Scorpio Tankers Inc (STNG) 2024 Q3 法說會逐字稿

Hello and welcome to the Scorpio tankers third quarter, 2024 conference call.(Operator Instruction)

您好，歡迎參加 Scorpio 油輪 2024 年第三季電話會議。

After today's presentation, there will be an opportunity to ask questions to ask a question. (Operator Instruction)

今天的演講結束後，將有機會提問。（操作員說明）

Please note this event is being recorded. I would now like to turn the call over to James Doyle, head of corporate development and IR please go ahead, sir.

請注意此事件正在被記錄。我現在想將電話轉給企業發展和投資者關係主管詹姆斯·多伊爾 (James Doyle)，請繼續，先生。

Thank you for joining us today. Welcome to the Scorpio Tankers third quarter 2024 earnings conference call on the call with me today are Emanuele Lauro, Chief Executive Officer Robert Bugby, President Cameron Mackey, Chief Operating Officer, Chris Aella, Chief Financial Officer. Lars Dencker Nielsen, Chief Commercial Officer. Earlier today we issued our third quarter earnings press release which is available on our website Scorpio tankers.com.

感謝您今天加入我們。歡迎參加天蠍油輪 2024 年第三季財報電話會議，今天與我通話的有執行長 Robert Bugby、總裁 Cameron Mackey 和財務長 Chris Aella。拉爾斯·登克爾·尼爾森，首席商務官。今天早些時候，我們發布了第三季收益新聞稿，可在我們的網站 Scorpio Tankers.com 上取得。

The information discussed on this call is based on information as of today, October 29th, 2024, and may contain forward-looking statements that involve risk and uncertainty, actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties. You should review the forward-looking statement disclosure in the press release as well as Scorpio tankers sec filings which are available at Scorpio tankers dotcom and sec.gov call. Participants are advised that the audio of this conference call is being broadcasted live on the internet and it's also being recorded for playback purposes. An archive of this webcast will be made available on the investor relations page of our website for approximately 14 days. We will be giving a short presentation today. The presentation is available at Scorpio Tankers dotcom on the investor relations page under reports and presentations. The slides will also be available on the webcast after the presentation, we will go to Q&A for those asking questions. Please limit the number of questions to two. If you have an additional question, please rejoin the queue. Now, I'd like to introduce our Chief Executive Officer Emmanuel Aura.

本次電話會議討論的資訊是基於截至今天（2024 年 10 月 29 日）的信息，可能包含涉及風險和不確定性的前瞻性陳述，實際結果可能與此類陳述中所述的結果存在重大差異。對這些風險和不確定性的討論。您應該查看新聞稿中披露的前瞻性聲明以及 Scorpio 油輪 SEC 文件，這些文件可在 Scorpio 油輪 dotcom 和 sec.gov 電話會議上取得。請與會者註意，本次電話會議的音訊正在網路上現場直播，並且也被錄製用於回放。該網路廣播的存檔將在我們網站的投資者關係頁面上提供約 14 天。今天我們將做一個簡短的演講。此簡報可在 Scorpio Tankers dotcom 投資者關係頁面的報告和簡報中找到。演示結束後，這些幻燈片也將在網路廣播中提供，我們將為提出問題的人提供問答。請將問題數量限制為兩個。如果您還有其他問題，請重新加入佇列。現在，我想介紹一下我們的執行長 Emmanuel Aura。

Thank you, James. Hello everyone and thank you for joining us today. We are pleased to report another strong quarter of financial results in the third quarter. The company generated $166 million in adjusted EBITA and $87.7 million in adjusted net income.

謝謝你，詹姆斯。大家好，感謝您今天加入我們。我們很高興地報告第三季又一個強勁的季度財務業績。該公司調整後 EBITA 為 1.66 億美元，調整後淨利為 8,770 萬美元。

While rates experienced a seasonal dip during the quarter, they remain above historical averages.

儘管利率在本季度經歷了季節性下降，但仍高於歷史平均值。

Thanks to significant improvement in our balance sheets and lower daily break-even costs. With the rates we have booked in Q4. So far, our LR twos generate $18,000 in cash per day and our Mr fleet generates $8000 per day and rates have already started to improve particularly on our LR two segments throughout the third quarter. We continue our strategy of reducing debt. We've been acting opportunistically and returning capital to shareholders. Since July, we have reduced our debt further by $150 million and significantly decreased our share count.

得益於我們的資產負債表的顯著改善和每日損益平衡成本的降低。按照我們在第四季預訂的價格。到目前為止，我們的 LR 兩艘船每天產生 18,000 美元的現金，我們的 Mr 車隊每天產生 8000 美元的現金，並且費率已經開始改善，特別是在整個第三季度我們的 LR 兩艘船段。我們繼續實施減少債務的策略。我們一直在投機取巧，向股東返還資本。自 7 月以來，我們已進一步減少了 1.5 億美元的債務，並大幅減少了我們的股票數量。

We have also reduced our daily cash break hidden to $12,500 per day. Strategically positioning the company to generate more cash even at lower rates and improve per share earnings.

我們也將每日隱藏現金補貼減少至每天 12,500 美元。對公司進行策略定位，即使在較低的利率下也能產生更多的現金，並提高每股盈餘。

During the quarter, we capitalized on opportunities to sell assets at attractive prices while also repurchasing our own shares at a discount to net asset value, thereby creating and crystallizing value.

本季度，我們利用機會以有吸引力的價格出售資產，同時以資產淨值折扣價回購自己的股票，從而創造和體現價值。

We completed the sale of six vessels and announced the sale of another three vessels expected to close in the fourth quarter on a performer basis which assumes the closing of the three remaining vessel sales and marketable securities. The company has liquidity today of $463 million from April 1st. We have repurchased over $300 million of our own shares. Representing over 7% of the company of these $3.4 million shares or around $240 million were purchased since July 1st, including share buybacks and dividends. We have returned $7.13 per share to shareholders in 2024. So far, additionally, today we declared a quarterly dividend of 40¢ per share in the third quarter. We acquired a 4.9% stake in the crude tanker company DHT A Passive but liquid investment that positions us to capitalize on the upside of an improving crude tanker sector.

我們完成了六艘船舶的出售，並宣布另外三艘船舶的出售預計將在第四季度按執行者基準完成，假設剩餘的三艘船舶銷售和有價證券已完成。自 4 月 1 日起，該公司目前的流動資金為 4.63 億美元。我們已經回購了價值超過 3 億美元的自己的股票。自 7 月 1 日以來，這些價值 340 萬美元的股票（包括股票回購和股息）購買了約 2.4 億美元，占公司股份的 7% 以上。2024 年，我們向股東返還每股 7.13 美元。此外，到目前為止，今天我們宣布第三季的季度股息為每股 40 美分。我們收購了原油油輪公司 DHT 4.9% 的股份，這是一項被動但流動性強的投資，使我們能夠利用原油油輪行業不斷改善的優勢。

Our outlook for both crude oil and refined products remains positive and for the first time in several months, we anticipate that improvements in the crude oil market will also positively impact refined products with low leverage, strong liquidity and a young fleet. We are exceptionally well positioned. We remain committed to delivering value to our shareholders and we do appreciate your continued support and confidence in Scorpio anchors with this. I would like to turn the call to James for a presentation, please.

我們對原油和成品油的前景仍然樂觀，幾個月來首次，我們預計原油市場的改善也將對低槓桿、強勁流動性和年輕船隊的成品油產生積極影響。我們處於非常有利的位置。我們仍然致力於為股東創造價值，我們非常感謝您對天蠍座錨的持續支持和信任。我想把電話轉給詹姆斯，請他做一個演講。

Thank you, (Operator Instruction)

謝謝你，（操作員說明）

Just a few years ago, many would not have believed that MR and LR two rates could reach $20 and $30,000 per day, especially during the seasonally weakest part of the year.

就在幾年前，許多人不會相信 MR 和 LR 兩種費率可以達到每天 20 美元和 30,000 美元，尤其是在一年中季節性最淡的時期。

Product tanker rates remain well above historical averages and are at levels which the company generates significant cash flow. We expect this to continue the ongoing strength in the product tanker market is the result of one demand consistently outpacing supply two increased ton miles as changes in refinery capacity have reshaped global trade flows and three via political events, exacerbating points, one and two.

產品油輪運價仍遠高於歷史平均水平，並且處於公司產生大量現金流的水平。我們預計成品油輪市場將繼續保持強勢，這是由於煉油廠產能的變化重塑了全球貿易流量，導致需求持續超過供應，增加了兩噸英里，而政治事件加劇了第一點和第二點。

Despite facing several challenges in the third quarter including the end of summer driving season, elevated refinery maintenance and competition from crew tankers. The fleet still averaged over $28,000 per day.

儘管第三季面臨多項挑戰，包括夏季駕駛季節結束、煉油廠維護加劇以及來自船員油輪的競爭。該車隊的平均每天費用仍超過 28,000 美元。

Notably, these rates have been achieved while undergoing a significant dry-docking program. By the end of this year, we will have dry docked almost 60% of the fleet increasing the efficiency and earnings days for next year.

值得注意的是，這些速度是在進行重要的乾塢計畫時實現的。到今年年底，我們將讓近 60% 的船隊進乾船塢，從而提高明年的效率和收益天數。

Looking forward, our outlook remains constructive rates have bottomed at very high levels. The market headwinds are becoming tailwinds, and it will not, it will not require much for rates to increase further. The risk is to the upside.

展望未來，我們的前景仍然是建設性的，利率已觸底至非常高的水平。市場的逆風正在變成順風，而且不會，也不需要太多的利率進一步提高。風險是向上的。

I please from August through October, we saw significant refinery maintenance over the next month, $3.5 million barrels of capacity will come back online, increasing refinery runs and Seaborne exports to meet growing winter demand. We're entering the seasonally strongest period of the year Q4 and Q1 tank earnings have consistently exceeded Q3 over the last 30 years. We expect this to continue.

從 8 月到 10 月，我們看到煉油廠在下個月進行了重大維護，350 萬桶的產能將恢復上線，增加煉油廠運作和海運出口，以滿足不斷增長的冬季需求。我們正進入一年中季節性最強勁的時期，第四季和第一季坦克收益在過去 30 年來一直超過第三季。我們預計這種情況會持續下去。

Additionally, seasonal improvements in crude tanker rates are also expected to be a tail one for product tankers by nine. Please.

此外，預計原油油輪運價的季節性改善也將成為成品油輪的尾隨因素。請。

The crude vessels which enter the clean product trade are moving back to carrying crude oil of the 45 crude tanker vessels which moved into this trade and excluding the vessels which have recently loaded clean 32 are expected or have already moved back to carrying crude oil. We do not expect additional vessels to clean up and carry a refined products as the off higher time cleaning costs and trading limitations make this unattractive at current rate levels. The improving crude oil market and exit of these vessels from the clean trade will be will provide a positive tailwind for LR twos.

進入該貿易的45艘原油油輪中，進入清潔產品貿易的原油船正在重新裝載原油，不包括最近裝載清潔產品的32艘預計或已重新裝載原油的船舶。我們預計不會有更多的船隻來清理和運輸精煉產品，因為較高的時間清理成本和貿易限制使得這在目前的費率水準下沒有吸引力。原油市場的改善以及這些船舶退出清潔貿易將為 LR 兩艘船提供積極的推動力。

Buy 10. Please.

買10個。請。

Diesel and gasoline inventories in the US are well below the five-year average. Thus, future demand will rely on refinery production and Seaborne exports as opposed to inventory draws. Buy 11. Please demand continues to grow. Yes, grow and we expect demand for refined product to increase by close to a million barrels per day. Next year, we are seeing this demand strength in Seaborne exports which average $20.5 million barrels per day in September near record highs. Furthermore, it's not just the volume of products that has grown. The distances these barrels are traveling has also significantly increased by 12 please.

美國的柴油和汽油庫存遠低於五年平均值。因此，未來的需求將依賴煉油廠生產和海運出口，而不是庫存消耗。買11個。請需求持續成長。是的，成長，我們預計成品油的需求每天將增加近一百萬桶。明年，我們將看到海運出口的需求強勁，9 月平均每天 2,050 萬桶，接近歷史高點。此外，成長的不僅是產品數量。這些桶子的行駛距離也顯著增加了 12 倍。

Ton mild demand has increased by 17% compared to 2019 levels excluding Russia and 20% when including Russia. Last week, Philip 66 announced the closure of its 139,000 barrel per day refinery in Los Angeles. In total, we are tracking closures that could reduce refining capacity by a million barrels per day. Next year, many older refineries require significant capital investment to remain operational or meet new regulatory standards. This makes it hard to compete with newer refineries in regions like the Middle East that have lower operating costs and more complex refinery configurations.

與 2019 年（不包括俄羅斯）的水準相比，噸溫和需求增加了 17%；與包括俄羅斯在內的水準相比，增加了 20%。上週，Philip 66 宣布關閉位於洛杉磯日產量 139,000 桶的煉油廠。總的來說，我們正在追蹤關閉可能導致煉油能力每天減少一百萬桶的情況。明年，許多老煉油廠需要大量資本投資才能維持營運或滿足新的監管標準。這使得它很難與中東等地區的新煉油廠競爭，因為這些地區的營運成本較低，煉油廠配置更複雜。

As a result, we expect more refining capacity to close which will add incremental 10 miles as lost production is replaced with imports press 13, please.

因此，我們預計將關閉更多煉油產能，這將增加 10 英里的增量，因為損失的產量將被進口替代，請按 13。

So, our two vessels continue to transit around the cape of good hope.

因此，我們兩艘船繼續繞好望角。

This is increased voyage distances, ton mile demand and titan supply.

這是航程距離、噸英里需求和巨大供應量的增加。

We have not seen any disruption to flows going through the strait of home use which accounts for $16.5 billion barrels of crude and refined products per day.

我們還沒有看到家庭使用海峽的流量受到任何干擾，該海峽每天輸送價值 165 億桶的原油和成品油。

But the biggest benefit we expect to see on the LR two is the exit of crew tanker vessels from the clean trade from June through September. Crew tanker vessels carried $65 million barrels of refined product. The equivalent of 87 LR two cargoes try 14, please year-to-date the combined Aframex and LR two fleet has carried $16.5 million barrels a day of crude oil and refined products of this. Over $13 million barrels consist of crude oil and dirty products while the remaining$ 3.3 million barrels has been clean product. However, within the Aframax LR two fleet, today, 39% of the fleet comprises LR two vessels but differently, 39% of the combined fleet is LR two S. But the clean product trade accounts for only 20% of the total cargo volume.

但我們預計 LR 2 最大的好處是船員油輪從 6 月到 9 月退出清潔貿易。載人油輪運載了價值 6500 萬桶的成品油。相當於 87 艘 LR 兩艘貨物試運 14 艘，今年迄今為止，Aframex 和 LR 兩艘船隊合併後已每天運載了價值 1,650 萬桶的原油和成品油。超過 1,300 萬桶是原油和髒產品，其餘 330 萬桶是清潔產品。然而，在阿芙拉型LR 兩艘船隊中，如今39% 的船隊由LR 兩艘船組成，但不同的是，合併船隊的39% 是LR 兩艘船。總貨運量的20%。

Try 15 please.

請嘗試 15。

This requires the use of LR two vessels to service the crude oil trade. Currently, 44% of LR two on the water are engaged in the crude oil and dirty products trade. We expect this ratio to hold if not grow over time given the age of the Afrox fleet and new orders being predominantly LR two of the 263 Aframax and LR two that have been ordered since 2021. 203 are LR two S roughly 77%.

這就需要使用LR的兩艘船來服務原油貿易。目前，44%的LR 2在水上從事原油和髒產品貿易。考慮到Afrox 機隊的機齡，以及新訂單主要是2021 年以來訂購的263 架阿芙拉型和LR 2 中的LR 2，我們預計這一比例即使不隨著時間的推移而增長，也將保持不變。

This is also inflated the product tanker order book slide 16.

這也誇大了成品油輪訂單簿投影片 16。

Well, the order book now accounts for 20% of the fleet. Half of the order book is LR two. As we highlighted on the previous slide, we expect a significant portion of the LR two fleet to continue servicing the crude oil trade. Furthermore, this does not reflect the age challenges facing the fleet today.

嗯，現在訂單量佔機隊的20%。一半的訂單簿​​是LR兩個。正如我們在上一張幻燈片中所強調的那樣，我們預計 LR 兩艘船隊的很大一部分將繼續為原油貿易提供服務。此外，這並不能反映當今船隊面臨的年齡挑戰。

Today, the fleet is 14 years old by 2027 including new building deliveries. 25% of the fleet will be older than 20 years. Therefore, the effective fleet growth is likely to be less than what the order book suggests.

如今，到 2027 年，包括新交付的建築在內，該船隊的船齡已達 14 年。 25% 的機隊機齡超過 20 年。因此，有效機隊成長可能低於訂單所顯示的水平。

Try 17 please.

請嘗試 17。

The total addressable market diminishes this vessel's age. The trading patterns of Mr vessels built in 2004 observed over the last eight years. Clearly demonstrates this decline at age 12. These vessels carry$ 3.2 million barrels of refined product per year by the time they reach 16 to 18 years old, they carry $2.1 million barrels per year. A decline of 33% as these vessels approach 20 years, their capacity declines even further to $1.8 million barrels translating to a total reduction of over 40% in volume compared to age 12. One might argue this could have declined even further without the additional demand for from sanctioned Russian trades. By 2027 more than 1,000 ships will be older than 20 years and the number of MR s over 20 years will increase from 261 today to 525 by 2027.

總的潛在市場縮短了該船的年齡。觀察過去八年中 2004 年建造的 Mr 船舶的貿易模式。12 歲時就清楚地表明了這種衰退。這些船隻每年運載 320 萬桶精煉產品，當船齡達到 16 至 18 年時，每年運載價值 210 萬桶。隨著這些船舶接近 20 年，其運力下降了 33%，其運力進一步下降至 180 萬桶，意味著與 12 年船期相比，總運量減少了 40% 以上。有人可能會說，如果沒有受制裁的俄羅斯貿易的額外需求，這個數字可能會進一步下降。到 2027 年，將有超過 1,000 艘船齡超過 20 年，超過 20 年的 MR 數量將從現在的 261 艘增加到 2027 年的 525 艘。

Many are underestimating the impacts of an aging fleet and overestimating the capacity of the current order book year-to-date, Seaborne refined product exports and ton miles have grown by 0.7% and 7.8% respectively. Far exceeding this year's fleet growth of 1.5% as highlighted earlier, we anticipate that fleet growth will be more modest than the order book implies. If all new building LR Twos were to operate in the clean market. Fleet growth would average around 3.9% annually over the next three years. However, the effective fleet growth could be closer to 2.5% per year during this period when factoring LR two S trading in the crude oil market and mild scrapping.

許多人低估了船隊老化的影響，高估了今年迄今為止的當前訂單容量，海運成品油出口和噸英里分別增長了 0.7% 和 7.8%。遠超今年機隊成長率（如先前強調的 1.5%），我們預計機隊成長將比訂單所暗示的更為溫和。如果所有新建的 LR Two 都在清潔市場運作。未來三年，機隊平均每年增長約 3.9%。然而，考慮到 LR 2 S 在原油市場的交易和輕微報廢，在此期間，有效船隊成長率可能接近每年 2.5%。

Looking forward, we are very constructive on the supply demand balance. The confluence of factors in today's market are constructive, individually, increasing demand, exports and ton miles structural dislocations in the refinery system, rerouting of global product flows and modest fleet growth. Collectively, they are unprecedented with that. I will turn it over to Chris.

展望未來，我們對供需平衡非常有建設性。當今市場中各種因素的綜合作用是建設性的、單獨的、不斷增長的需求、出口和煉油系統的噸英里結構性混亂、全球產品流的重新安排以及船隊的適度增長。總的來說，他們在這方面是前所未有的。我會把它交給克里斯。

Thank you, James. Good morning. Good afternoon. Everyone slide 20 please.

謝謝你，詹姆斯。早安.午安.請大家滑20張。

Over the past seven quarters, we've generated $1.7 billion in adjusted EBITDA and $1.1 billion in adjusted net income.

在過去的七個季度中，我們的調整後 EBITDA 為 17 億美元，調整後淨利潤為 11 億美元。

These results have enabled us to reduce our debt by $1 billion. Pay 100 and $21 million in dividends and purchased $786 million of the company's stock in the open market at an average price of about $56 per share.

這些成果使我們能夠減少 10 億美元的債務。支付100和2100萬美元股息，並以每股約56美元的平均價格在公開市場購買了7.86億美元的公司股票。

Our approach to shareholder returns has been to combine the accretive effect of deleveraging along with opportunistic share repurchases and a sustainable dividend on a year-to-date basis. Through September of 2024. We've reduced our debt by over $700 million and returned $365 million or $7.13 per share to shareholders in the form of dividends and stock repurchases.

我們實現股東回報的方法是將去槓桿化的增值效應與機會性股票回購以及年初至今的可持續股利結合。直至 2024 年 9 月。我們已減少了超過 7 億美元的債務，並以股息和股票回購的形式向股東返還了 3.65 億美元（即每股 7.13 美元）。

As an additional point of emphasis, the company expects to have completed the five-year special surveys on almost 60% of the fleet by the end of this year.

另外，該公司預計到今年底將完成對近 60% 機隊的五年專案調查。

Not only does this set the company up for a lighter dry dock schedule for the next couple of years. But the work performed during these dry docks is expected to enhance the operating efficiency of each vessel going forward.

這不僅使該公司在未來幾年的乾船塢時間表更加輕鬆。但在這些乾船塢期間進行的工作預計將提高每艘船未來的營運效率。

July 21 please.

請7月21日。

The charts on this slide demonstrate the complete transformation of the company's capital structure over the past three years.

這張投影片上的圖表展示了過去三年公司資本結構的徹底轉變。

Less than three years ago, the company was highly levered and vulnerable to even mild contractions in the spot market with the low leverage of the company's balance sheet today. Not only can it withstand a contraction in the spot market but it can thrive due to its cash generation potential driven by low breakeven rates.

不到三年前，該公司的槓桿率很高，即使是現貨市場輕微收縮，該公司的資產負債表槓桿率也很低，很容易受到影響。它不僅能夠承受現貨市場的收縮，而且由於其在低盈虧平衡率的推動下具有現金生成潛力，因此能夠蓬勃發展。

Our debt reduction efforts continued during the third quarter as we repaid our $64 million term loan with BMP Pariba and Sinosure.

第三季度，我們繼續努力削減債務，償還了 BMP Pariba 和中國信保的 6,400 萬美元定期貸款。

This facility was the most expensive bank financing on our balance sheet bearing interest at so plus a margin of 291 basis points.

這筆貸款是我們資產負債表上最昂貴的銀行融資，利息為 291 個基點。

We also executed an agreement with the lenders on our $225 million credit facility to convert this facility into a revolving credit facility.

我們還與貸方就 2.25 億美元的信貸額度簽署了一項協議，將該額度轉換為循環信貸額度。

This amendment gives the company the flexibility to make unscheduled repayments that can be redrawn in the future.

這項修正案使公司能夠靈活地進行計劃外還款，並可以在未來重新提取。

A full repayment of this facility could potentially reduce our daily cash break even costs which include vessel operating costs, cash g and A interest payments and regularly scheduled loan amortization by almost $850 per day.

全額償還該貸款可能會減少我們每天的現金收支平衡成本，其中包括船舶營運成本、現金 g 和 A 利息支付以及定期安排的貸款攤銷，每天減少近 850 美元。

As shown in the table on the right. Our gross and net debt as of today stands at $896 million and $675 million respectively on a pro forma basis, which assumes the closing of three remaining vessel sales which are expected to close within the fourth quarter of 2024. Our net debt would be below $520 million.

如右表所示。預計截至目前，我們的總債務和淨債務分別為 8.96 億美元和 6.75 億美元，假設剩餘的三艘船舶銷售已完成，預計將在 2024 年第四季內完成。我們的淨債務將低於 5.2 億美元。

This compares to net debt of $1.3 billion at the same time last year.

相比之下，去年同期的淨債務為 13 億美元。

July 22 please.

請7月22日。

Through the end of 2025 our ongoing quarterly scheduled principal repayment obligations on our secured debt are less than $20 million per quarter.

到 2025 年底，我們對擔保債務的持續季度計劃本金償還義務每季不到 2,000 萬美元。

This illustrates the company's low leverage and cash generation potential with the daily cash break even rate of approximately $12,500 per day. These debt service obligations are highly manageable and position the company to generate cash flow and sustain shareholder returns even in the most challenging rate environments.

這說明了該公司的低槓桿率和現金生成潛力，每日現金損益平衡率約為每天 12,500 美元。這些償債義務易於管理，即使在最具挑戰性的利率環境下，公司也能產生現金流並維持股東回報。

523 please, we are currently exiting the seasonal low point of the year and are now seeing positive signs of momentum in the spot market.

523 請，我們目前正在退出今年的季節性低點，現在看到現貨市場動能的正面跡象。

Our quarter to date coverage on our LR two S and Mrs which incorporate the effect of this seasonality still reflect cash generation of over $18,000 per day and $8000 per day respectively on these vessels to further illustrate the company's cash generation potential at $20,000 per day, the company can generate up to $271 million in cash flow per year. At $30,000 per day. The company can generate up to $632 million in cash flow per year and that $40,000 per day, the company can generate up to $994 million in cash flow per year.

我們對LR 2 S 和Mrs 的季度迄今的報告（考慮了季節性的影響）仍然反映出這些船舶每天的現金生成量分別超過18,000 美元和8000 美元，以進一步說明該公司每天20,000 美元的現金生成潛力。每天 30,000 美元。該公司每年可產生高達 6.32 億美元的現金流，每天 4 萬美元，該公司每年可產生高達 9.94 億美元的現金流。

With that, I'd like to turn the call over to Q&A.

說到這裡，我想將通話轉至問答環節。

Will now begin the question-and-answer session to ask a question. You may press star. Then one on your telephone keypad. If you're using a speaker phone, please pick up your handset before pressing the keys. At any time, your question has been addressed and you would like to withdraw your question. Please press star. Then two, we ask you to limit yourself to two questions at this time, we will pause momentarily to assemble our roster.

現在將開始問答環節來提問。您可以按星號。然後在電話鍵盤上輸入一個。如果您使用免持電話，請在按鍵前拿起聽筒。在任何時候，您的問題已經解決，並且您想撤回您的問題。請按星號。那麼第二個問題，我們現在請您只問兩個問題，我們將暫停一下以集合我們的名單。

And our first question comes from Omaar Nokt with Jeffries. Please go ahead.

我們的第一個問題來自傑弗里斯的奧馬爾諾克特。請繼續。

Thank you. Hey guys. Good morning, good afternoon. Thanks for the update. Obviously, a lot, a lot going on and just wanted to ask obviously on, the HT being the big news today, you put $89 million to work. There sounds from Emanuele's comments in the beginning of the call that you're bullish on crude. Wanted to just ask, how do you, how do you view this playing out the, the, the longevity of this trade? Is this a, is this a short-term trade to take advantage of potential winter strength or is this more of a long-term holding, given the dynamics of the limited supply in the LCC?

謝謝。嘿夥計們。早安，下午好。感謝您的更新。顯然，發生了很多很多事情，我只是想問一下，HT 是今天的大新聞，你投入了 8900 萬美元。從埃馬努埃萊在電話會議開始時的評論中可以看出，您看好原油。我只是想問，您如何看待這項交易的長期發展？這是一個利用冬季潛在實力的短期交易，還是鑑於低成本航空供應有限的動態，這更像是一個長期持有？

Thanks so much. I think that a couple of things, first of all, the, you know, we can see that we can afford to do this. You know, we have a lot of liquidity, and the liquidity is $463 million doesn't even include the liquidity we could use with.

非常感謝。我認為有幾件事，首先，我們可以看到我們有能力這樣做。你知道，我們有大量的流動性，4.63億美元的流動性還不包括我們可以使用的流動性。

So there's no way that this investment in DHT is a tool. You know, restricting our ability to buy our own stock. We, we really, we really wish that the rules related to buybacks have been a little bit different. Now, we've been quite severely restricted during these last weeks. We haven't been able to buy for a number of days now and even during the period where we could not buy because of the drop in volume. You know, even though we were doing the maximum we could buy many days that was, you know, inadequate to us. We wish we could have bought more, but even if we could have just bought all the time, all the way through this, we would still have enough money to do what we see with the DHT trade, which is to take advantage of something that, you know, it's pretty unusual for in a few years now. The VLCC market is under performed itself has been a potential negative for the product market because it's weakness. And along with the crude market has drawn vessels from the crude into the product at time. And now we're seeing that this is going to change that we see for the first time that this winter is lining up to be a very strong winter for the crude side. And that, that's going to be additive to our product tankers. We're seeing it already starting to happen in the LR two and that setting. We think, you know, DHT is very undervalued and we, that's just setting up for, you know, great investment for the company.

所以這種對DHT的投資不可能是個工具。你知道，這限制了我們買自己股票的能力。我們，我們真的，我們真的希望與回購相關的規則有所不同。現在，過去幾週我們受到了相當嚴格的限制。現在我們已經好幾天無法購買了，甚至在因為成交量下降而無法購買的期間。你知道，儘管我們盡了最大努力，但很多天對我們來說還是不夠。我們希望我們可以購買更多，但即使我們可以一直購買，一直到這一切，我們仍然有足夠的錢來做我們在 DHT 交易中看到的事情，即利用，你知道，這幾年來是很不尋常的。VLCC 市場表現不佳本身對產品市場來說是一個潛在的負面影響，因為它很疲軟。隨著原油市場的發展，船隻也從原油轉向產品。現在我們看到這種情況將會改變，我們第一次看到今年冬天對於原油方面來說將是一個非常強勁的冬天。這將成為我們成品油輪的補充。我們看到它已經開始在 LR 2 和那個設定中發生。我們認為，DHT 的價值被嚴重低估，而我們只是為公司的巨大投資做準備。

It's proven to be a liquid stock. We don't have, we don't foresee having the need to access the, the, the capital to help buy firearm stock, but we could do if, we had to.

事實證明，它是一種流動性股票。我們沒有，我們預計也不需要獲得資金來幫助購買槍支庫存，但如果我們必須這樣做，我們可以這樣做。

And you know, it's like any other investment you watch how it goes. We think that this could be a very good long-term position, you know, the company is, is returning a lot of capital during this week, week period. So, you know, we've already received one dividend of purchase price. As you point out the supply demand balance looks, you know, very attractive for the LCC.

你知道，這就像其他投資一樣，你要觀察它的進展。我們認為這可能是一個非常好的長期立場，你知道，公司在本週期間正在返還大量資本。所以，你知道，我們已經收到了一筆購買價格的股息。正如您所指出的，供需平衡看起來對廉價航空公司非常有吸引力。

So, you know, I don't think you use a public company as a, you know, a short-term trading vehicle when the onset when you go in.

所以，你知道，我不認為你在進入時將上市公司用作短期交易工具。

So, the intention here would be for, you know, because you've got great fundamentals for a period in the VLCC market.

所以，這裡的目的是，你知道，因為你在 VLCC 市場一段時間內擁有良好的基本面。

Thanks, Robert. Got it. That, that's very helpful and I appreciate the context and maybe just as a follow up and I'll turn it over, the 4.9%. Clearly, there's a, I'm guessing that's by design. But is that the, is that the extent of it, would you like, would you look to add to it? And then would you want to add either VLCC or crude exposure in any other way?

謝謝，羅伯特。知道了。這非常有幫助，我很欣賞上下文，也許只是作為後續行動，我會將其移交，即 4.9%。顯然，我猜這是設計使然的。但這就是它的範圍嗎，你願意，你願意添加它嗎？然後您想以其他方式增加 VLCC 或原油部位嗎？

I think this is a, you know, it was an exceptional opportunity that, you know, that the, the markets, the stock markets have been, you know, going just like we see in products. I mean, the actual third quarter. If we look at the reality of the, the generation, the cash generation listing has been fantastic. The rates during that period for any of us who've been in the industry for a reasonable while are absolutely fantastic. The, the, the rates as we're coming out of this third quarter right now today in the LR two S and the Mars are, you know, you could take the rate from 30 to 50 in one trading week in the LR two S as you approach this winter position. I'm sure Lars will talk about it later.

我認為這是一個絕佳的機會，市場、股票市場的發展就像我們在產品中看到的那樣。我的意思是，實際的第三季。如果我們看看這一代的現實，現金生成上市真是太棒了。對於我們任何一個在這個行業工作了一段時間的人來說，這段時期的費率絕對是太棒了。我們今天即將推出的第三季 LR 2 S 和 Mars 的利率是，您知道，您可以在 LR 2 S 的一個交易週內將利率從 30 提高到 50當您接近這個冬季位置時。我確信拉斯稍後會談論它。

But, you know, the, that opportunity arose the same in crude where the crude was consistently improving.

但是，你知道，這個機會同樣出現在原油領域，原油價格持續改善。

Despite very low exports during, you know, particularly September October.

儘管出口量非常低，你知道，特別是九月和十月。

And so, you know, we were able to take this opportunity is by design that we stopped at 4.9%. We wanted to, to make it clear to the market. I think it would have been a mixed message if we heard, you know, gone from 4.9 you know, filing to a filer, you know, 67 8%.

所以，你知道，我們能夠抓住這個機會是有意為之的，我們把利率停在了 4.9%。我們想向市場明確這一點。我認為，如果我們聽到，你知道，從 4.9 到歸檔人，你知道，67 8%，這將是一個混雜的訊息。

I think that would be, let's say too aggressive movement, movement could lead to the thought that, you know, we weren't a passive investor that there was going to be a, you know, act two or act three or something. You know, there's so, so by design, we're stopping at that position, we do not see ourselves acquiring you know, the It's, it's more. It's, it's more VLCCS, there's no really no thought at all to do that. We managed to acquire if you want to put it that way, the VLCCS, if you were to, you know, put finance on them, we managed to buy 2,345, the LCC equivalents, but we happen to have bought it at 20 per, bought them at 20% below the sale price.

我認為，比如說過於激進的運動，運動可能會導致這樣的想法：我們不是被動的投資者，不會有第二幕或第三幕之類的事情。你知道，所以，根據設計，我們停在那個位置，我們看不到自己獲得你知道的，它，它更多。它更像是 VLCCS，根本沒有想過要這樣做。我們設法收購了，如果你想這樣說的話，VLCCS，如果你要，你知道，為它們提供資金，我們設法購買了 2,345 艘，相當於 LCC，但我們碰巧以 20 美元的價格購買了它，以低於售價20% 的價格購買。

So, you know, we're, we're happy content with what we got.

所以，你知道，我們對我們所得到的感到很滿意。

Yeah. Yeah, certainly. Okay. Well, well, thanks Robert. That's it for me.

是的。是的，當然。好的。好吧，好吧，謝謝羅伯特。對我來說就是這樣。

I'll pass it over and our next question comes from John Chappell With Evercore ISI please go ahead.

我將忽略它，我們的下一個問題來自 Evercore ISI 的 John Chappell，請繼續。

Thank you. James, as it relates to the bigger ships encroaching on the product trades. I understand that they're leaving now, which makes complete sense from a seasonal basis. We also kind of led to understand over the years that, you know, these are kind of new build, the VLCCS or Suezmaxes never carried a crude cargo before. Kind of made it easy to trade in the product on their maiden voyage. But it seems like a lot of what's happened in the last couple of months are actually established ships who had moved crude before. So you can, can you kind of help us understand the process and how they were able to switch so quickly between crude and, and, and product? And is this going to be a risk for seasonal kind of shoulder periods going forward, the ability to move back and forth that quickly? Especially if ships of that size.

謝謝。詹姆斯，因為它涉及更大的船隻侵占產品貿易。我知道他們現在要離開，從季節角度來看，這是完全合理的。多年來我們也逐漸了解到，這些都是新建的超大型油輪或蘇伊士型油輪以前從未運載過原油貨物。這使得在他們的處女航中進行產品交易變得容易。但過去幾個月發生的很多事情實際上都是以前運輸過原油的老船造成的。所以你可以，你能幫助我們了解這個過程以及他們如何能夠在原油和產品之間如此快速地切換嗎？這對於未來的季節性肩期以及快速來回移動的能力來說是否會構成風險？特別是對於那種尺寸的船舶。

Lars, do you want me to take this, or would you like to?

拉爾斯，你想要我接受這個，還是你願意？

I'll go, I'll give it a step. Thanks. Hi John. I mean, first of all the ships we're talking about right now are basically ships that are dirty and have cleaned up at great expense. The spread between the clean and the dirty market had to be that great to be able to take the risk in terms of spec and degradation of spec, the time that it would take to clean up the vessels. Also, the type of cargo that you have to load also has to be able to manage a uncoded vessel. So, you know, we had a huge market on, on LR two in the middle of the year around June, July. The, the, the crude market at that point in time was languishing and there was a massive spread where traders could say, well, we're willing to take that particular risk. And you know, we, we saw about, I don't know, $65 million barrels of product moving on.

我去，我給它一步。謝謝。嗨約翰。我的意思是，首先我們現在談論的船舶基本上都是骯髒的船舶，並且需要花費巨大的費用進行清理。乾淨市場和髒市場之間的差距必須很大，才能承擔規格和規格退化的風險，以及清理船舶所需的時間。此外，您必須裝載的貨物類型也必須能夠管理未編碼的船隻。所以，你知道，我們在年中 6 月、7 月左右的 LR 2 上有一個巨大的市場。當時的原油市場低迷，價差巨大，交易者可以說，好吧，我們願意承擔這種特定的風險。你知道，我們，我們看到，我不知道，價值 6500 萬桶的產品正在繼續流通。

We count 32 or 35 Suers Maxes and 14 VLCCS which is about 86 to 90 LR two equivalents. This impacted of, of course, the LR two market and the MR market to some extent also the LR one market. What we can see now is that since then and this is looking back to June to where we are now on the VLS of the 14.7 half have gone back to dirty. There's still three of those that are on a clean voidage. They're all trading off as we can see it off West Africa. They could have spec issues that could be storages because they're cheap and so on. But in terms of, of Suezmaxes, you know, we counted 35 we can see that 23 of those have gone back, there's still about 10 on those voyages. And then you think about, well, you know, where are we now, in terms of a number of ships being fixed in that segment. And we can see for October, that's only one ship, one VL that has gone into this thing and there's only a small handful of sums. So there's a huge change in, in terms of that volume. And if you say it's given that the volume in the Middle East and West coast of India is constant or relative constant, despite the, the large turnarounds that are taking place in particular in Yanbu and also in Alza has two that are just about to start on some of their maintenance. You are really talking about a huge amount of volume that suddenly is going to go back into the CPP trade. And the reason for that is that the spread between the CPP and the crude has now drawn in and it doesn't make it at the margin beneficial to kind of expense yourself with cleaning up vessels. So we have seen now a huge amount of, of the L CCS and the max is going back into dirty. So, you know, when, when the market was trading, you know, 8 $9 million for a LR two and it was trading at $3 million or something like that for a VLCC, you could see that you could load three LL two cargoes in and you had a big spread that no longer is the case and therefore we believe that we have a lot more cargo coming in once we get through the, the, the markets as we see it right now.

我們統計了 32 或 35 架 Suers Max 和 14 架 VLCCS，相當於 86 到 90 LR 兩個當量。當然，這對LR二級市場和MR市場造成了一定程度的影響，也對LR一級市場造成了影響。我們現在可以看到的是，從那時起，回顧 6 月份，我們現在在 14.7 一半的 VLS 上已經回到了骯髒的狀態。其中仍有三艘處於乾淨狀態。正如我們在西非所看到的那樣，它們都在進行權衡。他們可能有規格問題，可能是儲存問題，因為它們很便宜等等。但就蘇伊士型油輪而言，我們統計了 35 艘，我們可以看到其中 23 艘已經返航，仍有大約 10 艘在這些航程中。然後你會想，嗯，你知道，我們現在在哪裡，就該部分固定的船隻數量而言。我們可以看到 10 月份，只有一艘船、一艘 VL 參與了這件事，而且只有一小部分金額。因此，就數量而言，發生了巨大的變化。如果你說中東和印度西海岸的銷量是恆定或相對恆定的，儘管如此，特別是在延布和阿爾扎正在發生的大規模週轉有兩個即將開始關於他們的一些維護。你確實在談論大量的交易量會突然回到 CPP 貿易中。原因是，CPP 和原油之間的價差現已縮小，而且它並沒有使其邊際對您自己清理船隻的費用有利。所以我們現在已經看到大量的 L CCS 和最大值又回到了髒狀態。所以，你知道，當市場交易時，你知道，一艘LR 2 的交易價格為900 萬美元，一艘VLCC 的交易價格為300 萬美元或類似的價格，你可以看到你可以裝載三艘LL 2 貨物價差很大，但現在情況已不再如此，因此我們相信，一旦我們透過我們現在所看到的市場，就會有更多的貨物進入。

Okay. I just, I'll keep my follow up somewhat on the same thematic between that kind of variability of older ship or not older ships, bigger ships coming in and out. And also, the orderbook, picking up a little bit for product anchors and 25 relatives to the last few years. Do you envision more volatility in the segments that you operate in? Especially the LR two s of the bigger ships than we've seen over the last couple of years, maybe a wider spread of, of highs and lows. And if not, why.

好的。我只是，我會繼續關注舊船或非舊船、更大的船進出的這種變化之間的相同主題。此外，產品主播和 25 名親屬的訂單量在過去幾年中有所回升。您預期您所經營的細分市場會出現更大的波動嗎？尤其是 LR 兩艘比我們過去幾年見過的更大的船，也許有更廣泛的高點和低點。如果沒有，為什麼。

I think we have seen immense volatility over the last couple of years which we embrace. I think the volatility kind of is a telling tale about how strong the markets are underlying where suddenly you can see these big jumps that Robert also alluded to. And you know, we've seen those jumps throughout this year as well and we've seen them on, you know, in the West, in particular, in the US Gulf on numerous occasions as well this year on the Mrs. When it comes to, I think the first point you made, which I didn't really answer properly. John was, you know, the fact of having new buildings coming into the market-based use max as the VLCC has been something that has been going on for years, right. When you have a completely virgin tanks, people will be able to load the gas holes and the UL SDS, etcetera. And, you know, we anticipate that to happen, you know, going forward as well, but that's just par for the course. That's normal. So, you know, we, we don't consider that to be a big issue. I think there's a number of Suers Maxes are coming out next year. Very few, sorry, very few VLCCS. So, you know, on balance, that is something that's just kind of normal when it comes into the fact of these huge immense spreads that we saw in the middle of the year between a VLCC and LR two. That that could happen again. You know, then you would have to have a stronger view when we think that the VLCC market is going to go as we move into the fourth quarter and the first quarter and, and there we're a lot more constructive now than we were, let's say a year ago.

我認為過去幾年我們經歷了巨大的波動，但我們也接受了這一點。我認為波動性是一個有說服力的故事，說明市場的潛在力量有多強勁，突然間你可以看到羅伯特也提到的大幅上漲。你知道，今年我們也看到了這些跳躍，你知道，在西方，特別是在美國海灣，今年在夫人號上也多次看到了這種跳躍。我並沒有真正正確地回答。約翰是，你知道，隨著 VLCC 等新建築進入基於市場的最大使用量，這一事實已經持續多年了，對吧。當您擁有完全原始的儲罐時，人們將能夠裝載氣孔和 UL SDS 等。而且，你知道，我們預期這種情況也會發生，你知道，未來也會發生，但這只是正常情況。這很正常。所以，你知道，我們認為這不是一個大問題。我認為明年會有很多 Suers Max 上市。非常少，抱歉，非常少的 VLCCS。所以，你知道，總的來說，考慮到我們在今年年中看到的 VLCC 和 LR 兩艘船之間巨大的價差這一事實，這是很正常的。那可能會再次發生。你知道，當我們認為 VLCC 市場將會隨著我們進入第四季度和第一季而發展時，你必須有更強烈的觀點，而且我們現在比以前更具建設性，假設一年前。

Got it. Thanks Lars.

知道了。謝謝拉爾斯。

And our next question comes from Greg Lewis with BTIG. Please go ahead.

我們的下一個問題來自 BTIG 的 Greg Lewis。請繼續。

Yeah, hi. Thank you and good morning and thanks for taking my questions. You know, I, I was hoping you could kind of talk a little bit about what you're seeing in the sales and purchase market. I mean, I mean, clearly you guys have, you know, sold a couple vessels. It, it, it seems like, you know, maybe not on the in the Mr side, on the, on the older vessels, you don't have many of those but, but we're hearing reports of, of those kind of assets kind kind of selling off. Yeah, kind of any color. What you're seeing is, is it been a lack, lack of buyer interest, more sellers coming to market. Any kind of color there would be helpful.

是的，嗨。謝謝你，早安，謝謝你回答我的問題。你知道，我希望你能談談你在銷售和採購市場上看到的情況。我的意思是，我的意思是，顯然你們已經賣掉了幾艘船。它，它，看起來，你知道，也許不是在先生這邊，在舊船上，你沒有很多這樣的東西，但是，但我們聽到了關於此類的報告資產某種程度的拋售。是的，任何顏色都可以。你看到的是，是缺乏，缺乏買家興趣，更多賣家進入市場。任何一種顏色都會有幫助。

I'll take this.

我要這個。

Thanks for the question. I think the market has remained quite stable on the levels from an S&P standpoint. As you have seen as far as we are concerned, we try to always sell the next chip at the higher level than we were selling the previous one.

謝謝你的提問。我認為從標準普爾的角度來看，市場在水平上保持相當穩定。正如您所看到的，就我們而言，我們總是嘗試以比前一個晶片更高的價格出售下一個晶片。

And we've been riding that wave looking for quality rather than quantity not needing to sell and wanting to always capture the best price to date. This is as far as we are concerned, limited the quantity, but went with always an increasing price level as just described market wise on the bigger ships that has been less appetite than on the Mrs. This is why we've been selling less LR twos than Mrs and Rs. By definition are the workhorse of the product space and it is an easier vessel to trade for a bigger spectrum of buyers or operators. So, we found more depth into that market and bear in mind that, of course, we've stayed far away from any doubtful, potential buyer on the, grey fleet or, or anything like it, by, by definition, not even entertaining discussions on people that we didn't have a clarity of without even having to conduct the KYC. So, you know, we've been, we, we are satisfied with what we have done and we are also satisfied of how the market is holding up. Of course, people are trying right there is, it's normal, there has been a deep in seasonality on the right side and people have been trying to throw lower numbers to see the reactions. And they so far didn't get very far. So I'm not talking with us, which they would go nowhere, but more broadly from a market perspective. So, you know, it remains to see how the next couple of weeks boil out, you know, pan out and and see whether the winter market, which we're expecting to come will, will come and then I expect the, the, the S&P market to, to stabilize as well.

我們一直在乘風破浪，尋找品質而不是數量，不需要出售，並希望始終獲得迄今為止最好的價格。就我們而言，數量有限，但價格水平總是不斷上漲，正如剛才所描述的，大型船舶的市場需求比夫人號要小。 。根據定義，它們是產品領域的主力，對於更多的買家或營運商來說，它是更容易進行交易的船隻。因此，我們對這個市場進行了更深入的研究，並記住，當然，我們遠離任何可疑的潛在買家，灰色車隊或類似的東西，根據定義，甚至沒有娛樂性關於我們甚至無需進行KYC 就不清楚的人的討論。所以，你知道，我們一直對我們所做的事情感到滿意，我們也對市場的表現感到滿意。當然，人們正在嘗試，這是正常的，右側有很深的季節性，人們一直在嘗試拋出較低的數字來看看反應。到目前為止，他們還沒有走得太遠。因此，我並不是與我們交談，因為他們不會有任何進展，而是從更廣泛的市場角度來看。所以，你知道，還有待觀察接下來幾週的情況，你知道，結果如何，看看我們預計即將到來的冬季市場是否會到來，然後我預計，標準普爾市場也趨於穩定。

Okay, great. Super helpful. And then, and then, you know, in the prepared remarks, you know, you guys highlighted the Phillips closure out on the West Coast, any kind of thoughts around how that impacts the market in terms of, you know, those volume replacements, whether that's, you know, us golf on pipe us in the US Gulf on pipelines. Does it impact exports any kind of any kind of high-level views on, on that closure? And what that could mean for us, exports imports on the product side?

好的，太好了。超有幫助。然後，然後，你知道，在準備好的演講中，你們強調了菲利普斯在西海岸的關閉，關於這如何影響市場的任何想法，你知道，這些數量的替代，無論是，你知道，我們在美國在海灣的管道上打高爾夫球。它是否會影響出口以及高層對關閉的看法？這對我們來說意味著什麼，產品方面的出口進口？

Sure, Greg, it's James and, and feel free to add. But I, I think this, this closure is going to require imports to come from, from Asia. You're going to need gasoline and distillate to replace that. Probably 70 80,000 barrels. But I think what's more important is it sets the tone for some of these regions that are going to have a difficult time with their older capacity. So, we don't think it's, for example, the only refinery that could close in California Valero kind of highlighted some of the challenges that they have there and it's probably something we'll see or have seen in Europe. So, we expect this to continue. I think you had a really high crack spread environment for two years as cracks have come in, there's a lot of costs that need to go into maintaining these refineries and the economics don't make sense. So, we view this as not only constructive in the short term but definitely in the long term for flows.

當然，格雷格，我是詹姆斯，請隨意補充。但我，我認為，這次關閉將需要從亞洲進口。你將需要汽油和餾分油來代替它。大概有70到8萬桶。但我認為更重要的是，它為其中一些地區定下了基調，這些地區的舊產能將面臨困難。因此，我們不認為這是唯一一家可能在加州關閉的煉油廠，瓦萊羅（Valero）強調了他們在那裡面臨的一些挑戰，這可能是我們將在歐洲看到或已經看到的情況。因此，我們預計這種情況會持續下去。我認為兩年來，隨著裂縫的出現，裂縫擴散的環境非常高，維護這些煉油廠需要投入大量成本，而且從經濟角度講是沒有意義的。因此，我們認為這不僅在短期內具有建設性，而且從長遠來看也絕對有利於資金流動。

Okay. Great. Super helpful. Thank you.

好的。偉大的。超有幫助。謝謝。

And our next question comes from Ken Hox with Bank of America. Please go ahead.

我們的下一個問題來自美國銀行的肯‧霍克斯。請繼續。

Hey, great, good morning. So, I, I guess if we look at the 35% bookings for quarter to date, you know, deceleration and rates as you mentioned, but the market rates you noted are starting to drive. You know, I don't know if, if Cameron or, LR S, I don't know if you want to give maybe a little historical perspective. How do you think, how do you see this shaping up seasonally? Is this an early start, a late start? I don't know if you want to put it in perspective of giving the access new builds in, in terms of capacity or if given the timing of the shutdowns, maybe just give some perspective on how we should think about, you know, the seasonality of rates as we head into, into the Thanksgiving that Robert always talks about as the key start up.

嘿，太好了，早安。所以，我想，如果我們看看本季迄今為止 35% 的預訂量，你知道，正如你提到的那樣，減速和費率，但你提到的市場費率正在開始成長。你知道，我不知道卡梅倫或 LR S 是否願意提供一點歷史視角。您如何看待這種季節性變化？這是早開始還是晚開始？我不知道你是否想從容量方面考慮提供新的訪問權限，或者考慮到關閉的時間，也許只是給出一些關於我們應該如何思考的觀點，你知道，當我們進入感恩節時，利率的季節性變化，羅伯特總是將其視為關鍵的啟動。

I was, (laugh) just going to say exactly that the old school kind of thought process is that the market always starts around Thanksgiving. Obviously, that's been a very different game over the last couple of years in terms of the seasonality and what we expect the market to come in. I think the most important thing is that when you look at the refining capacity, that's offline for September and October, you know, we're, we're trending at 7.7 for September and $ 8.5 million barrels per day for October that kind of rapidly draws down in November to$ 5 million. And then suddenly for December, it's down to 3.5. And then for Q1, we're trending around$ 2.2 million barrels offline globally. So, there's a huge amount of oil that's going to have to come to market. From that perspective. The question of course, is that when you want to go into the macro or the micro of that, is that, is that short haul, long haul, is that related, what's going to happen? That's, that's always a defining factor. But the thing that's always interesting when it comes to Q4 drivers, you know, the refining runs that we're going to see that's going to come online in Asia, the Middle East, but also for Europe and North America, right? We've got, I think for October and November, September, October, sorry, I'm just looking at the numbers here that's about $3 million put together, that's so 1.4 in North America and Europe is 1.31, 1.7 North America and 1.8. So, in October, we got $ 3.5 million barrels offline in the Atlantic Basin that back on onstream. So obviously, refining runs is a big, is a big-ticket item. The thing as well is the, you know, northern hemisphere of weather delays. We've talked about that years gone by that also always play, play a small role as well. But the thing as well that's important is, you know, the is the fungibility of these different types of vessels. We talked about before the issues around the cannibalization of the $6.5 million barrels that we saw over June to September. I mean, that's a huge amount of electric equivalence, but that also impacted the MRS, you know, we have a perpetual open market in terms of arms from the US Gulf going to to, to Europe in terms of distillate that has always been there. And then we've had a very weak TC two market over the last couple of months, which probably is going to be prolonged because of the turnarounds that we're seeing in Europe at the moment. But the fact of the matter is that on balance, you've got a lot of more product that is going to come to the market that needs to be shipped.

我（笑）只是想說，老派的思考過程是市場總是在感恩節前後開始。顯然，就季節性和我們對市場的預期而言，過去幾年的遊戲非常不同。我認為最重要的是，當你觀察 9 月和 10 月的煉油能力時，你知道，我們的趨勢是 9 月 7.7 美元/天，10 月 850 萬桶/天，這樣的情況11 月份迅速減少至500 萬美元。然後到了 12 月，這個數字突然下降到 3.5。對於第一季度，我們預計全球離線原油價格約為 220 萬桶。因此，必須有大量石油進入市場。從這個角度來看。當然，問題是，當你想進入宏觀或微觀時，是短途還是長途，這是否相關，會發生什麼？也就是說，這始終是決定性因素。但是，當談到第四季度的驅動程式時，總是很有趣的事情，你知道，我們將看到亞洲、中東、歐洲和北美的煉油運行將上線，對嗎？我們有，我想十月和十一月，九月，十月，抱歉，我只是看這裡的數字，加起來大約是300 萬美元，所以北美和歐洲的1.4 是1.31，北美和歐洲是1.7 和1.8 。因此，10 月份，我們在大西洋盆地停產了價值 350 萬桶的石油，但又重新投入生產。所以很明顯，煉油運行是一個大項目，是一個大項目。你知道，北半球的天氣延誤也是一個問題。我們已經討論過那些年過去了，它也總是在發揮作用，也扮演著一個小角色。但同樣重要的是，你知道，這些不同類型的容器的可互換性。我們之前討論過 6 月至 9 月期間 650 萬美元桶石油被蠶食的問題。我的意思是，這是一個巨大的電力當量，但這也影響了MRS，你知道，就從美國海灣到歐洲的武器而言，我們有一個永久開放的市場，就餾分油而言，一直存在。然後，過去幾個月我們的 TC 二級市場非常疲軟，由於我們目前在歐洲看到的情況好轉，這種情況可能會持續很長時間。但事實是，總的來說，還有更多的產品將進入市場需要運輸。

Yeah, just to put in perspective, when you look at the, the barrel numbers, you threw out the, $7.7 million in, September 8 and in October. Is that seasonally, I'm just trying to understand that the, the rate of change potential is that normal level, is that higher than normal in terms of what's offline when you, when you I'm, I'm just trying to understand the potential acceleration as we move towards November.

是的，只是為了正確看待，當你查看桶數時，你在 9 月 8 日和 10 月拋出了 770 萬美元。是季節性的嗎，我只是想了解，潛在的變化率是正常水平，是高於正常水平，當你離線時，當你我，我只是想了解當我們邁向十一月時，潛在的加速。

I'm probably going to ask James, he probably has the numbers for, for the previous years. But you know, the only thing I do recall is over the last couple of years we've seen before because of the very high margin environments, people were pushing, you know, refining maintenance forward and backward to, to fit into their kind of profile in terms of where they want to be. So, it is quite normal to see these type of, you know, turnarounds when it comes to the Middle East to Asia, North America, I think has been a little bit different over the years because of refining margins, particularly in the US Gulf being so high. But I'll see if James has anything to add.

我可能會問詹姆斯，他可能有前幾年的數據。但你知道，我唯一記得的是，在過去的幾年裡，我們之前看到過，由於利潤率非常高的環境，人們正在推動，你知道，前後改進維護，以適應他們的需求。想要達到的目標來配置個人資料。因此，從中東到亞洲、北美，看到這種類型的轉變是很正常的，我認為這些年來由於煉油利潤的原因，情況有些不同，特別是在美國海灣地區這麼高。但我會看看詹姆斯是否還有什麼要補充的。

Yeah. No, I thought I agree with wires. I'd say it's been above average this year. And if you look historically, what happens in certain years where it looks really high is because of a hurricane that will impact specifically the US golf. But we're, we were projecting to give you an idea maybe about $5 million barrels a day of capacity offline for September and October and it came in about $ 3.5 million more. But keep in mind, Refiners keep this close to their chest. A lot of the refineries have trading arms and things like that. So we do find this out a little bit later, but it was above average, which means we should get a bigger boost as it comes back online.

是的。不，我想我同意電線的觀點。我想說今年的水平高於平均水平。如果你回顧歷史，在某些看起來非常高的年份所發生的情況是因為颶風將特別影響美國高爾夫。但我們預計，我們預計 9 月和 10 月的離線產能可能會達到每天約 500 萬桶，實際收入增加了約 350 萬美元。但請記住，精煉者將這一點牢記在心。許多煉油廠都有貿易部門和類似的東西。所以我們稍後才發現這一點，但它高於平均水平，這意味著當它重新上線時我們應該得到更大的推動。

Appreciate that. And if I can get my second question on your cost, your cost per day, your operating cost per day look like the MR s really took a jump up about 8% sequentially. The others kind of more in line with kind of a normal step up with. I, I just want to understand. Was there anything going on that, that kind of changes those costs per days as we, we start to think about, kind of running forward? Is it inflation? Was it, you know, labour costs? I don't know if there's anything particular to the Mrs that you, you'd highlight.

很欣賞這一點。如果我能回答關於您的成本的第二個問題，您每天的成本，您每天的營運成本，看起來 MR 確實連續上漲了約 8%。其他的有點更符合正常的進步。我，我只是想了解一下。當我們開始思考向前邁進時，是否發生了任何事情，會改變每天的成本？是通貨膨脹嗎？你知道，是勞動成本嗎？我不知道您是否會強調這位女士有什麼特別之處。

Hey, Ken, it's Chris. I'll take that one.

嘿，肯，我是克里斯。我會接受那個。

Nothing in particular. You have to look at the running cost more on a year-to-date basis. They tend to be lumpy throughout the year. There, we're, we're still seeing inflationary pressures. And, and yeah, there's, there's, there's still, there's still a slight upward cost movements in our running costs. But I wouldn't, if you're looking for a forward run rate, I would look more at the year-to-date figure than just Q3 in isolation.

沒什麼特別的。您必須更專注於年初至今的運行成本。它們全年往往都是凹凸不平的。在那裡，我們仍然看到通膨壓力。是的，我們的營運成本仍然略有上升。但我不會，如果你正在尋找遠期運行率，我會更專注於今年迄今為止的數據，而不僅僅是孤立地關注第三季。

Okay? But I guess when you have a 1% increase in, in LR two cost per day on your sheet, but an 8% MRI is there.

好的？但我猜當你的表上每天 LR 的費用增加 1% 時，但 MRI 卻增加了 8%。

Is that quarter over that you're comparing, you're comparing a quarter to another quarter that it's, it's not as pronounced when you compare it on a year-to-date basis. And there, there's no, there's, if you look at the numbers and there's, it's a high volume of data, there's nothing that's huge that stands out. It's just, it's just data, it's just normal operating, you know, repairs and maintenance, spares and stores, purchases, things like that.

那個季度是否超過了您正在比較的季度，您正在將一個季度與另一個季度進行比較，當您與年初至今的基礎上進行比較時，它並不那麼明顯。那裡，沒有，在那裡，如果你看一下數字，你會發現，這是大量的數據，沒有什麼是突出的。這只是，這只是數據，這只是正常操作，你知道，維修和保養，備件和商店，採購，諸如此類的事情。

Got it. Alright, thanks guys. Appreciate the time.

知道了。好的，謝謝大家。珍惜時間。

Next question comes from Chris Robertson with Deutsche Bank. Please go ahead.

下一個問題來自德意志銀行的克里斯·羅伯遜。請繼續。

Hey, good morning, everybody and thanks for taking my questions. This kind of harkens back to John's question around volatility, but it relates to the one- and three-year time charter market. So just wanted to get a sense of if you're getting healthy levels of incoming inquiries around the one- and three-year time charter market, how would you kind of characterize the bid as spread in the market at the moment? And you know, given your positive commentary around supply and demand dynamics, would you be looking to put away additional tonnage on time Charter or are you leaning more into the spot market at this point?

嘿，大家早上好，感謝您提出我的問題。這讓人想起約翰關於波動性的問題，但它與一年期和三年期租船市場有關。因此，我只是想了解一下，如果您在一年期和三年期租船市場上收到的詢價處於健康水平，您會如何描述目前市場上的報價差價？您知道，鑑於您對供需動態的積極評論，您是否會考慮在定期租船中儲存額外的噸位，或者您目前是否更傾向於現貨市場？

I I'll just say the last part of the question, what we just continue with our policy is on time, which is if we have a, you know, a customer, a good strategic partner who, who wants to do a three- or five-year charter, then, you know, I think we'll engage with that discussion. Otherwise, you know, we're we are very constructive on the on the market at this point, the spot market.

我只想說問題的最後一部分，我們繼續執行我們的政策是按時，也就是說，如果我們有一個，你知道，一個客戶，一個好的戰略合作夥伴，他想做一個三-或者五年憲章，那麼，我想我們會參與這個討論。否則，你知道，我們目前對現貨市場非常有建設性。

Okay. Yeah, thanks Robert. And I guess any, any color on level of in incomings or is there a narrow or wide that have spread in that market at the moment or how would you characterize it?

好的。是的，謝謝羅伯特。我猜想收入水平上有任何顏色，或者目前該市場的傳播範圍是窄還是寬，或者您如何描述它？

I think it's, I think it reflects a little bit my answer on the S&P side, where with the dip that there has been over the last month and a half in rates, of course, charters are trying to get, you know, better rates for them before the winter starts. Having said that, there hasn't been a lot of volume of, of deals done because, you know, we wouldn't fix below what we've done, for example, to echo what Robert just said. And so, you know, people are, are on a wait and see situation here for the next couple of weeks, I guess before, before the winter market shows up.

我認為，我認為這反映了我對標準普爾方面的回答，隨著過去一個半月費率的下降，當然，租船公司正試圖獲得更好的費率在冬天開始之前為他們提供幫助。話雖如此，但尚未完成大量交易，因為，你知道，我們不會修復低於我們所做的事情，例如，呼應羅伯特剛才所說的。所以，你知道，在接下來的幾周里，人們都在觀望，我猜是在冬季市場出現之前。

Yeah, makes perfect sense. I appreciate it. Thanks for answering the question.

是的，很有道理。我很感激。感謝您回答問題。

I think everything is it rather like, you know, traditionally in stock prices, as soon as the, as soon as the winter market starts to move up, then the, you know, the, the bid gets firmer on the time charter market just in the same way as stocks get firmer, but people have to wait to see it.

我認為一切都非常像，你知道，傳統上股票價格，一旦冬季市場開始上漲，那麼，你知道，定期租船市場的出價就會變得更加堅挺就像股票走強一樣，但人們必須等待才能看到它。

That's a fair comparison.

這是一個公平的比較。

Thanks Robert.

謝謝羅伯特。

And our next question comes from Froud Morkedal with Clarkson securities. Please go ahead.

我們的下一個問題來自克拉克森證券公司的 Froud Morkedal。請繼續。

Thank you. Hi guys.

謝謝。嗨，大家好。

Yeah, considering the fleet growth figures you mentioned, I agree that it's clearly important to come for the L two trading that there.

是的，考慮到你提到的機隊成長數據，我同意 L 2 在那裡進行交易顯然很重要。

But do you also think that there's a need for partner tankers to slow steam or reduce speed more to comply with the carbon regulations? You know, despite the strong market you're seeing, right. If so how significant could this be?

但您是否也認為合作夥伴油輪需要減慢蒸汽或進一步降低速度以遵守碳法規？你知道，儘管你看到了強勁的市場，對吧。如果是的話，這有多重要？

Pro Absolutely, I think you probably have a better number than I do on that. But what I would say is, I still think that impact is going to be less than the Mrs, for example, going from 250 today over 20 years to 550 by 2027. And that carrying capacity and the vessels that trade in those markets completely changing on a basis we've never seen before because if you go back from o 4 to 2010, the fleet grew 11% per year, 70 % to 80% fleet growth. All those vessels are now hitting each year that 20-year age mark. And we can debate maybe how many vessels a customer will take at 16 or 17 years old. But at 20 plus, we all know that's a tertiary market limiting trading patterns. So I think that's where we focus most of our analysis to say this will be the biggest impact on fleet growth. But we do definitely think that the environmental impacts will also be significant.

專業人士：當然，我想你在這方面的數字可能比我好。但我想說的是，我仍然認為影響會比夫人小，例如，20年內從今天的250到2027年的550。運載能力和在這些市場上交易的船舶發生了我們以前從未見過的徹底變化，因為如果你從4 年前回顧到2010 年，船隊每年增長11%，即70% 到80% 的船隊增長。所有這些船隻現在每年都達到 20 年的船齡。我們可以討論 16 歲或 17 歲的客戶可能會購買多少艘船。但到了 20 歲以上，我們都知道這是一個限制交易模式的三級市場。因此，我認為這就是我們大部分分析的重點，認為這將是對機隊成長的最大影響。但我們確實認為對環境的影響也將是巨大的。

That's good to hear. Next question is on the Handymax earnings there seem to be relatively weak compared to Mrs. And then what's driving that market weakness.

很高興聽到這個消息。下一個問題是，與夫人相比，靈便型船舶的收益似乎相對較弱，那麼是什麼推動了市場疲軟。

I'll take that.

我會接受的。

So, over the last two years, we have seen unbelievable handy markets primarily because of the issues around the supply of this lilting. You know, with Russia being taken out of the market, but there's been some couple of trends that we've seen lately. One of course, is very much down to the, the refinery going through their maintenance. You know, the Mr market capping the handy market as well. So even though that there is a handy market that is about to go the Mr weakness because of the TC two being weak has kept that market as well. I also think that, you know, small, smaller things like the fire that we saw in Aio Theodore in Greece. The Force in Libya has not helped with the overall cargo count.

因此，在過去的兩年裡，我們看到了令人難以置信的便利市場，主要是因為這種輕快的供應問題。你知道，隨著俄羅斯被退出市場，但我們最近看到了一些趨勢。當然，其中之一很大程度上取決於煉油廠正在進行的維護。你知道，先生市場也限制了便利市場。因此，儘管有一個方便的市場即將消失，但由於 TC 兩個疲軟，先生的弱點也保留了市場。我還認為，你知道，很小的事情，例如我們在希臘艾奧西奧多看到的火災。駐利比亞部隊沒有幫助解決整體貨物清點問題。

We had anticipated that with the VL's and Suezmaxes coming up to Northwest Europe that because of the size of these vessels that there would be a lot of STS to take place that didn't really take place, didn't really happen.

我們曾預計，隨著 VL 和蘇伊士型油輪抵達西北歐，由於這些船舶的尺寸，將會發生大量的 STS，但實際上並沒有發生，也沒有真正發生。

And then the third thing that I think is also important to understand the handy market is that there is a big difference between the dirty handy market, the clean handy market, the difference between the Northwest Europe handy market and the Mediterranean handy market. So, there are markets right now that are trading reasonably well. You know, $18,$19 $20,000 a day. And then you've got other markets in the short term that have kind of, you know, sitting there and treading water. One thing is for certain that every time that we have seen a handy market going into the fourth quarter, it suddenly has a lot to be said to these ships in terms of what their earning potential is as we move into November and December and into the first quarter overall for the year of the handies. I think it's been fantastic. It's only of late that we've seen this. I think it's primarily due to the reasons that I just mentioned. But at the same time, as people probably aware that the the aging fleet of the handies is probably more prevalent than it is in any other segment. We are blessed with the younger fleet of the, of the handies and we can see that we are still kind of the vessel of choice.

然後，我認為對於理解便利市場也很重要的第三件事是，骯髒便利市場、清潔便利市場、西北歐便利市場和地中海便利市場之間的差異有很大的區別。因此，目前有些市場的交易狀況相當良好。你知道，每天 18 美元、19 美元 20,000 美元。然後，短期內還有其他市場，你知道，它們坐在那裡原地踏步。有一件事是肯定的，每當我們看到第四季度的便利市場時，當我們進入 11 月和 12 月以及進入手持設備年第一季總體情況。我認為這太棒了。直到最近我們才看到這一點。我想主要是因為我剛才提到的原因。但同時，人們可能意識到，手持設備的老化可能比其他任何領域都更為普遍。我們很幸運擁有年輕的輕便船隊，我們可以看到我們仍然是首選的船隻。

That's good to hear.

很高興聽到這個消息。

Good.

好的。

Caller. Thank you.

呼叫者。謝謝。

Our next question comes from Liam Burke with B Riley BR Please go ahead.

我們的下一個問題來自 Liam Burke 和 B Riley BR 請繼續。

Yes, thank you. On asset sales, you sold the 2019 built LR two and you published the price on it. And Manuel A earlier in his discussion said that you'd be hesitated to ever sell assets at unless it was at a higher level from the previous sale. Is there interest if rate if prices on the assets remain higher. Would you be interested or would you think about selling more LR twos or do you have to balance that against the return the fleet can provide you?

是的，謝謝。在資產出售方面，您出售了 2019 年生產的 LR 2，並公佈了價格。曼努埃爾·A (Manuel A) 在早些時候的討論中表示，除非價格比上次出售的價格更高，否則你會猶豫是否要出售資產。如果資產價格維持在高水平，是否會產生利息？您是否有興趣或是否考慮出售更多 LR 兩輪飛機，或者您是否必須在其與機隊為您提供的回報之間進行權衡？

No, I think we, we, we've been very consistent over this now for, for two or three quarters that we don't see a, we, see that it's beneficial to the extent that you have such a wide spread on the you know, price to (Inaudiable) , you know, to always look at you know, opportunist opportunistically, it selling an asset at, you know, at a very high price. That's just common sense. There is not any more complicated than that and we have certainly have enough assets.

不，我認為我們，我們，我們現在在這方面一直非常一致，有兩到三個季度，我們沒有看到，我們，看到它在某種程度上是有益的，因為你在這個問題上有如此廣泛的傳播你知道，價格（聽不清楚），你知道，總是機會主義地機會主義地看著你知道，它以非常高的價格出售資產。這只是常識。沒有比這更複雜的事情了，我們當然有足夠的資產。

Remember, our assets are in pools too where, you know, we can continue to do that without affecting our operating platform.

請記住，我們的資產也位於池中，您知道，我們可以繼續這樣做，而不會影響我們的營運平台。

Okay.

好的。

Fair enough. And on the debt side, Chris highlighted some nice leverage on cash costs with the debt reduction. Is it now the objective to be a net debt zero or is there any thought about what a level of debt would be?

很公平。在債務方面，克里斯強調了透過債務削減對現金成本的一些良好槓桿作用。現在的目標是淨債務為零，還是有考慮過債務水準是多少？

Well, the only thing that we've made comment on that and we want to remain, that is to say that, you know, we've obviously reached our targets, which is to have you know, debt net debt to be around the scrap value of the fleet.

嗯，我們對此發表評論的唯一一件事是我們希望保留這一點，也就是說，你知道，我們顯然已經達到了我們的目標，也就是說，債務淨債務約為機隊的廢值。

Fair enough, not, not to our advantage to give details on where we're willing to go on our leverage. Exactly.

公平地說，不，不利於我們提供有關我們願意在何處發揮槓桿作用的詳細資訊。確切地。

Fair enough. Thank you.

很公平。謝謝。

And the next question comes from Ben Nolan with Stifel. Please go ahead.

下一個問題來自本·諾蘭和史蒂菲爾。請繼續。

I appreciate it. I, I if I could go back a little bit maybe to, to the Mr markets, I mean, I think a seasonal uplift is a function of the return of crude tankers to the crude trade impacting the LR two market makes perfect sense. But with crack spreads still low. As you, as you mentioned, James, is there is that, do you think going to be a drag on, on some of the normal trading that would typically enhance, what would otherwise be an Mr and maybe handy recovery?

我很感激。我，我，如果我可以回到市場先生那裡，我的意思是，我認為季節性上漲是原油油輪回歸原油貿易影響 LR 二級市場的函數，這是完全合理的。但裂解價差仍然很低。正如你所提到的，詹姆斯，你認為這是否會拖累一些通常會增強的正常交易，否則會是一個先生，也許是方便的復甦？

So the question is, how do we see the Mr market with, with crack spreads where they are and kind of the outlook?

所以問題是，我們如何看待市場先生、裂解價差的現況、前景？

Is.

是。

That.

那。

More in terms of that seasonality? Because I think.

更多關於季節性？因為我認為。

It's, it's more.

是，還有更多。

Obvious it may be I can what we also had also been in the last few weeks because you had a, you know, an affecting spread. You, you've had a you know, a price premium put into crude oil because of the uncertainty related to the Middle East and that's compounded by a weak season and a turnaround too. And people not feeling anxious to, you know, to buy stocks ahead of it. So I think a lot of this gets sorted out now that oil price is coming down and, you know, they can't delay the ship, the starting the shipments for the next season, much longer.

顯然，我可以看到過去幾週我們也經歷過的事情，因為你知道，你知道，影響蔓延。你知道，由於中東地區的不確定性，加上淡季和經濟好轉，原油價格出現溢價。人們並不急於提前買進股票。所以我認為現在很多事情都已經解決了，因為油價正在下降，而且你知道，他們不能將下一季的發貨、開始發貨的時間推遲得更久。

Okay. Law, can I add to that or not.

好的。法律，我可以補充一下嗎？

On this? On the, on the.

就這個？於，於。

I would just also add Robert. You know, I think there's so much negative sentiment, been in kind of the outlook for next year on crude oil and that there's going to be this over supply. But if you look at the incremental supply from non OPEC regions, mainly the US and Latin America's underperformed this year. And if it underperforms next year, we're going to have a much tighter crude oil market. I think you're going to see a lot of that negative sediment reverse. I think you'll also see that happen in crack spreads as well because underlying demand has actually been quite good.

我還要加上羅伯特。你知道，我認為明年原油前景存在如此多的負面情緒，而且將會出現供應過剩。但如果你看看非歐佩克地區的增量供應，主要是美國和拉丁美洲今年表現不佳。如果明年表現不佳，我們的原油市場將會更加緊張。我認為你會看到很多負面的沉積物逆轉。我認為您也會在裂解價差中看到這種情況，因為潛在需求實際上相當不錯。

Okay. That's helpful. And, and if I could go back to Emmanuel, you're discussing sort of the, the S&P market, which is, which I appreciate. I, I was curious if you could maybe frame in the type of buyer for assets in the market. I mean, is there a specific geography or, you know, is it traders or, you know, who are, who are sort of out there to buy at the moment? Is there, is there any pattern?

好的。這很有幫助。而且，如果我可以回到伊曼紐爾，你正在討論的是標準普爾市場，我對此表示讚賞。我，我很好奇你是否可以確定市場上資產的買家類型。我的意思是，是否有一個特定的地理位置，或者，你知道，是交易員，或者，你知道，誰是，誰目前正在那裡購買？有沒有，有什麼規律嗎？

Very vast? It's a good question, Ben, very vast. We don't usually disclose our buyers, but I can tell you we've sold in the last three months, we've sold ships to a traditional Greek owner to an oil company based in Asia and to an operator based in South America. So, you know, as I said, geographically, only in the last three months, we went through the world and and type or nature of the business is completely different from traditional ship owners to end users, to operators. So, the best examples is or, or, or, or the quick answer is extremely vast on both fronts.

非常廣闊？本，這是一個很好的問題，非常廣泛。我們通常不會透露我們的買家，但我可以告訴你，我們在過去三個月裡已經出售了船舶，我們已將船舶出售給傳統的希臘船東、亞洲的石油公司和南美洲的營運商。所以，你知道，正如我所說，從地理上講，僅在過去三個月中，我們就走遍了世界，而且業務的類型或性質與傳統船東、最終用戶、運營商完全不同。因此，最好的例子是“或”、“或”、“或”，或者，快速答案在這兩個方面都非常廣泛。

I think I would also add, I'd also add to that. It's quite interesting when I was talking about it extends also to, you know, the charters, you sort of do a to out to earlier, you know, a month or so ago. And you're also seeing, I think this is something that's perhaps understated in the demand situation because it will, you know, it's quite fragmented to the demand side. So it will lead to greater requirement of vessel per ton mile is, you know, the growth of those areas in Asia, outside of China, demand for products as their economies have grown. And you know, those countries are not, you know, blessed with a whole bunch of refinery capacity. So they're going to be increasing their imports, which is going to, which is reflected both in what Emmanuel is talking about in the S&P market as well as what's going to become more apparent on the charter market, both spot and time charter.

我想我還要補充一點，我還要補充一點。當我談論它時，這很有趣，它也延伸到，你知道，章程，你有點早，你知道，一個月前左右。你也看到，我認為這在需求情況下可能被低估了，因為你知道，它對需求方來說是相當分散的。因此，這將導致每噸英里對船舶的需求量更大，你知道，亞洲地區（中國以外的地區）隨著經濟的增長，對產品的需求也隨之增長。你知道，這些國家並不擁有大量煉油能力。因此，他們將增加進口，這不僅反映在伊曼紐爾在標準普爾市場上談論的內容中，也反映在租船市場（即期租船和定期租船）上將變得更加明顯的情況。

Interesting. All right. Well, I appreciate you guys taking the questions.

有趣的。好的。嗯，我很感謝你們提出問題。

Sure includes our question and answer session. I would like to turn the conference back over to Emmanuel for any closing remarks.

當然包括我們的問答環節。我想將會議轉回伊曼紐爾發表閉幕詞。

Thank you operator. There are no closing remarks other than thanking everybody for their time today and, looking forward to being in touch going forward. Thank you.

謝謝運營商。除了感謝大家今天抽出時間並期待今後繼續保持聯繫之外，沒有任何結束語。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。