.

然後我確實想，稍微波動一下，就能體會到股利的穩定性。

It's kind of we looked at, we went back and looked at, say 2023.

我們回顧了一下，然後展望了 2023 年。

It looked like the dividend was really funded, call it mid 40% payout of free cash flow, in 2024, that dipped down into kind of like a high 30s percentage of free cash or operating cash flow payout.

看起來股息確實得到了資助，可以稱之為 2024 年自由現金流支付的 40% 中間部分，然後下降到自由現金或營運現金流支付的 30% 左右的高位。

As realizing that the dividend is a decision that the board, is always focused on and always thinking about.

我們認識到股利是董事會始終關注並思考的一個決定。

As we think about, the stability of that dividend, how should we be thinking about that, I, hey, if we're in this range, there's pro, we're in this kind of 30%, 40%, maybe even 50% payout of operating cash flow, the dividends pretty, should we expect it to be stable or asked another way, what could trigger a decision to move the dividend higher or lower?

當我們考慮股利的穩定性時，我們應該如何考慮呢？

Yeah, thanks.

是的，謝謝。

You're absolutely correct that the dividend is set on a quarter-to-quarter basis, so we cannot guide specifically, what will be the next quarter dividend.

您完全正確，股息是按季度設定的，因此我們無法具體指導下一季的股息是多少。

But generally I would say that the dividend discussions in the company and when the board is more has more to do with the long term prospects and if you look at the company's operating model, yes, we have this legacy asset and frankly, I mean the reason why we have this asset in the operating mode where it is because it wasn't a bare boat charter and our counterpart in Seadrill failed.

但一般來說，我會說公司內部的股息討論以及董事會的討論更多地與長期前景有關，如果你看看公司的運營模式，是的，我們擁有這項遺留資產，坦率地說，我們之所以在運營模式下擁有這項資產，是因為它不是光船租賃，而我們在 Seadrill 的對手失敗了。

They went through two-chapter 11s, and we ended up taking the rig back because that was the best solution for the company at the time.

他們經歷了兩個第 11 章，最後我們拿回了鑽孔機，因為那是當時對公司來說最好的解決方案。

If you look at the generally, if you look at the rest of the business, now we have two-thirds of our backlog with investment grade counterparties.

如果你從整體來看，如果你看看其餘的業務，現在我們有三分之二的積壓訂單是與投資等級交易對手有關的。

I mean that, that's a fundamental change in the business model, and we have, more than 70 vessels.

我的意思是，這是商業模式的根本變化，我們擁有 70 多艘船隻。

If you net out the golden ocean vessels, which will go out of the fleet in the third quarter, and frankly, golden ocean assets, they're also legacy assets.

如果剔除將於第三季退出船隊的金海洋船舶，坦白說，金海洋資產也是遺留資產。

I mean, they are on a, on an operating model where, which is more, I would say more of a financial nature than an operating.

我的意思是，他們所採用的營運模式更多的是財務性質而非營運性質。

But if you look at the rest, it's all long-term business, it's all with very strong counter parties.

但如果你看看其餘的，你會發現它們都是長期業務，而且都有非常強大的對手。

So, we have a very stable cash flow that drilling rig, has had some very, a lot of noise in the cash flow and more, even more noise in the net income because of US accounting rules where, when the rig is mobilizing, you cannot recognize revenues even though you're compensated for revenues.

因此，我們擁有非常穩定的現金流，鑽井平台的現金流中存在非常多的噪音，而且由於美國會計準則，淨收入中的噪音甚至更多，當鑽井平台調動時，您無法確認收入，即使您獲得了收入補償。

And then everything is piled up on top of the drilling day, so you have, lower, higher, lower, higher, lower, higher revenue structures, which creates a bit of a noise.

然後，所有東西都堆積在鑽井日之上，因此，你的收入結構就會越來越低、越來越高、越來越低、越來越高，這會產生一些噪音。

But I think we should, yes, we are managing the rig is upgraded.

但是我認為我們應該，是的，我們正在管理鑽孔機的升級。

We spent a lot of capital on it.

我們為此投入了大量的資金。

We had this, legal case that you may have noticed that where so far, Seadrill has been ordered to pay us a compensation, to effectively compensate us for the cost we had back in 2023.

我們有一個法律案件，你可能已經注意到了，到目前為止，Seadrill 已被要求向我們支付賠償金，實際上是補償我們在 2023 年產生的成本。

But the rest of the model and the rest of the business is quite stable and very predictable, I would say, in nature.

但我想說，該模型的其餘部分和業務的其餘部分本質上是相當穩定且可預測的。

So I would say it's sort of a, we have the SFL model is a model I would say, of, it's a tale of two decades, as you can call it.

所以我想說這有點像，我們有 SFL 模型，我想說，這是一個二十年的故事，你可以這麼稱呼它。

It's from 2004 to 2014-ish.

這是從 2004 年到 2014 年左右的事。

That's the financial structures, more bareboat type deals.

這就是金融結構，更多的是光船類型的交易。

And from there onwards, we are, we have switched the model more to an operating model where we, basically run the vessels, we do repeat business and typically with very strong counter bodies.

從那時起，我們就將模式更多地轉向運營模式，基本上就是運營船隻，做重複業務，而且一般會與非常強大的對手方合作。

So, that's really what I can say, it's difficult to be more specific on the Hercules.

所以，這確實是我能說的，很難更具體地了解大力士。

We will market that rig, of course, we are marketing that rig, and we hope to find work for it, but we cannot be specifically we are bidding and when exactly we can notify the market about the contracts.

我們將推銷該鑽機，當然，我們正在推銷該鑽機，我們希望找到工作，但我們不能具體說明我們正在競標，也無法具體說明我們何時可以通知市場有關合約的資訊。

Okay, that was super helpful.

好的，這非常有幫助。

I did have, I did want to keep going and I saw that, you kind of flagging and maybe like the, the strength of your counterparties, maybe this quarter more than most, a question I've gotten a little bit this morning was around tariffs and, I don't think, I think I know the answer to this, but, as we think about, as you build this container ship portfolio, and even the car carrier portfolio, obviously it's, I don't know if they're interesting or volatile.

我確實有，我確實想繼續下去，我看到你有點疲憊，也許像你的交易對手的實力，也許這個季度比大多數季度都更疲軟，我今天早上遇到的一個問題是關於關稅，我不認為，我想我知道這個問題的答案，但是，當我們思考時，當你建立這個集裝箱船投資組合，甚至汽車運輸投資組合時，顯然，我不知道它們是不穩定的。

I don't know what the word is in the US.

我不知道美國這個字是什麼意思。

But regardless, these tariffs that, people are reading about, the question that I've gotten a little bit this morning was around the, I think the people in shipping have seen this in other industries around force majeure, how certain things can create force majeures, as we look at these car carriers and container ships, around tariffs, regardless of where these tariffs potentially go, I would think that, that should provide no impact for existing charters, but I would, if you could kind of clarify that or walk through any wrinkles, I think that might be super helpful this morning.

但無論如何，人們正在閱讀的這些關稅，我今天早上遇到的一些問題是關於，我認為航運業人士已經在其他行業看到了不可抗力，某些事情如何造成不可抗力，當我們看看這些汽車運輸船和集裝箱船時，圍繞關稅，不管這些關稅可能走向何方，我認為這不會對現有的租船產生影響，但如果你能夠澄清這一點或任何問題。

Yeah, thank you.

是的，謝謝。

I mean, if you look at the car carriers we have, just to start with that are trading on the US, this is Volkswagen Group.

我的意思是，如果你看看我們擁有的汽車運輸公司，首先在美國進行交易的就是大眾汽車集團。

It's a very strong, counter party, and they are our counterparties.

他們是一個非常強大的交易對手，也是我們的交易對手。

So, we could say if there are any issues there, they will absorb that, and I think frankly they have good economic capacity to do that.

因此，我們可以說，如果那裡有任何問題，他們都會吸收解決，我認為坦率地說，他們有良好的經濟能力來做到這一點。

But also I would like to add that, when you look at the car trade as a market, yes, we have, you have volumes going from Asia, sorry, from Europe to the US, but you also have a lot of volume going from the US and back.

但我還想補充一點，當你將汽車貿易視為一個市場時，是的，我們有從亞洲到歐洲的汽車貿易，但也有大量汽車貿易從美國回流。

So, it's not like the car factories have, they're producing all sorts of brands, all sorts of variations in each reflective market.

因此，它不像汽車廠那樣，它們在每個反光市場生產各種品牌、各種變體。

They typically have a trade where the logistics on sea has been very effective for them.

他們通常從事的貿易中，海上物流對他們來說非常有效。

So, the is, of course, that, if this evolves, I mean, what then happens to, the vehicles that are being produced locally in the US, for instance, and I think it's a little too early to tell and whether or not this is, what we say a leverage to start discussions at a different level.

因此，當然，如果這種情況發展下去，我的意思是，接下來會發生什麼，例如，在美國本地生產的汽車，我認為現在判斷這是否是我們所說的在不同層面開始討論的籌碼還為時過早。

It is difficult to say, but from our perspective, our counterparty there is Volkswagen Group.

這很難說，但從我們的角度來看，我們的交易對手是大眾汽車集團。

So, we don't think we are very exposed from that perspective.

因此，從這個角度來看，我們認為我們不會受到太大的影響。

Same thing goes for the liners side or line of companies going there are, Hapag Lloyd, Merced Line, MSC.

同樣的情況也發生在班輪公司或前往那裡的航線上，這些公司包括 Hapag Lloyd、Merced Line 和 MSC。

We have very strong counter parties who've made a lot of money over the last few years and are quite robust.

我們擁有非常強大的交易對手，他們在過去幾年中賺了很多錢，而且相當穩健。

So, and also, the trade between say China and the US has changed fundamentally since the what we call The 2018-19 trade war, if you can call it that, between the US and China, where you at that point in time had around 10% of the volumes going from China to the US and therefore had quite a bit of an impact.

因此，自我們所說的 2018-19 年貿易戰（如果你可以這麼稱呼的話）以來，中美之間的貿易發生了根本性變化，當時大約有 10% 的貿易量從中國流向美國，因此產生了相當大的影響。

In the meantime, trade patterns have changed and right now, China to the US has diminished quite dramatically on the container line side.

同時，貿易模式發生了變化，目前，中國至美國的貨櫃航線數量已大幅減少。

So, you could say, yes, it has an impact, but it's much less than it was six, seven years ago.

所以，你可以說，是的，它有影響，但比六、七年前小得多。

So, we monitor this closely, but there at the same time, we have very strong counterparties.

因此，我們密切監視這一點，但同時，我們擁有非常強大的交易對手。

We are not directly exposed to that.

我們並沒有直接受到此影響。

This is our customers potentially exposed, and we are quite confident that they can easily service their charter rates to us.

這是我們的客戶可能面臨的問題，我們非常有信心，他們可以輕鬆地向我們提供租船服務。

Okay, super helpful, guys.

好的，非常有幫助，夥計們。

I actually see a hand raised, so I'll turn it over.

我確實看到有一隻手舉起來了，所以我會把它翻過來。

Thank you very much.

非常感謝。

Thank you, then we'll take our next question from [Clement Min] Please unmute your speaker and ask your question, please.

謝謝，然後我們將回答 [Clement Min] 的下一個問題。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my questions.

感謝您回答我的問題。

You announced Golden Ocean will be exercising their purchase about redeploying the net proceeds.

您宣布 Golden Ocean 將行使其購買權並重新部署淨收益。

Should we expect you to focus on drive investments or are you willing to reduce your exposure to that sector?

我們是否應該期望您專注於驅動投資，或者您是否願意減少對該領域的投資？

Thank you.

謝謝。

Generally, I would say we are segment diagnostics.

總的來說，我想說我們是分段診斷。

So, for us, it's all about doing the right deals with the right structure, with the right counterparties, and with the right type of economics.

因此，對我們來說，最重要的是以正確的結構、與正確的交易對手、以正確的經濟類型進行正確的交易。

We would love to do more in the dry bulk space.

我們很樂意在幹散貨領域取得更多成果。

And, if we can find the right structure around that.

而且，如果我們能夠找到正確的結構。

And if you look at the segments that we're in, I mean, yes, we have liners, there we see a significant interest from companies with a very logistics mindset.

如果你看一下我們所處的領域，我的意思是，是的，我們有班輪，我們看到具有物流思維的公司對此有濃厚的興趣。

We would love to do the same, more of the same in the dry bulk sector, and we've done a few deals in the tanker segment.

我們很樂意做同樣的事情，在乾散貨領域做更多同樣的事情，而且我們已經在油輪領域做了一些交易。

I would say the only segment where we are not present right now is LNG and that has more to do with maybe, as we see it, maybe a lot of players chasing deals in that segment and therefore, that segment hasn't, for us hasn't been attractive enough from -- exposure after the charter period perspective.

我想說，目前我們尚未涉足的唯一領域是液化天然氣，這可能與許多參與者追逐該領域的交易有關，因此，從租船期後的曝光度來看，該領域對我們來說還不夠有吸引力。

So we are, we have not sort of allocated that capital for anything in particular or anything specific.

所以，我們並沒有將這筆資金分配給任何特定或具體的事情。

It's all about deal by deal and we monitor that these markets as we go.

一切都取決於每筆交易，我們隨時會監控這些市場。

But maybe also generally I would say that if you look at that deal, that is one of our, I call it a legacy deal.

但也許總體而言，我會說，如果你看一下這筆交易，那就是我們的交易之一，我稱之為遺留交易。

It's sort of a, it was had more of a financial profile really than a true operating profile.

它實際上更多的是一種財務狀況，而不是真正的營運狀況。

And, if you look at the effective cash flow coming from those vessels compared to the equity that we know get released, we believe that we can actually reinvest that with a better return than keep rolling that deal.

而且，如果將這些船舶產生的有效現金流與我們已知已釋放的股權進行比較，我們相信我們實際上可以將其再投資並獲得比繼續進行該交易更好的回報。

So, this is, we are quite new that's, it's been working quite smoothly, but we also believe we can very effectively reinvest that capital in other assets and get at least as good return on the capital employed.

所以，這是我們的新手，一切進展順利，但我們也相信，我們可以非常有效地將該資本再投資於其他資產，並獲得至少同樣好的資本回報。

I also wanted to ask about the Seadrill award.

我還想問一下有關 Seadrill 獎的問題。

I'm guessing you cannot provide much commentary on the $48 million ruling, but should the ruling be appealed?

我猜你無法對 4800 萬美元的裁決提供太多評論，但是否應該對該裁決提出上訴？

When should we expect to hear from the next ruling?

我們什麼時候可以聽到下一項裁決的消息？

Sure, this is Aksel here.

當然，我是 Aksel。

I mean, the ruling itself is public, so it's in Norwegian, so everybody can read that ruling.

我的意思是，裁決本身是公開的，所以它是挪威語的，所以每個人都可以閱讀該裁決。

The timing for appeal is, it can appeal until the fifth of March, so we will then know if it's appealed, and then, it will be moved on to call it the second circuit, and that could, potentially take up to another 12 months before that case is scheduled.

上訴時間是，最遲可在 3 月 5 日之前上訴，之後我們就會知道是否上訴成功，然後該案件將被轉入第二巡迴審理，這可能還需要 12 個月的時間才會安排案件的審理。

So it could take some time still, yeah.

是的，所以可能還需要一些時間。

Thanks for the call.

感謝您的來電。

That's everything for me.

對我來說這就是一切。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

We'll take our next question from Bell Gbaka.

我們將回答 Bell Gbaka 提出的下一個問題。

Please unmute your speaker and ask your question.

請取消靜音並提出您的問題。

Yes, good afternoon, guys.

是的，大家下午好。

A very quick one from me.

我很快就做到了。

Are there any significant upgrades or CapEx required to the Hercules, if it were to work on offshore Norway?

如果 Hercules 要在挪威近海作業，是否需要進行重大升級或資本支出？

Thanks.

謝謝。

Not particularly.

沒有特別。

I mean, this rig has worked in Norway in the past, so it, but that under another call it manager.

我的意思是，這個鑽孔機過去曾在挪威工作過，但那是在另一個人的管理下。

So, going back in with field drilling, I would say, who is maybe the premier operator on the Norwegian continental shelf, and frankly also we took the liners, the other rig we have the harsh environment checkup, that was also, taken into Norway and switched management from CDRL to odd fill technology.

因此，回到現場鑽探，我想說，誰可能是挪威大陸架的首要運營商，坦率地說，我們也帶了襯管，另一個鑽機我們也進行了惡劣的環境檢查，這些也被帶到了挪威，並將管理從 CDRL 轉換為奇數填充技術。

So, they're effective with the wider group.

因此，它們對更廣泛的群體都有效。

It was done in a very efficient manner.

這是以非常有效的方式完成的。

We, there are always some investments to be made, but we think compared to numbers you've seen from others, and typically what you see when you bring rigs into Norway, the oil companies are generally willing to compensate the companies for the effective investments taking them, into that environment.

我們總是會有一些投資要做，但我們認為，與你從其他人那裡看到的數字相比，以及當你將鑽井平台帶入挪威時通常看到的數字相比，石油公司通常願意為將這些公司帶入該環境的有效投資進行補償。

So, we don't think that would be material, but there will be investment for sure.

因此，我們認為這不會是實質的，但肯定會有投資。

And if and when, a contract is awarded, we will, inform the market about, what we say, both the charter rates and the mobilization fees and investments required to get the job done effectively on it from a drilling perspective.

一旦合約被授予，我們將向市場通報租費、動員費以及從鑽井角度有效完成工作所需的投資。

We have also received a question on the side here, which shipping segment do you see as the most potential slash profitable in the next two to three years?

我們也收到了一個問題，您認為未來兩到三年內哪個航運領域最有可能大幅獲利？

That's, it's a difficult question.

這是一個很難的問題。

And the reason why it's difficult is that we don't focus on the spot market, we focus on long term charters, and if you see the deals we've done is typically five, seven, ten-year charters.

之所以困難，是因為我們並不專注於現貨市場，我們專注於長期租船，如果你看到我們所做的交易，通常是五年、七年、十年的租船。

So, which means that we're not really exposed to the short-term market.

所以，這意味著我們實際上並沒有接觸短期市場。

So, the spot market isn't so relevant, but if you look at new business development, typically the sweet spot when we get deals done and we get, it is a setting where we have an attractive investment or enter point where we have a structure where our customer don't -- you in the front and lose money saved from day one.

因此，現貨市場並不是那麼重要，但如果你看看新業務的發展，通常是當我們完成交易並獲得最佳效果時，這是一個我們擁有有吸引力的投資或切入點的環境，我們有一個結構，我們的客戶不會——你在前面，從第一天開始就損失了省下的錢。

So hopefully it's like the spot market, if that's where they're facing is a little over.

所以希望它像現貨市場一樣，如果他們面臨的情況稍微好一點的話。

And then in the long run, you get to an effective cost of capital.

從長遠來看，您將獲得有效的資本成本。

We have over the years now built quite efficient funding structures for assets.

多年來，我們已經建立了相當有效率的資產融資結構。

We have funded ourselves.

我們已經籌集了資金。

I would say primarily in the Asian capital market where we have seen very attractive funding rates for long term, charter structures with very strong counterparties.

我想說的主要是亞洲資本市場，我們看到長期融資利率、特許結構和交易對手實力都非常強大，這非常具有吸引力。

So, we believe that we can structure deals that are quite attractive and that's why we are insulated from that perspective from the short-term market fluctuations and that's sort of the nature of our business.

因此，我們相信我們可以建立相當有吸引力的交易，這就是為什麼我們從這個角度來看不受短期市場波動的影響，這也是我們業務的本質。

But if you look at shipping in general, I would say that most shipping segments, and particularly if you look at the big volume shipping segments being dry bulk, which is the biggest tanker, smaller than dry bulk but big than others, you have a very low order bulk, a historic low order bulk generally.

但如果你總體上看航運，我想說，大多數航運領域，特別是如果你看大容量航運領域，即乾散貨船，它是最大的油輪，比干散貨船小，但比其他油輪大，你的散貨訂單量非常低，總體而言是歷史性的低散貨訂單量。

And you have a significant reduction in shipbuilding capacity, and you also have structural issues like in Japan and Korea where you have workforce issues which you know could be making it difficult to keep up even also with the current reduced the volumes of ship production.

造船能力大幅下降，而且還存在結構性問題，例如日本和韓國，勞動力問題可能會使造船業難以跟上當前船舶生產量的減少。

So, from that perspective, I think shipping is in a very interesting spot where you have true shortage of shipbuilding capacity.

因此，從這個角度來看，我認為航運業正處於一個非常有趣的境地，即造船能力確實短缺。

You've had an order bulk where you want, if you order a ship today and if you order a volume of ships, we're talking four to five, at least four years to get these delivered.

您已經有了所需的大宗訂單，如果您今天訂購船舶，並且訂購了一定數量的船舶，我們說需要四到五年，至少四年才能交付。

And historically it's always been the ship owners who are doing it to themselves.

從歷史上看，總是船東自己這麼做。

Typically ship owners, as soon as you see some lightning in the market.

通常是船東，一旦你看到市場上出現一些亮點。

Ship owners would run out and order a lot of vessels to be put in the spot market.

船東會紛紛訂購大量船隻投入現貨市場。

And then when they, and because, and then when they get delivered, suddenly there are too many vessels and the ship, and the charter had collapse.

然後當他們，因為，然後當他們交付時，突然有太多的船隻和船，並且租船合約就崩潰了。

To do that now, it will take a long time.

現在要做到這一點，還需要很長時間。

So, I think we've been in a very interesting spot from a supply perspective.

因此，我認為從供應角度來看，我們處於一個非常有趣的情況。

At least, and then we just have to hope that the demand side is keeping up and China and Asia, which is really where the volumes are going, there's so much noise about the US and trade wars, but volumes from a shipping perspective is more, Asia concentric than Eurocentric, I think makes maritime precipitation is quite attractive.

至少，然後我們只需要希望需求方能夠跟上，而中國和亞洲才是真正的貨運量流向，關於美國和貿易戰的噪音如此之多，但從航運角度來看，貨運量更多地以亞洲為中心，而不是以歐洲為中心，我認為海上降水相當有吸引力。

Thank you, Ole.

謝謝你，Ole。

We also have another question here.

這裡我們還有另一個問題。

What's your view regarding the huge delivery backlog of container ships in the coming years?

您對未來幾年貨櫃船交付大量積壓有何看法？

Do you think it will affect your profitability in '26s and '27s?

您認為這會影響您在 26 年和 27 年的獲利能力嗎？

Trym Sjølie speaking, I think, regarding the battle of container ships, and any effect on SFL in '26s '27s, we do not believe, there will be a major impact to us.

Trym Sjølie 表示，我認為，關於貨櫃船之爭，以及對 1926 年代和 1927 年代 SFL 的任何影響，我們認為這不會對我們產生重大影響。

We our container fleet is mainly charted out until sort of 2030 now or 2029, 2030, and the vessels that are still open, we expect there is good interest in the market still, and we see that there is a strong interest for good and large container assets from all the operators still may sound surprising, but it's what we see and so demand is still good.

我們的貨櫃船隊目前主要租賃到 2030 年或 2029 年、2030 年，對於仍在運營的船隻，我們預計市場仍然會保持濃厚興趣，我們看到所有運營商對優質大型貨櫃資產有著濃厚的興趣，這聽起來可能令人驚訝，但這就是我們所看到的，因此需求仍然良好。

So, this.

那麼，這個。

I mean, for us to look at the huge order bulk as you call it from the big liners, there is definitely a demand there still.

我的意思是，從大型班輪公司所謂的巨額訂單量來看，那裡肯定仍然存在需求。

So as far as we can tell right now, we do not see a big drop in the rates or definitely not in our profitability in the next four to five years based on our current backlog.

因此，就我們目前所知，根據我們目前的積壓訂單，我們不認為利率會大幅下降，而且未來四到五年我們的獲利能力也肯定不會下降。

Thank you.

謝謝。

Then I would like to thank everyone for participating in this conference call.

那我要感謝大家參加這次電話會議。

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

如果您對管理層有任何後續問題，可以在新聞稿中找到聯絡方式，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。

Thank you, everyone.

謝謝大家。