Scorpio Tankers Inc. (STNG) 2026 Q2 法說會逐字稿

Hello, and welcome to the Scorpio Tankers Inc. second-quarter 2026 conference call.

各位好，歡迎參加 Scorpio Tankers Inc. 2026 年第二季電話會議。

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

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

Thank you for joining us today. Welcome to the Scorpio Tankers second-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 年第二季財報電話會議。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 second quarter earnings press release, which is available on our website, scorpiotankers.com.

今天稍早，我們已發布第二季財報新聞稿，可於我們的網站 scorpiotankers.com 查閱。

The information discussed on this call is based on information as of today, July 30, 2026, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release as well as 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今日（2026 年 7 月 30 日）為準，且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不同。關於這些風險與不確定性的討論，請參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，本次電話會議音訊正於網際網路上即時播出，並同時錄音以供回放。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 & 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「Reports & Presentations」中取得。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。(活動說明)

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

現在我想介紹我們的執行長 Emanuele Lauro。

Thank you, James, and good morning or good afternoon to all.

謝謝你，James，也向各位道早安或午安。

So last quarter, I spoke about our focus on the things that we can control, like strengthening our balance sheet, lowering our cost of capital, reducing our cash breakevens, optimizing our fleet, securing attractive time charter contracts and returning capital to shareholders. That approach has not changed. And during the second quarter, we continued to execute against each of these priorities.

上一季我談到，我們專注於可控的事項，例如強化資產負債表、降低資金成本、降低現金損益兩平點、優化船隊、取得具吸引力的定期租船合約，以及回饋股東資本。這個做法沒有改變。在第二季期間，我們也持續就上述各項優先事項落實執行。

Financially, the results speak for themselves. The second quarter was the strongest in Scorpio Tankers history, generating adjusted EBITDA in excess of $300 million and adjusted net income of $243.7 million. We continue to strengthen our financial position. Today, our cash position stands at more than $1.9 billion.

在財務面，結果不言自明。第二季是 Scorpio Tankers 歷史上最強的一季，調整後 EBITDA 超過 3 億美元，調整後淨利為 2.437 億美元。我們持續強化財務狀況。截至今日，我們的現金部位超過 19 億美元。

During the quarter, we completed one of the most attractive financing transactions in the company's history. We've issued $605 million of convertible bonds at a yield to maturity of approximately 1%. We also repaid at the same time, $589 million of debt, which was carrying an interest rate between 5% and 7.5%. So replacing our highest cost of capital -- that, with our lowest cost of capital further improved our balance sheet and reduced our cost of funding while preserving significant financial flexibility.

本季期間，我們完成了公司史上最具吸引力的融資交易之一。我們發行了 6.05 億美元的可轉換公司債，到期殖利率約為 1%。同時，我們也償還了 5.89 億美元的債務，該等債務的利率介於 5% 至 7.5%。因此，以最低資金成本取代我們最高的資金成本，進一步改善了資產負債表並降低融資成本，同時保留了顯著的財務彈性。

As a result, our daily cash breakeven remains approximately $11,000 per day, which is one of the lowest in the industry. We also continued during the second quarter to optimize our fleet. Since the beginning of the year, we have sold 19 vessels, most of them 11 or 12 years old, at prices above what we originally paid for them more than a decade ago.

因此，我們的每日現金損益兩平點仍約為每日 11,000 美元，為業界最低之一。我們在第二季也持續優化船隊。自年初以來，我們已出售 19 艘船舶，多數船齡為 11 或 12 年，出售價格高於我們十多年前原先的購入成本。

As a point of reference, the last four sales, which were all LR2s, were completed at prices above the cost of the LR2 newbuildings we currently have on order. Tomorrow, we will welcome the STI Moxie, our first MR newbuilding is delivering into the fleet tomorrow, as I said. This brings our orderbook down to 13 vessels. This reflects our philosophy on fleet renewal, realizing attractive values from older assets while reinvesting in more fuel-efficient vessels that will strengthen the fleet for many years to come. Returning capital to shareholders also remains a priority.

作為參考，最近四筆出售（皆為 LR2）之成交價格，高於我們目前訂造中的 LR2 新造船成本。明天我們將迎接 STI Moxie，我們的第一艘 MR 新造船將於明天交付並加入船隊，如我所說。這使我們的手持訂單降至 13 艘。這反映了我們對船隊汰舊換新的理念：在舊資產上實現具吸引力的價值，同時再投資於更省油的船舶，以在未來多年強化船隊。回饋股東資本仍然是優先事項。

During the quarter, we purchased approximately 2 million shares for $155 million. And today, our Board declared a quarterly dividend of $0.45 per share. These actions combined represent more than $175 million returned to shareholders during the second quarter.

本季期間，我們以 1.55 億美元回購約 200 萬股。此外，今天董事會宣告每股 0.45 美元的季度股利。上述行動合計代表我們在第二季回饋股東超過 1.75 億美元。

On the commercial side, we entered into charter agreements for three MR vessels for a minimum period of three years. These vessels are expected to enter the TC contracts in December of this year, allowing us to benefit on the current strong spot environment that we are experiencing. Customers do not commit to multiyear charters without confidence in the market, and we view these agreements as another encouraging indication of the long-term fundamentals of our business.

在商務面，我們為三艘 MR 船舶簽訂租船協議，最短租期為三年。預期這些船舶將於今年 12 月起轉入定期租船（TC）合約，使我們得以在目前強勁的即期市場環境中持續受益。客戶若對市場沒有信心，不會承諾多年期租約；我們將這些協議視為對本業長期基本面另一項令人鼓舞的訊號。

While freight rates have moderated from the exceptional levels we've experienced early in the year, they remain at levels that continue to generate meaningful free cash flow for us. At the same time, geopolitical developments, particularly in the Middle East, continue to create uncertainty. We do not pretend to know how or when events will evolve. Shipping has always been and will remain a cyclical business.

雖然運費自年初我們所經歷的異常高檔水準回落，但仍維持在可為我們持續創造可觀自由現金流的水準。同時，地緣政治發展，特別是中東局勢，仍持續帶來不確定性。我們不自稱知道事件將如何或何時演變。航運一直是、也將持續是景氣循環型產業。

Markets rise and fall and geopolitical events introduce uncertainty that no one can really predict with precision. Our job is not to predict the cycle. Our job is to be prepared for it, and this is what we're doing. That is why we continue to strengthen our balance sheet, lower our cost of capital, reduce our cash breakevens, optimize our fleet, renew our asset base and maintain sustainable liquidity.

市場有起有落，而地緣政治事件帶來的不確定性，沒有人能真正精準預測。我們的工作不是預測循環。我們的工作是為循環做好準備，而這正是我們正在做的事。因此我們持續強化資產負債表、降低資金成本、降低現金損益兩平點、優化船隊、更新資產基礎並維持可持續的流動性。

We believe these decisions position Scorpio Tankers to generate meaningful cash flow when markets are strong, while giving us the resilience and financial flexibility to capitalize opportunities when conditions inevitably change. The philosophy has served us for many years, and it will continue to guide us in the years ahead.

我們相信，這些決策使 Scorpio Tankers 能在市場強勁時創造可觀現金流，同時在情勢不可避免地變化時，仍具備韌性與財務彈性以把握機會。這套理念多年來一直對我們有利，未來也將持續指引我們前行。

My opening remarks are over, and I would like to turn the call back to James, please. Thank you.

我的開場談話到此結束，接下來我想把電話交回給 James。謝謝。

Thanks, Emanuele.

謝謝你，Emanuele。

Slide 7, please. In the second quarter, rates reached record highs. Records by definition aren't meant to last. We've seen geopolitical events drive rates to high levels before. What's more important is not the peak, it's the floor. Today, product tanker rates remain above $30,000 per day despite lower seaborne volumes in what is typically the seasonally slower part of the year. At these levels, the company generates significant free cash flow.

請看第 7 頁投影片。第二季運價創下歷史新高。所謂紀錄，按定義本就不會長久。我們過去也曾見過地緣政治事件將運價推升至高檔。更重要的不是高點，而是底部。即使在通常屬於季節性較淡的時期、且海運量較低的情況下，如今成品油輪運價仍維持在每日 30,000 美元以上。在這樣的水準下，公司可產生可觀的自由現金流。

As Emanuele said, we don't pretend to know how or when the conflict in the Middle East will be resolved. But what we do know is that global inventories, commercial, strategic and floating have been drawn down meaningfully. We also know the refinery dislocation is structural. Refining capacity has shifted farther from the consumer, and that isn't something that reverses quickly.

如同 Emanuele 所說，我們不自稱知道中東衝突將如何或何時解決。但我們知道，全球庫存（商業庫存、戰略庫存與浮動庫存）已顯著下降。我們也知道，煉油端的錯位是結構性的。煉油產能已轉移到離消費端更遠的地方，而這並非能在短期內逆轉的事情。

Looking ahead, we believe the product tanker market is well positioned. A global inventory restocking, combined with the recovery in underlying demand should support higher seaborne exports, ton miles and rates.

展望未來，我們認為成品油輪市場具備良好條件。全球庫存回補，加上基本需求復甦，應可支撐更高的海運出口量、噸海里需求與運價。

Slide 8, please. After the MOU was signed in mid-June, tanker flows through the Strait of Hormuz rose to 12.6 million barrels per day and closer to 17 million, including Saudi Arabia's Yanbu exports. But the region is fragile.

請看第8頁。在6月中旬簽署MOU之後，經由荷姆茲海峽的油輪流量上升至每日1,260萬桶，若包含沙烏地阿拉伯延布（Yanbu）出口，則接近每日1,700萬桶。但該地區局勢脆弱。

Last week, the Houthis attacked two commercial vessels in the Red Sea. We've seen this before. In 2024, rising risk in the Bab-el-Mandeb pushed owners to reroute around the Cape of Good Hope, in some cases, more than doubling sailing distances. If that pattern repeats, it would mean incremental ton-mile demand from rerouting alone, adding further support to freight rates.

上週，胡塞武裝在紅海攻擊了兩艘商船。這種情況我們以前見過。在2024年，曼德海峽（Bab-el-Mandeb）風險上升，促使船東改道繞行好望角，在某些情況下航程距離增加一倍以上。若此模式重演，僅因改道就會帶來額外的噸海里需求，進一步支撐運費水準。

Slide 9, please. Ton-mile demand has been the defining factor behind today's freight market. In June, seaborne refined product exports declined by 2.3 million barrels per day or 11% year over year. However, longer voyage distances have largely offset that decline, tightening effective supply and supporting a strong freight market despite lower volumes. Refinery dislocation has been a key component in driving ton-mile demand, one we expect to continue.

請看第9頁。噸海里需求一直是當前運費市場背後的決定性因素。6月，海運成品油出口量年減230萬桶/日，或年減11%。然而，更長的航程距離在很大程度上抵消了這一下滑，收緊了有效供給，使得即便運量較低，運費市場仍然強勁。煉廠錯位一直是推動噸海里需求的關鍵組成，我們預期這一趨勢將持續。

Slide 10, please. Refining margins have reached record levels. Geopolitical disruptions have exacerbated a dislocated refinery system. Since 2019, refined product demand has grown almost 4.5 million barrels per day compared to 1.8 million barrels per day of net capacity additions. Compounding that, much of the new capacity that has come online sits in the Middle East and China, farther from the end consumer.

請看第10頁。煉油利差已達到歷史新高。地緣政治干擾加劇了煉廠體系的錯位。自2019年以來，成品油需求增加近450萬桶/日，而淨產能新增僅180萬桶/日。此外，新增產能多位於中東與中國，距離終端消費者更遠。

Slide 11, please. As flows normalize, demand for refined products could increase by more than 3 million barrels per day through year-end. Global visible inventories are down over 400 million barrels since the start of the conflict. So much of that demand will need to be met by increasing refinery runs rather than inventory draws. And given the refinery dislocation, that production increasingly has to be shipped, creating a constructive backdrop for product tankers.

請看第11頁。隨著流向正常化，成品油需求在年底前可能增加超過300萬桶/日。自衝突開始以來，全球可見庫存已下降超過4億桶。因此，這些需求很大一部分將需要透過提高煉廠開工率來滿足，而非動用庫存。且鑑於煉廠錯位，這些產量愈來愈需要透過海運運輸，為成品油輪提供了有利的基本面背景。

Slide 12, please. The Aframax/LR2 crude tanker market is benefiting from two forces at once: disruption in the Middle East, and rising crude production from the United States, Canada and Latin America. Together, they have pushed seaborne volumes up by nearly 1 million barrels per day and spot rates above $100,000 per day. Given the spread, we've moved a few of our LR2s into the crude market to capture the higher earnings.

請看第12頁。Aframax/LR2原油油輪市場同時受惠於兩股力量：中東地區的干擾，以及美國、加拿大與拉丁美洲原油產量上升。兩者合計推動海運運量增加近100萬桶/日，並使即期運價升至每日10萬美元以上。鑑於價差，我們已將部分LR2轉入原油市場，以掌握更高的獲利。

Slide 13. This is particularly important when looking at the orderbook. While the orderbook is 20% of the fleet, more than half the orderbook is LR2s. Today, 66% of the LR2 fleet is trading crude oil, and we expect this to continue. As a result, the effective product tanker orderbook is smaller than it appears, reinforcing the view that fleet growth will be more moderate than expected.

請看第13頁。在檢視新船訂單（orderbook）時，這點尤其重要。雖然訂單量相當於船隊的20%，但訂單中超過一半是LR2。目前，LR2船隊中有66%在運輸原油，我們預期此情況將持續。因此，成品油輪的有效訂單量比表面看起來更小，強化了我們的觀點：船隊成長將比預期更為溫和。

Slide 14, please. As you can see on the left, 21% of the product tanker fleet is already over 20 years old. By 2028, it will be 31%. On the right, roughly 25% of the Aframax/LR2 fleet and 9% of the MR/Handy fleet are sanctioned with average ages of 19 to 21 years old. In a normal market, much of this older tonnage would have already exited the fleet. The combination of an aging fleet and a meaningful share of sanctioned tonnage points to further tightening of effective supply.

請看第14頁。如左圖所示，成品油輪船隊中已有21%船齡超過20年。到2028年，該比例將達31%。右圖顯示，約25%的Aframax/LR2船隊與9%的MR/Handy船隊受到制裁，平均船齡約19至21年。在正常市場中，這些較老舊的噸位多數早已退出船隊。船隊老化與相當比例的受制裁噸位相結合，顯示有效供給將進一步收緊。

Slide 15, please. When you adjust for aging vessels, sanctioned capacity and LR2 crossover, effective supply growth is lower than the headline orderbook implies. We expect fleet growth to average roughly 3% to 4% over the next three years and potentially lower. As refinery utilization and seaborne flows increase to support demand and global restocking, the market should tighten further.

請看第15頁。在將老舊船舶、受制裁運力與LR2跨市場因素納入調整後，有效供給成長低於訂單表面數字所暗示的水準。我們預期未來三年船隊成長平均約3%至4%，且可能更低。隨著煉廠利用率與海運流量上升以支撐需求與全球回補庫存，市場應會進一步收緊。

Near-term, that means higher refinery runs and seaborne exports. Longer-term refining capacity stays constrained while the fleet ages. We expect ton-mile demand to outpace fleet growth.

短期而言，這意味著更高的煉廠開工與海運出口。長期而言，煉油產能仍受限，而船隊持續老化。我們預期噸海里需求的成長將超過船隊成長。

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. Good morning, good afternoon, everyone. Slide 17, please.

謝謝你，James。各位早安、午安。請看第17頁。

This quarter, we generated $300.5 million in adjusted EBITDA and $388 million in net income on an IFRS basis. This includes $154 million gain on the sale of 10 vessels during the quarter. Additionally, we declared a $0.45 per share dividend and repurchased $155 million of our common stock, thus returning an aggregate of over $175 million to shareholders.

本季，我們的調整後EBITDA為3.005億美元，按IFRS基礎計算的淨利為3.88億美元。其中包含本季出售10艘船舶所帶來的1.54億美元收益。此外，我們宣告每股0.45美元股利，並回購1.55億美元普通股，合計向股東回饋超過1.75億美元。

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. As you can see, this approach has resulted in the reduction of our net debt position by $4.2 billion from a net debt position of $2.9 billion at the end of 2021, to a net cash position of $1.3 billion as of today.

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以降槓桿（減債）為主軸。如您所見，這一做法使我們的淨負債部位減少42億美元，從2021年底淨負債29億美元，降至目前淨現金13億美元。

To put this balance sheet transformation into context, our net cash position is worth approximately $26 per share as of today. This balance sheet strength provides the company with considerable optionality, particularly in the market environment defined by elevated volatility and geopolitical uncertainty.

為了將這項資產負債表轉型置於脈絡中，截至目前，我們的淨現金部位約相當於每股26美元。這樣的資產負債表實力，讓公司擁有相當大的策略彈性，特別是在高波動與地緣政治不確定性升高的市場環境下。

Slide 18, please. The chart on the left shows our outstanding debt by type since December of 2021. Over the course of four years, we transformed our balance sheet by transitioning out of expensive lease financing into more flexible, lower-cost secured debt. However, our efforts didn't end there.

請看第18頁。左側圖表顯示自2021年12月以來我們按類型劃分的未償債務。在四年期間，我們透過從成本較高的租賃融資轉向更具彈性、成本更低的擔保債務，完成了資產負債表的轉型。然而，我們的努力並未止步於此。

During the second quarter of this year and into July, we executed on a series of transactions that further transformed and strengthened our balance sheet. In April, we closed on an offering of $375 million in aggregate principal amount of five-year senior unsecured convertible notes, bearing a 1.75% coupon rate and a conversion price of approximately $100 per share.

在今年第二季並延續至7月，我們完成了一系列交易，進一步轉型並強化資產負債表。4月，我們完成發行總本金3.75億美元、五年期的優先無擔保可轉換公司債，票面利率1.75%，轉換價格約為每股100美元。

Upon conversion, we have the option to settle the convertible notes in cash, shares of our common stock or a combination thereof.

在轉換時，我們可選擇以現金、公司普通股，或兩者組合來交割該可轉換公司債。

In May, we executed a follow-on offering of the same convertible notes at a price of over $110 to par for gross proceeds of over $253 million. When taking this premium into account, the yield to maturity on the combined issuances is below 1%. We also closed on the sales of 15 vessels, all at cyclically high prices. We earned the highest average daily TCE rate in the company's history.

5月，我們以高於面值（par）110美元的價格加碼發行同一批可轉換公司債，總募集金額超過2.53億美元。將此溢價納入考量後，合併兩次發行的到期殖利率低於1%。我們也完成出售15艘船舶，成交價格皆處於景氣循環高檔。我們創下公司史上最高的平均每日TCE費率。

We announced two new secured credit facilities with seven-year tenors and bearing margins of 120 basis points. We repaid $389 million of legacy secured debt, all of which was due to mature in 2028. We redeemed our $200 million 7.5% coupon rate senior unsecured notes. So as of today, we have $655 million of debt, $605 million of which consists of convertible debt.

我們宣布了兩項新的有擔保信用融資，期限為七年，利差為120個基點。我們償還了3.89億美元的既有有擔保債務，該等債務原本全部將於2028年到期。我們贖回了2億美元、票面利率7.5%的優先無擔保票據。因此，截至今日，我們的債務總額為6.55億美元，其中6.05億美元為可轉換債務。

The chart on the right shows the trend in the weighted average margins on our secured debt. As I mentioned, in the second quarter of this year, we continue to focus on lowering our cost of debt by repaying over $389 million of debt across five credit facilities, all of which were scheduled to mature in 2028, and carried margins of between 170 and 197.5 basis points.

右側圖表顯示我們有擔保債務加權平均利差的趨勢。如我所提及，在今年第二季，我們持續專注於透過償還跨五項信貸融資合計逾3.89億美元的債務來降低我們的債務成本；這些債務原定於2028年到期，利差介於170至197.5個基點之間。

And our efforts to lower our cost of capital didn't end there, as can be seen with our recently executed $50 million credit facility with Bank of America and recently announced $90 million credit facility commitment from Standard Chartered and DekaBank. Each of these credit facilities carry margins of just 120 basis points and have seven-year tenors.

而我們降低資本成本的努力並未止步於此，從我們近期與美國銀行簽署的5,000萬美元信貸融資，以及近期宣布由渣打銀行與德意志信貸銀行（DekaBank）承諾的9,000萬美元信貸融資即可見一斑。上述各項信貸融資的利差僅為120個基點，期限為七年。

Slide 19, please. The chart on the left shows our liquidity profile. We had $2.2 billion in cash as of July 28, and an additional $483 million in availability under revolving credit facilities for a total of $2.4 billion in available liquidity. We've entered into agreements or letters of intent to purchase 14 newbuilding vessels and to contribute equity for the minority interest in a joint venture of eight VLCCs.

請看第19頁投影片。左側圖表顯示我們的流動性概況。截至7月28日，我們持有22億美元現金，另有循環信貸融資項下4.83億美元可動用額度，合計可用流動性為24億美元。我們已簽訂協議或意向書，以購買14艘新造船，並為一項由8艘VLCC組成之合資企業的少數股權投入股本。

The chart on the right is a waterfall reflecting the commitments under these agreements or letters of intent. Our remaining newbuilding and joint venture commitments totaled just over $978 million as of today, excluding any potential financing. Our disciplined allocation of capital over the past three years has afforded us the financial flexibility to enter into these agreements.

右側圖表為瀑布圖，反映這些協議或意向書項下的承諾。截至今日，在不包含任何潛在融資的情況下，我們剩餘的新造船及合資承諾總額略高於9.78億美元。過去三年我們嚴謹的資本配置，使我們具備簽訂這些協議的財務彈性。

As shown in the payment waterfall on the top right, these payment obligations are spread out over the next four years. But hypothetically speaking, we could pay for all of these vessels today in cash without having to raise any additional capital.

如右上方付款瀑布圖所示，這些付款義務分散於未來四年。但假設而言，我們今天就可以用現金支付所有這些船舶，而無需再籌集任何額外資本。

Slide 20, please. Our cash breakeven rate, which includes vessel operating costs, cash G&A, cash interest payments and commitment fees and any scheduled loan amortization is below $11,000 per day and is at the lowest level in the company's history. This rate continued to decline given the cash interest savings resulting from our Q2 repayment of $389 million in secured debt, along with the July redemption of our senior unsecured notes of $200 million.

請看第20頁投影片。我們的現金損益兩平日租金（包含船舶營運成本、現金一般及行政費用、現金利息支出與承諾費，以及任何既定的貸款攤還）低於每日11,000美元，並處於公司歷史最低水準。由於我們在第二季償還3.89億美元有擔保債務所帶來的現金利息節省，加上7月贖回2億美元優先無擔保票據，該水準持續下降。

To illustrate our cash generation potential at these cash breakeven levels at $20,000 per day, the company can generate up to $246 million in cash flow per year. And at $30,000 per day, the company can generate up to $520 million in cash flow per year.

為說明在此現金損益兩平水準下的現金創造潛力，若日租金為每日20,000美元，公司每年可產生最高達2.46億美元的現金流。若日租金為每日30,000美元，公司每年可產生最高達5.20億美元的現金流。

This concludes our presentation for today. On behalf of the management team, we'd like to thank you for your time and attention. And now we'd like to turn the call over to Q&A.

以上為我們今天的簡報內容。我謹代表管理團隊，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) Omar Nokta, Clarksons Securities.

（接線員指示）Omar Nokta，Clarksons Securities。

I just wanted to ask maybe a couple of perhaps maybe market-weighted questions, but also pertaining to Scorpio. I wanted to ask on LR2 specifically and how that's been developing recently. In the past, it had seemed that there was somewhat of a separation, you would say, for product players that were looking at their LR2s, keeping them clean; and then maybe crude players who owned LR2s, trade them dirty.

我想問幾個可能偏市場面的問題，但也與Scorpio相關。我想特別問一下LR2，以及近期其發展情況。過去看起來似乎有某種區隔：你可以說，做成品油的業者會把他們的LR2保持為乾淨（clean）；而可能擁有LR2的原油業者則會把它們拿去跑髒貨（dirty）。

Has that changed? Are clean owners like yourselves starting to trade the LR2s more actively in the dirty market? James, you mentioned in your presentation that you switched a few ships into the crude trade and also how two-thirds of the fleet today is also running dirty.

這種情況有改變嗎？像你們這樣的乾淨船東是否開始更積極地在髒貨市場交易LR2？James，你在簡報中提到你們把幾艘船轉去跑原油航線，而且目前船隊也有三分之二在跑髒貨。

But I guess just kind of big picture, as we think about how LR2s are trading today, are they becoming a bit more fungible, if that's the right term, in terms of moving in and out of the crude trade? And I guess I'm asking that because when I look at your performance for the third quarter so far, that $65,000 on the LR2s, it seems that that's perhaps tracking closer to the dirty Aframax average versus, say, the clean LR2s.

但我想從更宏觀的角度來看，當我們思考LR2目前的交易情況時，它們是否在進出原油航線方面變得更具可互換性（如果這個詞用得恰當的話）？我之所以這麼問，是因為我看你們第三季迄今的表現，LR2達到65,000美元，似乎更接近髒貨Aframax的平均水準，而不是例如乾淨LR2的水準。

Any color you can give on that would be helpful.

若能提供一些補充說明，將非常有幫助。

Omar, this is Lars here. To be honest, we have always been kind of dipping into the dirty market as well on the Aframaxes. And we look at it and have always looked at it from an opportunistic vessel-by-vessel perspective. There's not kind of a broad fleet strategy in terms of that. But you mentioned fungible. I mean, it has been the case for a couple of years now that the fungibility between LR2 and Aframax has been very apparent. And we have seen a lot of cross-trading for the last couple of years.

Omar，我是Lars。坦白說，我們一直也會在Aframax上涉足髒貨市場。我們一直以來都是以逐船、把握機會的角度來看待這件事。在這方面並沒有一個涵蓋整個船隊的廣泛策略。但你提到「可互換性」。我的意思是，過去幾年來，LR2與Aframax之間的可互換性一直非常明顯。而且過去幾年我們看到大量的跨市場交易。

And when we have seen the markets spike on the clean, we have been holding the ships in the clean. And when we have seen, as we have seen over the last period, a very strong Atlantic Basin on the Aframaxes, we decided to tap into that. And clearly, it's not only us that has been doing this. We count today about 170, maybe just over 170 clean LR2s only trading in that market. And you've got over 100 and 250, I think it is Aframaxes trading dirty.

當我們看到乾淨市場飆升時，我們就把船留在乾淨市場。而當我們看到——就像最近這段時間——Aframax在大西洋盆地非常強勢時，我們決定切入那個市場。而且很明顯，不只我們在這麼做。我們今天估計大約有170艘、可能略多於170艘乾淨LR2只在那個市場交易。而你有超過100艘以及250艘（我想是這個數字）的Aframax在跑髒貨。

A lot of them obviously in the Atlantic Basin. The thing that's really interesting, in my view, is that even with that amount of ships coming into that market because of the ton mile that James was talking to you about before and of course, the volumes in general, that market has been strong throughout.

其中很多顯然在大西洋盆地。我認為真正有趣的是，即便因為James先前跟你提到的噸海里因素，當然還有整體運量，即使有那麼多船進入該市場，該市場仍然一直維持強勢。

There's no doubt in my mind as you've had that kind of low number of LR2s kind of going into the Aframax market that it wouldn't take very much before you start seeing the LR2s, as we have been seeing over the last week now, how rates in the West moving up, suddenly you see a kind of a normalization and it will be the case that you will start seeing ships moving back into clean as well.

我毫不懷疑，當進入Aframax市場的LR2數量偏低時，其實不需要太多變化，你就會開始看到LR2——就像我們在過去一週看到的那樣——西方航線運價上升，突然之間你會看到某種正常化；而且接下來你也會開始看到船舶回流到乾淨市場。

So I think -- and I've mentioned this before on these calls that you need to today look at LR2s and Aframaxes as a much closer unison unit.

所以我認為——我之前在這些電話會議上也提過——你現在需要把LR2與Aframax視為更緊密的一個聯合單元來看。

Yes. That's quite helpful commentary. And then maybe just as a follow-up, you just referenced what we've seen in the Atlantic here over the past couple of weeks. Can you maybe just give a perspective on what's driving that? We've seen it, it seems like across the board, whether it's LR2s, LR1s, MRs, everything seems to be moving quite a bit higher here over the past couple of weeks relative to what we've been seeing.

是的。這些評論很有幫助。接著可能再追問一下，你剛剛提到我們在過去幾週於大西洋看到的情況。你能否談談是什麼在驅動這個走勢？我們看到似乎是全面性的，不論是LR2、LR1、MR，各類船型在過去幾週相較於之前都上升了不少。

And it looks like rates perhaps are approaching kind of maybe not the highest yet, but it seems like they're at their highest levels in at least a few months. What's been behind this latest move?

看起來運價可能正接近——也許還不是最高——但似乎至少是幾個月來的高點。這一波最新的上漲背後原因是什麼？

Yes. Well, I mean, first of all, I've been doing this for a long time. I've never seen a July or August market like this, right? I mean, this is not what you would consider to be a normal kind of summer lull. I mean, first of all, you've got great refining margins, talking about the MRs. The US Gulf has been running at extremely high utilization rates.

是的。嗯，我的意思是，首先，我做這行很久了。我從來沒見過像這樣的七月或八月市場，對吧？我的意思是，這不是你會認為正常的那種夏季淡季。我的意思是，首先，你有很好的煉油利差，談的是MR。美國墨西哥灣一直以極高的開工率在運行。

And then you obviously have all the different geopolitical kind of backdrop, which obviously influences the things, Russia being one, they don't have the exports that they had. You have the issues with the Bab-el-Mandeb, you have the issues with Hormuz. You have the issues with stocks in general being low. So it's quite clear that the volatility that we have seen talking about the MRs has been profound.

然後你顯然還有各種不同的地緣政治背景，這些當然會影響事情，俄羅斯是其中之一，他們的出口已不如以往。你有曼德海峽（Bab-el-Mandeb）的問題，你有荷姆茲海峽（Hormuz）的問題。你有整體庫存偏低的問題。所以很明顯，我們所看到的、就MR而言的波動性是相當劇烈的。

I mean, 2Q we know about, then we had kind of a bit of a drop. You're seeing now another resurgence, as you could see on the rate reports today, where TC14 is now moving up from their lows and have now moved north of 320, maybe we will go beyond that. So the triangulation element on the Atlantic Basin has been strong.

我的意思是，第二季我們都知道，之後又有點回落。你現在看到另一波回升，正如你今天在運價報告上看到的，TC14正從低點上移，現在已經升到320以上，或許還會再往上。所以大西洋盆地的三角航線（triangulation）因素一直很強。

The same, to be honest, goes also with the Aframaxes. I mean, the activity both in the Mediterranean has been strong. We have the issues around CPC talking about geopolitical issues. The dislocations tends to be, in any case, always somewhat positive for tankers in general. But the ton-mile story is valid, and we see it every day. The spreads and the arbs are opening stuff for business.

老實說，Aframax也是一樣。我的意思是，地中海的活動也很強。我們有圍繞CPC的問題，談的是地緣政治問題。無論如何，這種錯配通常對油輪整體而言總是偏正面。但「噸海里」的故事是成立的，而且我們每天都看得到。價差與套利（arbs）正在打開、帶動交易。

And of course, the advent of more oil coming out of South America and the United States has certainly been underpinning the dirty market as well.

當然，來自南美與美國的更多原油供應出現，也確實支撐了黑油（dirty）市場。

Chris Robertson, Deutsche Bank.

Chris Robertson，德意志銀行。

Fantastic job of what you guys are doing on the balance sheet and all the issues that you've raised on what you can control. So kudos to you there. Just wanted to ask maybe on the market, when the situation in the Mid East kicked off and there were some very unusual, very long distance trading patterns, at least initially during that height of the disruption -- can you comment as to -- have some of those routes been more enduring?

你們在資產負債表上所做的工作，以及你們提出的所有關於可控事項的處理，做得非常出色。所以在這方面要給你們肯定。我想問一下市場方面，當中東局勢爆發時，出現了一些非常不尋常、距離很長的交易航線，至少在干擾最嚴重的初期是如此——你能否評論一下——其中一些航線是否更持久地延續下來了？

And can you give some examples of kind of how things are trading now on some of those longer unusual routes?

另外，你能否舉一些例子，說明目前在一些較長、較不尋常的航線上，交易大概是怎麼進行的？

Yes. I mean, if we go back when it all kicked off during the second quarter, we saw some really, really uncommon kind of voyages, which obviously, a lot of it is down to the stress factors that were in place and short-term fixes and so on. I think there was a calibration that took place after that, which meant that the long-term routing still very much is in vogue. It has also helped that we have seen a little bit of an uptick on the Chinese exports, so that suddenly there's more of a balance on these things.

是的。我的意思是，如果回到第二季剛爆發的時候，我們確實看到一些非常、非常罕見的航次，這當然很大一部分是因為當時存在的壓力因素，以及短期的應急安排等等。我認為之後出現了一次校準，使得長期的航線安排仍然非常流行。同時也有幫助的是，我們看到中國出口略有回升，因此這些事情突然之間更趨於平衡。

But it's quite clear that when you kind of overlay that with the issues with the Russian exports having dwindled and South America and other -- Africa as well have been suffering from that, you've been seeing other supply chains being created, which have increased the ton miles as well and then they are then sharing in the kind of the same supply part, if you will.

但很明顯，當你把這些與俄羅斯出口萎縮的問題疊加起來，而南美以及其他地區——非洲也同樣受到影響——你就會看到新的供應鏈正在形成，這也增加了噸海里，然後它們也在某種程度上共享同一端的供應部分（如果你願意這麼說的話）。

So we have seen over the last couple of weeks, another kind of uptick in Asia, which has been interesting. The transpac moves has increased substantially. I mean, we haven't really seen China moving up to something that is kind of over what we had anticipated, but there has been a general kind of understanding of where oil is coming from until, I guess, the next shock comes in and we'll see something different.

所以在過去幾週，我們又看到亞洲出現另一波回升，這很有意思。跨太平洋（transpac）的運輸量大幅增加。我的意思是，我們並沒有真正看到中國的需求上升到超出我們原先預期的程度，但市場對於原油來源大致有一個普遍的認知——直到我想下一次衝擊出現，我們可能又會看到不同的情況。

But it tends to be that there is somewhat of a normalization, everything underpinned still by kind of extended turmoil.

但整體趨勢往往是某種程度的正常化，而一切仍由某種延續的動盪所支撐。

Just a follow-up question, maybe as it related to Omar's line of questions around the LR2s trading dirty. Just wanted to better understand the dynamic here just because such a great percentage of the LR2 fleet is trading dirty at the moment. Is that mostly -- in your opinion, is that mostly due to the geopolitical disruptions in the ton-mile dynamics there?

再追問一個問題，可能與Omar那一串關於LR2跑黑油（dirty）的問題相關。我只是想更好地理解這裡的動態，因為目前LR2船隊中有很高比例在跑黑油。依你看，這主要——主要是因為地緣政治干擾導致噸海里動態改變嗎？

And could the downside be the unwinding of geopolitical risk? Or what would keep that as a more enduring force going forward versus more transient?

而下行風險會不會是地緣政治風險消退後的回撤？或者，未來是什麼因素會讓這成為更持久的力量，而不是較短暫的現象？

I think the short answer, to be honest, Chris, is that it's all a question of time charter equivalent. You had the TD25 or the met market ramping up towards $150,000 a couple of weeks ago. You had a quietening LR2 market with all the uncertainties going around with the Hormuz and so on, which, of course, is a primary trade for clean and people were saying, well, the spreads are simply too great for us not to dip into that. What we know from the last couple of years is that if that spread flips, vessels will very quickly move into clean again.

老實說，Chris，我認為簡短的答案是：這完全取決於期租等價（TCE）。幾週前你看到TD25或地中海（Med）市場一路拉升到接近15萬美元。同時LR2市場相對轉淡，且圍繞荷姆茲等的不確定性很多——而那當然是成品油（clean）的主要航線——於是大家就說，嗯，價差實在太大了，我們不得不切入那邊。我們從過去幾年知道的是，一旦這個價差反轉，船舶會非常快地再回到成品油（clean）市場。

A case in point was, if you recall, a couple of years ago, you had the LR2 market out of the AG trading at, I think it was around $8 million and the Afra stroke VLCC in particular market was languishing at that point. And you saw suddenly what we had not seen before, a large number of vessels kind of cannibalizing into the clean market, which was kind of new to the industry.

一個例子是，如果你還記得，幾年前，波斯灣（AG）出發的LR2市場成交大概在800萬美元左右，而當時Aframax、尤其是Aframax到VLCC那一段的市場則相當低迷。然後你突然看到一個我們以前沒見過的情況：大量船舶某種程度上「挪用」到成品油（clean）市場，這在當時對產業來說是新的。

That kind of flip-flopping, in particular on the Aframaxes, the coated Aframaxes has been taking place over the last couple of years to a larger extent. There certainly is a lot more runs under the belt for people to understand how you should do this as efficiently as you can and cost efficiently as you can, one company being us as well and being able to do that.

這種來回切換（flip-flopping），特別是在Aframax上、也就是塗層Aframax（coated Aframaxes），在過去幾年發生得更頻繁。人們確實累積了更多經驗，去理解如何以最高效率、也以最具成本效益的方式來操作；其中一家公司就是我們，我們也能做到。

So we don't fear or have any issues with that kind of fungibility and I don't consider that to be transient, but to be a lot more market-related in terms of one way or the other.

所以我們不擔心、也不會對那種可互換性（fungibility）有任何問題；我不認為那是短暫的，而是更偏向由市場條件所驅動，取決於哪一邊更有利。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Emanuele and James, great rundown. You emphasized, I think, James, in your presentation, the floor is more important than the peak with rates remaining above $30,000 in this backdrop. And maybe a little bit of your thoughts on the floor in this backdrop, just given, I think, Lars, you were just mentioning never seen a July like this. So maybe thoughts on the floor, thoughts on seasonality and where we go from here.

Emanuele和James，整理得很棒。我想你在簡報中強調了，James，在這樣的背景下，運價維持在3萬美元以上時，「底部」比「高峰」更重要。也想請你談談在這樣的背景下你對底部的看法，因為我想Lars你剛才也提到從沒見過這樣的七月。所以想請談談底部、季節性，以及我們接下來可能怎麼走。

Lars, do you want me to take that?

Lars，你要我來回答嗎？

Well, you can start, James, and I'll follow on. I thought the question is for you.

嗯，你可以先開始，James，我再補充。我以為這個問題是問你的。

Thanks, Ken. Yes. Look, so I mean, typically, you get through peak gasoline season end of the summer and you go into maintenance. And what we've seen is because of the longer voyage distances, the rerouting, we're seeing unique voyages, as Lars highlighted, and we think that's going to continue as disruptions and potentially rerouting as a result of Red Sea specifically, as vessels go around the Cape of Good Hope, and also disruptions with refining capacity in Russia.

謝謝，Ken。是的。你看，一般來說，夏季汽油旺季結束後，就會進入檢修期。而我們看到的是，由於航程距離拉長、改道，我們看到一些獨特的航次，正如Lars所強調的；我們認為這會持續，因為干擾仍在，且可能因紅海（Red Sea）而進一步改道——船舶繞行好望角——同時俄羅斯煉油產能也出現干擾。

So Russia's export ban on gasoline and diesel. That's going to increase Atlantic Basin MR volumes for compliant ships, Africa, Latin America. And at the same time, we expect more naphtha to go from the US Gulf to Asia. So I think there's a constructive dynamic there.

因此，俄羅斯對汽油與柴油的出口禁令。這將提高符合規範船舶在大西洋盆地的MR運量，流向非洲、拉丁美洲。同時，我們預期會有更多石腦油從美國墨西哥灣運往亞洲。所以我認為這裡存在一個正向的動態。

And then Lars highlighted the strength on the LR2s and Aframaxes trading crude oil. We think that's going to pick up as you get into maintenance here because there'll be more crude volume from the Atlantic Basin that needs to go to Asia.

接著Lars也強調了交易原油的LR2與Aframax船型的強勢。我們認為隨著進入檢修期，這會回升，因為將有更多來自大西洋盆地的原油量需要運往亞洲。

All right. Lars, do you want to jump in or you want me to follow-up? I guess I'll throw a follow-up and anybody can jump in. But you mentioned inventories were down about 400 million barrels since the start of the conflict with much current demand needs to be met by refinery runs versus inventory draws.

好的。Lars，你想插話，還是要我追問？我想我先補問一下，任何人都可以加入。不過你提到，自衝突開始以來，庫存大約下降了4億桶，而目前需求多半需要靠煉廠開工來滿足，而不是靠去庫存。

Maybe your thoughts on the time frame, I guess, in terms of if we're going into maintenance season, the drawdown or the ability for refineries to continue to meet that demand versus then time frame for beginning to restock?

也許談談你對時間點的看法：如果我們正要進入檢修季，去庫存的幅度，或煉廠持續滿足需求的能力，與之後開始補庫存的時間點會是如何？

Yes. So there was a lot of crude that was shipped in June, and it takes about 30 days for that to get to Asia, 45 days to get to Europe, and that's arriving now. And so I think runs are going to pick up in those regions, and you'll get increased regional trading, which is going to be fantastic for the medium range ships.

是的。所以6月有大量原油出貨，到亞洲大約需要30天，到歐洲需要45天，而這些貨現在正在到港。因此我認為這些地區的開工率會回升，區域內貿易也會增加，這對中程船型會非常有利。

And if you looked at refinery runs year over year, I think July was down about 5 million barrels per day. But out of the Middle East refining capacity, the only refinery that's actually down right now is Jizan. So as things normalize, we expect runs to pick back up here.

如果你看煉廠開工的年增年減，我認為7月大約下降了每日500萬桶。但在中東的煉油產能中，目前實際上只有Jizan這座煉廠是下滑的。所以隨著情況正常化，我們預期開工率會在這裡回升。

So while you might have kind of the US Gulf maintenance coming in, say, September, we expect runs throughout the rest of the world to pick up at the same time. So that's going to create a constructive dynamic for us. And also the fleet is really out of its normal positioning. So I think that's going to be constructive as well.

因此，即便你可能會看到美國墨西哥灣在例如9月進入檢修，我們預期世界其他地區的開工率會在同一時間回升。這將為我們帶來正向的動態。此外，船隊目前也確實偏離了其正常的配置位置。所以我認為這同樣會帶來正向影響。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I think maybe just continuing -- basically continuing to the last conversation here. Do you think that the events that's really we've seen over the last -- certainly the last six months, but maybe in the last 12 months have structurally changed really that LR2 market from anything we've historically seen?

我想也許就延續——基本上延續剛才的討論。你認為我們在過去——當然是過去六個月，但也許過去12個月——看到的事件，是否在結構上改變了LR2市場，使其不同於我們歷史上所見？

And how are you weighing maybe the supply and demand landscape over the next 12 months?

以及你如何衡量未來12個月的供需格局？

I'll start, James. What's happened over the last six months, it's just a good question. What's going to happen tomorrow? We don't know. I mean, what we want to look at is just the pure fundamentals in terms of what are we looking at.

我先開始，James。過去六個月發生的事——這確實是個好問題。明天會發生什麼？我們不知道。我的意思是，我們想看的就是純粹的基本面，也就是我們正在觀察的是什麼。

One thing I think is for sure is that the longer voyage distances that are in place, they certainly tighten supply. This has been a key thesis over the last number of years for the reasons that James mentioned in his prepared remarks. That has not changed. It has also not changed that the issues of the sanctioned fleet and the age of the same is certainly getting to a place where in a normal market environment, those ships will not exist.

我認為有一點可以確定：目前較長的航程距離，確實會收緊供給。這在過去幾年一直是個關鍵論點，原因正如James在事先準備的發言中提到的。這點沒有改變。同樣沒有改變的是，受制裁船隊及其船齡問題，正走到一個在正常市場環境下，這些船將不會存在的狀態。

And I'm of the opinion that those sanctioned vessels will never enter into the primary trade again. So we know that crude has kind of developed in further field areas. We know where the refineries are, that's also further afield. That certainly has not changed.

而我認為，這些受制裁船舶將永遠不會再回到主要航線貿易中。所以我們知道原油供應已在更偏遠的產區發展。我們也知道煉廠在哪裡，而煉廠同樣更為偏遠。這當然也沒有改變。

What certainly has changed is that there's a lot more dislocations and disruptions that take place and have been taking place over the last more than six months, a couple of years, I would even say that. In terms of any dislocations that we have seen, has always created a potential for product tankers and now also for the crude market.

真正改變的是，過去不只六個月、甚至我會說過去幾年，出現了更多錯位與中斷。就我們所見的任何錯位而言，總是會為成品油輪、而現在也包括原油市場，創造潛在機會。

And it's clear that if you then look over the medium-term and say, well, we're in a position right now where considering the issues that we've had facing the global economy and the stock draws that have been taking place and the flat price that also kind of follows, you'd say, well, at some point in time, you're going to have to think about how you're going to get into a [build-up] situation.

而且很明顯，如果你再看中期並說：我們目前所處的位置，考量到全球經濟面臨的問題、持續發生的去庫存，以及隨之而來的平價走勢，你會說，在某個時間點，你必須思考要如何進入一個[補庫存]的狀態。

So I think underlying, that's all great. And I'll just kind of reiterate James' point about what are we looking at here in terms of age profile of ships as we move over the next couple of years, what is the fleet profile coming on board over the next couple of years. And you put all those things in there and in a normal circumstance, it doesn't look scary to me.

所以我認為從底層來看，這些都很好。我也想再次重申James的觀點：我們在這裡要看的，是未來幾年船舶的船齡結構、以及未來幾年將交付的新船隊結構。把所有這些因素放在一起，在正常情況下，對我來說並不令人擔憂。

But we are living in a very highly uncertain political environment. We've got things coming in left/right field every single day more or less. And one of the key elements that we try to do at any given time from an operational and commercial perspective is be as nimble as we can to react to these changes as they come on a very frequent basis.

但我們正處於一個高度不確定的政治環境。幾乎每天都有意料之外的事情從各個方向出現。而我們在任何時點從營運與商業角度努力做到的關鍵之一，就是盡可能保持靈活，以便在這些變化頻繁出現時做出反應。

Understood. Just for my follow-up here, I think following the refinancing activity, your debt profile is now heavily weighted towards the converts. So how should we think about this potential dilution conversion scenarios that may be your preferred method of settlement, especially should the stock trade meaningfully above the conversion price?

了解。我這裡再追問一下：我想在完成再融資活動之後，你們的債務結構現在大幅偏向可轉債。那麼我們應該如何看待潛在的稀釋／轉換情境，尤其是當股價顯著高於轉換價時，轉換可能會是你們偏好的清償方式？

Stephanie, thanks for the question. Look, we just -- we're fresh off the convertible. So we're obviously happy with the transaction and the execution of it. One of the biggest features of the notes is that we can settle it in cash or shares. The trigger for that is 130% over the conversion price. So I think everybody here on the call would be thrilled if we get to those levels. And we will address that if it happens in terms of how we'll choose to settle it.

Stephanie，謝謝你的問題。你看，我們才剛完成可轉債發行。所以我們顯然對這筆交易以及執行結果感到滿意。這些票據最大的特點之一，是我們可以用現金或股票來清償。觸發條件是股價達到轉換價的130%。所以我想在電話會議上的每個人，如果能到那個水準都會非常高興。如果真的發生，我們會再就如何選擇清償方式來處理。

Right now, the maximum number of shares that can be issued is 6 million shares. That's what the conversion rate is. So that's something for down the road. But right now, we're just -- we're happy with how it fits into our capital structure and in particular, the low cash costs, which have driven down our cash breakevens on the notes.

目前最多可發行的股份數是600萬股。這就是轉換比率所對應的數量。所以那是之後的事情。但就目前而言，我們對它如何融入我們的資本結構感到滿意，特別是較低的現金成本，這也降低了我們在這些票據上的現金損益兩平點。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Just one for me today. During the quarter, one of your LR2s had its time charter extended. And just looking at the rest of the fleet, there's a handful of other tankers rolling off time charter in the next year or so. So I'm wondering if you see -- you're seeing a higher likelihood that these time charters get extended, if there's even options to do so?

我今天只有一個問題。在本季期間，你們其中一艘LR2的定期租船合約獲得延長。而再看其餘船隊，未來一年左右還有幾艘油輪的定期租船將到期。所以我想知道，你是否看到——你們是否看到這些定期租船更有可能被延長？是否甚至有延長的選擇權？

And maybe your thoughts on what you're seeing in the time charter market more broadly.

以及你對更廣泛的定期租船市場目前所見情況的看法。

On that particular time charter, it was an option historically that was in place. Any time charters that we would do today would be new time charters in the market. In terms of time charter strategy, we've always been very opportunistic about it to have a balanced view on how much of our fleet would be on time charter. We have a number of ships rolling off.

就那份特定的定期租船而言，歷來那是一個已存在的選擇權安排。我們今天若要做的任何定期租船，都會是在市場上簽訂的新定期租船合約。就定期租船策略而言，我們一向非常機會主義地看待，並在我們船隊有多少比例採用定期租船上保持均衡的觀點。我們有若干艘船即將到期退出。

We have been looking and it has also been reported that a few time charters have been secured at levels that we have not seen before. It's also an interesting point, I guess, is that time charter inquiry, generally speaking, even over the summer months has been high, which is interesting. The people that are looking at time charters tend to be the oil companies and now some of the traders are coming in as well. And so there is a generally good level of demand on that.

我們一直在觀察，而且也有報導指出，已有少數定期租船以我們前所未見的水準成交。另外一個有趣的點是，一般而言，即使在夏季月份，定期租船的詢價仍然很高，這點很有意思。尋求定期租船的通常是石油公司，而現在也有一些貿易商開始加入。因此整體而言，這方面的需求水準不錯。

But when it comes to ourselves, very much a balanced approach as we've had for a while, but certainly dominated by a view that we would look at this opportunistically and very much so that the people that -- the counterparties that we deal with are people that we have long-standing strategic relationships that we can build around it.

但就我們自身而言，我們仍然採取一段時間以來的均衡做法，不過主導的觀點是：我們會機會主義地看待這件事；而且我們合作的對手方——我們往來的對手方——都是與我們有長期策略關係、並能在此基礎上持續深化合作的夥伴。

Liam Burke.

Liam Burke。

Prior to the dust -- early in 2026, prior to the dust-up in the Mid East, the outlook for the product tankers was great. You had an aging fleet. You had redistribution of global capacity. Presuming that things get to normal someday, are we looking at redistribution to continue? Or are some of the traditional refiners not in the Mid East, not in China? Will they continue to refine oil? Or do you expect the process to continue?

在中東衝突爆發之前——2026年初，在中東那場衝突之前——成品油輪的展望非常好。你們有一支老化的船隊。你們有全球產能的重新分配。假設有一天情勢回歸正常，我們是否仍會看到這種重新分配持續？或者一些傳統的煉油商（不在中東、不在中國的那些）他們會繼續煉油嗎？還是你預期這個過程會持續下去？

Lars, I can take that. Liam, thanks for the question. No, we absolutely expect the refinery dislocation to continue. It takes at a minimum seven years probably to build a new refinery and many of those refineries haven't started construction today. If you think about demand in emerging markets where we see a lot of growth, there's not refining capacity being built there.

Lars，我可以回答這題。Liam，謝謝你的問題。不，我們絕對預期煉油產能的錯位會持續。建造一座新煉油廠至少可能需要七年，而其中許多煉油廠到今天都還沒開始動工。如果你看新興市場的需求——我們看到那裡有很多成長——當地並沒有在建置相應的煉油產能。

And in developed markets, Northern United States, West Coast United States, we closed capacity. So we see a scenario where ton miles are going to continue to grow over time. And if anything, what we've seen as a result of this conflict, if you look at crude price changes versus product price changes in cracks, cracks have moved meaningfully.

而在已開發市場，例如美國北部、美國西岸，我們關閉了部分產能。因此我們看到一種情境是，噸海里將會隨時間持續成長。而且若說有什麼的話，從這場衝突的結果來看，如果你比較原油價格變動與成品價格變動（裂解價差），裂解價差已經出現顯著變動。

So I think that reflects how dislocated the refining capacity system is, and we'll be happy to transport those cargoes to consuming regions.

所以我認為這反映了煉油產能體系的錯位程度有多大，而我們也很樂意把這些貨載運送到消費地區。

Okay. And I guess on the supply side, we've got an aging fleet, especially on the MR side. Have extended rates going to, at the far end, extend the life of some of these older MRs? Or would you anticipate the traditional rule of once it hits a certain age, refiners don't want to use the vessel?

好的。那我想在供給端，我們有一支老化的船隊，尤其是在MR（中程成品油輪）這一端。較高的租金水準是否會在某種程度上延長一些較老MR的使用壽命？或者你會預期傳統規則仍然是：一旦到達某個船齡，煉油商就不想使用該船？

I think -- yes, I think it's fair to say that there is a hard stop at 20 these days for vessels. We've been seeing that even in strong markets. It's not that long ago where people were looking at 15 and people were saying, well, I don't want to time charter ship that's more than 10. That kind of has moved towards a higher level of -- in terms of age.

我想——是的，我認為可以說，現在船舶在20年船齡基本上就有一個硬性上限。即使在強勁市場中，我們也一直看到這種情況。不久之前，人們還在看15年船齡，甚至有人說，我不想定期租用超過10年的船。這個標準在船齡方面已經往更高的水準移動了。

But even during the very strong markets from a primary trade perspective, it's very, very uncommon that we've been seeing ships over 20 being traded, Bugbee being obviously the exception. But it's clear that if you look at overall from a fleet segment perspective and you look at the age profile on MRs, as you rightfully point out, but also on the Aframaxes, it is an interesting kind of picture that's being drawn over the next couple of years in terms of what that age profile is going to look like.

但即便在以主要航線交易為主的非常強勁市場期間，我們也很少看到20年以上的船還在交易，Bugbee顯然是例外。不過很明顯的是，如果你從整體船隊分段的角度來看，再看MR的船齡結構——正如你所指出的——以及Aframax（阿芙拉型油輪）也是如此，未來幾年在船齡結構將呈現何種樣貌，這是一幅相當值得關注的圖景。

Kristoffer Skeie, Arctic Securities.

Kristoffer Skeie，Arctic Securities。

I was just wondering if you can comment on the VLCC joint venture and the rationale behind the investment. Who are the other partners? Where are the vessels ordered and at what price typically? And what type of leverage levels you are aiming for? So in other words, what's the equity commitment there?

我想請問你們能否評論一下VLCC（超大型原油輪）合資案，以及這項投資背後的理由。其他合作夥伴是誰？船舶在哪裡下單、通常價格大概是多少？以及你們目標的槓桿水準是什麼？換句話說，股權承諾是多少？

Thanks for the question. I think from a financial standpoint, the exposure, as you can see, is not meaningful compared to our balance sheet. So the reason why we did this investment is more strategic. The partner is the UBO of the largest private shipbuilder in China. And we have a relationship with this gentleman for many years. And this opportunity came about where he was looking for a partner in the shipping side and not only potentially in order to operate the vessels once they get delivered.

謝謝你的問題。我認為從財務角度來看，如你所見，這項曝險相較於我們的資產負債表並不顯著。因此我們做這項投資的原因更偏策略性。合作夥伴是中國最大民營造船廠的最終實益擁有人（UBO）。我們與這位先生已經有多年的關係。而這個機會出現，是因為他在航運端尋找合作夥伴，不僅可能在船舶交付後協助營運。

And we thought that it made sense for us to get the opportunity even though as you see financially, it's not a meaningful transaction for our balance sheet. So that's the reason.

我們認為這對我們而言是合理的機會；即便如你所見，從財務上看，這對我們的資產負債表並不是一筆重要交易。所以原因就是如此。

On the expectations on the rates, the ships are delivering far away. We are going to take delivery of the Hanwha ships before that. And so far, I think that is too early to talk about market expectations and our guess is as good as anyone's. So we like the sector. We believe in the sector.

至於對運價的預期，這些船的交付時間還很久。在那之前，我們會先接收Hanwha的船舶交付。因此我認為現在談市場預期還太早，我們的猜測不會比任何人更準。所以我們喜歡這個產業。我們相信這個產業。

We've been looking at getting exposure gradually. You may remember with the DHT investment. Once we divested from DHT in the latter part of 2025, we decided to get into the physical part of the investment by ordering the ships at Hanwha and this joint venture is a nice top-up with a strategic twist for us.

我們一直在逐步尋求增加曝險。你可能還記得我們對DHT的投資。在2025年後期我們自DHT撤資後，我們決定透過在Hanwha下單造船，進入實體資產投資；而這個合資案對我們而言，是一個帶有策略性元素的加碼。

That concludes our question-and-answer session. I would now like to turn the call back over to Emanuele Lauro, CEO, for the closing remarks. Please go ahead.

以上結束我們的問答環節。現在我想把電話交回給執行長Emanuele Lauro作結語。請開始。

Thank you very much, operator. I don't have any closing remarks. Just wanted to thank everybody for their time and continued support and look forward to speaking with you going forward. Thank you.

非常感謝，接線員。我沒有任何結語。只是想感謝各位撥冗參與並持續支持，也期待未來能再與各位交流。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。