Scorpio Tankers Inc. (STNG) 2026 Q1 法說會逐字稿

Good day, and welcome to the Scorpio Tankers Inc first-quarter 2026 conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Scorpio Tankers Inc 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to hand the call over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.

現在我想把電話交給企業發展與投資人關係主管 James Doyle。請開始。

Thank you for joining us today. Welcome to the Scorpio Tankers first-quarter 2026 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; Lars Dencker Nielsen, Chief Commercial Officer.

感謝各位今天加入我們。歡迎參加 Scorpio Tankers 2026 年第一季財報電話會議。今天與我一同出席的有：執行長 Emanuele Lauro；總裁 Robert Bugbee；營運長 Cameron Mackey；財務長 Chris Avella；商務長 Lars Dencker Nielsen。

Earlier today, we issued our first-quarter earnings press release, which is available on our website, scorpiotankers.com.

今天稍早，我們已發布第一季財報新聞稿，可於我們的網站 scorpiotankers.com 查閱。

The information discussed on this call is based on information as of today, May 5, 2026, and may contain forward-looking statements that involve risks and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of the risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release as well as the Scorpio Tankers' SEC filings, which are available at scorpiotankers.com and sec.gov.

本次電話會議所討論之資訊係以截至今日（2026 年 5 月 5 日）的資訊為基礎，並可能包含涉及風險與不確定性的前瞻性陳述。實際結果可能與該等陳述所載內容有重大差異。關於風險與不確定性的討論，請查閱財報新聞稿中的前瞻性陳述揭露，以及 Scorpio Tankers 向 SEC 提交的文件，相關資料可於 scorpiotankers.com 與 sec.gov 取得。

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.

提醒與會者，本次電話會議的音訊將於網際網路上同步直播，並同時錄製以供回放。網路直播的存檔將於我們網站的投資人關係頁面提供約 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. (Event Instructions)

我們今天將進行一段簡短簡報。簡報可於 scorpiotankers.com 的投資人關係頁面「報告與簡報」項下取得。投影片也將在網路直播中提供。簡報結束後，我們將進入問答環節。（活動指示）

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, and thank you for joining us today. I would like to start this earnings call by saying thank you. And thank you to all the stakeholders who have supported us in bringing the company to where it is today.

謝謝你，James，大家早安，也感謝各位今天加入我們。我想以一句「謝謝」作為本次財報電話會議的開場。也感謝所有利害關係人一路支持我們，讓公司走到今天。

When Robert, Cameron, and I started this business in 2009, I cannot say that we envisioned every detail of what the company would become. But in our most ambitious plans, I remember looking at something like this. So we have built a platform that can return capital through the cycle whilst preserving the flexibility to invest countercyclically.

當 Robert、Cameron 與我在 2009 年創立這項事業時，我不能說我們能預見公司未來會成為什麼樣子、每個細節都能想像得到。但在我們最雄心勃勃的規劃中，我記得曾經看過類似這樣的藍圖。因此，我們建立了一個平台，能在景氣循環中回饋資本，同時保有逆週期投資的彈性。

And this would not have been possible without the trust of our shareholders, the partnership of our customers and most of all, the commitment of our people. So thank you.

而這一切若沒有股東的信任、客戶的合作，尤其是我們同仁的投入與承諾，是不可能達成的。所以，謝謝大家。

Now focusing on the business front. In the first quarter, the company generated $214 million of adjusted EBITDA, $151 million of adjusted net income. For years, we have focused on what we have under control, on what we can control, strengthening the balance sheet, optimizing the fleets and reducing our cash breakevens.

接著聚焦在營運面。第一季公司創造了 2.14 億美元的調整後 EBITDA，以及 1.51 億美元的調整後淨利。多年來，我們一直專注在我們能掌控的事情上：強化資產負債表、最佳化船隊並降低現金損益兩平點。

Today, the discipline is fully reflected in the model. Our cash position stands at approximately $1.4 billion, and it is bound to hit the $2 billion mark early in the summer with a daily cash breakeven of around $11,000 per day.

今天，這份紀律已完整反映在我們的模式中。我們的現金部位約為 14 億美元，並預計在初夏前後很快達到 20 億美元水準；每日現金損益兩平點約為每日 11,000 美元。

To put that into perspective in today's market, we generate, of course, substantial free cash flow, but in a stressed environment similar to the debt of the COVID 2020 market, we remain at or above breakeven. That is a structural advantage. Our recent financing further reinforces this.

以今日市場來看，這代表我們當然能產生可觀的自由現金流；但即使在類似 2020 年 COVID 市場那樣的壓力環境下，我們仍可維持在損益兩平或以上。這是一項結構性優勢。我們近期的融資也進一步強化了這點。

We reduced our cost of capital through 1.75% convertible bonds and a new bank facility at 120 basis points. These are the lowest margins in our history. These were proactive and opportunistic actions that were executed from a position of strength and not necessity. We are applying the same discipline to the fleet -- since the start of the year, we have sold 12 of our older vessels at prices above their original purchase levels more than a decade before.

我們透過 1.75% 可轉換公司債，以及利差 120 個基點的新銀行融資，降低了資金成本。這是我們歷史上最低的利差水準。這些都是在實力基礎上主動且把握時機的行動，而非出於必要。我們也以同樣的紀律管理船隊——自年初以來，我們已出售 12 艘較老舊船舶，成交價格高於十多年前的原始購置價格。

So this is value realization is not only fleet management. The balance sheet strength and fleet optimization together create a powerful foundation for sustained capital returns. In April, we repurchased 1.4 million shares for around $100 million. Today, we are going further.

因此，這種價值實現不僅是船隊管理。資產負債表的強度與船隊最佳化相結合，為持續的資本回饋奠定了強而有力的基礎。4 月我們以約 1 億美元回購了 140 萬股。今天，我們將更進一步。

We are announcing a new $500 million share buyback authorization and a quarterly dividend of $0.45 per share. This is deliberate capital allocation. And by any measure, this was one of the strongest quarter in the company history, not only in earnings, but also in execution.

我們宣布新增 5 億美元的庫藏股回購授權，以及每股 0.45 美元的季度股利。這是審慎的資本配置。以任何衡量標準來看，這都是公司歷史上最強勁的季度之一，不僅在獲利上，也在執行力上。

Rates have improved for six consecutive quarters, and that momentum actually not only continues, but has strengthened further into the second quarter. While the timing of geopolitical developments in the Middle East remain uncertain, we remain constructive on the underlying fundamentals that are driving the tanker market.

運價已連續六個季度改善，而這股動能不僅延續，且在第二季進一步增強。儘管中東地緣政治發展的時間點仍不確定，我們對推動油輪市場的基本面仍保持正向看法。

We expect restocking and demand reassert themselves as disruptions normal -- the disruption normalized. Critically, our low breakeven model allow us to perform across all environments, as mentioned before. We can be resilient in a weaker market and highly levered in stronger ones. We believe Scorpio Tankers is exceptionally well positioned to continue generating meaningful cash flow and deliver long term shareholder value.

我們預期，隨著干擾逐步常態化，補庫存與需求將再度顯現。關鍵在於，如先前所述，我們的低損益兩平模式使我們能在各種環境下表現：在較弱市場中具韌性，在較強市場中則具高度槓桿效益。我們相信 Scorpio Tankers 具備極佳的定位，可持續產生可觀現金流並為股東創造長期價值。

Thank you again, and I will now turn the call to James.

再次感謝各位，接下來我把電話交回給 James。

Thanks, Emanuele. Slide 7, please. Today, product tanker rates are at unprecedented levels with average clean tanker earnings over $70,000 per day. It's unclear when returns to the Strait of Hormuz will normalize. But what we do know is this, global inventories, commercial, strategic and floating have been significantly drawn down. The system will need to rebuild inventories globally.

謝謝你，Emanuele。請看第 7 頁投影片。今天，成品油輪運價處於前所未見的水準，平均清潔油輪日收益超過 70,000 美元。荷莫茲海峽的通行何時恢復常態仍不明朗。但我們確定的是：全球庫存（商業、戰略與浮式庫存）已大幅下降。整個系統將需要在全球範圍內重建庫存。

And given the scale of these draws, that process will take time. This creates a constructive setup for product tankers as refinery utilization and seaborne flows increase to support restocking in global demand.

而鑑於這次去庫存的規模，重建過程將需要時間。隨著煉廠開工率與海運流量增加以支撐補庫存與全球需求，這為成品油輪市場創造了有利的格局。

More importantly, product tanker rates were strong prior to these disruptions as a result of robust global demand driving higher seaborne exports, refinery dislocation increasing ton-mile demand and modest fleet growth constraining supply. We remain optimistic that those fundamentals support a constructive outlook in the short and medium term.

更重要的是，在這些干擾發生之前，成品油輪運價就已相當強勁，原因包括：強勁的全球需求帶動更高的海運出口、煉廠供需錯配推升噸海里需求，以及溫和的船隊成長限制了供給。我們仍然樂觀，認為這些基本面在短期與中期將支撐偏正向的展望。

Slide 8, please. Last year, over 18 million barrels of crude and refined products transited the Strait of Hormuz. Approximately 90% of the crude oil and naphtha volumes transiting the Strait were destined for Asia. West of Suez, roughly 75% of jet fuel flows go to Europe and 45% of diesel moves to Africa. The temporary loss of these volumes has forced global rerouting of trade flows on an unprecedented scale, reshaping supply chains across regions.

請看第 8 頁投影片。去年，超過 1,800 萬桶/日的原油與精煉產品經由荷莫茲海峽通行。經由該海峽運輸的原油與石腦油中，約 90% 目的地為亞洲。在蘇伊士運河以西，約 75% 的航空燃油流向歐洲，且約 45% 的柴油運往非洲。這些貨量的暫時性流失，迫使全球貿易流以前所未見的規模改道，重塑各區域的供應鏈。

Slide 9, please. We are seeing a rebalancing of flows with increased exports from the US, Africa, and Europe partially offsetting reduced volumes from the Middle East and Asia. Voyage distances have more than offset lower volumes, tightening effective supply and supporting a strong rate environment that we're seeing today.

請看第 9 頁投影片。我們看到貨物流向正在再平衡：美國、非洲與歐洲的出口增加，部分抵消了中東與亞洲的減少貨量。航程距離的增加已足以抵消貨量下降，進而收緊有效供給，並支撐我們今天所見的強勁運價環境。

Slide 10, please. Despite the scale of the disruption, demand has remained quite resilient. In the second quarter, refined product demand is expected to decline by approximately 1.5 million barrels per day year over year before rebounding by roughly 2.4 million barrels per day in the third quarter.

請看第 10 頁投影片。儘管干擾規模龐大，需求仍展現相當韌性。第二季精煉產品需求預期將較去年同期下降約 150 萬桶/日，之後在第三季反彈約 240 萬桶/日。

And this aligns with what we're seeing on the water with seaborne exports down approximately 1.9 million barrels per day in April compared to last year. As transit through the Strait of Hormuz normalize, we expect demand to recover.

這也與我們在海上觀察到的情況一致：4 月海運出口量較去年同期下降約 190 萬桶/日。隨著荷莫茲海峽通行恢復常態，我們預期需求將回升。

Slide 11, please. Importantly, the recovery in demand is expected to occur alongside a period of significant inventory restocking following recent draws. High-frequency refined product inventories have declined by more than 80 million barrels since the start of the year. US refined product inventories have drawn 12 out of the last 13 weeks.

請看第 11 頁投影片。重要的是，需求復甦預期將與近期去庫存後的顯著補庫存期同步發生。高頻精煉產品庫存自年初以來已下降超過 8,000 萬桶。美國精煉產品庫存在過去 13 週中有 12 週呈現下降。

Taken together, these data points highlight the scale of the drawdown and reinforce the magnitude of the restocking cycle ahead.

綜合來看，這些數據凸顯了去庫存的規模，並強化了未來補庫存循環的幅度。

Slide 12, please. Product tanker newbuilding activity has slowed meaningfully over the past 18 months. Only 37 vessels have been ordered year to date and approximately half the product tanker order book is LR2s. As we've highlighted, a meaningful portion of LR2s operate in the crude market.

請看第 12 頁投影片。過去 18 個月，成品油輪新造船活動已明顯放緩。今年迄今僅訂造 37 艘船舶，且成品油輪訂單簿約有一半為 LR2。正如我們先前強調的，LR2 中有相當一部分實際在原油市場營運。

Today, roughly 57% of the LR2 fleet is trading crude oil. As a result, the effective product tanker order book is smaller than it appears, reinforcing the view that future fleet growth will remain constrained.

目前，約有57%的LR2船隊正在運輸原油。因此，實際上的成品油油輪訂單簿規模比表面看起來更小，進一步強化了我們的觀點：未來船隊成長仍將受到限制。

Slide 13, please. Today, the order book is 18% of the existing fleet, which may seem high, but context matters. As you can see on the left, 21% of the product tanker fleet is already older than 20 years old. By 2028, it will be 30%. Roughly 25% of the Aframax LR2 fleet and 9% of the MR Handy fleet are sanctioned, averaging 20 to 21 years old. In a normal market, much of this tonnage would have likely already exited the fleet.

請看第13頁。目前訂單簿約為現有船隊的18%，看起來可能偏高，但必須放在脈絡中理解。如左圖所示，成品油油輪船隊中已有21%的船齡超過20年。到2028年，這一比例將達到30%。Aframax LR2船隊約25%以及MR Handy船隊約9%屬於受制裁船舶，平均船齡約20至21年。在正常市場中，這些運力很可能早已退出船隊。

Slide 14. When adjusting for aging vessels sanctioned capacity and LR2 crossover, effective clean product supply fleet growth is materially lower than the headline order book implies. We expect fleet growth to average approximately 3% over the next three years, but potentially lower.

請看第14頁。若將老舊船舶、受制裁運力以及LR2跨界因素納入調整，清潔成品油供給船隊的有效成長率將顯著低於訂單簿標題數字所暗示的水準。我們預期未來三年船隊成長平均約為3%，但也可能更低。

As refinery utilization and seaborne flows increase to support global restocking and demand normalization, the market should tighten further. Longer term, refining capacity remains constrained, while the fleet is aging faster than it can be replaced.

隨著煉廠開工率與海運流量提升，以支撐全球補庫存與需求常態化，市場應會進一步收緊。長期而言，煉油產能仍受限，而船隊老化速度快於其可被替換的速度。

Overall, we expect ton-mile demand to outpace fleet growth.

整體而言，我們預期噸海里需求將超過船隊成長。

With that, I'd like to turn it over to Chris.

接下來，我想把時間交給Chris。

Thank you, James, and good morning or good afternoon, everyone. Slide 16, please. This quarter, we generated $214 million in adjusted EBITDA and $216 million in net income on an IFRS basis. This includes a $66 million gain on the sale of four vessels during the quarter. We sold another two vessels in April and have reached agreements to sell another nine vessels, all built in 2014 or 2015 and all at cyclically high prices.

謝謝你，James，各位早安或午安。請看第16頁。本季我們創造了2.14億美元的調整後EBITDA，並按IFRS基礎錄得2.16億美元的淨利。這其中包含本季出售四艘船舶所帶來的6,600萬美元處分收益。我們在4月又出售了另外兩艘船，並已達成協議再出售另外九艘船，這些船皆建於2014或2015年，且成交價格處於景氣循環的高位。

Additionally, we declared a $0.45 per share dividend and replenished our securities repurchase program to $500 million. The chart on the right shows the evolution of our net debt position since December of 2021. Our capital allocation policy over this period has been headlined by debt reduction and balance sheet fortification.

此外，我們宣告每股0.45美元股利，並將我們的證券回購計畫補充至5億美元。右側圖表顯示自2021年12月以來我們淨負債部位的演變。在此期間，我們的資本配置政策主軸是降低負債並強化資產負債表。

As you can see, this approach has resulted in a reduction of our net debt position by $3.8 billion from a net debt balance of $2.9 billion at the end of 2021 to a pro forma net cash balance of $876 million as of today, which reflects our actual net cash balance of $479 million adjusted for the sales of nine vessels that are pending closing.

如各位所見，這一做法使我們的淨負債部位減少了38億美元，從2021年底淨負債餘額29億美元，降至目前按備考口徑計算的淨現金餘額8.76億美元；該數字反映我們實際淨現金餘額4.79億美元，並就九艘待交割船舶出售進行調整。

Slide 17, please. The chart on the left breaks down our outstanding debt by type. As you can see, our capital structure keeps evolving as we continue to pursue opportunities to lower our cost of capital.

請看第17頁。左側圖表按類型拆解我們的未償債務。如各位所見，隨著我們持續尋求降低資本成本的機會，我們的資本結構仍在演進。

First, we have $368 million in secured bank debt with a lending group exclusively comprised of experienced shipping lenders, and this debt all carries margins below 200 basis points. Further to this, $198 million of this amount is drawn revolving debt, an important tool that we can use if we want to repay the debt but maintain access to the liquidity in the future.

首先，我們有3.68億美元的有擔保銀行債務，貸款團完全由具經驗的航運放款機構組成，且該等債務的利差皆低於200個基點。此外，其中1.98億美元為已動用的循環債務，這是一項重要工具：若我們希望償還債務，同時仍保留未來取得流動性的管道，便可加以運用。

Next is our $200 million five-year senior unsecured notes, which were issued in the Nordic bond market in January of 2025 and are currently trading at above 103 to par.

其次是我們2億美元、五年期的優先無擔保票據，於2025年1月在北歐債券市場發行，目前交易價格高於面值的103。

Last is our $375 million convertible notes due 2031, which were just issued under a month ago. These notes have a coupon rate of 1.75% and are convertible to common stock only under certain circumstances at a conversion price over $100 per share.

最後是我們3.75億美元、2031年到期的可轉換公司債，這是在不到一個月前剛發行的。該等債券票面利率為1.75%，且僅在特定情況下可按每股超過100美元的轉換價格轉換為普通股。

As part of the offering of our convertible notes, we repurchased 1.3 million or 2.6% of our outstanding common shares for $100 million. The chart on the right shows how we continue to pursue ways to reduce our cost of capital. Over the past four years, we have transitioned our vessel related borrowings out of expensive lease financing into lower cost, higher flexibility secured bank debt.

作為可轉債發行的一部分，我們以1億美元回購了130萬股、約占已發行普通股的2.6%。右側圖表顯示我們如何持續尋求降低資本成本的方法。過去四年，我們已將與船舶相關的借款從成本較高的租賃融資，轉向成本更低、彈性更高的有擔保銀行債務。

And our efforts to pursue lower cost, longer tenure structures are ongoing, as you can see with our recent announcement of a $50 million secured credit facility with Bank of America at just 120 basis points margin and a seven-year tenor.

而我們追求更低成本、更長期限結構的努力仍在持續；正如各位所見，我們近期宣布與美國銀行簽署5,000萬美元的有擔保授信，利差僅120個基點，期限為七年。

As you can see, this strategy, coupled with our aggressive prioritization of debt reduction has transformed the company's credit profile, thereby unlocking these opportunities in the unsecured markets. Now around 60% of our debt structure is unsecured and not due until 2030 and 2031.

如各位所見，這項策略加上我們積極優先降低負債，已改變公司的信用概況，從而在無擔保市場解鎖這些機會。如今約60%的債務結構為無擔保，且到期日要到2030年與2031年。

Slide 18, please. The chart on the left shows our liquidity profile. We had $1.4 billion in cash as of May 1. And if we consider the sale of three vessels that were pending closing as of that date, the cash balance is $1.8 billion on a pro forma basis. We also have an additional $712 million in availability under revolving credit facilities for a total of $2.5 billion in available liquidity.

請看第18頁。左側圖表顯示我們的流動性概況。截至5月1日，我們持有14億美元現金。若將截至該日仍待交割的三艘船舶出售納入考量，按備考口徑現金餘額為18億美元。此外，我們在循環授信項下尚有7.12億美元可動用額度，使可用流動性合計達25億美元。

Since November of last year, we have signed contracts to purchase 10 newbuilding vessels, and the chart on the right is a waterfall reflecting our commitments to purchase these vessels. Our disciplined capital allocation over the last three years has afforded us the financial flexibility to enter into these newbuilding contracts.

自去年11月以來，我們已簽約購買10艘新造船；右側圖表為瀑布圖，反映我們購買這些船舶的承諾。我們過去三年的紀律性資本配置，使我們具備財務彈性得以簽訂這些新造船合約。

Our remaining newbuilding commitments totaled just over $641 million as of today after the payment of $59 million towards these vessels in the first quarter of 2026. Hypothetically speaking, we could pay for all of these vessels today in cash without incurring any new debt. Importantly, approximately 80% of these remaining installment payments are not due until the years 2027, 2028 and 2029.

在2026年第一季已就這些船舶支付5,900萬美元後，截至目前我們剩餘的新造船承諾總額略高於6.41億美元。假設而言，我們今天就可以用現金支付所有這些船舶，而無需新增任何債務。重要的是，約80%的剩餘分期款項要到2027、2028與2029年才到期。

With a low cash breakeven rate currently at approximately $11,000 per day, we are well positioned to build cash prior to delivery. Moreover, the age and specifications of these vessels make them attractive financing candidates, which has the potential to open opportunities for us to further optimize our capital structure and lower our cost of capital.

目前我們的現金損益兩平點約為每日11,000美元，這使我們在交付前有良好條件累積現金。此外，這些船舶的船齡與規格使其成為具吸引力的融資標的，這有機會為我們開啟進一步優化資本結構並降低資本成本的可能性。

Slide 19, please. Our cash breakeven rates are at the lowest levels in the company's history. As shown on the left, these levels are below our achieved daily TCE rates dating back to 2013, with the closest point occurring during COVID-19 when global oil demand saw its largest decline on record.

請看第19頁。我們的現金損益兩平點處於公司歷史最低水準。如左圖所示，這些水準低於我們自2013年以來所達成的每日TCE水準；最接近的一次出現在COVID-19期間，當時全球石油需求出現史上最大幅度下滑。

And just to add, the cash interest on our convertible notes only raises our cash breakeven levels by a modest amount and is more than offset by the interest we currently earn on our deposits.

另外補充一下，我們可轉債的現金利息只會使現金損益兩平點小幅上升，而且這部分影響已被我們目前存款所賺取的利息所抵銷，甚至有餘。

To illustrate our cash generation potential at these cash breakeven levels, at $20,000 per day, the company can generate up to $260 million in cash flow per year. At $30,000 per day, the company can generate up to $548 million in cash flow per year. At $40,000 per day, the company can generate up to $836 million in cash flow per year. And at $50,000 per day, the company can generate up to $1.1 billion in cash flow per year.

為了說明在這些現金損益兩平點下的現金創造潛力：若以每日20,000美元計，公司每年可產生最高約2.6億美元現金流；若以每日30,000美元計，每年最高約5.48億美元；若以每日40,000美元計，每年最高約8.36億美元；若以每日50,000美元計，每年最高約11億美元。

This concludes our presentation today. We'd like to thank everyone for their time and attention. And now we'd like to turn the call over to Q&A.

我們今天的簡報到此結束。感謝各位撥冗與關注。接下來我們將把電話會議交給問答環節。

(Operator Instructions) Greg Lewis, BTIG.

（接線員指示）Greg Lewis，BTIG。

I guess this first question is either for Chris or Robert. Could you kind of walk us through the decision on the convertible bond? Clearly, you laid out how strong the balance sheet is, and you kind of touched on it, but just kind of curious, a lot of cash on the balance sheet. How are we thinking about the liquidity and the opportunities for STNG post the convert?

我想第一個問題是問Chris或Robert。你們能否帶我們梳理一下發行可轉債的決策？很明顯你們已說明資產負債表非常強健，也稍微提到一些，但我只是好奇：資產負債表上有很多現金。在完成這次可轉債之後，我們如何看待STNG的流動性以及可把握的機會？

Chris, you'd like to start and I'll follow?

Chris，你要先開始，我再補充嗎？

Sure. Thanks, Greg. As we said, it was opportunistic. The convertible markets are strong right now and we have a strong credit profile. So it made for a good opportunity to execute an instrument that we view as a low cost of capital: 1.75% coupon and a high conversion premium. We're mindful of the fact that we have a lot of secured debt maturing in a couple of years, say 18 to 24 months.

當然。謝謝你，Greg。如我們所說，這是一次機會型操作。可轉債市場目前很強勁，而我們的信用概況也很強，因此這是執行一項我們認為資本成本很低的工具的好機會：1.75%的票息，以及較高的轉換溢價。我們也留意到，我們有不少有擔保債務將在幾年內到期，大約是18到24個月。

So our debt position is not static and we're just going to continue to look at opportunities to execute on low-cost transactions, and this is just one of those.

因此，我們的負債部位並非一成不變，我們會持續尋找以低成本交易來執行的機會，而這只是其中之一。

I don't have anything else to add to that, Greg.

Greg，這部分我沒有其他補充。

And then the other question, just on the market as we think about it, James, you touched on ton miles expanding, maybe volumes not being where they need to be, maybe volumes being a little bit light. I guess, roughly a little over two months into the conflict and more of the war in Iran. Have we started to see pockets of hoarding or anything that is kind of just -- I mean, I imagine there's lots of things out of the ordinary that you're seeing.

接著另一個問題，關於市場的部分，James，您提到噸海里在擴張，但可能運量沒有達到應有水準，或是運量稍微偏輕。我想，大概衝突爆發後兩個多月、以及伊朗戰事更進一步之後，我們是否已開始看到一些囤積的現象，或任何有點——我是說，我想你們看到很多不尋常的事情。

But just kind of curious how that's translating into maybe new trade routes or expanding ones, replacing others? Just kind of curious on what you're seeing there.

但我只是好奇，這是否正在轉化為新的貿易航線或既有航線的擴張、取代其他航線？想請教你們目前看到的情況。

Lars, would you like to take this one?

Lars，這題你想回答嗎？

Yes, sure. I'll start off. Yes, that's for sure. We have seen a lot of what you would consider to be genuinely unique voyages and instances. Ton miles have obviously elongated across the board. We have seen a huge amount of increase in the US Gulf Coast exports very much further afield than what we would have seen before.

好的，當然。我先說。是的，確實如此。我們看到許多可稱得上真正獨特的航次與案例。噸海里顯然全面拉長。我們也看到美國墨西哥灣沿岸的出口大幅增加，且目的地遠比以往更遠。

From a pre-conflict into conflict level being the stuff with Iran, we had ships that were trading and transporting towards the West. And then before they even came to the Cape of Good Hope, they were asked to will you go to the Middle East. And then one day later, can you please go back to Asia where they actually had loaded from.

從衝突前到衝突期間（也就是與伊朗相關的事件），我們有船舶原本在西向航線交易與運輸。結果在還沒到好望角之前，就被要求改去中東；然後一天之後，又被要求請回到亞洲——也就是它們原本裝貨的地方。

The fact is that the price of oil and price of product has made such that the price of freight has become insignificant. So we're not seeing any issues of freights being curtailed because of the price of freight because the oil underlying is so valuable and it's also so important for the security of supply. So that also obviously goes into the structural reshuffling of product in the United States.

事實是，原油與成品油的價格使得運費成本變得微不足道。因此我們沒有看到因運費價格而導致運輸被抑制的問題，因為底層的油品價值非常高，而且對供應安全也極其重要。這也顯然反映在美國境內產品結構性的重新配置上。

We've seen, obviously, the headline of the Jones Act being waived for a brief moment in time. That has obviously also kind of moved your needle to anything that we've seen in the past. So yes, there certainly has been a lot of change.

我們也看到，當然，媒體頭條提到《瓊斯法案》（Jones Act）曾在短時間內被豁免。這也顯然把情勢推向了過去未曾見過的狀態。所以是的，確實發生了很多變化。

Omar Nokta, Clarkson Securities.

Omar Nokta，Clarkson Securities。

Clearly, things are moving in a really nice direction for Scorpio, certainly from a financial perspective, going deeper into net cash. You just re-upped the buyback to $500 million. And I just wanted to get a sense from you, does this signal a pivot in how you're viewing uses of capital from here?

很明顯，Scorpio 的情況正朝著非常好的方向發展，尤其從財務角度來看，淨現金部位更深。你們剛把庫藏股回購額度提高到 5 億美元。我想了解的是，這是否代表你們對未來資本用途的看法出現轉向？

And is there any preference at this point in terms of the interest looking either at the shares or the unsecured notes or the converts?

而且此刻在配置上是否有偏好：是更關注股票、無擔保票據，還是可轉債？

I don't think it creates a pivot in strategy. I think this creates a point where we feel ready enough to give ourselves the largest ever buyback the company has ever had if it decides that that's the right thing to do. So there's no pivot. The idea is just developing a strategy. The first thing is to deleverage.

我不認為這代表策略轉向。我認為這是到了某個時間點，我們覺得已經準備好，讓自己擁有公司史上最大的回購額度——如果我們判斷那是正確的事。因此沒有轉向。這只是策略的延伸。第一件事是去槓桿。

The second is to start to renew the fleet and take advantage of backwardization in the curve. And the third is to -- as Chris says, is to then start to use that balance sheet in getting very effective cheaper finance and being able to put up the largest ever buyback the company has had, which is a continuation of strategy, which is we'll watch and we'll act and we'll react when and if we see the opportunity.

第二是開始更新船隊，並利用曲線的逆價差（backwardation）。第三——如 Chris 所說——是開始運用資產負債表取得非常有效、成本更低的融資，並能提出公司史上最大的回購額度。這是策略的延續：我們會觀察，並在看到機會時採取行動與因應。

So to me, we kind of, in a funny way, seem to sort of develop like a hammer and anvil here. We got the tremendous cash position that the company has in one sense and its ability to get debt cheaply. And underneath it now, we're developing the anvil there so that if you had a wobble in the stock or we just see a continuing lack of dislocation between NAV and stock price that we can come in and take advantage of that because we believe very much in the long term development and continued health of the company.

所以對我而言，我們有點像是在打造「錘子與鐵砧」。一方面，公司擁有龐大的現金部位與以低成本取得負債的能力；而在其下方，我們正在打造那個「鐵砧」，使得如果股價出現波動，或我們持續看到淨資產價值（NAV）與股價之間缺乏失衡（dislocation），我們就能進場把握機會，因為我們非常相信公司長期的發展與持續的健康狀態。

And maybe just to follow up and touch on, I think you were mentioning the fleet and taking advantage of the backwardation there. Just want to get a sense from you on how you're thinking about the fleet as it is now. You sold a bunch of vessels this year. You've got $500 million or so coming in, in the second quarter from those vessel sales.

再追問一下，關於你提到的船隊以及利用逆價差。我想了解你們如何看待目前的船隊。你們今年賣了不少船，第二季從這些船舶出售大概會有 5 億美元左右的資金流入。

Are we getting to a point where maybe the active selling, if you want to call it that, slows down? And is it more about fine-tuning the fleet? Is it looking at new buildings? How are you thinking about the fleet position from here?

我們是否正走到一個階段，所謂的積極賣船（如果可以這麼說）會放緩？接下來更像是微調船隊？會看新造船嗎？你們接下來如何思考船隊部位？

I think we haven't -- again, we haven't changed on that. I mean, we're there to take -- continue to take opportunistic sales, take opportunistic -- we're working longer term time charters too. And at the same time, we might continue to gently and responsibly where it's so clear that that financing is not changing our hammer as it were to engage in the renewal part of it that we've done gently.

我認為我們——再次強調——在這方面沒有改變。我們會持續把握機會性出售、把握機會性——我們也在做較長期的期租（time charter）。同時，在非常明確且融資條件不會改變我們所謂「錘子」的前提下，我們也可能會以溫和且負責任的方式，持續推進我們一直以來溫和進行的更新（renewal）工作。

You're not going to see some massive great big order. You're not going to see some acquisition of a competitor. It's just going to be continuing to gently move each of the parameters we're looking at along the way here to be much of the same.

你不會看到什麼龐大的下單。你不會看到收購競爭對手。只會是持續、溫和地推動我們所關注的各項參數，整體上大致維持同樣的方向。

Jon Chappell, Evercore ISI.

Jon Chappell，Evercore ISI。

James, I appreciate the presentation regarding the disruption. A lot of it seems to be focused around once the flows normalize. Can you help us just kind of with scenario analysis here? There's still a lot of uncertainty. It feels like the path may be changing by the week, if not the hour.

James，感謝你對於擾動（disruption）的簡報。很多內容似乎聚焦在當貨物流向恢復正常之後。能否協助我們做一些情境分析？目前仍有很多不確定性，感覺路徑可能每週、甚至每小時都在變。

What are some of the other kind of upside opportunities, but also downside risks as this unprecedented situation continues to evolve?

在這個前所未有的情勢持續演變之際，有哪些其他可能的上行機會，以及下行風險？

Maybe I can take a start at that one, if I can.

如果可以的話，我先開個頭回答這題。

Sure.

當然。

I don't think we -- I'll say this very clearly. I just don't think we're in control of that. I don't think -- we don't spend much time in going through the hypotheticals or working out if A happens, if B will happen or even whether A will happen because it's information changes as to whether or not this Hormuz open, whether or not the Iranians, we're still selling international ships about 3 or 4 times just yesterday. So we'll pass on the hypotheticals, if that's okay, Jon.

我很清楚地說：我不認為我們能掌控這些。我不認為——我們不會花太多時間去推演假設情境，或計算如果 A 發生、B 是否會發生，甚至 A 是否會發生，因為資訊一直在變：荷姆茲海峽是否開放、伊朗人是否——我們昨天甚至還把國際船舶賣了大概 3 到 4 次。所以如果可以的話，Jon，我們就先不談這些假設情境。

Well, how about how your operations have changed? We see these headline rates. Are you fully absorbing them? Have you had to move the fleet around? So maybe do you have imbalance or maybe even better exposure to certain regions?

那你們的營運方式有什麼改變？我們看到這些媒體頭條的運價。你們是否能完全吸收？是否必須調動船隊？所以你們是否出現不平衡，或反而在某些區域有更好的曝險？

Just how do we think about these headline rates that we're seeing, how it translates to you both from a top line perspective, but also from a potential disruption or cost/bunker perspective?

我們該如何看待目前看到的這些頭條運價：它如何轉化到你們身上——不論是營收（top line）角度，或是潛在的擾動、成本／燃油（bunker）角度？

Lars?

Lars？

I mean, I think this is part and parcel of what we do every single day. We need to kind of assess where we anticipate the market to kind of react as the fleets are deployed. There's no doubt that when this happened, we made a conscious effort to move our ships west where we could see that the market dislocation was being kind of the greatest, and there was clearly at the margin, stronger market movements taking place.

我的意思是，我認為這就是我們每天都在做的工作之一。我們需要評估當船隊部署後，市場可能會如何反應。毫無疑問，當事件發生時，我們有意識地把船往西移動，因為我們看到市場失衡（dislocation）在那裡最為明顯，而且邊際上確實出現更強的市場變動。

So we moved ships a lot both through the canal and also around the Cape of Good Hope, but we also made sure that the ships that we had opening in kind of New Zealand, Alaska, North Asia, making decisions to move these ships across. And that probably took a little bit of time, but it kind of paid off.

因此我們大量調動船舶，既有穿越運河，也有繞行好望角；同時我們也確保那些在紐西蘭、阿拉斯加、北亞等地即將空船（opening）的船舶，做出把這些船調過去的決策。這可能花了一點時間，但確實帶來了回報。

You still see today even with the high volatility that is in the markets, rates are moving 15%, 20% intra-week. But structurally, it has been such that the West market has been benefiting from a rate perspective greater than you'd see vessels trading east of Suez.

即使在今天市場仍高度波動，運價在一週內上下波動 15%、20%。但從結構上看，西方市場在運價表現上受益更大，優於你在蘇伊士以東交易的船舶。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Maybe can you talk about any increased interest in multi-year charters given the environment, maybe your thought on that? Do you want to keep same exposure to the spot market? And then any incremental developments from Venezuela? We've talked about that a lot in terms of short-haul moves.

也許你能談談在目前環境下，市場對多年期租約是否有增加的興趣，以及你對此的看法？你們是否希望維持對即期市場相同的曝險？另外，委內瑞拉方面有沒有任何新增的進展？我們之前談過很多，主要是就短程運輸的動向而言。

I'll just take one of the bits first, Lars. So I think when it comes to looking at it, look, our reduced breakeven in all senses, the lack of debt, the low borrowing cost, is now opening up the situations where you can really look you can look quite favorably at five-year charters, six-year charters, seven-year charters as just very, very locked in simple, profitable, secure returns, adding to, let's say, stability of income, which has always been lacking really in tanker companies.

我先回答其中一部分，Lars。我認為在評估這件事時，你看，我們在各方面的損益兩平點降低了，沒有負債、借款成本低，這些因素現在讓你能夠在一些情境下真正去看待——你可以相當正面地看待五年期、六年期、七年期的租約，因為它們就是非常、非常鎖定的、簡單的、可獲利且安全的報酬，並且能增加（比如說）收入的穩定性，而這一直是油輪公司真正欠缺的。

So yes, we're not only looking at opportunities that arise, but also favorable to it because of the dynamics in terms of our own financial breakeven.

所以是的，我們不僅會看出現的機會，而且基於我們自身財務損益兩平點的動態，我們也對此持正面態度。

Lars, would you like to go through the details?

Lars，你要不要把細節說明一下？

Yes. I mean, we obviously reported a couple of them within the quarter that we have done. Certainly, in my experience in the market, it's generational highs in terms of long-term charters. And this is long-term charters to very bankable first-class end users, which we have not seen before. We would always have a balance between spot and time charter, but we certainly have still a very large proponent towards spot.

好。我是說，我們在本季內顯然已經公告了幾筆我們做過的交易。以我在市場上的經驗來看，長期租約的水準是世代高點。而且這些長期租約是提供給非常可融資、第一流的終端用戶，這是我們以前沒見過的。我們一向會在即期與期租之間保持平衡，但我們目前仍然非常偏向即期。

But clearly, the ships that we have on time charter all reflect the quality of the paper and also people that we strategically have aligned ourselves with in terms of the spot business that we also do for them so that the relationship goes up to a different level. And that has, over the years, been something that we can see has benefited the business.

但很明顯，我們放在期租的船舶都反映了合約對手（paper）的品質；同時也反映出我們在策略上與哪些客戶結盟——就我們也為他們承作的即期業務而言——使得關係提升到不同層次。多年來，這一直是我們看到對業務有益的做法。

In terms of looking at charters for the future, we continue to look at charters every single day. There has been continued interest both in MRs and also in LR stroke Aframaxes as everybody on the call will probably appreciate that we today look at LR2s and Aframaxes as one segment.

就未來租約的評估而言，我們每天都持續在看租約。市場對MR以及LR（以及Aframax）的興趣持續存在——我想在座各位都會理解，我們今天把LR2與Aframax視為同一個區隔。

And there certainly has been a substantial interest in that market. Indeed, we have seen one-year deals at extremely high and elevated numbers. We've seen three-year deal interest, five-year deal interest.

而且該市場確實有相當大的興趣。事實上，我們看到一年期的交易以極高、偏高的價格成交；也看到三年期、五年期的興趣。

Clearly, when it comes to eight-year deals that we have done one of, that are not that frequent to see. But it's clear to me that it's not only the shipowner that considers the market to look pretty good, but a lot of the people that we do business with are willing to put pen to paper and expose themselves for long-term charter.

很明顯，至於我們做過一筆的八年期交易，市場上並不常見。但對我來說很清楚，不只是船東認為市場看起來相當不錯，我們往來的許多客戶也願意白紙黑字簽下來，承擔長期租約的曝險。

If I can get maybe two rapid ones, right? It's just the -- are you seeing any shortages now at this point yet on some of the products, I don't know, jet fuel in different areas? I think you were talking about New Zealand. I was there not too long ago. It seemed like Australia was starting to ration some fuel.

我可以再快速問兩個嗎？就是——你們現在是否已經在某些成品上看到短缺了？我不知道，例如不同地區的航空燃油？我記得你提到紐西蘭。我不久前才去過那裡，感覺澳洲開始對部分燃料實施配給。

Maybe thoughts on where we are? James was talking about inventories. And then I think you mentioned the $2 billion in cash by the summer, but the $500 million buyback plan. Thoughts on the other $1.5 billion usage plans.

想請教你對目前狀況的看法？James 在談庫存。然後我想你提到到夏天會有20億美元現金，但同時有5億美元的回購計畫。那另外15億美元的用途規劃是什麼？

I'll start with the shortages. I think what we've seen in Southeast Asia is obviously methods to reduce travel. But what I think at a high level we've seen is so far it appears that it's more inefficient supply to meet demand.

我先談短缺。我認為我們在東南亞看到的，顯然是一些降低出行的措施。但我覺得從更高層次來看，目前看起來更像是供應端為了滿足需求而變得更沒效率。

Demand has been quite strong. And when you look at the issues that are currently happening, a lot of it falls to this -- there's not a lot of spare refining capacity in the world. And we've been talking about this for years on the call, but you've had closures around the world, refinery capacity has moved further away from the consumer.

需求一直相當強勁。而當你看目前正在發生的問題，其中很大一部分可歸因於——全球沒有太多閒置的煉油產能。我們在電話會議上談這件事已經好幾年了：全球各地有煉廠關閉，煉油產能也移得離消費者更遠。

And what you're seeing as a result of this is that. So I think going forward, you're going to see, like I mentioned, a lot of restocking. You're still going to see this refinery dislocation just because of how long it takes to build a refinery. And we'll see how the situation develops, but I think it's very constructive in the short to medium term based off this refinery dislocation.

因此你看到的結果就是如此。所以我認為往前看，你會看到如我提到的，很多補庫存；你也仍會看到這種煉廠錯位（dislocation），因為興建煉廠需要很長時間。我們會觀察情勢如何發展，但我認為基於這種煉廠錯位，短中期是非常具建設性的。

To add to the future, I think you're going to see us continue to maintain a very healthy overall cash position. I think that we've said that we would even consider doing further sales of the old tonnage. So that would actually result in an even higher cash position than any forecast you guys to make at the moment.

再補充談未來，我想你會看到我們持續維持非常健康的整體現金部位。我們也說過，甚至會考慮進一步出售老舊船舶。那其實會讓現金部位比你們目前任何預測都還要更高。

However, we also said that we'd be willing to explore opportunistically continuing our renewal, which would indicate that you might get a few newbuilding orders, not many, but just a few to keep a sort of steady position. And where you're keeping the vast majority of cash generated, but you're giving some of it out on buybacks like you've seen so far this quarter, dividend and newbuilding orders.

不過，我們也說過，我們願意在機會出現時探索持續的船隊汰舊換新，這意味著你可能會看到少量的新造船訂單——不會很多，但會有一些——以維持某種穩定的部位。也就是說，你會保留絕大多數所產生的現金，但也會像你們本季迄今看到的那樣，拿出一部分用於回購、股利以及新造船訂單。

We didn't raise the dividend this quarter, but not for any other reason. But look, it was a knockout quarter. It was fantastic. And we'd like to have a look at things when it comes in later in the year, July, September, whether we're likely to increase the dividend again as to how much, whether it continues to be in little smaller steps or whether we feel we could do one slightly bigger step will come.

我們本季沒有調高股利，但不是因為其他原因。你看，這是一個非常亮眼的季度，表現非常出色。我們希望在今年稍晚、7月或9月時再檢視一下，看看我們是否可能再次提高股利、提高多少、是繼續以較小步伐調升，或是我們覺得可以做一次稍大幅度的調升——到時候再決定。

But overall, it's just a continuation of what we've been doing in the last 6, 9, 12 months that are steadily going along, taking advantage of the arbitrage on the curve, taking advantage of some great second-hand prices, which, in fact, there are indications that those prices are still increasing.

但整體而言，這就是延續我們過去6、9、12個月一直在做的事：穩健地往前走，利用曲線上的套利機會，利用一些很好的二手船價格——事實上，有跡象顯示那些價格仍在上升。

We're seeing that in the market. And that's it, just a continuation. It seems to be working well so far.

我們在市場上也看到了。就這樣，持續延續下去。目前看起來運作得不錯。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I wanted to touch on fleet renewal. If you wanted to talk a little bit about if you have a preference, whether it's more LR2s or medium-range exposure in the fleet. Maybe just any general commentary you can have on general fleet exposure within fleet renewals would be helpful. And then I do have one follow-up.

我想談談船隊汰舊換新。如果可以的話，想請你們多談一點：在船隊中你們是否有偏好，是增加LR2，或是增加中程（MR）的曝險？就汰舊換新下的整體船隊曝險，任何一般性的評論都會很有幫助。然後我還有一個追問。

Stephanie, you are welcome. Secondly, you've sort of seen us and we will continue again that we backed off the VLCCs in terms of expanding there. And so -- and the recent renewals have been in the product tankers, both in the MRs and the LR2s. And my expectation would be that that's where we will continue to concentrate and find opportunity.

Stephanie，歡迎。第二點，你也看到我們——而且我們會繼續——在VLCC的擴張方面有所收斂。所以——近期的更新主要是在成品油輪上，包含MR與LR2。我預期我們會繼續把重點放在這裡並尋找機會。

And then just I wanted to follow up actually on the prior question on the dividend itself. So I guess just given the favorable financial position that you are in now, and I appreciate your stance on flexibility, but wanted to know if you did have any kind of quarterly targeted payout that we should be looking at.

然後我想追問其實是關於前一題的股利本身。所以我想，鑑於你們現在非常有利的財務狀況，我也理解你們對彈性的立場，但想知道你們是否有任何每季目標配息水準，是我們應該關注的？

We haven't yet reached that. I can tell you what we won't have. We won't do extraordinary dividends and we won't do these high payout dividends. We're all for what we would call a permanent a dividend that can be met through good times and bad, and that ideally can be improved on in good times and bad.

我們還沒有到那一步。我可以告訴你我們不會做什麼：我們不會發放特別股利，也不會做這種高配息率的股利。我們支持的是我們所謂的「永久性」股利，也就是在景氣好壞時都能支付，並且理想上在景氣好壞時都能逐步改善。

And the payout dividends, high payout dividends, particularly that are tied to percentages of income or whatever historically, they work great in good times and are quite tragic in other times.

而高配息率的股利，特別是那種與獲利百分比或其他指標綁定的，從歷史來看，在景氣好時運作得很好，但在其他時候就相當悲劇。

Chris Robertson, Deutsche Bank.

Chris Robertson，德意志銀行。

This might be one for Lars. This is just a question related to the bunker fuel market. I know initially, there was quite a bit of disruption and a huge spike in prices there. Can you talk about how is that availability going? And is it having any impact on where -- how you're thinking about positioning the fleet, which voyages you're taking? Has that situation gotten any better over the last few weeks?

這題可能要問Lars。是關於船用燃油（bunker fuel）市場的問題。我知道一開始那邊有相當大的干擾，價格也大幅飆升。你能談談目前供應可得性如何嗎？以及這是否對你們——你們如何思考船隊配置、選擇哪些航次——有任何影響？過去幾週情況有變好嗎？

The short answer is that we do not see issues today in terms of securing bunkers on any of our ships around the world. Prices certainly went very high and elevated place, and there was a lot of questions just as this conflict started, and we were obviously looking at this. But to be honest, this is kind of what we do every single day anyway.

簡短的回答是，就目前而言，我們並未看到在全球任何一艘船舶上取得燃油補給（bunkers）方面有問題。價格確實一度飆得很高、維持在高檔，而在這場衝突剛開始時也出現了很多疑問，我們當然也在關注。但坦白說，這其實就是我們每天都在做的事情。

Bunker planning is a very important part of any voyage planning that we do. So these things are looked at any given time so that we can reflect the pricing of the bunker input to the output of the time charter equivalent, and that continues to be the case. But right now, we do not encounter issues that create additional issues for us in terms of supplying bunkers.

燃油規劃是我們進行任何航程規劃時非常重要的一部分。因此，這些事項在任何時間點都會被檢視，以便我們能將燃油成本的價格反映到期租等價（time charter equivalent）的產出上，而目前也仍是如此。但就現在而言，我們並未遇到會在燃油供應方面為我們帶來額外問題的情況。

This is just a follow-up to many questions here related to the dividend. So apologies for retreading similar ground. But realizing this is a bit of a chicken and egg situation, Robert, if maybe you could talk a little bit more about the philosophy around the dividend.

這是針對這裡許多與股利相關問題的追問，所以先為重複類似內容致歉。不過我理解這有點像先有雞還是先有蛋的情況，Robert，如果你能再多談一點關於股利的理念就好了。

Is it a situation where you're looking for a certain amount of balance sheet strength or a certain breakeven level or a certain market type of environment and rate sustainability? Or what kind of would drive an increase to the dividend, realizing that the ultimate goal is to be at a sustained level throughout various parts of the cycle?

這是否是一種情況：你們會尋求一定程度的資產負債表強度、或某個損益兩平水準、或某種市場環境與運價可持續性？又或者，什麼樣的因素會驅動股利提高——同時也理解最終目標是在景氣循環的不同階段都能維持在一個可持續的水準？

No, that's not the ultimate goal isn't to be a sustained level because what I hear from that is the sustain percentage of stock price, sustain percentage of earnings. That's not what it is. What we hope to do throughout the cycle is to be able to raise the regular dividend. And a dividend is not just being raised and regular and sustainable by us, but it's clear to the most conservative of long-only large institutions, hopefully income growth side too that we would like to develop. That we can pay it under any circumstances.

不，那不是最終目標，並不是要維持在某個固定水準，因為我聽起來那像是要維持股價的某個百分比、維持盈餘的某個百分比。不是那樣。我們希望在整個循環中能做到的是提高例行股利。而且股利不只是由我們提高、變得規律且可持續；我們也希望對最保守的長期持有型大型機構投資人而言是清楚的——也希望能吸引偏好收益成長的一端——也就是我們在任何情況下都能支付它。

So that's where you're starting to see in the actual presentation, a lot of concentration by Chris on cash breakeven, a lot of slides related to what happens if we re-live the worst market that we've ever lived in, which is COVID, can the company continue to pay and grow the dividend through that cycle. But that's how we're evaluating it.

所以你會看到在實際簡報中，Chris 對現金損益兩平（cash breakeven）有很多著墨，也有很多投影片在談：如果我們再次經歷我們所遇過最糟的市場——也就是 COVID——公司是否仍能在那個循環中持續支付並成長股利。這就是我們評估的方式。

And I think at the moment, things are moving -- we raised it in the last quarters actually. I think this was just an unbelievably knockout quarter that we felt that what do we do? Do we raise it $0.01, do we raise it $0.05? It's sort of fairly unclear to us. We just left it aside knowing that we had an incredible quarter.

而我認為就目前而言，事情正在推進——我們其實在前幾季已經提高過。我覺得這一季的表現實在是非常亮眼，讓我們在想該怎麼做？是提高 0.01 美元，還是提高 0.05 美元？對我們來說其實相當不明確。我們先暫時按兵不動，因為我們知道這是一個非常出色的季度。

We put steps into the balance sheet, a terrific guidance for the second quarter. I mean, extraordinary, even surprised us. So no one out there can possibly say they expected the guidance that we've given. And that will then later in the year, we can sit there and see what the next level is to -- that we're happy to move to on a sustainable basis, that's all.

我們也在資產負債表上採取了措施，並給出了第二季非常好的指引。我的意思是，極為出色，甚至連我們自己都有點意外。所以外界不可能有人說他們原本就預期我們會給出這樣的指引。接著在今年稍晚，我們就可以坐下來看看下一個水準是什麼——也就是我們願意在可持續的基礎上提升到的水準，就這樣。

Liam Burke, B. Riley.

Liam Burke，B. Riley。

Even prior to the tensions in the Mid East, the more -- the rates in the Aframaxes were higher, and there had been a lot of shift from clean to dirty. As we post tensions, is there anything that would flip that situation where the Afras would move back to the LR2s and start trading clean?

即使在中東緊張局勢之前，Aframax 的運價就已經更高，而且從清潔油品（clean）轉向黑油（dirty）的情況也很多。隨著緊張升高，有沒有任何因素會讓情況反轉，使 Aframax 轉回 LR2，並開始以清潔油品交易？

I mean, we're in the perfect situation where you've got LR2s in north of $100,000 per day market, where the alternative in Aframax is trading north of $100,000 per day as well. If you look at the numbers themselves, we only have to go back a couple of years, I think, and we were trading 256 LR2s in the market.

我的意思是，我們現在處在一個很「完美」的情境：LR2 的市場日租金在 10 萬美元以上，而 Aframax 的替代選項也同樣在 10 萬美元以上。如果你看這些數字本身，我想只要回顧幾年前，我們在市場上交易的 LR2 有 256 艘。

Today, we're trading around 170 LR2s in the market. Obviously, you've had a huge proponent of the LR2s back in the time, they had gone into the sanctioned fleet, the age part as well. And you suddenly have the element of crude also transporting itself longer field further afield.

今天，市場上交易的 LR2 大約是 170 艘。顯然，當時 LR2 有很大一部分進入了受制裁船隊，船齡因素也在其中。而你也突然看到原油運輸本身出現更長航程、運往更遠地區的元素。

So you have a very strong Aframax market, which is not only now in the Atlantic Basin, you also have a strong Aframax market east of Suez as well. TMX, which is the market that goes from the Pacific Northwest to Asia, has been extremely strong. The market that goes down to the Pacific lightering area has also been very strong, in particular because of the VLCCs being very strong.

因此你會看到非常強勁的 Aframax 市場，不僅是在大西洋盆地，蘇伊士運河以東的 Aframax 市場也很強。TMX（也就是從太平洋西北到亞洲的航線市場）一直非常強勁。往太平洋加油轉運（lightering）區域的市場也一直很強，特別是因為 VLCC 的市場非常強。

But then you've got the Suez maxes being very, very strong. And you have every element within that kind of framework that is extremely strong. So to the question about switching, the last time we saw switching going the other way was when you had a very weak crude market, which had been going on and persisted for a while and the LR2 market, in particular, had ramped up.

但同時你也看到 Suezmax 非常、非常強勁。在這樣的框架下，每一個元素都極其強勢。回到你問的切換問題：我們上一次看到往相反方向切換，是在原油市場非常疲弱、而且疲弱狀態持續了一段時間，同時 LR2 市場（尤其是）走強的時候。

At that point in time, you had a delta of, I think, it was about $8 million between one to the other and you started seeing a huge amount of vessels going into the clean market. Today, whichever way you look at it, it's very strong.

在那個時間點，我記得兩者之間的價差大約是 800 萬美元，於是你開始看到大量船舶進入清潔油品市場。今天，不管你怎麼看，市場都非常強。

And then you say, well, what about Venezuela? That's also an Aframax market. TMX is 100% Aframax market. The stuff that goes out of Australia is 100% Aframax market. So the story is good in terms of where you are on a supply-demand perspective when you in aggregate look at LR2s and Aframaxes together, which is, of course, what you have to do today.

然後你會說，那委內瑞拉呢？那也是 Aframax 的市場。TMX 是 100% 的 Aframax 市場。從澳洲出口的貨也是 100% 的 Aframax 市場。所以從供需角度來看，當你把 LR2 與 Aframax 合併起來看（當然今天你必須這樣看）時，整體故事是正面的。

So the element of the argument that was the case a while back saying, well, we've got all these ships being built. It doesn't really hold that much when you consider where the average age is of the fleet and also what ships are actually able to trade. So structurally, I think we're looking at a very decent supply-demand story on both Aframaxes and on LR2s.

因此，先前一段時間有人主張「我們有這麼多新船在建造」的論點，當你考量船隊的平均船齡，以及哪些船實際上能夠投入交易時，就沒有那麼站得住腳了。所以從結構面來看，我認為無論是 Aframax 或 LR2，我們看到的供需故事都相當不錯。

I think this would be for James. James, you always highlight for the last several years the redistribution of global refinery capacity. Post conflict, a lot of that has been Mid East refinery. Would you anticipate any modification of that redistribution?

我想這題是問 James 的。James，你在過去幾年一直強調全球煉油產能的重新分布。衝突之後，其中很大一部分是中東的煉油產能。你是否預期這種重新分布會有任何調整？

Liam, thanks. Good question. It's a challenge. I think the quickest you can probably build a refinery is seven years. So if you're not starting today, it's not coming in that time frame. One of the things that I think we feel that's likely is people will view storage differently coming out of this. So how much crude and how much product are you keeping domestically?

Liam，謝謝。好問題。這確實是個挑戰。我認為最快能建成一座煉油廠大概也要七年。所以如果你今天不開始，這個時間框架內就不會投產。我們認為很可能會發生的一件事是，人們在事件過後會用不同的方式看待儲存：也就是你在國內要保留多少原油、多少成品油？

And I think that's going to be great for refinery runs. But in terms of major changes, I think it's going to be a challenge to do anything in a short time frame. But I'm sure certainly that people might look now and they might look at new pipeline opportunities.

而我認為這將有利於煉廠開工率（refinery runs）。但就重大變化而言，我認為要在短時間內做出任何事情都很有挑戰。不過我也確信，人們現在可能會重新審視，並可能會看見新的管線（pipeline）機會。

This concludes our question-and-answer session. I'd like to turn the call back over to Emanuele Lauro for any closing remarks.

我們的問答環節到此結束。我想把電話交回給 Emanuele Lauro，請他做任何結語。

Thank you very much, operator. No closing remarks of any substance apart from thanking everybody for your time and looking forward to connecting in the near future. Have a great day. Bye-bye.

非常感謝，接線員。沒有任何實質性的結語，除了感謝各位撥冗參與，也期待在不久的將來再與各位交流。祝各位有美好的一天。再見。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報，您現在可以中斷連線。