Scorpio Tankers Inc (STNG) 2025 Q2 法說會逐字稿

Hello, and welcome to the Scorpio Tankers second-quarter 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎您參加 Scorpio Tankers 2025 年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the call over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

現在我想將電話轉給企業發展和投資者關係主管 James Doyle。先生，請繼續。

Thank you for joining us today. Welcome to the Scorpio Tankers second-quarter 2025 earnings conference call. On the call with me today are Emanuele Lauro, Chief Executive Officer; Robert Bugbee, President; Cameron Mackey, Chief Operating Officer; Chris Avella, Chief Financial Officer.

感謝您今天加入我們。歡迎參加 Scorpio Tankers 2025 年第二季財報電話會議。今天與我一起通話的有執行長 Emanuele Lauro、總裁 Robert Bugbee、營運長 Cameron Mackey 和財務長 Chris Avella。

Earlier today, we issued our second-quarter earnings press release, which is available on our website, scorpiotankers.com. The information discussed on this call is based on information as of today, July 30, 2025, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements.

今天早些時候，我們發布了第二季度收益新聞稿，可在我們的網站 scorpiotankers.com 上查閱。本次電話會議中討論的資訊是基於截至 2025 年 7 月 30 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聲明中所述的結果有重大差異。

For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release as well as Scorpio Tankers' SEC filings, which are available at scorpiotankers.com and sec.gov. Call participants are advised that the audio of this conference call is being broadcasted live on the Internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the Investor Relations page of our website for approximately 14 days.

如需了解這些風險和不確定性，請參閱收益新聞稿中的前瞻性聲明揭露以及 Scorpio Tankers 提交給美國證券交易委員會 (SEC) 的文件，這些文件可在 scorpiotankers.com 和 sec.gov 上查閱。請與會者註意，本次電話會議的音訊將在網路上直播，並將錄製以供回放。網路直播的存檔將在我們網站的投資者關係頁面上提供約 14 天。

We will be giving a short presentation today. The presentation is available at scorpiotankers.com 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.

今天我們將做一個簡短的演講。該簡報可在 scorpiotankers.com 的「投資者關係」頁面的「報告和簡報」下找到。幻燈片也將在網路廣播中提供。演講結束後，我們將進入問答環節。對於提問者，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。

Now I'd like to introduce our Chief Executive Officer, Emanuele Lauro.

現在我想介紹我們的執行長 Emanuele Lauro。

Thank you, James, and good morning or good afternoon to everyone. Thank you for joining us. We are pleased to report another quarter of strong financial results. In the second quarter, the company generated $144.5 million in adjusted EBITDA and $67.8 million in adjusted net income. When we last spoke in May, markets were dealing with rising concerns over trade policy, tariffs, and geopolitical instability, factors that pointed to the potential for an economic slowdown. As few major issues have been resolved regarding trade, tariffs, and geopolitics, the likelihood of a recession seems lower today than it was last time we spoke.

謝謝你，詹姆斯，大家早安或下午好。感謝您加入我們。我們很高興地報告本季又取得強勁的財務表現。第二季度，該公司調整後EBITDA為1.445億美元，調整後淨收入為6,780萬美元。當我們五月上次交談時，市場正面臨著對貿易政策、關稅和地緣政治不穩定日益增長的擔憂，這些因素預示著經濟可能放緩。由於貿易、關稅和地緣政治方面的一些重大問題尚未解決，今天出現經濟衰退的可能性似乎比我們上次談話時要低。

We see two narratives unfolding. The first is one of strength. The product tanker market continues to benefit from strong demand for refined products and long-term structural changes in global refining that are extending trade routes and increasing tonne miles. The second is one of caution. The policy landscape remains uncertain and geopolitical risks continue to create noise, clouding visibility.

我們看到兩個敘事正在展開。第一個是實力。成品油油輪市場持續受益於成品油的強勁需求以及全球煉油業的長期結構性變化，貿易路線不斷延伸，噸位里程不斷增加。第二是謹慎。政策格局仍不確定，地緣政治風險持續製造噪音，使前景變得模糊。

Scorpio Tankers is stronger today financially, operationally, and commercially than it was just one quarter ago. We've continued to fortify our balance sheet, expanding revolving credit capacity, maintaining a cash breakeven of $12,500 per day, and giving notice to repurchase our final three vessels under sale leaseback financing. At the start of 2022, our lease obligations totaled $2.2 billion. Today, that figure is below $70 million. And in just a few months, it will be zero.

如今，Scorpio Tankers 的財務狀況、營運狀況和商業狀況都比一個季度前更加強勁。我們繼續加強資產負債表，擴大循環信貸能力，保持每天 12,500 美元的現金損益平衡，並通知透過售後回租融資回購我們的最後三艘船舶。截至 2022 年初，我們的租賃債務總額為 22 億美元。如今，這一數字已低於 7,000 萬美元。而只需幾個月的時間，這個數字就會變成零。

Today, our liquidity is approximately $1.4 billion, including cash, undrawn revolving credit, and our investment in DHT. Operationally, we completed dry docks for eight vessels in the second quarter and 71 vessels over the last seven quarters, enhancing fleet efficiency and positioning us well for the quarters ahead.

今天，我們的流動資金約為 14 億美元，包括現金、未提取的循環信貸以及我們對 DHT 的投資。在營運方面，我們在第二季度完成了 8 艘船舶的乾船塢改造，在過去七個季度完成了 71 艘船舶的干船塢改造，提高了船隊效率，為我們未來幾個季度的發展做好了準備。

Commercially, we added one vessel on a 12-year bareboat charter with a time charter equivalent rate in excess of $21,000 per day. Our approach to capital allocation remains measured, not because our view on the product tanker market, which remains constructive, but due to the broader global uncertainty that continues to persist. This quarter, we trimmed our investment in DHT, selling 2.7 million shares at over $12 per share, realizing a 16% return.

在商業方面，我們增加了一艘船，簽訂了為期 12 年的光船租賃協議，定期租船費率超過每天 21,000 美元。我們對資本配置的態度依然謹慎，這並不是因為我們對成品油輪市場的看法仍然積極，而是因為全球範圍內的不確定性仍然存在。本季度，我們削減了對 DHT 的投資，以每股超過 12 美元的價格出售了 270 萬股，實現了 16% 的回報。

Looking ahead, we remain optimistic. OPEC's recent production increase should provide a tailwind to tanker demand. Our view on both crude and refined products remains positive. With a modern fleet, robust liquidity, and a strong balance sheet, Scorpio Tankers is well positioned to navigate uncertainty and continues delivering long-term value to our shareholders.

展望未來，我們依然保持樂觀。OPEC 近期的增產應該會為油輪需求帶來助力。我們對原油和成品油的看法依然樂觀。憑藉現代化的船隊、強勁的流動性和強大的資產負債表，Scorpio Tankers 能夠很好地應對不確定性，並繼續為股東創造長期價值。

Thank you, and I will pass the call to James for a brief presentation. James?

謝謝，我會將電話轉給詹姆斯，讓他做個簡短的介紹。詹姆斯？

Thank you, Emanuele. Slide 7, please. In the second quarter, strong demand, low global inventories, and improving refining margins supported a steady rise in product tanker rates. That strength has carried into the start of the third quarter with bookings to date averaging approximately $22,000 per day for MRs and $31,000 per day for LR2s, levels at which the company continues to generate significant free cash flow.

謝謝你，伊曼紐。請看投影片 7。第二季度，強勁的需求、全球庫存低以及煉油利潤率的提高支撐了成品油輪運價的穩定上漲。這種強勁勢頭一直延續到第三季度初，迄今為止，MR型油輪的預訂量平均每天約為22,000美元，LR2型油輪的預訂量平均每天約為31,000美元，在此水平上，公司繼續產生大量自由現金流。

While tensions between Israel and Iran did not disrupt flows through the Strait of Hormuz, the return of Houthi attacks in the Red Sea and the ongoing conflict in Ukraine serve as reminders of how fragile the geopolitical backdrop remains.

雖然以色列和伊朗之間的緊張局勢並未擾亂霍爾木茲海峽的交通，但胡塞武裝再次在紅海發動襲擊以及烏克蘭持續不斷的衝突提醒我們，地緣政治背景仍然多麼脆弱。

That said, several near-term catalysts, including the unwinding of OPEC+ production cuts and increasing sanctions could further tighten supply-demand balance heading into year end. And looking beyond the near term, the long-term story remains intact. Structural shifts in refining, longer trade routes, and an aging fleet all support a positive outlook. We view the setup, both near and long term, as increasingly constructive. Slide 8, please.

儘管如此，包括 OPEC+ 減產協議解除和製裁加劇在內的幾個短期催化劑可能會在年底前進一步收緊供需平衡。放眼短期之外，長期前景仍完好。煉油結構的變化、更長的貿易路線以及老化的船隊都支持積極的前景。我們認為，無論從短期或長期來看，這種安排都越來越具有建設性。請看第 8 張投影片。

Strong demand and low global inventories have led to higher exports, and we expect this to continue. Excluding fuel oil, refined product demand will grow 900,000 barrels per day, higher in the second half of this year compared to last. In July, seaborne product exports averaged 21.1 million barrels per day, about 400,000 barrels per day higher than the same month last year. Slide 9, please.

強勁的需求和較低的全球庫存導致出口增加，我們預計這種情況將持續下去。除燃料油外，今年下半年成品油需求將成長90萬桶/日，高於去年同期。7月份，海運產品出口平均每天2,110萬桶，比去年同期高出約40萬桶/日。請翻閱第 9 張投影片。

Since April, OPEC+ has committed to restore 1.9 million barrels per day of production. While these barrels have been slow to appear, partly due to seasonal power demand in the Middle East, we expect them to come, supporting crude tanker demand with some spillover to products.

自4月以來，OPEC+承諾恢復190萬桶/日的產量。雖然這些石油的出現速度較慢，部分原因是中東的季節性電力需求，但我們預期它們將會到來，從而支撐原油油輪需求，並對產品產生一定溢出效應。

Last year, in a weaker crude market, some crude tankers shifted into clean trades, moving 50 million barrels of refined products between May and July. This year, that figure is just 20 million barrels in the same period. With current earnings spreads offering little incentive for crossover, we see limited crude cannibalization on products, further tightening the product tanker balance. Slide 10, please.

去年，在原油市場疲軟的情況下，一些原油油輪轉向清潔貿易，在 5 月至 7 月期間運輸了 5,000 萬桶成品油。今年同期這一數字僅2,000萬桶。由於目前的獲利利差幾乎沒有提供交叉的動力，我們認為成品油的原油蠶食有限，從而進一步收緊成品油油輪的平衡。請翻閱第 10 張投影片。

Two weeks ago, the EU introduced its 18th sanctions package on Russia, lowering the crude price cap, banning imports of products from refined Russian oil, and sanctioning 101 additional tankers. While transition periods may delay immediate effects, the longer-term impact could be meaningful. Vessels operating under the price cap or swing capacity will be challenged by a lower price cap, likely pushing more ships into the shadow fleet to maintain Russian exports.

兩週前，歐盟推出了對俄羅斯的第18項制裁措施，包括降低原油價格上限、禁止進口俄羅斯精煉石油產品，並對另外101艘油輪實施制裁。雖然過渡期可能會延遲直接影響，但長期影響可能是巨大的。在價格上限或波動運力下運營的船舶將面臨較低價格上限的挑戰，這可能會迫使更多船舶進入影子船隊以維持俄羅斯的出口。

Many of the vessels doing strictly Russian trades will struggle to reenter Western markets because of their age, operating history and insurance or maintenance shortcomings. For example, 89% of the MR vessels sanctioned by the EU and UK are older than 18 years. Additionally, banning imports of products refined from Russian crude could lengthen trade routes as Europe would need to replace diesel from countries that are importing Russian crude. The result, increasing inefficiencies, tightening effective supply, and potentially longer tonne miles. Slide 11, please.

許多嚴格從事俄羅斯貿易的船隻由於船齡、營運歷史以及保險或維護缺陷，將難以重新進入西方市場。例如，歐盟和英國制裁的MR船舶中有89%的船齡超過18年。此外，禁止進口俄羅斯原油精煉產品可能會延長貿易路線，因為歐洲需要從進口俄羅斯原油的國家進口柴油來取代柴油。結果是，效率低下現象加劇，有效供應緊張，並可能增加運輸里程。請翻看第 11 張投影片。

Over the medium term, refinery rationalization is arguably one of the most important drivers of refined product trade flows. We continue to see closures in global refining capacity. Planned shutdowns such as Valero's Benicia Refinery in California are unplanned like the Lindsey refinery in the UK. At the same time, the lack of new capacity is being developed in emerging markets.

從中期來看，煉油廠合理化可以說是成品油貿易流動最重要的驅動力之一。我們繼續看到全球煉油產能的關閉。瓦萊羅公司位於加州的貝尼西亞煉油廠等計劃內關閉的煉油廠與英國林賽煉油廠一樣，都是非計劃性關閉。同時，新興市場缺乏新的產能開發。

Over the last five years, global net refining capacity growth has only been 500,000 barrels. Refineries face steep capital outlays to stay compliant with tightening regulations. And for older refineries, the economics may no longer work. As we have seen, refinery closures don't eliminate demand. They simply reroute it and often across oceans and longer distances. This has been a key driver in tonne-mile demand, which has increased 20% since 2019. Slide 12, please.

過去五年，全球淨煉油能力成長僅50萬桶。煉油廠面臨巨額資本支出以遵守日益嚴格的法規。對老煉油廠來說，經濟效益可能不再有效。正如我們所見，煉油廠關閉並不會消除需求。他們只是改變了路線，而且經常跨越海洋和更遠的距離。這是噸英里需求的主要驅動力，自 2019 年以來噸英里需求增加了 20%。請翻看第 12 張投影片。

The product tanker order book currently stands at 20% of the existing fleet, a figure that may appear elevated at first glance. But as always, context matters. A wave of fleet renewal was inevitable. Between 2001 and 2008, nearly 1,500 product tankers were ordered. Many of those are now reaching 20 years of age with a growing share approaching the end of their commercial lives. Meanwhile, new build activity has slowed considerably. Year-to-date, only 23 product tankers have been ordered.

目前成品油輪訂單量佔現有船隊的 20%，乍看之下這個數字似乎很高。但一如既往，背景很重要。艦隊更新浪潮不可避免。2001年至2008年間，共訂購了近1,500艘成品油輪。其中許多人現在都已年滿 20 歲，而且越來越多的人即將結束他們的商業生涯。同時，新建活動已大幅放緩。今年迄今為止，僅訂購了 23 艘成品油輪。

As we discussed on the last call, LR2s now make up half the current order book. However, it's important to note that 51% of LR2s on the water today are trading in crude oil, and we expect this to continue. In short, the effective growth in clean product capacity looks far more modest than it appears, especially when you consider utilization. Slide 13, please.

正如我們在上次電話會議上討論的那樣，LR2 型油輪目前佔總訂單量的一半。然而，值得注意的是，目前水上 51% 的 LR2 型油輪都在進行原油交易，我們預計這種情況將持續下去。簡而言之，清潔產品產能的有效成長看起來比表面上看起來溫和得多，尤其是考慮到利用率時。請翻閱第 13 張投影片。

One of the less visible but no less important contributors to market tightness is the lower utilization of older tonnage. We often speak about supply in binary terms, newbuild deliveries, and vessel scrapping, but the reality is more nuanced. As ships age, their utilization gradually declines. As shown in the left-hand chart, the tonne-mile demand of a 20-year-old vessel is 45% less than a modern vessel today, reflecting limitations in trading opportunities, efficiency, and regulatory access. That drop-off could be even steeper, closer to 70% without the Russian trade.

造成市場緊張的一個不太明顯但同樣重要的因素是老舊船舶的利用率較低。我們經常用二元術語來談論供應，即新建船舶交付和船舶報廢，但實際情況更加微妙。隨著船舶老化，其利用率逐漸下降。如左圖所示，20 年船齡船舶的噸英里需求比當今的現代船舶低 45%，這反映了貿易機會、效率和監管准入的限制。如果沒有與俄羅斯的貿易，這一降幅可能會更大，接近 70%。

This isn't a short-term story. Between 2003 and 2010, we saw significant growth in the product tanker fleet. The result, a large cohort of vessels now approaching or surpassing 20 years of age. The chart on the right makes this clear. Including the current order book, 17.5% of the fleet is older than 20 years today. By 2028, that figure climbs to 30%. The implications are structural. The fleet is aging, utilization is falling, and effective supply is tightening, even without a dramatic increase in scrapping. Slide 14, please.

這不是一個短期的故事。2003年至2010年間，成品油油船隊規模顯著成長。結果是，大量船舶的船齡已接近或超過20年。右邊的圖表清楚地表明了這一點。包括目前的訂單在內，17.5% 的船隊船齡已超過 20 年。到 2028 年，這一數字將攀升至 30%。其影響是結構性的。即使報廢量沒有大幅增加，船隊也在老化，利用率正在下降，有效供應也在收緊。請翻看第 14 張投影片。

Given the lower utilization and the likelihood of LR2 vessels trading crude oil, fleet growth could be lower than expected. In scenario two, we assume 40% of LR newbuilds carry crude oil and scrapping remains minimal. The product tanker fleet would increase by 2.8% per year over the next three years. In scenario three, using the same LR2 crossover and carrying capacity declines for vessels 21 to 27 years old, effective fleet growth drops to less than 1% per year, and we think effective fleet growth is likely to be somewhere in the middle of that range.

鑑於利用率較低以及 LR2 船舶交易原油的可能性，船隊成長可能低於預期。在第二種情況下，我們假設 40% 的 LR 新建船舶運載原油，且報廢率仍然很低。未來三年成品油油輪船隊規模將以每年2.8%的速度成長。在情境三中，使用相同的 LR2 交叉並且 21 至 27 年船齡的船舶的運載能力下降，有效船隊增長率將下降到每年不到 1%，我們認為有效船隊增長率可能處於該範圍的中間位置。

By contrast, tonne-mile demand has compounded at 3.6% annually since 2000. Strong demand, modest supply growth and structural shifts in refining capacity continue to add tonne miles to every barrel. In our view, the growing gap between demand and effective supply sets the stage for a sustained favorable rate environment in both the near and long term.

相較之下，自 2000 年以來，噸英哩需求每年複合成長率為 3.6%。強勁的需求、適度的供應成長以及煉油能力的結構性轉變繼續增加每桶石油的噸英里數。我們認為，需求與有效供給之間不斷擴大的差距為近期和長期持續有利的利率環境奠定了基礎。

With that, I will turn it over to Chris.

說完這些，我將把麥克風交給克里斯。

Thank you, James. Good morning, good afternoon, everyone. Slide 16, please. This quarter, we generated $144.5 million in adjusted EBITDA and $67.8 million or $1.41 per diluted share in adjusted net income. Our operating cash flow, excluding changes in working capital, was over $130 million this quarter and approximately $240 million on a year-to-date basis.

謝謝你，詹姆斯。大家早安，下午好。請翻閱第 16 張投影片。本季度，我們的調整後 EBITDA 為 1.445 億美元，調整後淨收入為 6,780 萬美元，即每股攤薄收益 1.41 美元。我們的營運現金流（不包括營運資本變動）本季超過 1.3 億美元，年初至今約 2.4 億美元。

In April, we prepaid $50 million into our $225 million revolving credit facility, covering all remaining quarterly principal repayments through the maturity date of January of 2028 with the exception of the balloon payment. These amounts can be reborrowed in the future, subject to the facility's amortization profile.

4 月份，我們向 2.25 億美元的循環信貸額度預付了 5,000 萬美元，涵蓋了截至 2028 年 1 月到期日的所有剩餘季度本金償還（大額還款除外）。這些金額可以在將來重新借入，但須遵守貸款的攤銷情況。

We were recently opportunistic with our investment in DHT, having sold 2.7 million shares at over $12 per share. This is an almost 16% return on investment in less than a year when factoring in dividends received. We still retain a 5.5% ownership interest in DHT and continue to highlight that this investment has the dual benefit of having meaningful exposure to the VLCC market while also having the liquidity to move in and out of the position as opportunities arise.

我們最近抓住機會投資了 DHT，以每股 12 美元以上的價格出售了 270 萬股。如果算上收到的股息，這相當於不到一年的投資報酬率接近 16%。我們仍然持有 DHT 5.5% 的所有權，並繼續強調這項投資具有雙重好處，既可以有意義地接觸 VLCC 市場，又可以在機會出現時擁有進出該頭寸的流動性。

The chart on the right shows our liquidity profile. As you can see, we have access to over $1.3 billion in liquidity as of today. This is $1.4 billion if our investment in DHT is included. Our liquidity consists of cash of $472 million, along with approximately $834 million of drawdown availability under three revolving credit facilities. Slide 17, please.

右側的圖表顯示了我們的流動性狀況。如您所見，截至今天，我們擁有超過 13 億美元的流動資金。如果算上我們對 DHT 的投資，這個數字是 14 億美元。我們的流動資金包括 4.72 億美元現金，以及三項循環信貸安排下約 8.34 億美元的可用提領資金。請翻閱第 17 張投影片。

The chart on the left shows the progression of our net debt since December 31, 2021, which has declined $2.5 billion to a net debt balance of $438 million as of today. The chart on the right breaks down our outstanding debt by type. In uncertain times such as these, we believe that it is important to maintain a diverse capital structure with multiple sources of low-cost funding and maximum flexibility.

左側圖表顯示了自 2021 年 12 月 31 日以來我們的淨債務變化情況，截至今天，淨債務餘額已從 25 億美元減少至 4.38 億美元。右側的圖表按類型細分了我們的未償債務。在這種不確定的時期，我們認為維持多元化的資本結構、多種低成本融資來源和最大程度的靈活性非常重要。

Starting at the bottom is our $69 million of legacy lease financing obligations on three vessels. In June and July, we submitted notices to exercise purchase options on these vessels. These leases are the most expensive financing in our debt structure with margins of over 400 basis points. Two of the purchases are scheduled for December for $23.4 million each and one purchase is scheduled for February for $18.9 million.

從最底層開始的是我們對三艘船的 6,900 萬美元遺留租賃融資義務。六月和七月，我們提交了行使這些船舶購買選擇權的通知。這些租賃是我們債務結構中最昂貴的融資，利潤率超過 400 個基點。其中兩筆採購計劃於 12 月進行，每筆金額為 2,340 萬美元，另一筆採購計劃於 2 月進行，金額為 1,890 萬美元。

In the middle is our secured bank debt with a lending group dominated by experienced European shipping lenders whom we have strong relationships with. All of this debt matures in 2028 and bears interest at margins below 200 basis points. These facilities are flexible and can be repaid at any time without penalty. Further to this, $290 million of our $642 million of secured borrowings is drawn revolving debt, an important tool that we can use if we want to repay the debt yet maintain access to the liquidity in the future.

中間是我們的擔保銀行債務，貸款集團主要由經驗豐富的歐洲航運貸款機構主導，我們與他們有著密切的關係。所有這些債務都將於 2028 年到期，利率低於 200 個基點。這些設施非常靈活，可以隨時償還，且不會受到罰款。此外，我們 6.42 億美元的擔保借款中有 2.9 億美元是循環債務，如果我們想償還債務但又想在未來保持流動性，我們可以使用它的一個重要工具。

At the top is our recently issued $200 million five-year senior unsecured notes, which were issued in an oversubscribed offering in the Nordic bond market in January of this year at a 7.5% coupon rate. Slide 18, please.

最上面的是我們最近發行的 2 億美元五年期無擔保優先票據，該票據於今年 1 月在北歐債券市場以 7.5% 的票面利率超額認購發行。請翻閱第 18 張投影片。

The chart on the left shows our debt repayment obligations through the end of 2026. Our scheduled quarterly obligations are modest, and we also have $78 million of voluntary unscheduled payments, which includes the early repurchase of three lease-financed vessels from Ocean Yield and a $12.7 million repayment for one vessel on our $1 billion credit facility, which was made earlier this month. This repayment was triggered by the entrance of this vessel into a long-term bareboat charter out arrangement to the US government's Tanker Security Program, which is expected to commence in August.

左邊的圖表顯示了我們到 2026 年底的債務償還義務。我們的季度計劃債務不多，此外，我們還有 7800 萬美元的自願非計劃付款，其中包括提前從 Ocean Yield 回購三艘租賃融資船舶，以及在本月初為一艘船舶償還 10 億美元信貸額度中的 1270 萬美元。此次還款是由於該船加入了美國政府油輪安全計畫的長期光船租賃協議，該計畫預計將於 8 月開始實施。

Additionally, since the beginning of last year, the company has recently completed the periodic special surveys on 67% of the fleet. The work performed during these dry docks has enhanced the operating efficiency of each vessel as can be seen by the continued quarter-over-quarter improvement in vessel operating costs. Our forward dry dock schedule is light as we come to the end of the year with far fewer off-hire days as compared to last year. Slide 19, please.

此外，自去年年初以來，該公司最近已對67%的船隊完成了定期特別檢驗。這些乾船塢期間進行的工作提高了每艘船舶的營運效率，從船舶營運成本逐季持續改善可以看出。隨著年底的臨近，我們的前期乾船塢計畫變得輕鬆，與去年相比，停租天數大大減少。請翻看投影片 19。

The strength of our balance sheet positions us to continue to generate excess cash flow even in challenging rate environments given our low cash breakeven levels. Further to this, our operating leverage positions us to benefit from spikes in spot market rates that have become commonplace over the past three years.

鑑於我們的現金損益平衡水準較低，即使在充滿挑戰的利率環境下，我們強勁的資產負債表也使我們能夠繼續產生過剩的現金流。此外，我們的經營槓桿使我們能夠從過去三年來常見的現貨市場利率飆升中獲益。

To illustrate our 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 at $40,000 per day, the company can generate up to $994 million in cash flow per year.

為了說明我們的現金創造潛力，以每天 20,000 美元計算，公司每年可產生高達 2.71 億美元的現金流。以每天 30,000 美元計算，該公司每年可產生高達 6.32 億美元的現金流。以每天 4 萬美元計算，該公司每年可產生高達 9.94 億美元的現金流。

This concludes our presentation for today. Now I'd like to turn the call over to Q&A.

今天的演講到此結束。現在我想將電話轉入問答環節。

(Operator Instructions) Jon Chappell, Evercore ISI.

（操作員指示）Jon Chappell，Evercore ISI。

Thank you. Good morning. James, great presentation on the market. I think there's been a lot of starts and stops to the product tanker market, and there's a lot of optimism now, whether it's between what you booked quarter to date or even the recent activity in the spot market. Between now and when we speak to you again in 90 days, what's going to happen that's going to make either your quarter-to-date number look higher or your quarter-to-date number look lower and just we think about the risk reward from here over the coming 45 to 60 days?

謝謝。早安.詹姆斯，市場介紹很精彩。我認為成品油輪市場經歷了許多起伏，現在有很多樂觀情緒，無論是本季迄今為止的預訂量，還是現貨市場的近期活動。從現在到我們 90 天後再次與您交談時，會發生什麼情況，導致您的本季數字看起來更高或更低，我們只考慮未來 45 到 60 天內的風險回報？

It's a good question. I mean, look, I think the European next round of sanctions have a transition period, right? So it's 90 days on the price cap. It's 180 days on the Russian refined crude product exports. So I think that's a little bit later, but it does seem like OPEC barrels are going to be coming back in September. And last summer, we did obviously have some cannibalization, which is down over 50% of these crude vessels carrying product.

這是個好問題。我的意思是，我認為歐洲下一輪制裁有一個過渡期，對嗎？因此價格上限為 90 天。俄羅斯精煉原油產品出口期限為180天。所以我認為這有點晚了，但看起來 OPEC 的石油供應將在 9 月回升。去年夏天，我們確實出現了一些拆船現象，運載原油的船隻數量減少了 50% 以上。

That said, it's also a seasonally slower period as we get to the end of August and you go into the summer maintenance season. So I think there's some catalysts there kind of short term, but it's always difficult to make a call. But we've basically seen a market that's been steady as she goes. MR rates have been $20,000 to $25,000, and LR2 rates have been high $20,000s to low $30,000s. And we think there's a good reason that that continues. So maybe you don't see an immediate uplift, but things remain positive.

也就是說，隨著八月底的到來和夏季維護季節的到來，這也是一個季節性的淡季。所以我認為短期內存在一些催化劑，但總是很難做出判斷。但我們基本上看到市場在她發展的同時保持穩定。MR 費率為 20,000 美元至 25,000 美元，LR2 費率為 20,000 美元以上至 30,000 美元以下。我們認為，繼續保持這種勢頭是有充分理由的。因此，也許你不會看到立即的提升，但情況仍然是積極的。

So John, I'd just like to add to that that just listening to what James has been saying is that even the OPEC thing coming back in September is not really going to affect much of the third quarter. Because even if you have two, three more fixings -- weeks of fixing now, the majority of the third quarter is done with. But it's -- I agree with James. There's things to do with Russia, other structural things that can lead to as usual seasonally stronger in the fourth quarter as well as (technical difficulty)

所以約翰，我只想補充一點，聽詹姆斯所說，即使 9 月歐佩克恢復行動，也不會對第三季產生太大影響。因為即使你現在還有兩三個星期的修復時間，第三季的大部分工作也已經完成了。但我同意詹姆斯的觀點。俄羅斯和其他結構性因素可能導致第四季經濟像往常一樣出現季節性強勁成長，（技術難度）

Got it. Chris, for you, you've derisked this corporate capital structure significantly over the last three years. All these slides that you've just laid out showing tremendous liquidity, very little repayments, very little capital commitments and then all the cash flow potential that you can generate. And James just laid out, I think, a more favorable outlook than maybe three months ago, as Emanuele said, maybe less recession risk.

知道了。克里斯，過去三年來，您已經大幅降低了企業資本結構的風險。您剛剛展示的所有這些幻​​燈片都展示了巨大的流動性、很少的還款、很少的資本承諾以及您可以產生的所有現金流潛力。我認為，詹姆斯剛剛提出的前景比三個月前更樂觀，正如伊曼紐爾所說，經濟衰退的風險可能更小。

I know that you never want to pin yourself to a priority use of capital, but we've gotten to the point now where there's a lot of cash flow. It continues to accelerate, and there's really nothing identifiable to spend it on. So prepare for black swans, I get it. But if this market plays out the way that James has just laid out, how do we think about capital allocation shifting in '26 versus, call it, the last three years?

我知道你永遠不想將自己限制在優先使用資本的範圍內，但我們現在已經到了現金流充足的地步。它繼續加速，但實際上沒有什麼可花的東西。所以，我明白，要為黑天鵝做好準備。但如果這個市場按照詹姆斯剛才所說的方式發展，我們如何看待 26 年與過去三年相比的資本配置轉變？

Hey, John, thanks for the question. I guess the first thing I just want to point out is while things look better today, the issues we were highlighting in May are still unresolved. There's still a lot of uncertainty, and that's how we look at it on a point-in-time basis. We don't have -- we're not going to set out a long-term capital allocation strategy in the midst of this uncertainty. And for now, I think conservative is our approach. I don't know, Robert, if you have anything to add to that, but that's my view on that.

嘿，約翰，謝謝你的提問。我想我首先要指出的是，雖然今天的情況看起來有所好轉，但我們在五月強調的問題仍然沒有解決。仍然存在著許多不確定性，這就是我們從某個時間點來看待它的方式。我們沒有－我們不會在這個不確定性中製定長期資本配置策略。就目前而言，我認為保守是我們的方針。羅伯特，我不知道您是否還有什麼要補充的，但這就是我的看法。

Yes. I would totally agree with Chris. I mean, we are literally just trying to -- nothing has changed as far as we're concerned, fundamentally. I mean, the tariffs is still there, very much there. The two big economic blocks, Europe and China, nothing has been resolved yet. I mean, there's an agreement that was just made in Europe to be ratified.

是的。我完全同意克里斯的觀點。我的意思是，我們實際上只是在嘗試——就我們而言，從根本上來說什麼都沒有改變。我的意思是，關稅仍然存在，確實存在。歐洲和中國這兩個大經濟體之間的問題尚未解決。我的意思是，歐洲剛剛達成了一項協議並等待批准。

So there's no absolute certainty over the next 30, 40 days that that's going to happen. Still dealing with China, which just seems to be postponed out. The actual geopolitical things of Russia-Ukraine, Gaza-Israel, nothing has actually been resolved either way. So we will certainly spend the next part of the summer just doing what we've done before, which is just adding to cash and adding to liquidity.

因此，未來 30 到 40 天內是否會發生這種情況還不能完全確定。仍在與中國打交道，只是似乎被推遲了。俄羅斯與烏克蘭、加薩與以色列等實際的地緣政治問題實際上尚未解決。因此，我們肯定會利用接下來的夏季時間來做我們以前所做的事情，即增加現金和增加流動性。

Okay. Thanks, Chris, James, Robert.

好的。謝謝，克里斯、詹姆斯、羅伯特。

Omar Nokta, Clarksons Platou Securities.

諾克塔（Omar Nokta），克拉克森普拉圖證券（Clarksons Platou Securities）。

Hey, guys. Thank you. Good morning. Good afternoon. Yes, maybe just wanted to follow up, obviously, on this topic that you're just discussing in terms of capital allocation in this market backdrop. Obviously, it sounds like the fundamental outlook on product tankers remains fairly solid. It's really just the geo macro, as Robert, you were just outlining. I guess maybe just in terms of the buyback itself, has there anything that's changed in your view on that as a tool? Or is it just really -- it's simply about the uncertainty in all of the just angst that's going on in the geo macro?

嘿，大家好。謝謝。早安.午安.是的，也許只是想跟進一下您剛才討論的關於市場背景下的資本配置的話題。顯然，成品油輪的基本前景聽起來仍然相當穩固。正如羅伯特所概述的，這實際上只是地理宏觀。我想也許就回購本身而言，您對其作為一種工具的看法有什麼改變嗎？或者這真的只是——這只是關於地理宏觀中發生的所有焦慮的不確定性？

Yes. We're maintaining the position that we're having. Otherwise, nothing else has changed. I'd say the stock itself has performed better in the last month or two. We're hoping that some of the signs could happen that we have a more benign risk environment. And then we can see where we are. But we're unlikely to -- I can't imagine that we're going to sort of make some announcement and say, okay, this is now our capital strategy. I cannot imagine that that will happen. We're much more likely to act rather than say what we are now going to do.

是的。我們正在維持現有的地位。除此之外，其他一切都沒有改變。我想說該股票本身在過去一兩個月表現得更好。我們希望一些跡象能夠表明我們擁有一個更溫和的風險環境。然後我們就能看到我們在哪裡。但我們不太可能——我無法想像我們會做出某種聲明並說，好吧，這就是我們的資本策略。我無法想像那會發生。我們更有可能採取行動而不是說我們現在要做什麼。

Okay. And I guess maybe just in terms of thinking about the fleet from here, obviously, you still have a very young fleet under 10 years of age. You've been a bit on, say, cruise control, harvesting the cash, paying down the debt, building up the -- I guess, the balance sheet strength. When does it make sense to start thinking about buying ships again, modern ships to replace some of your older ones? Not talking perhaps about say expansion, but maybe just rejuvenation. Is that in the cards here near term?

好的。我想也許從現在的角度考慮艦隊，顯然，你們的艦隊仍然非常年輕，船齡不到 10 年。你一直處於一種巡航控制的狀態，收穫現金，償還債務，建立——我想，資產負債表實力。什麼時候才應該開始考慮再次購買船舶，用現代化的船舶來取代一些老舊的船舶？也許不是在談論擴張，只是在談論復興。這在近期有可能發生嗎？

Nothing right now is on the cards other than we're operating the company, and we're continuing what we're doing. The company is monitoring the S&P market, monitoring the new building market, whether it's for sales or for purchases, and that's what we're doing.

目前，除了經營公司並繼續我們正在做的事情之外，沒有任何計劃。公司正在監控標準普爾市場、監控新建築市場，無論是銷售或購買，這就是我們正在做的事情。

Okay. All right, got it. Thank you. I'll pass it back.

好的。好的，明白了。謝謝。我會把它傳回去。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Hey, thank you and good morning and good afternoon. And thanks for taking my questions. I wanted to touch on real quick the TSP program. It looks like a great contract. Kind of curious if you could talk a little bit more about that program. And then the comments around the subject annual renewal, is that ongoing where the TSP renews that annually or is that at a later date?

嘿，謝謝你，早安，下午好。感謝您回答我的問題。我想快速談談 TSP 程序。這看起來是一份很棒的合約。我很好奇您是否可以多談談該計劃。然後關於年度續約主題的評論，TSP 是否每年進行續訂，還是在以後進行？

Greg, it's Cam. Thanks. We're not at liberty to discuss the -- our transaction or our contract to put a ship as a substitute vessel into TSP. But on a general basis, I'll make a few observations. The annual renewal is subject to funding by the federal government, which there has never been a case of this funding not being renewed. So I would say the renewal risk is quite low. But in today's day and age, who knows.

格雷格，我是卡姆。謝謝。我們不能隨意討論——我們的交易或將一艘船作為替代船放入 TSP 的合約。但從總體上來說，我會提出一些觀察。每年的續期由聯邦政府提供資金，從未出現不續期的情況。所以我認為續約風險相當低。但在今天這個時代，誰知道呢。

But we expect -- our expectation is that the bareboat runs for the full 12 years. And obviously, what it does is the government has an interest in having a strong US flag fleet that resonates, I think, with other initiatives that the current administration is taking by way of shipbuilding and preference for US operators. So this deal came to us at the right time, of course. But I think it's an indicator that we'll look to do further transactions like this to the extent that they're available and offer really good returns.

但我們預計——我們的預期是光船營運將持續整整 12 年。顯然，政府有興趣擁有一支強大的懸掛美國國旗的船隊，我認為這與現任政府在造船和優先考慮美國運營商方面採取的其他舉措相呼應。所以，這筆交易對我們來說當然來得正是時候。但我認為這表明，只要有這樣的交易機會並提供真正良好的回報，我們就會尋求更多這樣的交易。

Okay, great. Super helpful. And then, James, in the presentation, you kind of walked through maybe some crude vessels cannibalizing some product volumes, and you laid out the OPEC ramp. Any kind of -- realizing that it's hard to pinpoint numbers, but any kind of view on how many vessels we could see shift back to trading crude from product kind of as OPEC spare capacity finishes that initial unwind that is expected to happen, I guess, pretty much in the next month or two?

好的，太好了。超有幫助。然後，詹姆斯，在演講中，您可能介紹了一些原油運輸船正在蠶食一些產品量，並且您還介紹了歐佩克的產量提升計劃。任何一種——意識到很難確定數字，但是隨著 OPEC 閒置產能完成最初的釋放（我猜大概在未來一兩個月內發生），我們可以看到有多少船隻從產品交易轉向原油交易？

Yes. Well, look, on the crude vessels carrying product, it's really the Suezmax and VLCCs that we were comparing to last summer. So there's been obviously switching on the smaller segments. But when we talk about the cannibalization, it's really those vessels. And of the 17 crude vessels that have been delivered this year, 11 of them loaded clean product on their first voyage. And on the next voyage, eight of them have already loaded crude oil. So I think speaking to the larger segments, that looks constructive.

是的。嗯，就運載原油產品的船隻而言，我們與去年夏天進行比較的實際上是蘇伊士型船和超大型油輪。因此，顯然較小的部分已經發生了轉變。但當我們談論拆解時，實際上指的是那些船。今年交付的 17 艘原油運輸船中，有 11 艘在首航時裝載了清潔產品。而下一航次，其中8艘已裝載原油。因此我認為，從更大的範圍來說，這看起來是有建設性的。

On the Aframax LR2 side, what we've seen is 34 LR2s dirty up this year. But I think this goes back to the kind of the order book being LR2s and people building LR2s more than building Aframaxes because the Aframax volumes are 4 times as large as clean products, but we keep building LR2s. So for example, by the time all these LR2s deliver, 46% of the Aframax LR2 fleet will be LR2s, but the crude market is 4 times as large. So this is actually a trend we think that's going to continue for the foreseeable future because also on the Aframax side, the vessels are quite old and a lot of them are also tied up in Russian trade.

在阿芙拉型油輪 LR2 方面，我們看到今年有 34 艘 LR2 型油輪陷入污染。但我認為這又回到了訂單類型為 LR2 的情況，人們建造 LR2 的次數多於建造阿芙拉型油輪的次數，因為阿芙拉型油輪的產量是清潔能源油輪的 4 倍，但我們仍在繼續建造 LR2。例如，當所有這些 LR2 型油輪交付時，46% 的阿芙拉型油輪 LR2 船隊將是 LR2 型油輪，但原油市場規模將是原來的 4 倍。因此，我們認為這種趨勢在可預見的未來將會持續下去，因為阿芙拉型油輪也相當老舊，而且很多都與俄羅斯貿易有關。

Super helpful. Thank you, everybody.

超有幫助。謝謝大家。

I think just a mention on that, being the crude market, I think the crude oil market continues to disappoint everybody. It's been the same story for three years at the moment. Yes, everything is going to be great. Next quarter, things are going to be stronger. And it hasn't happened so far. And I think that the product market itself is acting, I think, extremely well in the light of that disappointment and that uncertainty.

我想提一下，作為原油市場，我認為原油市場繼續讓所有人失望。至今，同樣的故事已經發生了三年了。是的，一切都會好起來的。下個季度，情況將會更加強勁。但目前為止，這種情況還沒發生。我認為，在這種失望和不確定性的背景下，產品市場本身的表現非常好。

I think we do see very strong reasons why that crude market coming into September with the OPEC increases and the continued low inventory and people having to move. We see very strong signs of that market could get significantly stronger coming into the back end of the year, which just like the product market, we think the same, and that would be beneficial to the product market.

我認為我們確實看到了非常有力的理由，說明為什麼進入 9 月份，隨著石油輸出國組織 (OPEC) 產量增加、庫存持續走低以及人們不得不搬遷，原油市場將會受到影響。我們看到非常強烈的跡象表明，到今年年底，市場可能會變得更加強勁，就像產品市場一樣，我們也這麼認為，這將有利於產品市場。

Tim Chang, Bank of America.

美國銀行的提姆張 (Tim Chang)。

Hi, this is Tim Chang on for Ken Hoexter. Thanks for taking my question. I saw that vessel OpEx stepped down sequentially and year over year, somewhat materially normalizing to 2023 levels. So do you see the run rate OpEx going forward stepping down a bit, particularly for LR2s? Or would you still advise us to look at kind of a last four-quarter running average? Thanks.

大家好，我是 Tim Chang，為 Ken Hoexter 播報。感謝您回答我的問題。我發現船舶營運支出逐年下降，並在一定程度上基本恢復到 2023 年的水準。那麼，您是否認為未來的營運成本運行率會有所下降，尤其是對於 LR2 型油輪而言？或者您仍然建議我們看看過去四個季度的移動平均值？謝謝。

Tim, this is Chris. Thanks for the question. Yes, I would step it down a little bit, but also, yes, use the trailing four-quarter average. So if you do that, it does step down about $200 a day from what we guided last quarter. And just to be specific, that would bring the LR2s down to about $8,800 per day on a run rate basis, the MRs at about $7,800 on a run rate basis, and the Handys at about $7,600 on a run rate basis.

提姆，這是克里斯。謝謝你的提問。是的，我會把它降低一點，但是，是的，我會使用過去四個季度的平均值。因此，如果你這樣做，它的價格將比我們上個季度的指導價格每天減少約 200 美元。具體來說，這將使 LR2 型油輪的運行成本降至每天約 8,800 美元，MR 型油輪的運行成本降至每天約 7,800 美元，而 Handys 型油輪的運行成本降至每天約 7,600 美元。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hey, good morning. Thank you for taking my questions. Just to follow up on Tim's question on OpEx, Chris, you mentioned that vessel OpEx benefits here from ships that have been in for special survey. So I was wondering if you could talk about how long do those efficiencies last post those surveys? Do they step down over time, or does that create kind of a permanent structure there?

嘿，早安。感謝您回答我的問題。克里斯，為了跟進蒂姆關於營運支出的問題，您提到船舶營運支出受益於接受過特別調查的船舶。所以我想知道您是否可以談談這些調查之後這些效率能持續多久？他們會隨著時間的推移而退位嗎，還是會在那裡形成一種永久性的結構？

Thanks, Chris. I would say there -- as you get closer to dry dock, vessel OpEx tends to tick up. That's natural. These are depreciating assets that require more work as they age. So we're reaping the benefits of the recent dry docks, but I would caution to use a low run rate through the rest of the useful life of the vessel just because of natural sort of wear and tear. Cam, do you have anything to add to that?

謝謝，克里斯。我想說的是——當你接近乾船塢時，船舶營運成本往往會上升。這很自然。這些是貶值的資產，隨著年齡的增長需要更多的工作。因此，我們正在享受最近乾船塢帶來的好處，但我要提醒大家，由於自然磨損，在船舶的剩餘使用壽命內，應盡量使用低運行率。卡姆，你還有什麼要補充的嗎？

No, I think that's right, Chris. I'd say it's a combination of things. It's special survey, you address equipment that needs to be replaced. So in some areas, the vessel is operating as if it were new. In other areas, you are providing temporary maintenance that is temporary. And you'd expect that to reset to some increased costs over a period of time. So it's a very, very mixed picture that doesn't lend well to a simple answer, unfortunately.

不，我認為是對的，克里斯。我想說這是多種因素的綜合作用。這是特殊調查，您要處理需要更換的設備。因此在某些地區，該船的運作就像新船一樣。在其他區域，您提供的是臨時的臨時維護。並且你會期望在一段時間內重置為一些增加的成本。因此，不幸的是，這是一個非常複雜的畫面，無法用一個簡單的答案來回答。

Got it. Yes. No problem, understandable. Just shifting focus to the market, do you guys have any current color or thoughts around Chinese export quotas for the remainder of the year?

知道了。是的。沒問題，可以理解。只是將焦點轉移到市場上，你們對於今年剩餘時間的中國出口配額有什麼當前的看法或想法嗎？

Hey, Chris. It's James. Look, in the past, they granted the quotas, and you see an uptick over the summer. We have seen that so far this year. July exports were up around 900,000 -- up to 900,000 barrels, up from around 600,000, which is their kind of standard, but it's very in line with what we saw last summer. That said, we have seen strong refining margins globally, but particularly in China. So we'll see, but it is very much controlled at the top level.

嘿，克里斯。是詹姆斯。你看，過去他們批准了配額，你會看到夏季配額上升。今年到目前為止我們已經看到了這一點。7 月出口量增加了約 90 萬桶，從約 60 萬桶（這是他們的標準）增加到 90 萬桶，但這與我們去年夏天看到的情況非常一致。話雖如此，我們看到全球煉油利潤率很高，尤其是在中國。所以我們會看到，但它在最高層受到嚴格控制。

Got it. I appreciate it. I'll turn it over. Thank you.

知道了。我很感激。我把它翻過來。謝謝。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Yes, thank you. You announced a deployment of a carbon-capture system on one of your vessels. Is this a significant capital investment on your part? And is there any sense on how effective this technology might be?

是的，謝謝。你們宣佈在其中一艘船上部署碳捕獲系統。這對您來說是一項重大的資本投資嗎？這項技術的有效性如何？

Liam, thanks for the question. What we're trying to do in a period of uncertainty, not just uncertainty about revenues, but also uncertainty about technology and emissions and future propulsion is we're trying to be curious while also staying thrifty. So the answer to your question is this is not a significant investment by the company. It is part of an ongoing effort to understand the potential of onboard carbon capture, which can be or is promoted to be a very powerful tool to meet emission standards for vessels operating under fossil fuels for years to come.

利亞姆，謝謝你的提問。在不確定的時期，我們試圖做的是，不僅對收入充滿不確定性，而且對技術、排放和未來推進也充滿不確定性，我們試圖保持好奇心，同時保持節儉。所以你問題的答案是，這不是公司的重大投資。這是持續努力了解船上碳捕獲潛力的一部分，它可以成為或被推廣為未來幾年滿足使用化石燃料的船舶排放標準的非常有力的工具。

Where you will find us skeptical is in this transition period of jumping to technologies or fuels that don't yet have the infrastructure or the maturity to provide for the type of commercial deployment, which we have, i.e., tramp trading. So whether it's methanol or ammonia or other fuels, we just feel that this transition is going to take a little longer than regulators and other sort of onlookers have promised.

您會發現我們持懷疑態度的地方在於，在這個過渡時期，我們轉向尚不具備基礎設施或成熟度來提供我們現有的商業部署類型的技術或燃料，即不定期油輪交易。因此，無論是甲醇、氨或其他燃料，我們都認為這種轉變將比監管機構和其他旁觀者承諾的要長一些。

And so we are trying to get the most out of our traditional vessels, and that includes finding ways like carbon capture to keep them cost efficient and energy efficient. The pilot will be running for several months. And only then after the results are analyzed do we get to see whether this really has the potential that we think it does. But in the meantime, it's really a cooperative effort. We're not putting in a lot of capital, but we are providing, obviously, one of our LR2s as the platform to run this pilot.

因此，我們正在努力最大限度地利用我們的傳統船舶，包括尋找碳捕獲等方法來保持其成本效益和能源效率。試點將持續數月。只有在分析結果之後，我們才能知道這是否真的具有我們所認為的潛力。但同時，這確實是一項合作努力。我們並沒有投入大量資金，但顯然，我們將提供一艘 LR2 作為運行該試點的平台。

Great, thank you. And James, refinery -- redistribution of refinery capacity globally has been a theme for several years now. Where are we on this redistribution? Do you see any continued benefit here, or have things sort of equalized?

太好了，謝謝。詹姆斯，煉油廠——全球煉油產能的重新分配已經成為幾年來的一個主題。我們目前處於重新分配的哪個階段？您是否看到了任何持續的益處，或者情況是否已經趨於平衡？

Continued benefit. So this year, we're expecting net capacity growth of -- actually in the line of 600,000 barrels. And we expect older refineries to continue to close. What is interesting is demand has remained strong. So you see today, obviously, refining margins have continued to rebound, underlying demand continues to surprise to the upside, and I think that's very encouraging for the long term.

持續受益。因此，今年我們預計淨產能成長實際上將達到 60 萬桶。我們預計老煉油廠將繼續關閉。有趣的是需求依然強勁。所以你今天看到，顯然，煉油利潤率繼續反彈，潛在需求繼續出人意料地上升，我認為這對長期而言非常令人鼓舞。

Because on average, it takes seven years to build a refinery. And a lot of refineries that have recently developed in emerging markets have had delays, cost overruns, and taken a while to come to market. So if you're not building a refinery today, there's very little kind of change in the near term as we go forward. And I think that's extremely positive for our business.

因為建造一座煉油廠平均需要七年。新興市場近期開發的許多煉油廠都出現了專案延期、成本超支等問題，而且需要一段時間才能進入市場。因此，如果您今天不建造煉油廠，短期內幾乎不會發生任何變化。我認為這對我們的業務極為有利。

Great. Thank you, James.

偉大的。謝謝你，詹姆斯。

Frode Mørkedal, Clarksons Securities.

Frode Mørkedal，克拉克森證券。

Thank you. Hey, guys. I wanted to discuss oil demand. It seems to be coming in stronger than expected. I guess you see it in the crack spreads are quite strong. The shape of the future curve, still in backwardation, so there is no large inventory builds happening, which have been forecasted for some time.

謝謝。嘿，大家好。我想討論石油需求。它似乎比預期的要強勁。我想您會看到裂解價差相當強勁。未來曲線的形狀仍處於現貨溢價狀態，因此不會出現大量庫存增加的情況，而這種情況已經預測了一段時間。

And even the treatment market, right? So the summer lows has been pretty good, I guess. Rates have been holding up quite well, right? So are you seeing anything from your side that points to this underlying demand is better than expected? I don't know, maybe in chartering activity, the level of time charter opportunities, arbitrage flows, and stuff like that?

甚至治療市場也是這樣，對嗎？所以我想，夏季低溫已經相當不錯了。利率一直保持得很好，對嗎？那麼，從您的角度來看，是否有任何跡象表明這種潛在需求比預期的要好？我不知道，也許在租船活動中，定期租船機會的水平、套利流量等等？

Hi, Frode, Emanuele. I think we agree with your views. The lows have been -- I think you said pretty good. We agree. The seasonal lows are okay compared to others, seasonal low that we've experienced in the past. The time charter appetite from oil major companies and major traders remains quite healthy. There is a little bit of caution in going longer periods.

你好，Frode，Emanuele。我想我們同意你的觀點。低谷已經——我認為你說的相當不錯。我們同意。與我們過去經歷過的其他季節性低點相比，這個季節性低點還算可以接受。大型石油公司和主要貿易商對定期租船的興趣依然相當旺盛。延長時間需要稍微謹慎一點。

So you find yourself with owners pushing for longer-term charters and charterers wanting to still maintain shorter periods with optionality, of course, as you expect, which, for the time being, not many owners are caving in for. But it is understandable that charterers want this because the uncertainty and the clouded visibility that we are all experiencing is what they are seeing as well. So as we said, we remain optimistic, cautiously optimistic, but certainly optimistic about what the future lies ahead for the product tanker market. So that's where we are.

因此，你會發現船東在爭取長期租船合同，而租船人則希望維持較短的租船期，當然，這也是你所預料的，但就目前而言，並沒有多少船東願意接受。但租船人希望這樣是可以理解的，因為我們所經歷的不確定性和模糊的能見度也是他們所看到的。因此，正如我們所說，我們仍然保持樂觀、謹慎樂觀，但對成品油輪市場的未來肯定持樂觀態度。這就是我們現在的處境。

Great. What about ship values? I just noticed that the ship brokers have lifted the estimated by up -- by a few million dollars, like a prompt resale MR above $50 million, which I thought was quite interesting, right, given there's still big discounts to NAV in the sector, stability, and even increase in ship values are positive? So any insights into that? What's driving secondhand values?

偉大的。船舶價值如何？我剛剛注意到船舶經紀人已經將估價提高了幾百萬美元，例如轉售 MR 超過 5000 萬美元，我認為這很有趣，對吧，考慮到該行業的 NAV 仍有很大的折扣，穩定性，甚至船舶價值的增加都是積極的？對此有什麼見解嗎？什麼因素推動了二手貨價值？

We've seen the correction in secondhand values. So as you know, we've been capturing the opportunities on the sales side for the last 24 months. We stopped as the market has dropped a little bit faster than expected. Levels that the S&P market has reached were lower than we expected. And I think that it was a factor of people just chasing and rushing for the next deal, and the market has gotten a little bit out of hand without real reasons.

我們已經看到二手價值的修正。如您所知，過去 24 個月我們一直在抓住銷售方面的機會。我們停止了，因為市場下跌的速度比預期的快一點。標準普爾市場達到的水平低於我們的預期。我認為這是人們追逐並急於達成下一筆交易的一個因素，市場在沒有真正原因的情況下變得有點失控。

So we see this adjustment as justified -- this adjustment upwards, I'm saying, as justified. And we, of course, welcome it. And we are always remain open to any S&P activity, but we are selective and focused on maintaining the right strategic balance for our fleet. So we are not in any specific trend at the moment. We are watching what lies ahead, summer period, as we just discussed in the previous question. Usually, this is the low season, and the fact that the market has been higher than expected is probably what is also driving the S&P values up.

因此，我們認為這種調整是合理的——我是說，這種向上的調整是合理的。當然，我們對此表示歡迎。我們始終對任何 S&P 活動持開放態度，但我們會有所選擇並專注於為我們的船隊保持正確的戰略平衡。因此我們目前沒有處於任何特定的趨勢中。我們正在關注未來夏季的情況，正如我們在上一個問題中所討論的那樣。通常，這是淡季，市場表現高於預期可能也是推動標準普爾指數上漲的原因。

Yes, you're right. Thanks, Emanuele. That's good insight.

是的，你說得對。謝謝，伊曼紐。這是很好的見解。

Sure.

當然。

Frode, just one thing. If you get sort of a real sort of crunching down on Russia sanctioning and/or changes -- significant changes in Iran, then that's another reason it's just becoming more and more risky to hold the, let's say, the very older tonnage that's being traded in those areas in the tanker market. So in that sense, you could start to get a -- or continue to have a market where the newer vessels, whether they are 10-, 12-year-old MRs and upwards or LR2s, Aframaxes, whatever, move in one direction and the older assets either stay the same or move in the other direction.

弗羅德，只有一件事。如果真的對俄羅斯實施制裁和/或改變——伊朗發生重大變化——那麼這就是在油輪市場上持有在這些地區交易的非常老舊的船舶變得越來越危險的另一個原因。因此從這個意義上來說，你可以開始獲得一個——或者繼續擁有一個市場，在這個市場中，較新的船舶，無論是 10 年、12 年船齡的 MR 型及以上，還是 LR2、阿芙拉型油輪，無論什麼，都朝一個方向移動，而較舊的資產要么保持不變，要么朝另一個方向移動。

This concludes our question-and-answer session. I would like to turn the conference back over to Emanuele Lauro for closing remarks.

我們的問答環節到此結束。我想將會議交還給 Emanuele Lauro 並請他致閉幕詞。

Thank you, operator. I do not have any further remarks, just thanking everybody for their time and questions and looking forward to speaking with everybody soon. Thanks a lot.

謝謝您，接線生。我沒有其他的評論，只是感謝大家的時間和提問，並期待很快與大家交談。多謝。

The conference has 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。