Tsakos Energy Navigation Ltd (TEN) 2023 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to Tsakos' Energy Navigation Conference Call on the First Quarter 2023 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Dr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. George Saroglou, Chief Operating Officer of the company.

女士們、先生們，感謝大家的支持，歡迎參加 Tsakos 關於 2023 年第一季度財務業績的能源導航電話會議。與我們一起出席的還有董事會主席塔基斯·阿拉波格魯 (Takis Arapoglou) 先生；總裁兼首席執行官 Nikolas Tsakos 博士； Paul Durham 先生，首席財務官；以及公司首席運營官 George Saroglou 先生。

(Operator Instructions). I must advise you that this conference is being recorded today. And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relations adviser with Tsakos Energy Navigation. Please go ahead, sir.

（操作員說明）。我必須告訴你，今天的會議正在錄製。現在我請尼古拉斯·博諾齊斯 (Nicolas Bornozis) 先生髮言，他是 Capital Link 總裁、Tsakos Energy Navigation 投資者關係顧問。請繼續，先生。

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis of Capital Link, Investor Relations adviser to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the first quarter ended March 31, 2023. In case you do not have a copy of today's earnings release, please call us at (212) 661-7566 or e-mail at ten@capitallink.com, and we will have a copy for you e-mailed right away.

非常感謝大家，並向所有參與者早上好。我是 Capital Link 的 Nicolas Bornozis，Tsakos Energy Navigation 的投資者關係顧問。今天上午，該公司公開發布了截至 2023 年 3 月 31 日的第一季度財務業績。如果您沒有今天的收益發布副本，請致電 (212) 661-7566 或發送電子郵件至 ten@ Capitallink.com，我們將立即通過電子郵件向您發送一份副本。

Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the company's website.

請注意，與今天的電話會議同時進行的還有現場音頻和幻燈片網絡廣播，您可以在公司網站首頁 www.tenn.gr 上訪問該網絡廣播。電話會議將在演示幻燈片之後舉行，因此我們強烈建議您訪問公司網站上的演示幻燈片。

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.

請注意，電話會議結束後，網絡廣播演示的幻燈片將在公司網站上提供並存檔。另請注意，網絡廣播演示文稿的幻燈片是由用戶控制的，這意味著通過單擊正確的按鈕，您可以自行移至下一張或上一張幻燈片。

At this time, I would like to read the safe harbor statement. This conference call slides and the slide presentation contain certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect TEN's business prospects and results of operations.

這時，我想讀一下安全港聲明。本電話會議幻燈片和幻燈片演示文稿包含 1995 年《私人證券訴訟改革法案》安全港條款含義內的某些前瞻性陳述。請投資者註意，此類前瞻性陳述涉及風險和不確定性，可能會影響 TEN 的風險和不確定性。業務前景和經營業績。

And before passing the floor to the Chairman, I would like to highlight that, as mentioned in the press release today, TEN celebrates 30 years as a public company. I'd like to extend my own congratulations to Dr. Tsakos and the entire team. And the company is kicking off 2023 with a record quarter in terms of performance and results. And at this moment, I would like to pass the floor to Mr. Takis Arapoglou, the Chairman of Tsakos Energy Navigation. Please go ahead, Mr. Arapoglou.

在請主席發言之前，我想強調一下，正如今天的新聞稿中提到的，TEN 正在慶祝上市公司成立 30 週年。我謹向 Tsakos 博士和整個團隊表示祝賀。該公司以業績和業績創紀錄的季度拉開 2023 年的序幕。現在我想請 Tsakos Energy Navigation 董事長 Takis Arapoglou 先生髮言。請繼續，阿拉波格魯先生。

Thank you. Nicolas. Hello, and welcome, everyone, and thank you for joining us on our call today. I must congratulate management for an extraordinary set of record first quarter results and stellar operational performance and also congratulate them as a whole for celebrating 30 years as a public company, 30 years of one interrupted growth. So many have returns to TEN.

謝謝。尼古拉斯.大家好，歡迎大家，感謝您參加我們今天的電話會議。我必須祝賀管理層創下了非凡的第一季度業績記錄和出色的運營業績，並祝賀他們作為一家上市公司慶祝了 30 週年，慶祝了 30 週年的中斷增長。很多人都回到了十。

We continue to benefit from the prevailing solid market fundamentals, building healthy cash reserves, which allows us to maintain our policy of redeeming expensive preferred issues when we can, steadily reducing debt and paying seriously increased dividends in this year, a dividend 140% higher than in 2022. Subject to the market continuation of this firm market, the Board may consider paying an extraordinary dividend during 2023, over and above the already announced annual common dividend of $0.60 per share.

我們繼續受益於當前穩固的市場基本面，建立健康的現金儲備，這使我們能夠維持盡可能贖回昂貴優先股的政策，穩步減少債務，並在今年大幅增加股息，股息比去年高出140％ 2022 年。根據該穩定市場的持續情況，董事會可能會考慮在 2023 年期間支付特別股息，超出已宣布的每股 0.60 美元的年度普通股息。

At the same time, we take advantage of the prevailing attractive charter rates, locking in accretive long-term employment for our vessels resulting in over $1.6 billion of future contracted revenues over the next 3 years, which, of course, secures a high and sustainable, profitable performance.

與此同時，我們利用當前具有吸引力的租船費率，鎖定我們船舶的長期就業機會，從而在未來 3 年內實現超過 16 億美元的未來合同收入，這當然確保了高且可持續的收入。 ，盈利業績。

Our vessels operating in spots are taking advantage of the high rates in the market as is the case with our vessels benefiting from profit-sharing arrangements. All this -- the combination of all this puts us in a position to comfortably continue as always to consider new strategic accretive investment divestment opportunities as and when this may arise in order to grow TEN further, always in a measured and prudent way and for the benefit of our shareholders.

我們在現場運營的船舶正在利用市場上的高費率，就像我們的船舶受益於利潤分享安排一樣。所有這一切——所有這些的結合使我們能夠一如既往地輕鬆地繼續考慮可能出現的新的戰略性增值投資撤資機會，以便進一步發展 TEN，始終以謹慎和審慎的方式，並為我們股東的利益。

So congratulations again to management and employees of TEN and best wishes for another 30 years of successes. I'll now pass the floor on to our CEO and President, Nikos Tsakos, thank you.

再次祝賀 TEN 的管理層和員工，並祝愿他們再創 30 年的成功。現在請我們的首席執行官兼總裁 Nikos Tsakos 發言，謝謝。

Thank you, Chairman. Thank you, Nicolas, and good morning, good afternoon to everybody. It's with great pride that we are celebrating our 30th anniversary. The year that the company was established, started as a small garage type of start-up with 4 vessels to where it has been today. And also, we are celebrating it together with a lot of friends, a lot of colleagues who have been with us all the way.

謝謝主席。謝謝你，尼古拉斯，大家早上好，下午好。我們非常自豪地慶祝我們的 30 週年紀念日。公司成立當年，最初是一家小型車庫類型的初創公司，擁有 4 艘船，發展到今天的規模。而且，我們正在與很多朋友、很多一直與我們在一起的同事一起慶祝。

A lot of new colleagues that are carrying the torch now. And of course, we're even happier that we can report record earnings on our 30th anniversary. Like last year, which was our 20th continuous year on the New York Stock Exchange, we also had the luck to celebrate a record year, and we hope that this year is going to be another record year.

現在有很多新同事正在接過火炬。當然，我們更高興能夠在成立 30 週年之際公佈創紀錄的收益。與去年一樣，這是我們連續在紐約證券交易所上市的第 20 年，我們也有幸慶祝了創紀錄的一年，我們希望今年將是另一個創紀錄的一年。

For us, TEN means personally a lot, also for me and the family. It's a very big part of our lives. How big I will not reveal because I will give out my age, which most of you know. But I can say that very soon, it's going to be more than half of my life in dealing with the company that we all enjoy and our shareholders. It's really a scary thought to think of this.

對於我們個人來說，十意味著很多，對於我和家人來說也是如此。這是我們生活中非常重要的一部分。我不會透露多大，因為我會透露我的年齡，你們大多數人都知道。但我可以說，很快，我生命的一半以上將用於與我們都喜歡的公司和我們的股東打交道。想到這真是一個可怕的想法。

But of course, it's not only the longevity of the company, it marks a lot of milestones for us going forward. The year that we actually started our quotation, the New York Stock Exchange. So we had the arrival of our son. He has proven a great investment so far and even a better investment in 2004, the order of our first LNG, together with the arrival of our 2 daughters. And this year, a record year and they rollout of the house and in colleges around the world.

當然，這不僅僅是公司的長壽，它還標誌著我們未來的許多里程碑。我們實際開始報價的那一年，紐約證券交易所。就這樣，我們的兒子到來了。到目前為止，他已經證明了一項巨大的投資，甚至在 2004 年我們訂購了第一批液化天然氣以及我們兩個女兒的到來時，這也是一項更好的投資。今年是創紀錄的一年，他們在世界各地的大學和學院中推出了該產品。

So it's been a long process, but it has been an exciting process, building the company with friends all over the world. The way we see the future is that we are in a period that I have never experienced in my , as I mentioned, 30 years of working life in which the order book has never been so dry, to use that expression.

所以這是一個漫長的過程，但也是一個令人興奮的過程，與世界各地的朋友一起建立公司。我們對未來的看法是，我們正處於一個我在 30 年的工作生涯中從未經歷過的時期，用這個說法來說，訂單簿從未如此枯燥。

Never in the last 30 years, we've seen a percentage of 3% or 4% of the world fleet being built. Some categories are really completely unattainable to compete with the demand that is coming. We're seeing demand coming back after the couple of long COVID years, more ton miles because of the world, occasional closures of canal. I mean, as you know, we have delays many times in the Bosphorus, mainly in the winter that have an effect on the market.

過去 30 年來，我們從未見過世界船隊的建造比例達到 3% 或 4%。有些類別確實完全無法與即將到來的需求競爭。我們看到需求在經歷了漫長的新冠疫情幾年後有所回升，由於世界各地的影響以及運河偶爾的關閉，需求增加了更多噸英里。我的意思是，如您所知，我們在博斯普魯斯海峽發生了多次延誤，主要是在冬季，這對市場產生了影響。

Right now, we're seeing a very strange situation in the Panama Canal, where because of drought there's the significant need of dredging and a big number of our larger ships, including our LNGs, not only ours, big containers Suezmax and VLCCs either have to wait for a long queues or they have to decide to do additional long ton miles going around South America in order to get to the other side.

現在，我們在巴拿馬運河上看到了一個非常奇怪的情況，由於乾旱，非常需要疏浚，我們大量的大型船舶，包括我們的液化天然氣船，不僅是我們的大型集裝箱蘇伊士型油輪和超大型油輪都擁有等待很長的隊列，或者他們必須決定繞南美繞行額外的長噸英里才能到達另一邊。

So every small -- right now, the market is so balanced that every small detail makes the market even stronger. So this is how we are looking at a very good -- as far as supply and demand situation, we're seeing more refill of strategic reserves around the world. The driving season -- and I hope all of our good friends will take their time and enjoy driving around, started yesterday in the U.S. and in other parts of the world.

所以每一個小細節——現在，市場是如此平衡，每一個小細節都讓市場變得更加強大。因此，這就是我們對供需形勢的看法，我們看到世界各地的戰略儲備有更多的補充。駕駛季節——我希望我們所有的好朋友都能慢慢地享受駕駛樂趣，這個季節從昨天開始在美國和世界其他地方開始。

So with that, I would say that we believe that this market has legs to go forward. And talking about forward, I will ask George to give us a little bit a quick (inaudible) of the past.

因此，我想說的是，我們相信這個市場有發展的空間。談到未來，我會請喬治給我們簡單介紹一下過去的情況（聽不清）。

Thank you very much, Nikos. Good morning to all of you joining our earnings call today. We celebrate 30 years as a public company this year. And this morning, we reported record profits for the first quarter of 2023, the best quarter in the company's history since inception. Key takeaways, first of all, we continue to experience the largest change in trade flows to ongoing crude and oil product movements as a result of the war and western sanctions from Russian seaborne oil.

非常感謝你，尼科斯。今天參加我們財報電話會議的所有人早上好。今年我們慶祝上市公司成立 30 週年。今天早上，我們公佈了 2023 年第一季度創紀錄的利潤，這是公司自成立以來歷史上最好的季度。主要結論是，首先，由於戰爭和西方對俄羅斯海運石油的製裁，我們繼續經歷著原油和石油產品持續流動的最大貿易流變化。

As the war in Ukraine continues, these changes appear to be permanent. Europe, before the war, was the biggest client of Russian oil, but since the world managed to replace these barrels from the United States, West Africa, South America, Guyana and the Middle East, creating a positive ton-mile multiplier effect for tanker demand and freight rates.

隨著烏克蘭戰爭的繼續，這些變化似乎是永久性的。戰前，歐洲是俄羅斯石油的最大客戶，但由於世界範圍內設法替換了來自美國、西非、南美、圭亞那和中東的這些石油桶，為油輪創造了積極的噸英里乘數效應需求和運費。

At the same time, tanker newbuildings are at an all-time low with new orders being less than 5% of the existing fleet. Many yards are now booking orders after the end of 2025. And at the same time, global oil demand is growing based on the latest monthly forecast from the International Energy Agency, which revised global oil demand upward by 200,000 barrels in May. This year, global oil demand is expected to grow on average by 2.2 million barrels per day. If or when realized, it will be an all-time record at 102 million barrels per day.

與此同時，油輪新造船數量創歷史新低，新訂單量不足現有船隊的5%。許多船廠目前正在預訂 2025 年底後的訂單。與此同時，根據國際能源署最新的月度預測，全球石油需求正在增長，該機構 5 月份將全球石油需求上調了 20 萬桶。今年，全球石油需求預計平均每天增長220萬桶。如果實現的話，這將創下 1.02 億桶/日的歷史紀錄。

Most of the demand growth is expected to come from non-OECD Asia and especially China. And despite potential global headwinds like steep inflation, tightening global financial condition, the war in Ukraine and the OPEC+ production cuts announced in May, the global economy is expected to continue growing this year.

預計大部分需求增長將來自亞洲非經合組織國家，尤其是中國。儘管存在潛在的全球不利因素，例如通貨膨脹急劇上升、全球金融狀況收緊、烏克蘭戰爭以及 OPEC+ 5 月宣布的減產，但今年全球經濟預計將繼續增長。

Oil demand, as we mentioned, is growing and tanker sentimentals favor a strong tanker market for the next 2 to 3 years. Going to the slides in our presentation. If we start with Slide #3, we see that since inception in 1993, we have faced 5 major crisis, and each time the company came up stronger, thanks to its operating model.

正如我們提到的，石油需求正在增長，油輪市場情緒有利於未來 2 至 3 年的強勁油輪市場。轉到我們演示文稿中的幻燈片。如果我們從幻燈片 #3 開始，我們會發現自 1993 年成立以來，我們已經面臨 5 次重大危機，而每次公司都變得更加強大，這要歸功於它的運營模式。

Recently, we came out of the COVID pandemic and continue to navigate the challenges created by the war in Ukraine. The fundamentals, a record low order book for tankers, the aging fleet and the post-COVID oil demand recovery, even without the tragic war, were positive for our industry. The western sanctions and price cap imported on Russian seaborne oil served as an additional catalyst to propel freight rates higher as long established trade routes were disrupted and voyage distances elongate.

最近，我們走出了新冠疫情大流行，並繼續應對烏克蘭戰爭帶來的挑戰。基本面、油輪訂單量創歷史新低、船隊老化以及新冠疫情后石油需求復蘇，即使沒有悲慘的戰爭，對我們的行業來說都是積極的。由於長期建立的貿易路線被破壞和航程距離延長，西方制裁和對俄羅斯海運石油進口的價格上限成為推高運費的額外催化劑。

All of the Russian volumes are now flowing long haul to India and China. At the same time, U.S. crude oil exports have gone up from averaging about 3.1 million barrels per day last year to about 4.1 million barrels per day to day. In the next slide, we see the company's fleet growth and capital market access since inception. We raised capital for growth, not to the top of the market, but at times when asset prices were usually low.

俄羅斯的所有貨物現在都長途運輸到印度和中國。與此同時，美國原油出口量從去年平均每天約310萬桶增加到每天約410萬桶。在下一張幻燈片中，我們看到了該公司自成立以來的機隊增長和資本市場准入。我們為增長籌集資金，不是為了達到市場的頂峰，而是在資產價格通常較低的時候。

The numbers in the blue boxes present the company's common share offerings and in red the series of preferred sales offering since our listing in the New York Stock Exchange. The first 2 preferred series was 50 million each, the Series B and Series C have already been redeemed at par. Today, we announced the redemption of a third preferred Series, the Series D, redemption will take place on July 7.

藍色方框中的數字代表該公司的普通股發行情況，紅色方框中的數字代表我們在紐約證券交易所上市以來的一系列優先銷售發行情況。前2個優先系列各5000萬，B系列和C系列均已平價贖回。今天，我們宣布第三個首選系列 D 系列的贖回，贖回將於 7 月 7 日進行。

The company will pay approximately $88 million to the holders of the Series D preferred. Since 2019, the company has bought back and retired $188 million of preferred shares saving preferred annual dividend payments of approximately $16.1 million per year. In the next slide, we see the fleet and its current fleet employment.

該公司將向 D 系列優先股持有人支付約 8800 萬美元。自 2019 年以來，該公司已回購併退役了 1.88 億美元的優先股，每年節省了約 1610 萬美元的優先年度股息。在下一張幻燈片中，我們看到了機隊及其當前的機隊使用情況。

We have an operational fleet of 58 vessels with 31 out of the 58 or 53% of the fleet in the water, having market exposure, a combination of spot contract of affreightment and time charters with profit sharing. 41 out of the 58 vessels or 77% of the fleet are in secured contracts, fixed time charters and time charter with profit sharing.

我們擁有一支由 58 艘船舶組成的運營船隊，其中 58 艘船中有 31 艘（佔船隊總數的 53%）在水中航行，擁有市場敞口、現貨貨運合同和期租合同與利潤分享相結合。 58 艘船舶中的 41 艘（佔船隊的 77%）簽訂的是擔保合同、固定期租和利潤分享期租。

This means that TEN is well positioned to continue capturing the positive tanker market fundamentals as evidenced also by the company's first quarter results. Since the start of the year, we have renewed and/or extended 15 of our tankers to time charters with higher fixed time charter rates or higher minimum base rates and higher profit sharing schemes.

這意味著 TEN 處於有利地位，可以繼續抓住積極的油輪市場基本面，該公司第一季度的業績也證明了這一點。自今年年初以來，我們已將 15 艘油輪更新和/或延期至期租，並提供更高的固定期租費率或更高的最低基本費率以及更高的利潤分享計劃。

Fleet mortality is a key element of our operating model. We sold, during the first quarter of the year, 8 tankers, 6 2005 built MRs and 2 2006 built handysize tankers realizing a capital gain of $81 million by taking advantage of strong demand for secondhand tonnage. We also bought back with company cash to 2 2005 built Suezmaxs for a price under the fair market value. With this, Suezmax is currently operating in the spot market, management is exploring divestment opportunities as asset prices for quality secondhand tonnage will continue to remain strong.

機隊死亡率是我們運營模式的關鍵要素。今年第一季度，我們出售了 8 艘油輪，其中 6 艘 2005 年建造的 MR 船和 2 艘 2006 年建造的靈便型油輪，利用對二手噸位的強勁需求，實現了 8100 萬美元的資本收益。我們還用公司現金以低於公平市場價值的價格回購了 2 艘 2005 年建造的蘇伊士型油輪。鑑於此，蘇伊士型油輪目前在現貨市場運營，管理層正在探索撤資機會，因為優質二手噸位的資產價格將繼續保持強勁。

Any divestment of earlier generation vessels will be replaced with modern eco-friendly greener vessel. TEN has currently a newbuilding program of 8 tankers consisting of 2 shuttle tankers for delivery during 2025. For dual fuel as Aframax for delivery in the second half of this year and first quarter of next, plus 2 eco-friendly scrubber-fitted Suezmaxes.

任何早期一代船舶的撤資都將被現代環保型綠色船舶所取代。 TEN 目前有一個由 8 艘油輪組成的新建計劃，其中包括 2 艘穿梭油輪，將於 2025 年交付。雙燃料阿芙拉型油輪將於今年下半年和明年第一季度交付，另外還有 2 艘配備洗滌塔的環保型蘇伊士型油輪。

Except for the 2 Suezmaxes that will be delivered after 2 years, the rest of the company's new buildings have been fixed forward against medium- to long-term time charters. Slide 6 shows the company's current and long-term clients. And as you see, we have a blue chip customer base consisting of all major global energy companies, refineries, commodity traders, with Equinor currently topping the list as our largest charterer with 9 vessels and 4 new buildings all on long-term time charters.

除2艘蘇伊士型油輪將於2年後交付外，該公司的其餘新船均已根據中長期期租合同進行遠期租約。幻燈片 6 顯示了該公司的當前和長期客戶。正如您所看到的，我們擁有一個由全球所有主要能源公司、煉油廠、大宗商品貿易商組成的藍籌客戶群，其中 Equinor 目前位居榜首，是我們最大的租船商，擁有 9 艘船舶和 4 座新建築，全部採用長期租船合同。

On Slide 7, the left side presents the all-in breakeven cost for the various vessel types we operate in TEN. We have a simple operating model. We try to have our time charter vessel to generate revenue to cover the company's cash expenses paying for the vessel operating expenses, finance expenses, overheads, chartering costs and commissions and net revenue from the spot trading vessels contribute to the profitability of the company.

在幻燈片 7 上，左側顯示了我們在 TEN 運營的各種船舶類型的全部盈虧平衡成本。我們有一個簡單的運營模式。我們嘗試讓我們的期租船舶產生收入，以支付公司支付船舶運營費用、財務費用、間接費用、租船成本和佣金的現金費用，以及現貨交易船舶的淨收入有助於公司的盈利能力。

Fleet utilization in the first quarter of '23 amounted to 96.4%, reflecting efficient technical management and a low number of scheduled drydocking during the period. Thanks to the profit sharing element for every $1,000 per day increase in spot rates, we have a positive impact of $0.15 in annual EPS based on the number of TEN vessels that currently have exposure to spot rates.

2023 年第一季度船隊利用率達 96.4%，反映出有效的技術管理和在此期間的定期幹船塢數量較少​​。由於即期運價每天每增加 1,000 美元的利潤分享元素，根據目前採用即期運價的 10 艘船舶數量，我們對年度每股收益產生 0.15 美元的積極影響。

Debt reduction is an integral part of the company's capital allocation strategy. Our debt peaked in December of 2016. Since then, we have repaid $363 million of debt and repurchased 188 million of 3 series of preferred shares, including the Series D we announced today. Slide 9 is a snapshot of the company's main financial metrics and performance since 2004.

債務削減是公司資本配置戰略的重要組成部分。我們的債務在 2016 年 12 月達到頂峰。此後，我們已償還了 3.63 億美元的債務，並回購了 1.88 億股 3 系列優先股，其中包括我們今天宣布的 D 系列。幻燈片 9 是公司自 2004 年以來的主要財務指標和業績的快照。

We need to highlight here the growth of the fleet. We have almost doubled the fleet since 2004. We have maintained...

我們需要在這裡強調機隊的增長。自 2004 年以來，我們的機隊幾乎增加了一倍。我們一直保持著……

More than doubled.

增加了一倍多。

More than doubled. We have maintained very strong balance very strong cash reserves. And at the same time, for most of the period, we have maintained a very profitable operation. How this strong operating performance and financial performance translates for our shareholders, it translates through the different -- through the dividend distribution, which is in addition to paying down debt as dividend continuity is important for the common shareholders and management.

增加了一倍多。我們保持著非常強勁的現金儲備。與此同時，在大部分時間裡，我們都保持著非常盈利的運營。這種強勁的經營業績和財務業績如何為我們的股東帶來好處，它通過股息分配來體現，除了償還債務之外，股息的連續性對於普通股股東和管理層也很重要。

TEN has always paid the dividend irrespective of the market cycle. $0.30 will be paid on June 15 and another $0.30 will be paid in December at the date that will be announced later in the year and closer to the December distribution. If we compare the $0.60 that will be paid this year against the $0.25 paid last year, the dividend distribution has been increased by 140%. If -- in total, following this year, $0.60, the company would have distributed in excess of $516 million to its shareholders since the listing in 2002.

無論市場週期如何，TEN 始終支付股息。 6 月 15 日將支付 0.30 美元，12 月將支付另外 0.30 美元，具體日期將在今年晚些時候且接近 12 月分配時公佈。如果我們將今年支付的 0.60 美元與去年支付的 0.25 美元進行比較，股息分配增加了 140%。如果今年之後總計為 0.60 美元，那麼自 2002 年上市以來，該公司將向股東分配超過 5.16 億美元。

The market continues to be -- global oil demand continues to recover as the world emerges from the COVID pandemic. And despite financial and geopolitical headwinds as we mentioned earlier, the International Energy Agency expects global oil demand to grow by approximately 2.2 million barrels per day this year. And most of the growth is going to come from Asia Pacific, fueled mostly by the resurgence in China.

隨著世界擺脫新冠疫情的影響，全球石油需求繼續復甦。儘管存在我們之前提到的金融和地緣政治阻力，國際能源署預計今年全球石油需求將增長約 220 萬桶/日。大部分增長將來自亞太地區，主要受到中國經濟復甦的推動。

On the supply side, most of the growth in 2023 is expected to come from non-OPEC countries, including Brazil, U.S.A., Guyana, Canada, Mexico and Norway. As global oil demand continues to grow, let's look at the forecast for the supply of tanker. The order book stands at less than 5% over the next 3 years, which is the lowest it has been in the last 30 years.

在供應方面，預計2023年的大部分增長將來自非歐佩克國家，包括巴西、美國、圭亞那、加拿大、墨西哥和挪威。隨著全球石油需求持續增長，我們來看看油輪供應的預測。未來3年的訂單量將低於5%，這是過去30年來的最低水平。

At the same time, a big part of the fleet is over 15 years, and we currently have almost 11% of the fleet that is over 20 years. The last slide is the slide that shows the scrapping activity since 2018. We have upcoming regulations, an industry that is the carbonizing initiatives and almost 11% of the fleet being over 20 years. We think that all these factors point to a balanced tanker supply market for the next few years. And with that, I will ask Paul to walk you through the financial highlights of the first quarter. Paul?

同時，很大一部分機隊的使用年限超過 15 年，目前我們有近 11% 的機隊使用年限超過 20 年。最後一張幻燈片顯示了自 2018 年以來的報廢活動。我們即將出台法規，這是一個碳化倡議行業，幾乎 11% 的船隊超過 20 年。我們認為所有這些因素都表明未來幾年油輪供應市場將保持平衡。接下來，我將請保羅向您介紹第一季度的財務亮點。保羅？

Thank you, George. Well, in the first quarter, the company achieved a net income of $96 million before gains. Total revenue amounted to $261 million, an increase of 75% over the prior year that contributed $236 million EBITDA compared to only $42 million in the prior quarter 1. While our time charters generated $136 million and spot freight provided $125 million, this clearly indicates that the tanker market had considerable strength in the opening weeks of the year.

謝謝你，喬治。那麼，第一季度，該公司實現收益前淨利潤 9600 萬美元。總收入達 2.61 億美元，比上年增長 75%，貢獻了 2.36 億美元的 EBITDA，而上一季度僅為 4200 萬美元1。雖然我們的定期租船收入為 1.36 億美元，現貨貨運收入為 1.25 億美元，但這清楚地表明：今年頭幾週油輪市場表現強勁。

And even now despite demand concerns that George has pointed out, with respect to potential cuts, the sale of the new vessels of -- our vessels in the new year, as mentioned in the press release, also generated extra cash proving asset values are also buoyant. In all, the first quarter, including vessel sales, resulted in net income of $177 million a record net income for the first quarter.

即使是現在，儘管喬治指出了需求擔憂，但就潛在的削減而言，正如新聞稿中提到的，我們在新年出售新船，也產生了額外的現金，證明資產價值也輕快的。總而言之，包括船舶銷售在內，第一季度淨利潤達到 1.77 億美元，創歷史新高。

Our total vessel utilization reached maximum employment, helped by having just 2 vessels in dry dock our Suezmaxes and Aframaxes participated in a market that provided high rates upwards of $60,000 per day which, together with our smaller vessels, led to a daily average TCE of over $42,000 per vessel in quarter 1, double that in the prior quarter 1.

我們的船舶總利用率達到了最大的就業率，這得益於乾船塢中只有 2 艘船，我們的蘇伊士型和阿芙拉型船舶參與了每天提供高達 60,000 美元以上的高費率的市場，加上我們的小型船舶，導致每日平均 TCE 超過第一季度每艘船的成本為 42,000 美元，是上一季度的兩倍。

OpEx increase, but much was due to inflationary factors and because we used a large part of our cash reserves to build up our vessel supplies and increased maintenance throughout the fleet. Cash resources continue to grow and have by now increased to record highs, allowing a welcome reduction to our outstanding preferred shares that will have a positive impact on our bottom line through many quarters in the future.

運營支出有所增加，但很大程度上是由於通貨膨脹因素造成的，而且我們使用了很大一部分現金儲備來增加船舶供應並增加了整個船隊的維護。現金資源持續增長，目前已增至歷史新高，這使得我們已發​​行的優先股得以減少，這將在未來多個季度對我們的利潤產生積極影響。

As a result of bringing our quarter 1 operations into the readiness, our fleet, as always, is in a perfect state to serve our customers. So there we have it. And that's fairly calm quarter 1.

由於我們第一季度的運營已準備就緒，我們的機隊一如既往地處於完美狀態，可以為我們的客戶提供服務。因此，我們有它。第一季度相當平靜。

And I hope we'll do as well or even better for the next quarter call. Good. Thank you. Thank you, Paul. Thank you, George. So it's like the (inaudible) important to George. And on that note, again, I would like to restate that the market fundamentals, the way we have placed the company, the strategy of always maintaining ships in the spot market, but also ships with high utilization that makes us always -- even in difficult times be able to have the propeller earn at least 96% of the quarter has made the company be able to navigate, as you see on the slide that George has left on the screen.

我希望我們在下個季度的電話會議中能做得同樣好甚至更好。好的。謝謝。謝謝你，保羅。謝謝你，喬治。所以這對喬治來說（聽不清）很重要。在這一點上，我想再次重申市場基本面、我們對公司的定位方式、始終在現貨市場維持船舶的戰略，而且船舶的高利用率使我們始終——即使在困難時期能夠讓螺旋槳盈利至少96%的季度已經使公司能夠導航，正如你在喬治留在屏幕上的幻燈片上看到的那樣。

Even at difficult times, has always been able to pay a dividend, has always been able to grow, never had an issue I guess we are one of the handful of companies that we have never ever negotiated any of our loans or banking facilities. We have -- I mean, kept on paying and reducing significantly our debts. We picked at difficult times because the time to invest in ships is when the market is low.

即使在困難時期，也始終能夠支付股息，始終能夠增長，從未遇到過問題，我想我們是少數幾家從未協商過任何貸款或銀行融資的公司之一。我的意思是，我們繼續償還並大幅減少我們的債務。我們選擇困難時期是因為投資船舶的時機是市場低迷的時候。

And we have picked our debt at around $1.8 million back in 2016. Since then, we have not only reduced our debt, but at the same time, grow our fleet from internal cash flows. But also, as George said, we will be reducing by another $188 million and perhaps more, our perpetuals, these are perpetual preferred, so we don't have to reduce them. But I believe it's good housekeeping for us. It makes our balancing simpler.

早在 2016 年，我們就將債務定為 180 萬美元左右。從那時起，我們不僅減少了債務，同時還利用內部現金流擴大了我們的機隊規模。而且，正如喬治所說，我們將再減少 1.88 億美元，甚至更多，我們的永續債券，這些是永久優先的，所以我們不必減少它們。但我相信這對我們來說是很好的家務管理。它使我們的平衡變得更簡單。

And it saves at least $17 million straight from our bottom line on interest savings. In a period where interest rates have been growing in -- around the inflationary world that we are living with, we took advantage of this market just in the first quarter. We have rechartered or new charters of 15 ships at significantly higher levels and for significant long periods of time, anything between -- from 15 years down to 2 years.

它直接為我們節省了至少 1700 萬美元的利息節省底線。在我們生活的通貨膨脹世界中，利率一直在增長，我們在第一季度就利用了這個市場。我們以顯著更高的水平重新租用或新租用了 15 艘船舶，並且租期相當長，從 15 年到 2 年不等。

And that gives us a mix of business of $1.6 billion with an average duration of 3.5 years, which is something that we know that going forward, the company has secured paying all its obligations and grow even if the spot market goes under breakeven. So this is the position we are right now. And with this, I would like to open the floor for all of us, if you have any questions. Thank you.

這為我們提供了 16 億美元的業務組合，平均期限為 3.5 年，我們知道，展望未來，即使現貨市場處於盈虧平衡狀態，該公司也已確保支付所有債務並實現增長。這就是我們現在的處境。在此，如果大家有任何問題，我想請大家發言。謝謝。

(Operator Instructions). Our first questions come from the line of Omar Nokta with Jefferies.

（操作員說明）。我們的第一個問題來自奧馬爾·諾克塔 (Omar Nokta) 和杰弗里斯 (Jefferies) 的電話。

Yes, congratulations on yet another record-setting quarter and the very strong performance. Just wanted to ask maybe strategically in big picture about Tsakos going forward. Recently, you've exited the MR segment, you got out of those older vessels. And your investments here recently have tended to be much more within the shell tankers or in the crude Suezmax, Aframax segment and you've also got LNG.

是的，祝賀又一個創紀錄的季度和非常強勁的表現。只是想從戰略角度詢問察科斯的未來發展。最近，你已經退出了 MR 部分，你離開了那些舊船。你們最近在這裡的投資往往更多地集中在殼牌油輪或蘇伊士型油輪、阿芙拉型油輪領域，而且你們還投資了液化天然氣。

So I just wanted to maybe think about or ask, when we think about Tsakos in the future or going forward in terms of capital allocation, is it really maybe within these 3 buckets that you're looking to deploy capital, it's either within shuttle tankers, it's within midsized crude and within, say, LNG? Is it those 3 buckets that make up the primary sort of long-term picture for the company?

所以我只是想思考或問一下，當我們未來考慮 Tsakos 或在資本配置方面前進時，是否真的可能在這 3 個桶中您想要部署資本，要么是在穿梭油輪中，它是在中型原油中還是在液化天然氣中？是這三個部分構成了公司的主要長期願景嗎？

Yes. Thank you. Well, these are high-end parts of the business but we have the internal expertise, as you know, and we're waiting for your visit. Don't wait for Posidonia to come visit us. The office is still running, even without Posidonia. We have new developments in our -- mainly in our control procedures. We have new control stations for our ships. We'll be looking very forward to see you.

是的。謝謝。嗯，這些是業務的高端部分，但如您所知，我們擁有內部專業知識，我們正在等待您的光臨。不要等待波西多尼亞來拜訪我們。即使沒有波西多尼亞，辦公室仍在運行。我們在控製程序方面取得了新進展。我們的船舶有新的控制站。我們將非常期待見到您。

I mean, we run everything in-house. So for us, the more demanding the trades are, they give us a better return, but it's something we can handle internally. So we tend to focus to the high end of the business that is required by the major oil companies. But this does not exclude that we will look at opportunities like the MR segment because we always like to have participation in it.

我的意思是，我們內部運營一切。所以對我們來說，交易的要求越高，它們會給我們帶來更好的回報，但這是我們可以在內部處理的事情。因此，我們傾向於專注於大型石油公司所需的高端業務。但這並不排除我們會尋找像MR細分市場這樣的機會，因為我們總是喜歡參與其中。

The last participation ended up being a very successful one when we actually build those ships back 18 years ago now. My God, we were all much younger if you look at the delivery pictures. But it was -- we never expected that those ships would have such a good performance after 18 years, and will have proven to be one of our of best return over the years. However, it's true that we are focusing on the bigger sizes, shuttle tankers, LNG, Suezmax and VLCCs.

當我們在 18 年前實際建造這些船時，上一次的參與最終非常成功。天哪，如果你看看交貨照片，我們都年輕多了。但我們從未預料到這些船舶在 18 年後仍具有如此出色的性能，並且將被證明是我們多年來回報最好的船舶之一。然而，我們確實專注於更大的尺寸、穿梭油輪、液化天然氣、蘇伊士型油輪和超大型油輪。

And then maybe just on the 2 Suezmax newbuildings, the ones that are scrubber fitted, you're having employment discussions on those 2. How would you characterize those types of discussions? And what I mean is, are they kind of -- are they project-style long-term charters similar to the dual-fuel Aframax that you have or the shuttle tankers? Or are these more charters you're seeking to de-risk the newbuilding investment?

然後，也許就在 2 艘安裝了洗滌器的蘇伊士型新造船上，你們正在就這兩艘船進行就業討論。您如何描述這些類型的討論？我的意思是，它們是項目式的長期包機，類似於你們擁有的雙燃料阿芙拉型油輪或穿梭油輪嗎？或者您正在尋求更多的特許經營來降低新造船投資的風險？

Well, I think it is more or charterers want to secure a good quality operator with a long-term employment. So it is not so much on specific contracts, but all the major companies are looking to secure ships. There are very, very few ships out there. Right now, very few of us understand or know what will be the next phase of the engines.

嗯，我認為更多的是承租人希望獲得一個長期僱用的優質運營商。因此，具體合同並不重要，但所有大公司都在尋求船舶安全。那裡的船非常非常少。目前，我們很少有人了解或知道發動機的下一階段將是什麼。

Is it going to be dual fuel with ammonia, with LNG, with methanol? So there is a wait-and-see situation. So there is a lack of ships. And when ships of that quality in this -- in the most, I would say, prestigious yards in the world are being built by a good operator, they are a lot in demand.

會是氨、液化天然氣、甲醇雙燃料嗎？所以出現了觀望的情況。所以缺乏船隻。當優秀的運營商在世界上最有聲望的船廠建造這種質量的船舶時，它們的需求量很大。

And maybe just one final one for me. Just within say LNG, I wanted to ask kind of what you're seeing in that market, opportunities wise? We've seen the spot market come off here recently, part of it's seasonality, part of it's pressure on LNG prices. But generally, we've seen the spot come off, but the term market appears that it's much firmer.

也許對我來說只是最後一件事。就液化天然氣而言，我想問一下您在該市場中看到了什麼，有哪些機會？我們最近看到現貨市場出現下滑，部分原因是季節性，部分原因是液化天然氣價格面臨壓力。但總的來說，我們已經看到現貨價格下跌，但術語市場似乎更加堅挺。

Just wanted to ask kind of if you can give some color on what you're seeing in the term charter market for LNG. And then also if you're seeing opportunities to go into new buildings there against long-term contracts?

只是想問一下您是否可以對您在液化天然氣租船市場中所看到的情況進行一些說明。然後，您是否看到有機會根據長期合同進入那裡的新建築？

I think you are very right to say that the -- I think the spot market right now, it's around 50,000 down from 100,000 6 months ago. We have been, I guess, or likely or ahead, and we have chartered our vessels out for very, very, very -- perhaps for a very long time at very profitable levels. So we actually jumped on the charter long-term wagon sometime in the third, fourth quarter last year, and we have been able to secure a 12- to 15-year employment on one of those ships at very accretive levels.

我認為你說得非常正確——我認為現在的現貨市場比 6 個月前的 100,000 下降了 50,000 左右。我想，我們已經，或者可能，或者領先了，而且我們已經以非常非常非常——也許在很長一段時間內以非常有利可圖的水平租用了我們的船隻。因此，我們實際上在去年第三、第四季度的某個時候就開始了長期包租，並且我們已經能夠以非常增值的水平在其中一艘船上獲得 12 到 15 年的就業機會。

Then another 11 -- 10 to 11 year employment again with profit sharing arrangements on another and very good year of extension on the third. So I think we're going to be -- at least from our LNGs, we are going to be enjoying -- looking in the high end of the business. I expect that as more -- as the turbine vessels are coming up for renewal in business, and there is a significant newbuilding order book, and that's perhaps the most in all the energy segment right now, we will see correction in that market.

然後又是 11 年——10 到 11 年的僱傭期，並在另一年進行利潤分享安排，並在第三年進行非常好的延期。因此，我認為我們將——至少從我們的液化天然氣領域，我們將享受——關注高端業務。我預計，隨著渦輪船業務的更新，以及大量的新造船訂單，這可能是目前所有能源領域中最多的，我們將看到該市場的調整。

We are always there to participate. I mean, it's a market that we want to participate more and more, but we always do it at the right time. The difference between us and LNG-specific companies is that we are not pressured to invest in LNG in order for us to grow our company. At the same time, as you said, we can do a shuttle tanker, we can do a Suezmax, we can do an MR. The Board sits around the table and see what are the best for TEN. So I think this is what makes TEN special. We do not have to follow just LNG. LNG is going to be part of our growth, but not because -- not if it's not the best return.

我們隨時準備參與。我的意思是，這是一個我們想要越來越多地參與的市場，但我們總是在正確的時間這樣做。我們與專門從事液化天然氣的公司之間的區別在於，我們沒有為了發展公司而被迫投資液化天然氣。同時，正如你所說，我們可以做一艘穿梭油輪，我們可以做一艘蘇伊士型油輪，我們可以做一艘MR。董事會圍坐在桌子旁，看看什麼對 10 人來說是最好的。所以我認為這就是十的特別之處。我們不必只關注液化天然氣。液化天然氣將成為我們增長的一部分，但不是因為它不是最好的回報。

Our next questions come from the line of Climent Molins with Value Investor's Edge.

我們的下一個問題來自價值投資者邊緣的克萊門特·莫林斯 (Climent Molins)。

I wanted to start by congratulating the team for reaching the 30-year mark.

首先，我想祝賀該團隊邁入 30 週年大關。

Thank you.

謝謝。

Thank you very much.

非常感謝。

In the press release, you mentioned you have secured new contracts and extensions for 15 vessels, including 2 LNG carriers. Could you provide some commentary on the duration and the expected contribution from the new contract on the Neo energy?

在新聞稿中，您提到您已獲得 15 艘船舶的新合同和延期合同，其中包括 2 艘液化天然氣運輸船。您能否對新能源新合同的期限和預期貢獻提供一些評論？

We would like very much to tell you all this things in private. So please don't -- feel free. What I can tell you is that the contribution of the 15 new charters and extensions that happened since the last quarter is of the magnitude of -- in excess of $0.5 billion, in freight, which will -- which has brought our next 3.5 year forward employment, future employment to income coming to 1.6.

我們非常想私下告訴您所有這些事情。所以請不要——隨意。我可以告訴你的是，自上個季度以來發生的 15 個新包機和延期對貨運的貢獻超過 5 億美元，這將推動我們下一個 3.5 年的發展就業，未來就業與收入之比將達到1.6。

What we can say is that the Neo Energy has been chartered with a very healthy 6-figure number. If this is -- we will be happy to answer your questions in private in order to avoid confusing other people with our business.

我們可以說的是，Neo Energy 已經獲得了非常健康的 6 位數的特許經營權。如果是這樣——我們很樂意私下回答您的問題，以避免其他人對我們的業務感到困惑。

Makes sense. We'll do that. And on the press release, you also mentioned that the Board may declare an extra dividend on top of the one you already announced. And I was wondering, could you provide some additional insight on what the drivers behind the decision would be? Is there a specific metric they would look at, such as cash on the balance sheet or the outlook? Or is it a mix of several factors?

說得通。我們會這麼做的。在新聞稿中，您還提到董事會可能會在您已經宣布的股息基礎上宣布額外股息。我想知道，您能否提供一些關於該決定背後的驅動因素的額外見解？他們是否會考慮特定的指標，例如資產負債表上的現金或前景？或者是多種因素綜合作用的結果？

Well, this question, we have the luxury to have the Chairman of our Board here. So Mr. Chairman, please give us a little bit color on what will take us to convince you to give a higher dividend?

嗯，這個問題，我們有幸請到了董事會主席。那麼，主席先生，請給我們一些說明，我們將如何說服您給予更高的股息？

Thank you, amigos. An extraordinary dividend. We will examine that. We'll see how business will progress for the remainder -- in the next few months. It's a judgment call. There are no triggers. And it all depends on the numbers that we expect to see, that they materialize. So it is based -- it will not be based on any triggers or formulas or whatever. It's -- we really need to be convinced that what we see as being sustainable performance really materializes. That's all.

謝謝你們，朋友們。非凡的股息。我們將對此進行研究。我們將在接下來的幾個月裡看看剩下的時間裡業務將如何進展。這是一個判斷。沒有觸發器。這一切都取決於我們期望看到的數字以及它們實現的數字。所以它是有基礎的——它不會基於任何觸發器或公式或其他什麼。我們確實需要確信我們所認為的可持續績效確實能夠實現。就這樣。

There are no further questions at this time. I would now like to hand the call back over to Nikolas Tsakos for any closing comments.

目前沒有其他問題。我現在想將電話轉回尼古拉斯·察科斯（Nikolas Tsakos）以徵求結束意見。

Well, thank you very much for participating in our first quarter. We hope our second quarter in the 6-month results to be as good or better. I mean we -- I think we're going to be seeing the significant increases of new charters that we talked about actually becoming numbers in the second quarter and third quarter.

嗯，非常感謝您參與我們的第一季度。我們希望 6 個月的第二季度業績同樣好甚至更好。我的意思是，我認為我們將看到我們談到的新包機數量的顯著增加，這實際上在第二季度和第三季度成為數字。

So I think -- because a lot of the business that we actually concluded in the last 8 weeks are going to be delivered without this period of time. So we're looking at a good healthy year going forward. This is, as we said, it's a milestone year for us. It's 30 years as an entity, as a public company. We will be celebrating again, by doing some business in the meantime.

所以我認為——因為我們在過去 8 週內實際完成的很多業務將在沒有這段時間的情況下交付。因此，我們期待著美好健康的一年。正如我們所說，今年對我們來說是具有里程碑意義的一年。作為一個實體，作為一家上市公司，已經有 30 年的歷史了。我們將再次慶祝，同時做一些生意。

Whoever is in London on the -- during the London International Shipping Week in middle of September, TEN will be sponsoring a big shipping seminar and offering a few drinks for celebrating our 30 years in the IMO building, the building where our Board member and Head of our Operations and Environmental Committee, Mr. Metropoulos has a lot of memories from being the Secretary Gen.

無論誰在 9 月中旬的倫敦國際航運週期間來到倫敦，TEN 都將贊助一場大型航運研討會，並提供一些飲品來慶祝我們在 IMO 大樓成立 30 週年，該大樓是我們的董事會成員和負責人所在的大樓作為我們運營與環境委員會的成員，梅特羅普洛斯先生對擔任秘書長有著很多回憶。

And I'm taking this opportunity to wish you a happy birthday, and thank you Mr. Metropoulos for celebrating your birthday with us today during a very important time. And then, of course, the actual date of our first listing on the Oslo Stock Exchange was the 10th of October 1993. For those of us who still remember the past, which is good. And we will be celebrating that, thanks to Capital Link's arrangements. I think Nick is listening in, in New York, together with part of the family, having both my daughter studying at Columbia University in New York at the time.

我藉此機會祝您生日快樂，並感謝梅特普洛斯先生今天在一個非常重要的時刻與我們一起慶祝您的生日。當然，我們在奧斯陸證券交易所首次上市的實際日期是 1993 年 10 月 10 日。對於我們這些還記得過去的人來說，這很好。感謝 Capital Link 的安排，我們將為此慶祝。我想尼克正在紐約和家人一起聆聽，當時我的兩個女兒都在紐約的哥倫比亞大學學習。

They would be the main entertainment of that period. They're here listening in. That's why I'm saying this. And that will be another good opportunity for us to meet the shareholders' face to face. But of course, the team is going to be in New York during Marine Money, which is in a couple of weeks. And we take this opportunity to thank you for your trust.

它們將成為那個時期的主要娛樂活動。他們在這裡傾聽。這就是我這麼說的原因。這將是我們與股東面對面交流的又一個好機會。當然，幾週後，該團隊將在 Marine Money 期間前往紐約。我們藉此機會感謝您的信任。

And looking forward -- I mean, what we did last year when we were celebrating 20 years on the New York Stock Exchange, we called it 10 to 20 in a surprise broke 20 for a considerable time. Now it's under that. It's very undervalued. Now 10 or 30, it's a higher target, but you never know. I hope we can achieve it. Thank you very much.

展望未來，我的意思是，去年我們慶祝紐約證券交易所成立 20 週年時所做的事情，我們將其稱為 10 到 20，令人驚訝的是，在相當長的一段時間內突破了 20。現在就在它下面了。它的價值被嚴重低估。現在10或30，這是一個更高的目標，但你永遠不知道。我希望我們能夠實現這一目標。非常感謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連接。享受你一天剩下的時間。