Scorpio Tankers Inc (STNG) 2025 Q3 法說會逐字稿

Hello and welcome to the Scorpio Tankers Inc. Third quarter 2025 conference call. I would now like to turn the call over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

大家好，歡迎參加 Scorpio Tankers Inc. 2025 年第三季電話會議。現在我想把電話交給企業發展和投資者關係主管詹姆斯·多伊爾。請繼續，先生。

Thank you for joining us today. Welcome to the Scorpio tanker's third quarter 2025 earnings conference call. On the call with me today are Emanuele A. Lauro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Christopher Avella, Chief Financial Officer, Lars Dencker Nielsen, Chief Commercial Officer.

感謝您今天蒞臨。歡迎參加 Scorpio 油輪 2025 年第三季財報電話會議。今天與我一起通話的有：執行長 Emanuele A. Lauro、總裁 Robert Bugbee、營運長 Cameron Mackey、財務長 Christopher Avella、商務長 Lars Dencker Nielsen。

Earlier today, we issued our third 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, October 30, 2025, and may contain forward-looking statements that involve risk and uncertainty.

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 scorpiotankers.com 上查閱。本次電話會議討論的資訊是基於截至 2025 年 10 月 30 日的信息，其中可能包含涉及風險和不確定性的前瞻性陳述。

Actual results may differ materially from those set forth in such statements. For 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.

實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應查閱盈利新聞稿中的前瞻性聲明披露，以及 Scorpio Tankers 向美國證券交易委員會提交的文件，這些文件可在 scorpiotankers.com 和 sec.gov 上查閱。電話會議參與者請注意，本次會議的音訊可能有問題。

The call is being broadcasted live on the internet and it's 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. We will be giving a short presentation today. The presentation is available at Scorpiotankers.com on the investor relations page under reports and presentations.

通話內容正在網路上直播，同時也會被錄音以備回放。網路直播的存檔將在我們網站的投資者關係頁面上保留約 14 天。我們今天將做一個簡短的報告。該簡報可在 Scorpiotankers.com 網站的投資者關係頁面「報告和簡報」部分找到。

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, Emanuele A. Lauro.

幻燈片也會在網路直播中提供。演講結束後，我們將進入問答環節。提問者請將問題數量限制在兩個以內。如果您還有其他問題，請重新排隊。現在，我謹向大家介紹我們的首席執行官，埃馬努埃萊·A·勞羅。

Thank you, James, and good morning, everyone, and thanks for joining us today. We are pleased to report another quarter of strong financial results. In the third quarter, the company generated $87.7 million in adjusted EBITDA and $72.7 million in adjusted net income.

謝謝你，詹姆斯，大家早安，謝謝各位今天收看我們的節目。我們很高興地宣布，本季財務表現依然強勁。第三季度，該公司調整後 EBITDA 為 8,770 萬美元，調整後淨利為 7,270 萬美元。

The product anchor market continues to benefit from enduring structural trends like strong demand for refined products, evolving trade patterns, and long-term shift in global refining that are lengthening voyages and increasing ton miles.

產品錨定市場繼續受益於持久的結構性趨勢，例如對精煉產品的強勁需求、不斷變化的貿易模式以及全球煉油的長期轉變，這些趨勢延長了航程並增加了噸英里數。

Those dynamics have been reflected in trade rates which have strengthened over the past quarters. The company is financially, operationally, and commercially strong. Our focus is clear building a shipping company that is investable through the cycle.

這些動態已經反映在貿易匯率上，貿易匯率在過去幾季中走強。該公司財務狀況、營運和商業實力都很強勁。我們的目標很明確，就是打造一家能夠經得起經濟週期考驗、具有投資價值的航運公司。

Today, our liquidity stands at approximately $1.4 billion including cash, and on revolving credit, and our investment in DHT. Over the past four years, we've reduced our daily break even from roughly $17,500 per day to $12,500 per day.

目前，我們的流動資金約為 14 億美元，包括現金、循環信貸以及我們對 DHT 的投資。過去四年，我們的每日損益平衡點已從每天約 17,500 美元降至每天 12,500 美元。

And with our recent decision to repay amortizing debts, we expect that figure to fall further to around $11,000 per day. Today, we will also announce the 5% increase in the quarterly dividend and going forward, we'll continue to review the dividends at least annually.

隨著我們最近決定償還分期付款債務，我們預計該數字將進一步下降至每天約 11,000 美元。今天，我們還將宣布季度股息增加 5%，今後，我們將繼續至少每年審查一次股息。

Our goal, as mentioned, is to make the dividends sustainable, durable, and steadily growing over time, rewarding shareholders while building a company that remains investable through the cycle. Shipping will always be volatile, that's its nature, but through our efforts of strengthening the balance sheet, lower our break even and increase charter coverage with meaningfully reduce the volatility.

如同前面所提到的，我們的目標是使股息可持續、持久且隨著時間的推移穩步增長，從而回報股東，同時打造一家在整個經濟週期中都具有投資價值的公司。航運業總是會受到波動的影響，這是它的本質，但透過我們努力加強資產負債表、降低損益平衡點和增加租船覆蓋率，可以顯著降低波動性。

Looking ahead, we remain optimistic as our outlook for both crude and refined products remains constructive. With a modern fleet, robust liquidity, and the conservative balance sheet, Scorpio tankers is well positioned to navigate uncertainty and continue creating long-term value for shareholders.

展望未來，我們對原油和成品油的前景依然保持樂觀。憑藉現代化的船隊、強勁的流動性和穩健的資產負債表，Scorpio Tankers 已做好充分準備應對不確定性，並繼續為股東創造長期價值。

With that, I'll turn the call to James for a brief presentation.

接下來，我將把電話交給詹姆斯，讓他做一個簡短的介紹。

Thanks, Emanuele. Slide seven, please. Product tanker rates remain firm and have increased over the last week with MRs earning around $28,000 per day and LR2s about $35,000 per day. Levels that continue to generate substantial free cash flow for the company.

謝謝你，埃馬努埃萊。請看第七張投影片。成品油輪運價依然堅挺，並且在過去一周有所上漲，MR 型油輪每天收入約為 28,000 美元，LR2 型油輪每天收入約為 35,000 美元。持續為公司產生大量自由現金流的水平。

Refining margins have strengthened, inventories remain low, and fourth quarter demand, excluding fuel oil is expected to be nearly 900,000 barrels per day higher than last year. With seasonality turning in our favor, a strong crude market, and several near-term catalysts emerging, the backdrop for product tankers looks increasingly constructive as we move through year-end. Slide eight, please.

煉油利潤率有所提高，庫存仍然較低，預計第四季度（不包括燃料油）需求將比去年同期增長近90萬桶/日。隨著季節性因素對我們有利，原油市場強勁，以及一些近期催化劑的出現，隨著年底的臨近，成品油輪的前景看起來越來越樂觀。請看第八張投影片。

Despite significant refinery maintenance, over 8 million barrels per day offline in September and $10 million in October, seaborne exports have continued to rise. In September, excluding Russian volumes, product exports averaged 20 million barrels per day, approximately 600,000 barrels per day higher than the same month last year.

儘管煉油廠進行了大規模檢修，9 月每天停產超過 800 萬桶，10 月停產 1,000 萬美元，但海運出口量仍在持續成長。9 月份，不包括俄羅斯的出口量，成品油出口平均每天 2,000 萬桶，比去年同期高出約 60 萬桶/日。

Slide nine please. A rise in drone attacks on Russian refinery capacity has reduced refined product exports from 1.5 million barrels per day to about [1 million], a decline of 30%. At the same time, OFAC's new sanctions on Rosneft and LUKOIL are expected to further disrupt Russian exports.

請看第九張投影片。針對俄羅斯煉油廠的無人機攻擊事件增多，導致成品油出口量從每天 150 萬桶減少到約 100 萬桶，下降了 30%。同時，美國財政部外國資產管制辦公室（OFAC）對俄羅斯石油公司和盧克石油公司實施的新制裁預計將進一步擾亂俄羅斯的出口。

Even before these measures took effect, Brazil's imports of Russian barrels had fallen sharply from 250,000 barrels per day to just 50,000, with much of the shortfall replaced by US supply, a shift that lifted MR rates across the Atlantic basin.

即使在這些措施生效之前，巴西從俄羅斯進口的原油量也從每天 25 萬桶急劇下降到僅 5 萬桶，而大部分缺口都被美國的供應所彌補，這一轉變提高了整個大西洋盆地的原油價格。

In addition, importers of Russian products began seeking alternative sources, product tanker rates could tighten further. Slide 10, please. Increasing sanctions from OFAC, the EU, and UK have made exports more challenging.

此外，隨著俄羅斯產品進口商開始尋找替代貨源，成品油輪運費可能會進一步收緊。請看第10張投影片。來自美國財政部外國資產管制辦公室（OFAC）、歐盟和英國的製裁力度加大，使得出口面臨更大的挑戰。

The rise in crude on the water has been driven primarily by sanctioned countries Iran, Venezuela, and Russia, which together accounted for roughly 70% of the increase. The number of sanctioned vessels continues to grow, now representing nearly 8% of the MR fleet, 14% of the LR2 fleet, and 34% of the Aframax fleet.

海上原油價格上漲主要是由受制裁國家伊朗、委內瑞拉和俄羅斯推動的，這三個國家加起來約佔漲幅的 70%。受制裁船舶的數量持續成長，目前已佔 MR 船隊的近 8%，LR2 船隊的 14%，以及阿芙拉型船隊的 34%。

These vessels are on average almost 20 years old and are unlikely to return to non-sanctioned trades. As sanctions expand and enforcement tightens, additional vessels will likely be absorbed into these trades, further limiting available tonnage for legitimate cargos.

這些船隻平均船齡接近 20 年，不太可能再從事未經批准的貿易。隨著制裁範圍擴大和執法力度加強，可能會有更多船隻被納入這些貿易，進一步限制合法貨物的可用噸位。

In short, the sanctions fleet is large, old, and increasingly isolated, effectively shrinking the number of ships competing in the mainstream market. Slide 11 please. We continue to see closures in global refining capacity. Over the past five years, net capacity growth has been only 300,000 barrels per day, driven by additions in the Middle East and offset by closures in Europe and North America.

簡而言之，受制裁的船隊規模龐大、船齡老舊，而且日益孤立，有效地減少了主流市場上競爭的船隻數量。請看第11張投影片。全球煉油產能持續關閉。過去五年，淨產能成長僅為每天 30 萬桶，主要得益於中東地區的新增產能，但被歐洲和北美地區的關閉產能所抵銷。

In California alone, 250,000 barrels per day of capacity is scheduled to close this year and in Q2 next year, which could effectively double US West Coast product imports, largely coming from Asia. These refinery closures and changes have been a key driver in 10 mile demand growth for product tankers. Slide 12 please.

光是在加州，今年和明年第二季就有每天 25 萬桶的產能計畫關閉，這可能會使美國西海岸的成品油進口量翻一番，而這些成品油主要來自亞洲。這些煉油廠的關閉和變化是成品油輪10英里航程需求成長的關鍵驅動因素。請看第12張投影片。

In October, China announced new fees on vessels calling at US ports. As of this morning, it appears that Presidents Trump and Xi have agreed to postpone both the USTR tariffs and the Chinese port fees for up to a year. If these measures were to return, China accounts for only about 3% to 4% of the global seaborne refined product market, and we would not expect any material impact on the overall market.

10月份，中國宣布對停靠美國港口的船舶徵收新費用。截至今天早上，川普總統和習近平主席似乎已經同意將美國貿易代表辦公室的關稅和中國港口收費推遲最多一年。如果這些措施恢復實施，中國僅佔全球海運成品油市場的3%至4%，我們預期不會對整體市場產生任何實質影響。

We will continue to monitor the situation closely. Slide 13 please. The product anchor order book currently stands at 18% of the existing fleet, a figure that may appear elevated at first glance, but context matters. New building activity has slowed considerably year-to-date.

我們將繼續密切關注事態發展。請看第13張投影片。目前，該產品的主力訂單佔現有車隊的 18%，乍一看這個數字似乎很高，但背景很重要。今年以來，新建建築活動已大幅放緩。

Only 44 product anchors have been ordered. LR2s now make up almost half the current order book. However, 49% of LR2s currently on the water are trading crude oil, a trend we expect to continue. In short, effective fleet growth in queen products looks far more modest than headline numbers suggests. Slide 14 please.

目前僅訂購了 44 個產品錨點。LR2車型目前幾乎佔訂單總量的一半。然而，目前水上49%的LR2型油輪都在進行原油貿易，我們預期這一趨勢還會持續。簡而言之，蜂王產品的實際成長遠比表面數字所顯示的要溫和得多。請看第14張投影片。

As shown in the left-hand chart, a 20-year-old vessel generates 50% fewer ton miles than a modern one, reflecting limitations in trading opportunities, efficiency, and regulatory access. The drop off is even steeper, over 75% if the vessel was not involved in Russian trade.

如左圖所示，一艘 20 年船齡的船舶比一艘現代船舶的噸英里數少 50%，這反映了貿易機會、效率和監管准入方面的局限性。如果該船隻沒有參與俄羅斯貿易，那麼降幅會更大，超過 75%。

This isn't a short-term story. Between 2003 and 2010, we saw a significant expansion of 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 order book, 17.8% of the fleet is over 20 years old. By 2028, that figure climbs to 31%. The implications are structural.

這不是短期事件。2003 年至 2010 年間，成品油輪船隊規模大幅擴大。結果是，現在有一大批血管的血管齡接近或超過 20 年。右側的圖表清楚地表明了這一點，包括訂單簿在內，17.8% 的船隊船齡超過 20 年。到 2028 年，這一數字將攀升至 31%。其影響是結構性的。

The fleet is aging, utilization is falling, and effective supply is tightening, even without a dramatic increase in scrapping. Slide 15, please. Given the age profile of the fleet and the high share of LR2's trading crude, actual fleet growth could be, could prove lower than headline expectations, assuming no decline in utilization for vessels older than 20 years and a portion of LR2 new boats trading crude, effective fleet growth could average around 3.5% a year.

即使報廢量沒有大幅增加，船隊也在老化，利用率下降，有效供應也收緊。請看第15張投影片。考慮到船隊的年齡結構以及 LR2 原油貿易佔比很高，實際船隊增長可能低於預期，假設船齡超過 20 年的船舶利用率沒有下降，並且 LR2 的新船中有一部分從事原油​​貿易，則有效船隊年均增長率可能約為 3.5%。

However, adjusting for lower utilization on older ships, effective fleet growth could fall closer to 1% per year. In contrast, to mile demand has increased more than 20% since 2019, driven by refinery rationalization, shifting trade routes, and ongoing dislocation of global energy flows.

然而，考慮到老舊船舶利用率較低，船隊實際成長率可能會降至每年 1% 左右。相較之下，受煉油廠合理化、貿易路線轉移和全球能源流動持續紊亂的影響，自 2019 年以來，全球對石油的需求增加了 20% 以上。

We expect ton miles to continue to outpace supply in both the short and long-term, the market fundamentals remain strong, driven by structural shifts in global refining, longer trade routes, and an aging fleet. With that, I'd like to turn it over to Chris.

我們預計短期和長期內噸英里數將持續超過供應量，市場基本面依然強勁，這得益於全球煉油業的結構性轉變、更長的貿易路線以及船隊老化。接下來，我想把麥克風交給克里斯。

Thank you, James. Good morning or good afternoon, everyone. Slide 17, please. This quarter we generated $148.1 million in adjusted EBITDA and $72.7 million or $1.49 per diluted share in adjusted net income. Our operating cash flow, excluding changes in working capital was over $135 million this quarter and approximately $375 million on a year-to-date basis.

謝謝你，詹姆斯。各位早安/下午好。請看第17張投影片。本季我們實現了 1.481 億美元的調整後 EBITDA 和 7,270 萬美元（即每股攤薄收益 1.49 美元）的調整後淨利。本季我們的營運現金流（不包括營運資本變動）超過 1.35 億美元，年初至今約 3.75 億美元。

We are pleased to announce both an increase in our quarterly dividend in addition to new agreements with our lenders to prepay the principal amortization on certain of our loans for $154.6 million in aggregate. This pre-payment is expected to take place in the fourth quarter of 2025 and represents all of our scheduled loan amortization for 2026 and 2027.

我們很高興地宣布，除了提高季度股息外，我們還與貸款機構達成新的協議，提前償還部分貸款的本金攤銷，總額達 1.546 億美元。預計這筆預付款將於 2025 年第四季支付，相當於我們 2026 年和 2027 年所有計畫的貸款攤銷。

The principal and interest savings resulting from this prepayment will further reduce our cash breakeven levels, which include vessel operating costs, cash G&A, interest payments, and commitment fees, and regularly scheduled loan amortization to approximately $11,000 per day over this period.

此次提前還款節省的本金和利息將進一步降低我們的現金損益平衡點，其中包括船舶營運成本、現金一般及行政費用、利息支付和承諾費，以及定期貸款攤銷，在此期間每天的現金損益平衡點將降至約 11,000 美元。

In addition to this, we continue to be opportunistic with our investment in DHT, having sold 5.3 million shares in September and October at over $12.50 per share. This is an almost 20% return on investment when factoring in dividends received.

除此之外，我們繼續抓住機會投資 DHT，在 9 月和 10 月以每股 12.50 美元以上的價格出售了 530 萬股股票。如果將收到的股息考慮在內，這相當於近 20% 的投資回報率。

The chart on the right shows our liquidity profile. As you can see, we have access to over $1.4 billion in liquidity as of today. Our liquidity consists of cash of $627 million along with $788 million of drawdown availability under three revolving credit facilities.

右側圖表顯示了我們的流動性狀況。如您所見，截至今日，我們擁有超過 14 億美元的流動資金。我們的流動資金包括 6.27 億美元的現金，以及根據三項循環信貸安排可提取的 7.88 億美元。

Slide 18, please. The chart on the left shows the progression of our net debt since December 31, 2021, which has declined $2.7 billion to a net debt balance of $255 million. On a pro forma basis, our net debt position is $34 million which takes into account.

請看第18張投影片。左側圖表顯示了自 2021 年 12 月 31 日以來我們的淨債務的變化情況，淨債務減少了 27 億美元，目前淨債務餘額為 2.55 億美元。以備考基準計算，我們的淨債務為 3,400 萬美元，其中已考慮了相關因素。

The expected receipt of the October higher payment from the Scorpio pools, which are expected within the next two weeks, and the net proceeds from the sales of 3 vessels which are expected to close in the fourth quarter.

預計將在未來兩週內收到 Scorpio 資金池 10 月份的較高付款，以及預計在第四季度完成的 3 艘船舶出售的淨收益。

Chart on the right breaks down our outstanding debt by type. Starting at the bottom is our $69 million of legacy lease financing obligations on three vessels with ocean yield. These leases are the most expensive financing in our debt structure with margins of over 400 basis points.

右側圖表按類型列出了我們的未償債務。首先，我們還有 6,900 萬美元的遺留租賃融資義務，涉及三艘遠洋船舶。這些租賃是我們債務結構中最昂貴的融資方式，利差超過 400 個基點。

In June and July, we submitted notice to exercise the purchase options on these vessels. Two of the purchases are scheduled for December for $23.4 million each, and one purchase is scheduled for February for $18.9 million.

6 月和 7 月，我們提交了行使這些船舶購買選擇權的通知。其中兩筆收購計劃於 12 月進行，每筆金額為 2,340 萬美元；另一筆收購計劃於 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. As I mentioned, we expect to pre-pay $154.6 million of this debt in the fourth quarter of 2025.

中間部分是我們向一家貸款集團提供的擔保銀行貸款，該貸款集團主要由經驗豐富的歐洲航運貸款機構組成，我們與他們有著牢固的關係。正如我之前提到的，我們預計將在 2025 年第四季提前償還這筆債務中的 1.546 億美元。

As a result of this pre-payment, we will have no scheduled principal amortization on our existing debt for all of 2026 and 2027. Further to this, $290 million of our $615 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.

由於這筆預付款，我們在 2026 年和 2027 年將無需償還現有債務的本金。此外，我們6.15億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，同時又想在未來保持流動性，循環債務就是一個重要的工具。

At the top is our $200 million and $0.05 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. Glide 19, please. By the end of the first quarter of 2026, we expect to make a total of $234 million in unscheduled prepayments on our debt.

最引人注目的是我們今年 1 月在北歐債券市場超額認購發行的 2 億美元、票面利率為 7.5% 的 0.05 年期優先無擔保票據。請滑翔19。到 2026 年第一季末，我們預計將提前償還 2.34 億美元的債務。

$14 million of this amount has already been paid in advance of the pending sales of two vessels, and as I mentioned, we have committed to pre-pay $65.7 million to exercise the purchase options on three lease financed vessels along with $154.6 million across four different credit facilities to cover our scheduled loan amortization for 2026 and 2027.

其中 1400 萬美元已預付，用於即將出售的兩艘船舶。正如我之前提到的，我們已承諾預付 6570 萬美元，用於行使三艘租賃融資船舶的購買選擇權，此外，我們還通過四項不同的信貸安排支付了 1.546 億美元，用於支付我們 2026 年和 2027 年的預定貸款攤銷。

The chart on the right is our dry dock estimates through the end of 2026. Our forward dry dock schedule was light after having undergone the special surveys on over 70% of our fleet in the last two years. Slide 20 please. Once we complete our unscheduled debt prepayments, our cash break even rates are expected to be at the lowest levels in the company's history.

右側圖表是我們對 2026 年底前乾船塢的預估。過去兩年，我們對超過 70% 的船隊進行了專案檢查，因此接下來的乾船塢維修計畫比較輕鬆。請看第20張投影片。一旦我們完成非計劃債務提前償還，預計我們的現金損益平衡率將達到公司歷史上的最低水準。

The chart on the left shows that these expected cash break even rates are lower than the company's achieved daily TCE rates dating all the way back to 2013. With the closest point being the aftermath of the COVID-19 pandemic when oil consumption was at lows not seen in decades.

左側圖表顯示，這些預期的現金損益平衡率低於該公司自 2013 年以來實現的每日 TCE 利率。最接近的時期是 COVID-19 疫情之後，當時石油消費量處於數十年來的最低水平。

To illustrate our cash generation potential at these cash breakeven levels at $20,000 per day, the company can generate up to $315 million in cash flow per year. At $30,000 per day, the company can generate up to $666 million in cash flow per year, and at $40,000 per day, the company can generate up to $1 billion in cash flow per year.

為了說明我們在每天 20,000 美元的現金損益平衡水準下的現金產生潛力，公司每年可以產生高達 3.15 億美元的現金流。如果每天投入 3 萬美元，該公司每年可產生高達 6.66 億美元的現金流；如果每天投入 4 萬美元，該公司每年可產生高達 10 億美元的現金流。

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

今天的演講到此結束，現在我想把電話交給問答環節。

(Operator Instructions). Omar Nokta with Jefferies.

（操作說明）Omar Nokta 與 Jefferies 合作。

Thank you. Hey guys, good morning, good afternoon. Thanks for the update. Obviously very good detail and clearly you know Scorpio is in a very strong financial position as kind of outlined throughout the call here and with Chris here on the on the break even.

謝謝。嘿，各位，早安，下午好。謝謝你的更新。顯然，細節非常到位，而且很明顯，正如本次電話會議中所概述的那樣，天蠍座的財務狀況非常穩健，克里斯也談到了盈虧平衡點。

And just as we kind of think about Scorpio here, you've been building cash, paying down the debt, break even is obviously coming down, you're putting Scorpio in the strongest financial position in its history. And preparing for, say, the unknown given you know the geopolitical environment, just maybe kind of thinking about the platform and how it is at the moment.

正如我們在這裡所想的，天蠍座一直在累積現金，償還債務，收支平衡顯然正在下降，你使天蠍座處於歷史上最強大的財務狀況。例如，考慮到地緣政治環境，為未知情況做好準備，或許可以思考平台以及它目前的狀況。

Do you feel like you're building towards something here, something more significant for this balance sheet to be put to use at some point down the line, or do you think this is a bit more of a new normal for Scorpio to be in a net cash position long-term with an eye on, keeping that dividend sustainable throughout the cycles?

您是否覺得您正在朝著某個目標邁進，朝著未來某個時候對資產負債表更有意義的目標邁進？或者您認為這對 Scorpio 來說更像是一種新的常態，即長期保持淨現金頭寸，並著眼於在整個週期中保持股息的可持續性？

It's a great question, Omar. So I think that's the last bit first, that's the easy one. We're very convinced that the right thing we should do is to maintain a regular dividend and have a dividend that is clearly sustainable.

奧馬爾，這是一個很好的問題。所以我覺得最後一部分先解決，這部分比較簡單。我們深信，我們應該做的正確的事情就是維持定期分紅，並確保分紅是可持續的。

And so to do that, we, by a strong balance sheet and we have to be able to show like we can do and as Chris has gone through that we can clearly, go through the absolute bottom of the of the cycle and still maintain that that dividend.

因此，為了做到這一點，我們需要一個強勁的資產負債表，我們必須能夠證明我們有能力做到這一點，正如克里斯所經歷的那樣，我們顯然可以度過週期的絕對低谷，並仍然維持股息。

The second aspect is to whether we are building things for long-term, etcetera. Is the honest, answer is that we've been focused on getting the debt down, getting the cash break even down, getting ourselves into the position.

第二個面向是我們是否在為長遠發展而建造等等。誠實的答案是，我們一直專注於降低債務，降低現金收支平衡，讓自己處於有利地位。

That we're in right now. Chris is indicating that very soon we'll start to move to, net debt negative or building of cash, and that simply by definition gives you, providing you maintain overall discipline gives you tremendous options.

我們現在就身處其中。克里斯表示，我們很快就會開始實現淨債務為負或累積現金，而這僅僅是定義上就賦予了你巨大的選擇權，前提是你保持整體的自律。

It allows you to go into, at any different point in the market, it allows you to properly, if you wanted to renew your fleet, for example, without changing your leverage very much, as Chris was pointing out that even at very low rates, we'd still be generating tremendous, cash flow. But it, so I think that's the best way to answer it.

它允許你在市場的任何不同點位進入市場，例如，如果你想更新你的車隊，它允許你在不大幅改變槓桿的情況下進行適當的操作，正如克里斯指出的那樣，即使利率非常低，我們仍然會產生巨大的現金流。但是，我認為這是最好的回答方式。

Thanks Robert. That clearly that's helpful and I guess maybe just a follow-up, and I'll pass it on as question that's come up in the past, and you know when does it when does it make sense you think to start buying shifts to offset perhaps some of the sales of the older ones? You clearly got critical mass, but are you content to keep kind of scaling back a bit, stilling some more of the older ones without replacing?

謝謝你，羅伯特。這顯然很有幫助，我想也許可以跟進一下，我會把它作為過去出現過的問題轉達出去，你知道，什麼時候開始購買輪班來抵消一些舊輪班的銷售情況才比較合理嗎？你們顯然已經達到了臨界規模，但你們是否滿足於繼續縮減規模，保留一些老舊的設備而不進行替換呢？

I think we have a different situation right now, very soon we're getting to that primary objective where you know we get we're able to create that balance sheet, take the debt right down and [Vic] and Chris are showing outlines whereby we can pre bet principal, etcetera. Lowering that cash down.

我認為我們現在的情況有所不同，很快我們就能實現主要目標，也就是能夠創建資產負債表，大幅降低債務，[Vic] 和 Chris 正在展示我們可以預先支付本金等的方案。降低現金流。

So that part is kind of finished. So now you're really left to mathematics. Mathematics would be I'll give you an example is you don't, we don't need to renew for renewals sake. There's no point in that. We also have consistently said that we are confident in the product market.

所以那部分基本上完成了。所以現在你真的只能靠數學了。數學就是，我舉個例子，如果你不這麼做，我們就不需要為了續約而續約。那樣做毫無意義。我們也一直表示，我們對產品市場充滿信心。

Our last call was we are confident that the, latter half of the year will be very strong and that the fundamentals, and that's playing out. The last we'll probably go into later. The market is as we expected, strengthening and strengthening, quite significantly now across the tanker space. So, we have no necessity, it's a question of choice. So unless the easiest position one could look at is let's say you could get a great, it's where the curve is.

我們上次的結論是，我們有信心下半年市場將會非常強勁，基本面也朝著好的方向發展。最後一個問題我們可能稍後再談。正如我們預期的那樣，市場持續走強，目前油輪市場尤其走強。所以，這不是必需品的問題，而是選擇的問題。所以，除非你能找到的最簡單的位置，比如說你能得到一個很棒的位置，那就是曲線所在的位置。

You might be able to get a great price for older vessels in your fleet, for example, and then maybe you get a place in line with somebody, you're not necessarily you ordering yourself, but you may be able to get a prompt new vessel or a delivery or something like that, where mathematically the curve is such that your newer vessel has far greater value both in its operational specification and age.

例如，您或許能以優惠的價格出售船隊中的舊船，然後或許可以和別人一起排隊，您不一定是自己下單，但您或許能迅速獲得一艘新船或交付服務之類的，從數學角度來看，您的新船無論在運營規格還是船齡方面都具有更高的價值。

Compared to, the older vessel, which older vessels if they start to move towards 15, we haven't got many of those left, but as they do, they start to, depreciate like options do much more rapidly. But that's a mathematical example. So, I think now. But I don't think you, but at the same time, we were, if someone offered us a great price for.

相比之下，老舊船舶，如果它們開始接近 15 年，我們就沒有太多這樣的船舶了，但隨著它們的老化，它們的價值會像期權一樣迅速貶值。但那隻是一個數學例子。所以，我現在這麼想。但我認為你不會，但同時，如果有人給我們一個很優惠的價格，我們也會。

Our older vessels, sure, we would sell them because that's the smart thing to do, to maintain the optionality. I think the optionality for a company in shipping. Anybody, whether it's investors or or it's companies. Value that optionality is underrated strategically.

當然，我們會把我們較舊的船賣掉，因為這樣做很明智，可以保持選擇的靈活性。我認為這是公司在運輸方擁有的選擇權。任何人，無論是投資者還是公司。策略上，選擇權的價值被低估了。

Yeah, certainly. No good, no well, very good. Thanks, Robert. Thanks, guys. I'll pass it back.

當然可以。不好，不，很好。謝謝你，羅伯特。謝謝各位。我把它還回去。

Ken Hoexter with Bank of America.

Ken Hoexter，美國銀行員工。

This is Tim Cheng on for Ken Hoexter. Thanks for taking my question. Obviously been a very constructive market for product tankers fundamentally recently with record levels of seaborne exports.

這裡是 Tim Cheng 代 Ken Hoexter 為您報道。謝謝您回答我的問題。顯然，近期成品油輪市場一直處於非常正面的發展態勢，海運出口量創下歷史新高。

How do you see rates progress? Is there a way you see rates progressing higher than levels? With a little under half of the days booked quarter to date and maybe just a little bit more color on what pushes them there over the next 40 days to 60 days.

您如何看待利率走勢？您認為利率有可能高於目前水準嗎？截至目前，本季已預訂天數略低於一半，或許可以更詳細地說明未來 40 到 60 天內推動他們實現這一目標的因素。

Now you know you've spoken to the OpEx production cut on wine, increased sanctions, the seasonally stronger period, maybe some more detail on how importers of Russian products would be seeking alternative products.

現在您已經了解了葡萄酒生產營運成本削減、制裁加劇、季節性強勢期等問題，或許還可以更詳細地了解俄羅斯產品進口商將如何尋找替代產品。

Lars want to take that.

拉爾斯想拿走它。

Yeah, sure. I mean, it's just take a step back for us, Q3, has, kind of surprised the upside. We haven't seen as much of a seasonal summer lull as you normally would do. You know there were a lot of refineries that were kind of in turnarounds, and we anticipated a drop in rates across the board.

當然可以。我的意思是，對我們來說，第三季的情況有點出乎意料地好，甚至超出了預期。我們並沒有像往常那樣看到明顯的夏季淡季。你知道，當時有很多煉油廠都在進行檢修，我們預期所有煉油廠的產量都會下降。

We did see that drop-in rates and you know we're at the tail end of those refinery turnarounds now and I think we have another 5 million barrels. Of capacity is coming on stream in November. That's going to supercharge the clean market, but there's a combination of factors to why I'm quite constructive the product market.

我們確實看到了產量下降，而且你知道，我們現在正處於煉油廠檢修的尾聲，我認為我們還有 500 萬桶的產量。部分產能將於11月投入使用。這將極大地推動清潔能源市場的發展，但我對產品市場樂觀的原因有很多。

First of all, OpEx has played a role in terms of starting to come to market with opening up the taps. The whole issue around Russia has become a really important thing as you look at how now the Americans have also come. And to sanction the barrels, and those sanctioning barrels have certainly had a market follow through on the crude markets.

首先，營運支出在打開市場大門方面發揮了作用。隨著美國人也介入其中，圍繞俄羅斯的整個問題已經變得非常重要了。對原油進行製裁，而這些制裁措施無疑對原油市場產生了後續影響。

If you look at the crude markets first before going to products, the VLCC markets today have ramped up to a very high level, so has the maxes and the Aframaxes as well. We have also seen a sudden change in interest from LR2 owners. To move into Aframax account from September, probably around 18 ships have already dirtied up.

如果先看原油市場再看成品油市場，就會發現如今超大型油輪市場已經達到了非常高的水平，巨型油輪和阿芙拉型油輪市場也是如此。我們也注意到路虎LR2車主們的興趣發生了突然變化。從 9 月開始，阿芙拉型船的訂單可能已經完成了大約 18 艘。

It wouldn't surprise me that there's going to be another five or 10 ships in short order that's going to start moving into the Atlantic basin into dirty. This obviously will kind of tighten the product market as well. So you've got more product coming into the market. You've got a tightening of supply.

如果不久之後又有五到十艘船開始駛入大西洋盆地進行污染作業，我一點也不會感到驚訝。這顯然也會在一定程度上收緊產品市場。所以市場上會有更多產品上市。供應趨緊了。

And the market where the product is coming is primarily the [AG] and also the US Gulf, where we're going to start seeing a lot of tile movements because of the sanctioning of barrels that people are not going to start securing supply from further afield. I mean, Brazil is not taking more product out of the US Gulf rather than the Russian barrel and so on.

該產品的主要市場是[AG]以及美國墨西哥灣沿岸地區，由於對原油的製裁，人們將無法從更遠的地方獲得供應，因此我們將開始看到大量的瓷磚流動。我的意思是，巴西並沒有從美國墨西哥灣進口比從俄羅斯進口更多的石油，等等。

It is clear to me that we are just on the cusp of the bottom of that market, the market has moved up tremendously and will continue to do so. I envisage over the last next couple of weeks that's both from the Middle East going west and that's the Middle East going east [TC1], but it's also certainly the west moving to the east which is moved up progressively over the last week.

在我看來，我們顯然正處於市場觸底的邊緣，市場已經大幅上漲，而且還會繼續上漲。我預計在接下來的幾週內，熱帶氣旋既有來自中東向西移動的，也有來自中東向東移動的（TC1），但肯定也有來自西方的熱帶氣旋向東移動，這種移動在過去一周逐漸增強。

The same thing goes also with a very strong but volatile market in the US Gulf, and we can see underlying strength as the utilization level of the refineries are starting to creep up after their turnarounds in the US Gulf and then underpinned by this longer haul business. So there's all the ingredients for the market as we move properly into Q4.

美國墨西哥灣地區市場雖然強勁但波動性較大，我們可以看到其潛在實力，因為美國墨西哥灣地區煉油廠在檢修後利用率開始緩慢上升，並受到長途運輸業務的支撐。因此，隨著我們正式進入第四季度，市場的所有要素都已具備。

To see a certain rebound and it's not firing on all cylinders. It's not only on the crude, which has been the headline over the last 48 hours, but it's certainly, I can see on the product market as well we're going to see a strong ramp up into four proper. At the same time, I would also just add this is an interesting combination because you know what we have seen in years gone by as we move into January and February.

看到某種反彈，但並沒有完全發揮出來。不僅是原油市場（過去 48 小時一直是新聞頭條），而且我肯定可以看到成品油市場也會強勁增長，預計到第四季度將實現真正的增長。同時，我還想補充一點，這是一個有趣的組合，因為你知道，過去幾年我們在進入一月和二月時都看到了什麼。

People talk about cannibalization of new buildings with virgin tanks from Suezmaxes, Aframaxes that are not coded, which I have to be honest, is very few today because everybody's building Aframaxes with coated tanks due to the price, but those vessels probably with the market.

人們談論的是利用蘇伊士型、阿芙拉型油輪上未經塗裝的全新油箱來建造新船，說實話，現在這種情況很少見，因為出於價格考慮，大家都在建造塗裝油箱的阿芙拉型油輪，但這些船隻可能在市場上很受歡迎。

Three at 125 will probably think twice to take on a clean car at a discount at a lower demurrage rate than trading, $140,000, $130,000 on voyage. So I also envisage a lesser degree of cannibalization which will also underpin a very strong follow through as we move into Q1.

三位 125 人可能會三思而後行，考慮是否以低於交易價格 140,000 美元、130,000 美元的滯期費率購買一輛乾淨的汽車。因此，我也預期內部蠶食程度會降低，這也將為我們進入第一季後取得強勁的後續發展奠定基礎。

If I could just add to that, so I think what the laws on, behalf of the company is saying, so we now, he's now moving or we are moving as a group from the last, let's say the public discussion that we were confident that the market would strengthen into into the end of the year.

如果我能補充一點，我認為公司代表的法律是這麼說的，所以我們現在，他現在正在採取行動，或者說我們作為一個團隊正在採取行動，從上次的公開討論來看，我們當時有信心市場會在年底前走強。

Lars is now creating a position where, we see that there's a strong chance now of the market being very strong into the first quarter as well, and through that first quarter because of the dynamics is out late.

Lars 現在正在建立一種局面，我們看到市場很有可能在第一季也保持強勁，而且由於市場動態，第一季可能會持續到很晚。

Thank you both. I appreciate the insight.

謝謝你們兩位。感謝您的見解。

Chris Robertson with Deutsche Bank.

德意志銀行的克里斯·羅伯遜。

Hi, good morning, everybody. Thank you for taking my questions. I just wanted to turn towards you guys mentioned, you had extensive, number of dry docks completed during 2025. I wanted to touch on that just in terms of asking what types of uplifts and efficiency that you've realized from those dry dots this year and is that translating into a slightly higher rate premiums or can you speak to the details around that?

大家早安。謝謝您回答我的問題。我只是想對你們說一下，你們提到過，在 2025 年完成了大量的乾船塢建設。我想就此談談，想問問您今年從這些乾點中實現了哪些類型的提升和效率，這是否轉化為略高的保費？或者您能否詳細談談這方面的情況？

Sure, I'm happy to take that. The dried oxen and themselves did not involve a great deal of CapEx because we already think that designs for our vessels are sufficiently economical, fuel efficient, etcetera.

當然，我很樂意接受。乾牛和它們本身並沒有涉及大量的資本支出，因為我們認為我們船隻的設計已經足夠經濟、節能等等。

It really, it's much more about general maintenance, the coatings of the vessels, the friction not only exogenous but endogenous to the hull and getting that back to a place where you're really resetting the vessel back to something similar to what it was five years before.

實際上，這更多的是關於一般的維護，船舶的塗層，船體內部和外部的摩擦，以及如何將船舶恢復到與五年前類似的狀態。

The Effect and the bottom line impact is immediate, like I said, because you're basically resetting the ship to a condition it was five years before, but until we have line of sight on the return of a host of additional CapEx possibilities and what their returns actually mean, there's a lot of hyperbole, smoke and mirrors about uplifts and other efficiency steps one could undertake.

正如我所說，效果和最終影響是立竿見影的，因為你基本上是將船重置到五年前的狀態，但是，在我們能夠看到一系列額外的資本支出可能性及其回報的實際意義之前，關於提升和其他可以採取的效率措施，有很多誇張的說法、障眼法和虛假宣傳。

But until we really have a line of sight and the benefit of more data in that area, we're not going to be spending shareholders' money on those types of gambles.

但是，在我們真正看清情況並獲得更多相關數據之前，我們不會把股東的錢花在這些類型的賭博上。

Got it. Interesting. Okay, thank you. My next question is just related to, Chinese export quotas for next year. If you guys have a view around, the increasing amount of refining capacity in China, it doesn't seem to have kept pace with, kind of the quotas being kept flattish this year slightly down. Do you have a view around next year and what they might do, and do you think there's a possibility that we'll see increased quotas, from China next year?

知道了。有趣的。好的，謝謝。我的下一個問題與中國明年的出口配額有關。如果你們稍微留意一下，就會發現中國煉油產能的成長似乎並沒有跟上配額的成長速度，今年的配額基本上保持不變，甚至略有下降。您對明年的情況有什麼看法？他們可能會採取什麼行動？您認為明年中國增加配額的可能性有多高？

Of guard and then maybe James

先是警衛，然後可能是詹姆斯

Oh, thanks Lars maybe wise you can add. So we saw the last quota increase in September, which is, as you highlighted, Chris, pretty consistent with what's been announced in the past. I think the interesting part is if you look at when you look at the Chinese data, total crude imports and domestic production were around 15.9 million barrels in September and runs were [15.4.]

哦，謝謝 Lars，也許你可以補充一句：明智之舉。所以我們看到了九月份的最後一次配額增加，正如你所強調的，克里斯，這與過去宣布的內容非常一致。我認為有趣的是，如果你看一下中國的數據，9月份原油進口總量和國內產量約為1590萬桶，而原油加工量為…[15.4.]

So the crude build was only about 4,000 to 500,000 barrels per day. So to answer your question, I think we would need to see it in the crude volumes first, but a lot of this production and quota system is really determined by the government, and in previous periods where crack spreads two years ago were very high, they didn't export, so it's a tough one for us to kind of predict.

因此，原油日產量僅約為 4,000 至 50 萬桶。所以要回答你的問題，我認為我們需要先看看原油產量，但很多生產和配額制度實際上是由政府決定的，而且在兩年前裂解價差非常高的時期，他們就沒有出口，所以我們很難預測。

Okay, fair enough. Thanks, James.

好吧，這說得有道理。謝謝你，詹姆斯。

Liam Burke with B. Riley FBR.

利亞姆·伯克與B·萊利FBR。

Yes, thank you. Good morning. You've been very clear about the benefits of deleveraging and your plans to do so and the reasons why, but where do buybacks come into the capital allocation equation, as we as we move forward here.

是的，謝謝。早安.您已經非常清楚地闡述了去槓桿化的好處、您的去槓桿化計劃以及原因，但是，在我們繼續推進的過程中，股票回購在資本配置等式中扮演什麼角色呢？

I don't think you'd ever say when the buybacks come into the equation. We have the ability to act whenever we want to. I mean, we're not going to wave a flag and say, hey guys, this is when we're going to buy back and, oh, let me remind you, we're, $2 away for that, or we're $100 million of cash away from that. That's not too. We're not, I think we'll pass on that question if you don't mind.

我認為你永遠不會說回購何時會納入考量。我們有能力隨時採取行動。我的意思是，我們不會大張旗鼓地說，嘿，夥計們，我們什麼時候回購股票，哦，讓我提醒你們一下，我們離目標價差 2 美元，或者我們離目標價差 1 億美元現金。那還不夠。我們不太想回答這個問題，如果您不介意的話。

Okay, that's fair. And then as we go into the stronger period, sometime we have 30 tankers trading clean. Is that going to be just part of the everyday business, or do you anticipate strength in the crude market to keep those that part of the fleet dirty?

好吧，這很合理。然後，隨著市場進入強勢期，有時我們會有 30 艘油輪進行無保險交易。這會成為日常業務的一部分，還是您預計原油市場會保持強勁，從而使船隊的這部分成員繼續從事髒活累活？

The short answer to that, yeah, the short answer to that is yes. We anticipate that, it's quite expensive for VLCC to clean up to trade clean. The last time we saw that was of course when the LR2 market suddenly spiked to about $8 million.

簡而言之，答案是肯定的。我們預計，VLCC（超大型油輪）要達到可以合法交易的清潔標準，成本會相當高昂。當然，我們上次看到這種情況是在路虎攬勝2市場價格突然飆升至約800萬美元的時候。

For an [AG West] run and the VLCC market was languishing at around $20,000 a day, where the spread was so wide that it was beneficial for a VLCC owner to clean up. That margin certainly has flipped. There is no VLCC owner or Aframax owner that's going to go and think about cleaning up at this point in time.

對於 [AG West] 來說，當時 VLCC 市場每天的價格徘徊在 20,000 美元左右，價差非常大，VLCC 船東可以從中獲利。這種局面確實已經發生了逆轉。目前沒有任何一位VLCC船東或Aframax船東會考慮進行清理工作。

It's certainly going to be the other way around and we will start seeing a, as I said earlier, probably a number of more ships going into the, to the dirty market for restricting supply on.

情況肯定會反過來，正如我之前所說，我們可能會看到更多船隻進入限制供應的骯髒市場。

Great. Thank you, Lars. Thank you, Robert.

偉大的。謝謝你，拉爾斯。謝謝你，羅伯特。

Okay.

好的。

[Jonasam with Clarkson].

[喬納森與克拉克森]。

Hey guys, good morning and good afternoon. Thank you for hosting the presentation and taking my question. So, looking at the broader shipping space, there's been quite a bit of the leverage across most small segments, I would say.

各位，早安/下午好。感謝您主持本次講座並回答我的問題。所以，從更廣泛的航運領域來看，我認為大多數細分市場都存在著相當大的槓桿作用。

But you have been really kind of leading the way. You've been cutting that debt from around $3 billion in 2021 to less than $300 million today. And if you include the transactions that are set to close, I guess this quarter, it looks, like you could be going to be in a position already by this year's end. And at the same time you also have kind of a relatively young fleet compared to the sector average.

但你一直起到帶頭作用。你們已經將債務從 2021 年的約 30 億美元削減到如今的不到 3 億美元。如果把本季即將完成的交易也算進去，我想到今年年底，你可能就已經處於有利地位了。同時，與行業平均相比，你們的機隊也相對年輕。

So my question, as reach this kind of very conservative leverage profile with still a young fleet, is there any kind of limits to how low leverage you would like leverage to go, and I guess that this is also kind of related to Omar's first question. How should we think about They kind of, your considerations around fleet renewal versus growth and the share of the returns. How do you balance this going go forward?

所以我的問題是，在船隊仍然很年輕的情況下，達到這種非常保守的槓桿水平，槓桿率是否有任何限制，您希望槓桿率降到多低？我想這也跟奧馬爾的第一個問題有點關係。我們該如何看待這個問題？關於車隊更新與成長以及收益份額的考量。接下來該如何平衡這兩者之間的關係？

I think that, I think first of all to echo what I said first, by the way, thank you very much for your credit report. It was, we thought it was very constructive and very well done. So, I'd like to echo what I said to Omar earlier that somebody earlier that I think people underestimate the value of optionality.

我想，首先重申我剛才說的，順便說一句，非常感謝您提供的信用報告。我們認為這非常有建設性，而且做得非常好。所以，我想重申我之前對奧馬爾說過的話，我認為人們低估了選擇權的價值。

And, a strong balance sheet, an increasingly strong balance sheet provides great optionality in different circumstances. You can always buy ships, you can always buy stock. But sometimes people very rarely have the public side of the shipping industry had the ability to take opportunities of Geopolitical crisis, almost never. And many times, those crises themselves have resulted in bankruptcy of public shipping companies or severe stress.

而且，強勁的資產負債表，尤其是日益強勁的資產負債表，能夠在不同的情況下提供大量的選擇空間。你可以隨時購買船隻，你可以隨時買股票。但有時，航運業的公眾很少有機會抓住地緣政治危機帶來的機遇，幾乎從未有過。而且很多時候，這些危機本身就導致了上市航運公司的破產或嚴重的財務困境。

And right now, we have indicated over and over again that we considered that there is a high degree of geopolitical and economic uncertainty out there. Only yesterday, I mean, the fed itself in the United States doesn't know whether it's coming or going. It goes from, oh, we're going to have two more interest cuts before.

目前，我們已經一再表明，我們認為當前存在高度的地緣政治和經濟不確定性。我的意思是，就在昨天，連美國聯準會自己都不知道貨幣政策是要實施還是要結束。事情從「哦，我們之前還會再降兩次息」發展到…

At the end of the first quarter to, well, we have to warn you, we may not even have one in December. And they can't, they're still trying to balance between inflation and And potential recession. And that's not to mention all the other things in the world that are worrying. And you've got countries in Europe and a lot of crisis. We are extremely confident in the actual product market itself.

第一季末，嗯，我們必須提醒您，我們甚至可能在 12 月都無法舉辦活動。他們做不到，他們仍在努力平衡通貨膨脹和潛在的經濟衰退。更別提世界上還有其他令人擔憂的事情了。歐洲各國危機四伏。我們對產品市場本身非常有信心。

And we are Uncertain in the geopolitical position. So at this particular point, theoretically, there isn't much of a limit at the moment. You could just pile on cash every single day. There's no there's no urgency to buy stock. There's no requirement, as you pointed out to buy other assets.

我們對自己的地緣政治地位感到不確定。所以就目前而言，理論上，還沒有太大的限制。你可以每天都往錢包裡存錢。現在沒有買股票的迫切性。正如你所指出的，沒有要求必須購買其他資產。

But you have the ability to do both, depending on what situations there are and how your whole view looks at the moment. There's no rush. I mean, it's not too bad, we've only just achieved this position, it's pretty special, so. I don't think there's any, I don't think I've ever seen a public shipping company that's had too much cash. I really haven't.

但你有能力兩者兼顧，這取決於具體情況以及你當下的整體看法。不用著急。我的意思是，情況還不錯，我們才剛剛取得這樣的成績，這很特別，所以。我不認為有這樣的公司，我好像從來沒看過哪家上市航運公司現金過剩。我真的沒有。

No, that's a good point. Thank you. Yeah, and then, in terms of, just more of a housekeeping question, I guess, you have agreed with your banks to pre-pay $155 million of debt. Is that, could you kind of break that down in the different facilities and how much will then be available for free liquidity.

沒錯，你說得對。謝謝。是的，另外，我想問一個更棘手的問題，你們已經和銀行達成協議，提前償還 1.55 億美元的債務。也就是說，您能否具體說明不同融資管道的運作方式，以及屆時將有多少資金可用於免費流動資金？

Sure, I, I'm happy to do that, in terms of the facilities. It's, we have our $94 million credit facility that's $19 million our billion-dollar credit facility that's $92 million our $117 million credit facility that's $34 million and our $49 million credit facility that's $9 million. Of that amount, $7 million is going to be revolving, so it'll be paid into part of the revolving facilities. The rest is term debt that we cannot redraw. Hope that answered your question.

當然，就設施方面而言，我很樂意這樣做。我們有 9,400 萬美元的信貸額度，其中 1,900 萬美元為可用額度；我們有 10 億美元的信貸額度，其中 9,200 萬美元為可用額度；我們有 1.17 億美元的信貸額度，其中 3,400 萬美元為可用額度；還有 4900 萬美元的信貸額度，其中 900 萬美元為可用額度，其中 900 萬美元的信貸額度，其中 900 萬美元。其中 700 萬美元將作為循環資金，因此將支付到部分循環信貸額度。其餘部分是無法重新提取的定期債務。希望我的回答能幫助你。

Yes, thank you. I really appreciate it. I return back to you.

是的，謝謝。我非常感謝。我回到你身邊。

Thank you. This concludes a question-and-answer session. I would like to turn the conference back over to Emmanuel Lauro for any closing remarks.

謝謝。問答環節到此結束。我謹將會議交還給伊曼紐爾·勞羅，請他作總結發言。

Thank you, I do not have any closing remarks apart from taking everybody for the time dedicated to us today and look forward to catching up soon. Thanks very much.

謝謝大家，我沒有什麼要補充的，謝謝大家今天抽出時間與我們交流，期待很快能與大家再次相聚。非常感謝。

The conference has now concluded, thank you for attending this presentation you many now disconnect. Thank you.

會議已經結束，感謝各位參加本次演講，現在可以斷開連結了。謝謝。