Tsakos Energy Navigation Ltd (TEN) 2023 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation conference call on the third-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 Energy Navigation 關於 2023 年第三季財務業績的電話會議。與我們一起出席的還有董事會主席 Takis Arapoglou 先生；總裁兼首席執行官 Nikolas Tsakos 博士； Paul Durham 先生，財務長；以及公司營運長 George Saroglou 先生。

(Operator Instructions) I must advise you that this conference call is being recorded today. I will now pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relations Advisor of Tsakos Energy Navigation.

（操作員指示）我必須通知您，今天正在錄製本次電話會議。現在我請 Capital Link 總裁、Tsakos Energy Navigation 投資人關係顧問 Nicolas Bornozis 先生發言。

Please go ahead, sir.

請繼續，先生。

Thank you very much, and good morning to all of our participants. I'm Nicolas Bornozis of Capital Link, Investor Relations Advisor to Tsakos Energy Navigation.

非常感謝大家，並向所有參與者早安。我是 Capital Link 的 Nicolas Bornozis，Tsakos Energy Navigation 的投資人關係顧問。

This morning, the company publicly released its financial results for the nine months and third quarter ended September 30, 2023. In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or e-mail us at ten@capitallink.com, and we will have a copy for you e-mailed right away.

今天上午，該公司公開發布了截至 2023 年 9 月 30 日的九個月和第三季度的財務業績。如果您沒有今天的收益發布副本，請致電 212-661-7566 或發送電子郵件給我們請發送電子郵件至ten@capitallink.com，我們將立即透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訊和幻燈片網路廣播，您可以在公司網站首頁 www.tenn.gr 上存取該網路廣播。電話會議將在演示幻燈片之後舉行。因此，我們強烈建議您造訪公司網站上的簡報幻燈片。

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 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，網路廣播簡報的幻燈片將在公司網站上提供並存檔。另請注意，投影片是由使用者控制的，這意味著透過點擊正確的按鈕，您可以自行移至下一張或上一張投影片。

At this time, I would like to read the Safe Harbor statement. This conference call and slide presentation of the webcast 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，我想讀安全港聲明。本次電話會議和網路廣播投影片簡報包含1995 年《私人證券訴訟改革法案》安全港條款意義內的某些前瞻性陳述。請投資人注意，此類前瞻性陳述涉及風險和不確定性，可能會影響TEN 的業務前景及經營業績。

And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.

現在我想請察科斯能源導航公司董事長阿拉波格魯先生發言。阿拉波格魯先生，請講，先生。

Thank you, Nicolas. Good morning and good afternoon to all, and thank you for joining our third-quarter results call today. Congratulations once again to Nikos Tsakos and management for yet another set of excellent results. TEN is once again perfectly positioned to benefit from a buoyant market, a very strong market despite a short slowdown earlier on. Typically, you have seen us gearing up, raising capital in weak markets in a countercyclical way to invest and position ourselves for better markets.

謝謝你，尼古拉斯。大家早安，下午好，感謝您參加我們今天的第三季業績電話會議。再次恭喜 Nikos Tsakos 和管理層再次取得優異成績。 TEN 再次處於完美的位置，可以從活躍的市場中受益，儘管早些時候出現了短暫的放緩，但這是一個非常強勁的市場。通常情況下，您會看到我們在疲軟的市場中以反週期的方式籌集資金，以投資並為更好的市場做好準備。

And when better markets arrive, we generate healthy equity to leverage, sell older tonnage, repay obligations, and invest for sustained growth in best-in-class, state-of-the-art vessels. This model, successfully tested several times now, coupled with superior operating performance and efficiencies, which you are familiar with, allows us to be able to maintain our unbroken record of paying dividends to reward our investors and to grow in a balanced and sustainable way.

當市場好轉時，我們會產生健康的股本來槓桿化、出售舊噸位、償還債務，並投資於一流、最先進的船舶的持續成長。這種模式已經經過多次成功測試，再加上您所熟悉的卓越的經營業績和效率，使我們能夠保持支付股息以回報投資者的不間斷記錄，並以平衡和可持續的方式增長。

So once again, congratulations to Nikos Tsakos and his team. That's it for me for now. And I pass the floor to our CEO, Nikos Tsakos. Thank you.

再次恭喜 Nikos Tsakos 和他的團隊。現在我就這樣了。現在請我們的執行長 Nikos Tsakos 發言。謝謝。

Well, thank you, Chairman, and good morning to all of you and good afternoon to those on this side of the globe. The nine-month 2023 has been a very, I would say, interesting year for our business, a year of development, a year of growth in renewing our fleet.

好的，謝謝主席，大家早上好，地球這邊的人們都下午好。我想說，2023 年的九個月對我們的業務來說是非常有趣的一年，是發展的一年，是我們機隊更新的成長的一年。

Looking at our results for the nine months, they are very strong, very impressive. We have been able to produce so far and here is not [overbought] in excess of $8.20 per share of net income. And I think we must be one of the few companies that would be trading at twice net income if we continue this way. Hopefully, we will be able to have a much better multiple very soon.

看看我們這九個月的成果，它們非常強勁，非常令人印象深刻。到目前為止，我們的生產能力並未超過每股 8.20 美元的淨利潤。我認為，如果我們繼續這種方式，我們一定是少數幾家淨利潤會達到兩倍的公司之一。希望我們很快就能擁有更好的倍數。

The traditional third quarter, the traditional weaker third quarter was exactly the same this year and we had the -- if you take -- if you exclude the [eight vessels], which we renewed our fleet with earlier in the year, we have the exact same result as we had a year ago, with a time charter average both for the third quarter of '22 and both -- and this year of approximately averaging over the nine-month period and the third-quarter period around the $31,000 per day mark.

傳統的第三季度，傳統的較弱的第三季度與今年完全相同，如果你排除[八艘船]，我們在今年早些時候更新了我們的船隊，我們有與我們一年前的結果完全相同，2022 年第三季的定期租船平均租金和今年的9 個月期間和第三季平均租金約為每天31,000 美元標記。

So I think we -- the reduction in actual net income from quarter to quarter is actually the eight vessels missing and I would say, as Paul [would count], an increase of interest rates that we are seeing in the market. However, soon after the end of the third quarter, the market has turned in a stronger than expected way. We are seeing the, right now, spot market rates for every type of ship. This is the first time that every single type of vessel is earning approximately between $60,000 and $80,000 a day on the spot market.

因此，我認為我們——實際淨收入逐季減少實際上是失踪的八艘船，我想說，正如保羅[會計算的]，我們在市場上看到的利率上升。然而，第三季結束後不久，市場就出現了強於預期的情況。我們現在看到的是每種類型船舶的現貨市場費率。這是第一次每種類型的船舶在現貨市場上每天的收入約為 60,000 至 80,000 美元。

And we are very well diversified and positioned our fleet. We have, I would say, almost 50% vessels from this spot related than 50% vessels at very high fixed employment. We took advantage of the strong market on the beginning of the year, and we either rechartered or renewed or agreed new charters on 26 of our vessels with an average of 2.5 years. All of them at in excess of 50% higher than their previous earnings in that respect.

我們的機隊非常多元化和定位。我想說，我們有近 50% 的船舶來自該地點，而 50% 的船舶則處於非常高的固定就業狀態。我們利用年初強勁的市場，對 26 艘船舶進行了換租、續租或新租約，平均租期為 2.5 年。他們在這方面的收入都比之前高出了 50% 以上。

So looking forward, we expect that the remaining of the year is going to be strong and that's why we have also, at the same time, increased our dividend. And hopefully, being the major shareholders here, we will have a very similar situation going forward for the remaining of the year and for 2024. The prospects in the market are good, still a very small, newbuilding order book, one of the smallest I've seen in my career over 30 years.

因此，展望未來，我們預計今年剩餘時間將表現強勁，這就是為什麼我們同時增加了股息。希望作為這裡的主要股東，我們在今年剩餘時間和 2024 年將面臨非常相似的情況。市場前景良好，新造船訂單量仍然很小，是我最小的訂單之一。在我30 多年的職業生涯中已經看到了。

And on top of that, a lot of challenges in our business that make -- the environmental issues that are coming ahead will require a lot of, perhaps, slow speeding, changings of roots going forward. At the same time, we're seeing issues that we don't -- other than the geopolitical issues, we're seeing global warming taking its toll in the Panama Canal and restrictions being placed.

最重要的是，我們的業務面臨許多挑戰，即將到來的環境問題將需要大量（也許是緩慢的）根基改變。同時，我們也看到了我們沒有看到的問題——除了地緣政治問題之外，我們還看到全球暖化對巴拿馬運河造成的影響以及所實施的限制。

More vessels choosing to rather navigate around the Capes rather than using the Panama Canal, which further increases the tonne miles. So in general, we are expecting a positive environment for the near future.

更多的船隻選擇繞著海角航行而不是使用巴拿馬運河，這進一步增加了噸英里。因此，總的來說，我們預計在不久的將來會出現積極的環境。

And with that, I would like to ask Mr. Saroglou to give us a little bit more details.

因此，我想請 Saroglou 先生為我們提供更多細節。

Thank you, Nikos. Good morning to all of you joining our earnings call today. 2023, as you know, is the year we celebrate our 30th anniversary as a public company. And this morning, we report the unaudited financial results for the third quarter, the nine months of 2023. We have experienced, as Mr. Tsakos said, the usual seasonal summer lull.

謝謝你，尼科斯。今天參加我們財報電話會議的所有人早安。如您所知，2023 年是我們慶祝上市公司 30 週年的一年。今天早上，我們報告了第三季（即 2023 年九個月）未經審計的財務業績。正如查科斯先生所說，我們經歷了通常的季節性夏季平靜。

But since September, the market rebounded. And as we speak, we continued with to enjoy a strong freight market as a result of robust global oil demand growth, positive tanker market fundamentals, and changes in trade routes and growth in tonne-mile demand.

但9月以來，市場出現反彈。正如我們所說，由於全球石油需求強勁成長、油輪市場基本面積極、貿易路線變化和噸英里需求成長，我們繼續享受強勁的貨運市場。

What started last year, we continue to see it. We experienced the largest change in trade flows to ongoing crude and oil product movements as a result of Western sanctions on Russian seaborne oil. And as these changes appear to be permanent, because before the war in Ukraine, Europe was the biggest client of Russian oil.

去年開始的事情，我們仍在繼續看到。由於西方對俄羅斯海運石油的製裁，我們經歷了貿易流向持續的原油和石油產品流動的最大變化。這些變化似乎是永久性的，因為在烏克蘭戰爭之前，歐洲是俄羅斯石油的最大客戶。

But as the war continues, Russian oil was replaced with oil from the United States of America, from West Africa, Guyana, Brazil, and the Middle East, creating positive tonne-mile multiplier effects for tanker demand and freight rates.

但隨著戰爭的持續，俄羅斯的石油被來自美國、西非、圭亞那、巴西和中東的石油取代，這對油輪需求和運費產生了積極的噸英里乘數效應。

At the same time, tanker newbuildings continue to enjoy low single-digit growth numbers, with new orders being less than 7% of the existing fleet. Many yards report of availability from 2026 onwards. Global oil demand continues to grow, boosted by the post-COVID global recovery and more recently, by strong summer air travel and increased oil used in power generation and surging petrochemical activity, mainly in China.

同時，油輪新造船數量持續保持低個位數成長，新訂單量不足現有船隊的 7%。許多船廠報告稱，從 2026 年起即可使用。受新冠疫情後全球復甦以及近期夏季航空旅行強勁、發電用油增加以及石化活動（主要在中國）激增的推動，全球石油需求持續成長。

The latest November forecast from the International Energy Agency has revised global oil demand growth for 2023 from 2.2 million to 2.4 million barrels per day. And as we are 1.5 months before the end of the year, these demand growth figures suggest that we will reach an all-time high for global oil demand in 2023 to 102 million barrels per day.

國際能源總署11月最新預測將2023年全球石油需求成長從220萬桶/日修正為240萬桶/日。距離年底還有 1.5 個月，這些需求成長數據表明，2023 年全球石油需求將達到歷史新高，達到 1.02 億桶/日。

And also global headwinds like the high inflation, the tightening of global financial conditions, we might end up with higher interest rates for longer. The war in Ukraine, the war in Gaza, and the OPEC+ production cuts and voluntary cuts by Saudi Arabia on top of the initial production cuts to voluntary cuts, both Saudi Arabia and Russia until the end of the year and possibly into the first quarter of next year.

此外，高通膨、全球金融狀況收緊等全球不利因素，我們最終可能會在更長時間內維持較高的利率。烏克蘭戰爭、加薩戰爭、OPEC+減產以及沙烏地阿拉伯在最初減產到自願減產基礎上的自願減產，沙烏地阿拉伯和俄羅斯都將持續到今年年底，甚至可能持續到今年第一季。明年。

However, the global economy is expected to continue growing in 2023. The forecast is for 3% growth and 2.9% in 2024, and oil demand is expected to continue growing in 2024 next year. This [view] is served by both OPEC and the International Energy Agency, two main oil market prognosticators.

不過，預計2023年全球經濟將持續成長。預測成長3%，2024年成長2.9%，明年2024年石油需求預計將持續成長。石油輸出國組織和國際能源總署這兩個主要石油市場預測機構都支持這一觀點。

Venezuela with the six-month relaxation on US sanctions and could be on a slow comeback growth to increase production in international oil markets, while Latin America, Guyana, Brazil, and Suriname expand their oil production as they continue to develop offshore oil fields.

委內瑞拉隨著美國制裁放鬆六個月，可能會緩慢恢復成長，以增加國際石油市場的產量，而拉丁美洲、圭亞那、巴西和蘇利南則隨著繼續開發海上油田而擴大石油產量。

And having growth in the Atlantic Basin is very good because most of this oil, that's just going to Europe but also to Asia, and this has a multiplying effect on tonne-mile growth. And as we said also, tankers fundamentals continue to favor a strong tanker market for the next two, three years.

大西洋盆地的成長非常好，因為大部分石油不僅流向歐洲，也流向亞洲，這對噸英里成長產生倍增效應。正如我們所說，油輪基本面繼續有利於未來兩三年的強勁油輪市場。

The company took delivery in September and recently in October of the company's first two dual-fuel Aframax tankers that open a new chapter for TEN, being the first two LNG-powered conventional tankers in a newbuilding order of four that TEN operates for a significant European oil concern against long-term charter.

該公司於9 月和最近於10 月接收了該公司的首批兩艘雙燃料阿芙拉型油輪，為TEN 開啟了新的篇章，成為TEN 為歐洲一家重要船公司運營的四艘新造船訂單中的首批兩艘液化天然氣動力傳統油輪。對長期租船的石油擔憂。

If we move to the slides of the presentation, starting with slide 3, we see that since inception, we have faced five major crises, and it's time the company came out stronger, thanks to its operating model. Recently, we came out of the COVID pandemic, and we continue to navigate the challenges created by the geopolitical wars in Ukraine and elsewhere. The fundamentals, very low tanker order book, the aging fleet, and post-COVID oil demand recovery, even without the tragic wars, were positive for the tanker industry.

如果我們轉到簡報的幻燈片，從幻燈片 3 開始，我們會看到自成立以來，我們已經面臨了五次重大危機，現在是公司憑藉其營運模式變得更加強大的時候了。最近，我們擺脫了新冠疫情大流行，並繼續應對烏克蘭和其他地方的地緣政治戰爭帶來的挑戰。基本面、極低的油輪訂單、老化的船隊以及疫情後石油需求的復甦，即使沒有悲慘的戰爭，對油輪產業都是積極的。

The Western sanction and price cap imposed on Russian seaborne oil as a result of the war served as an additional catalyst to propel freight rates higher as long-established trade routes were disrupted and voyage distances elongated. Almost all of the Russian volumes are now flowing long haul to India and China. At the same time, US crude oil exports have gone up from averaging about 3.8 million barrels per day last year to about 4.8 million barrels per day now.

由於戰爭造成的西方對俄羅斯海運石油的製裁和價格上限，由於長期建立的貿易路線被破壞和航程距離延長，成為推高運費的額外催化劑。幾乎所有的俄羅斯貨物現在都長途運輸到印度和中國。同時，美國原油出口量已從去年平均每天約380萬桶增加到目前約每天480萬桶。

In slide 4, we see the company's fleet growth and capital market access since inception. We raise capital for growth, not at the top of the market, but at times when asset prices are usually low. In the slide -- in this slide, the numbers in the blue boxes present the company's common share offerings; and in red, the series of preferred share offerings since the company's New York Stock Exchange listing.

在投影片 4 中，我們看到了該公司自成立以來的機隊成長和資本市場進入情況。我們不是在市場頂部，而是在資產價格通常較低的時候籌集成長資金。在投影片中－在這張投影片中的數字代表了公司的普通股發行；紅色表示該公司在紐約證券交易所上市以來發行的一系列優先股。

The first three preferred series have totaling $188 million of par value. The series B, C, and D plus a privately placed preferred instrument of $35 million initial par value have been fully redeemed as we speak, saving the company in excess of $18 billion per year of coupon payments for all these retired preferred series.

前三個優先系列的票面價值總計為 1.88 億美元。 B、C 和 D 系列加上初始面值 3500 萬美元的私募優先工具已全部贖回，為所有這些已退役的優先系列每年為公司節省了超過 180 億美元的息票支付。

In the next slide, we see the fleet and its current fleet deployment. We have an operational fleet of 60 vessels, 31 out of the 60 vessels or 52% of the fleet in the water has market exposure, a combination of spot and time charter with profit sales. 46 out of the 60 vessels or 77% are in secured contracts, fixed time charters, and time charters with profit sharing. This means that TEN is well positioned to continue capturing the positive tanker market fundamentals.

在下一張投影片中，我們看到了機隊及其目前的機隊部署。我們擁有一支由60 艘船舶組成的營運船隊，其中60 艘船舶中的31 艘（即52% 的水上船隊）具有市場曝光度，即期租船和定期租船相結合，並具有利潤銷售。 60 艘船舶中有 46 艘（佔 77%）簽訂的是擔保合約、固定期租和利潤分享期租。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。

Any divestment of [earlier-generation] vessels as we have done in the first quarter of the year with the six 2005-build MRs and the 2006-built handysize product tankers will be replaced and have been replaced with modern eco-friendly greener vessel.

正如我們在今年第一季對六艘2005 年建造的MR 船和2006 年建造的靈便型成品油輪所做的那樣，對[早期]船舶的任何撤資都將被替換，並已被現代環保綠色船舶所取代。

TEN has currently a newbuilding program of eight tankers consisting of two shuttle tankers for delivery during 2025, two remaining dual LNG-powered Aframaxes for delivery during the first quarter of 2024, two eco-friendly scrubber-fitted Suezmaxes for delivery also in 2025, and two scrubber-fitted MR tankers for delivery in early 2026.

TEN目前有一個由八艘油輪組成的新建計劃，其中包括兩艘穿梭油輪將於2025年交付，剩餘的兩艘雙液化天然氣動力阿芙拉型油輪將於2024年第一季交付，兩艘配備洗滌器的環保蘇伊士型油輪也將於2025年交付，以及兩艘配備洗滌器的 MR 油輪將於 2026 年初交付。

Except for the two Suezmaxes that will be delivered after two years and the two MR tankers, the rest of the company newbuildings have been fixed forward against medium- to long-term time charters.

除了兩年後交付的兩艘蘇伊士型油輪和兩艘MR油輪外，該公司的其餘新造船均已簽訂中長期期租合約。

Slide 6 presents the company's current and long-term clients. As you see, we have a blue-chip customer base consisting of four major global energy companies, refineries, commodity traders, with Equinor currently topping the list as our largest charter with 11 vessels and new -- and two newbuildings all on long-term time charters.

幻燈片 6 介紹了公司目前和長期的客戶。如您所見，我們擁有由四家主要全球能源公司、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，是我們最大的租船公司，擁有11 艘新船和兩艘新造船，全部是長期租船期租合約。

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

幻燈片 7 的左側顯示了我們在 TEN 運營的各種船舶類型的全部盈虧平衡成本。我們的營運模式很簡單。我們試圖讓我們的定期租船產生收入來支付公司的現金支出，支付船舶營運費用、財務費用、管理費用、租船成本和佣金。我們讓現貨交易船舶的收入貢獻於公司的獲利能力。

Fleet utilization for the nine months amounted to 95.6%, which is a very strong number. And thanks to the profit-sharing element, for every $1,000 per day increase in spot rates, it has a positive $0.18 impact in annual EPS based on the number of TEN vessels that currently have exposure to spot rates.

前 9 個月的機隊利用率達到 95.6%，這是一個非常強勁的數字。由於利潤分享因素，即期運價每天每增加 1,000 美元，根據目前使用即期運價的 10 艘船舶數量，每年每股收益將產生 0.18 美元的正面影響。

Debt reduction is an integral part of the company's capital allocation strategy. The company debt peaked in December of 2016. Since then, we have repaid $355 million of debt and redeemed $211 million in three series of preferred shares, plus a privately placed preferred instrument.

債務削減是公司資本配置策略的重要組成部分。公司債務於 2016 年 12 月達到頂峰。此後，我們已償還了 3.55 億美元的債務，並贖回了 2.11 億美元的三系列優先股以及私募優先工具。

In slide number nine, we see the historical performance of the company since 2004. I would like to highlight the revenue growth as the fleet increased during this period, the changes in EBITDA as the company navigated the ups and downs of the shipping market in this 20-year period, the bottom-line profitability, and the strong cash reserves that we have maintained. Last year was a record year for the financial performance of TEN. We expect an equally strong performance for 2023.

在第九張幻燈片中，我們看到了該公司自2004 年以來的歷史業績。我想強調一下，在此期間隨著船隊的增加而帶來的收入增長，以及隨著該公司在這一時期航運市場的起起落落中所經歷的 EpITDA 的變化。20年期間，我們一直保持著底線盈利能力和強勁的現金儲備。去年是 TEN 財務表現創紀錄的一年。我們預計 2023 年會有同樣強勁的表現。

In addition to paying down debt, dividend continuity is important for common shareholders and management. TEN has always paid a dividend irrespective of the market cycle. Our dividend policy is semi-annual, following the June 2023 and October 2023 payments, the latter being a special dividend. As we previously announced, we will pay a dividend of $0.30 per common share on December 20 to holders of record as of December 14, 2023.

除了償還債務外，股息連續性對於普通股股東和管理層也很重要。無論市場週期如何，TEN 始終支付股息。我們的股利政策是半年一次，在 2023 年 6 月和 2023 年 10 月支付之後，後者是特別股利。正如我們先前宣布的，我們將於 12 月 20 日向截至 2023 年 12 月 14 日在冊的股東支付每股普通股 0.30 美元的股息。

This distribution reflects the second regular semi-annual payment in 2023 in line with TEN's semi-annual dividend policy. Overall, for 2023, the total dividend distribution of $1 per common share is four times the $0.25 per common share distributed to the company's shareholder in 2022.

此次分配反映了 2023 年第二次定期半年度支付，符合 TEN 的半年度股利政策。整體而言，2023 年每股普通股 1 美元的股利分配總額是 2022 年分配給公司股東的每股普通股 0.25 美元的四倍。

Following this year's last dividend payment in December, the company would have distributed in excess of $528 million [with] common shareholder since the New York Stock Exchange listing in 2002. And if we add the dividends paid to the holders of the company's preferred shares since 2013, the year the first series B was issued, then TEN has returned in excess of $800 million to both common and preferred shareholders of the company.

繼今年12 月支付最後一次股息後，自2002 年在紐約證券交易所上市以來，該公司向普通股股東分配的股息將超過5.28 億美元。如果我們加上自2002 年以來支付給公司優先股持有人的股息。2013 年，第一輪 B 輪發行的那一年，TEN 已向公司普通股股東和優先股股東返還超過 8 億美元。

Global oil demand continues to grow. Despite financial and geopolitical headwinds, the International Energy Agency expects global oil demand to grow by approximately 2.4 million barrels per day, reaching 102 million barrels per day, a record number in 2023.

全球石油需求持續成長。儘管面臨金融和地緣政治阻力，國際能源總署預計全球石油需求將成長約240萬桶/日，到2023年達到1.02億桶/日，創歷史新高。

Most of the growth is coming from the Asia Pacific region, mainly China. On the supply side, most of the growth this year is coming from non-OPEC+ countries: Brazil, the United States of America, Guyana, Canada, Mexico, Norway.

大部分成長來自亞太地區，主要是中國。在供應方面，今年的大部分成長來自非OPEC+國家：巴西、美國、圭亞那、加拿大、墨西哥、挪威。

As global demand continues to grow, let's look at the forecast for the supply of tankers. The order book as of October '23 stands at [856 tankers] over the next three years or 6.7%, which is one of the lowest numbers in the last 20 years. At the same time, a big part of the fleet, almost 40%, is over 15 years; and 661 tankers or 12.4% is currently over 20 years.

隨著全球需求持續成長，我們來看看油輪供應的預測。截至 23 年 10 月，未來三年的訂單量為 [856 艘油輪]，佔 6.7%，這是過去 20 年來最低的數字之一。同時，大部分機隊（近 40%）的機齡超過 15 年； 661艘油輪或12.4%目前已超過20年。

The next slide shows the scrapping activity since 2018. For this year, scrapping is low, but with upcoming regulations and the industry in the first phases of decarbonization and more than 12.4% of the fleet over 20 years, we believe that scrapping is going to pick up. Overall, all these factors point to a very balanced tanker supply market for the next few years.

下一張幻燈片顯示了2018 年以來的報廢活動。今年報廢量較低，但隨著法規即將出台，該行業處於脫碳的第一階段，以及20 年來超過12.4% 的船隊比例，我們相信報廢量將會減少撿起。總體而言，所有這些因素都表明未來幾年油輪供應市場將非常平衡。

And with that, I will ask Paul to walk you through the financial highlights of the nine months of the year. Paul?

接下來，我將請保羅帶您了解今年九個月的財務亮點。保羅？

Thank you, George. I will just add a few words relating to the nine months ending in September in a year that has enjoyed considerable success for TEN and which continues to enjoy strong rates as the new year approaches.

謝謝你，喬治。我只想補充一些關於截至 9 月的九個月的內容，在這一年中，TEN 取得了相當大的成功，並且隨著新年的臨近，該公司繼續享有強勁的利率。

Net income for the nine-month period amounted to $272 million, while operating income for the nine years (sic - see Press Release, "nine months") increased by 160%. EBITDA amounted to approximately $370 million, adjusted, a significant increase by 90%.

這九個月的淨利潤達 2.72 億美元，而這九年的營業收入（原文如此 - 參見新聞稿，「九個月」）增長了 160%。調整後的 EBITDA 約為 3.7 億美元，大幅成長 90%。

The average daily TCE for the nine months was over $37,000, up from $27,000 in the prior nine-month period, a substantial increase compared to the prior-year period, helped by profit-sharing arrangements, providing nearly $60 million in the nine months and with almost every vessel fully employed apart from seven in dry dock.

這九個月的日均 TCE 超過 37,000 美元，高於前九個月的 27,000 美元，與去年同期相比大幅增長，這得益於利潤分享安排，這九個月提供了近 6000 萬美元，除了幹船塢裡的七艘船外，幾乎每艘船都已滿。

Voyage revenues amounted to nearly $700 million, a 13% increase over the prior year. Our overhead expenses per day per vessel continued to remain stable at only $1.6 million. Total finance costs in the nine-month period amounted to $73 million, an aberration due to interest rate hikes and to inflationary causes.

Voyage 營收接近 7 億美元，比上年成長 13%。我們每艘船每天的間接費用繼續穩定在僅 160 萬美元。這九個月期間的總財務成本達 7,300 萬美元，這是由於利率上升和通貨膨脹原因造成的異常。

Finally, our debt to capital was about 49%, a comfortable ratio partially helped by scheduled loan repayments of $140 million and redeemed preferred shares totaling over $100 million. Our newbuildings are on target to meet delivery, and related financing has now been covered. Our current optimism relates partly to the forthcoming months. And this is supported by our significant cash reserves and a promising global decline in inflation.

最後，我們的債務與資本之比約為 49%，這是一個舒適的比率，部分原因是計劃償還 1.4 億美元的貸款，並贖回了總額超過 1 億美元的優先股。我們的新船已按計劃交付，相關融資現已到位。我們目前的樂觀情緒部分與未來幾個月有關。這是由我們大量的現金儲備和全球通膨下降的前景所支撐的。

And now, I'll give the phone back to Nikos.

現在，我會把手機還給尼科斯。

Paul, thank you for your good news. It's good that everything is adding up in a positive way. I think, as it was mentioned from our President and our CFO, the current market -- the spot market there is, I would say, at an all-time strong high in all segments. So it's a surprising situation, where both the smaller [fill-in] trade investments together with anything between Suezmax and Aframax unlock our earnings gap between $60,000 to $80,000 a day on the spot.

保羅，謝謝你的好消息。一切都在以積極的方式加起來，這是一件好事。我認為，正如我們的總裁和財務長所提到的那樣，當前市場——我想說的是，現貨市場在所有領域都處於歷史最高水平。因此，這是一個令人驚訝的情況，較小的[補充]貿易投資以及蘇伊士型油輪和阿芙拉型油輪之間的任何投資都立即消除了我們每天 60,000 至 80,000 美元的收入差距。

And of course, this gives us a lot of comfort with our profit arrangements and our 50% spot exposure. So we're having right now 35 vessels in the spot-related markets. As George said, it's almost $0.20. For every $1,000, it's $0.2 to our bottom line. The result up to now of $8.18, I think, is very, very positive and very strong visual to be reflecting to our share price. And of course, it will give us more confidence to continue our dividend distributions.

當然，這讓我們對我們的利潤安排和 50% 的現貨敞口感到非常放心。因此，我們目前在現貨相關市場上有 35 艘船。正如喬治所說，差不多是 0.20 美元。每 1,000 美元，我們的底線只有 0.2 美元。我認為，到目前為止 8.18 美元的結果非常非常積極，並且非常強烈地反映在我們的股價上。當然，這將使我們更有信心繼續分配股利。

Looking back this year, we have already -- other than the $30 million of dividend that would all be paid in excess of $100 million, $108 million has been paid back to our preferred -- buying back our preferred shares, and that immediately brings to the bottom line a saving of $9 million for next year.

回顧今年，除了將支付超過 1 億美元的 3000 萬美元股息外，我們已經向我們的優先股支付了 1.08 億美元，回購了我們的優先股，這立即帶來了明年的底線是節省900 萬美元。

So overall, we have returned more in this period of time or more than $140 million back to our preferred and common shareholders. And of course, we maintain a very strong balance sheet that allows us to look at possibilities of expanding our fleet with modern tonnage. We showed eight vessels. We have eight vessels coming already, took delivery of two, so out of our 10 environmental-friendly newbuilding.

總體而言，我們在這段時間內向優先股和普通股股東返還了更多資金，超過 1.4 億美元。當然，我們保持著非常強勁的資產負債表，使我們能夠考慮以現代噸位擴大我們的船隊的可能性。我們展示了八艘船。在我們的 10 艘環保新造船中，我們已經有 8 艘船抵達，並已交付兩艘。

The prospects going forward, as our President said, we have a very low order book, increasing demand, and growing great fleet that goes anywhere between 250 to 300 vessels that are not participating in the day-to-day market with the major oil companies; a new legislation that is coming up that is making slow steaming and restrictions on traveling on navigation positive; an increase in tonne miles; and of course, natural limitations like Panama Canal, the restrictions that are making many owners take more tonne-miles and trading around the Cape.

未來的前景，正如我們的總統所說，我們的訂單量非常低，需求不斷增加，並且擁有不斷壯大的船隊，其中有 250 到 300 艘不參與主要石油公司日常市場的船隻;即將出台的一項新立法將對慢速航行和航行限制產生積極影響；噸英里增加；當然，像巴拿馬運河這樣的自然限制，使得許多船東需要更多噸英里並在開普敦附近進行貿易。

So in view, for sure, I think the fourth quarter this year is going to be -- our 30th year is going to be another record year like last year was. And the prospects, at least for the next couple of years, considering the limited newbuilding supply, are positive.

因此，可以肯定的是，我認為今年第四季將是——我們的第 30 週年將是另一個創紀錄的年份，就像去年一樣。考慮到新船供應有限，至少未來幾年的前景是樂觀的。

And with that, I would like to open the floor in case anybody would like to ask some more specific questions.

說到這裡，我想請大家發言，以防有人想問一些更具體的問題。

(Operator Instructions) Sherif Elmaghrabi, BTIG.

（操作員指令）Sherif Elmaghrabi，BTIG。

The first question, earlier this week, we saw some VLCCs go on multi-year time charters at above the historical average rates. And obviously, you've been active in the charter market. So I'm wondering if you're seeing much interest from charters for three-year-plus contracts or is the opportunity there pretty thin?

第一個問題，本週早些時候，我們看到一些超大型油輪以高於歷史平均水平的價格簽訂多年期租船合約。顯然，你們在包機市場上一直很活躍。所以我想知道您是否對三年以上的合約有很大興趣，或者那裡的機會很渺茫？

I would say as we are speaking, my phone actually is ringing with charterers. We're getting messages from our chartering department from our London office, in Singapore, getting offers of this sort. There is a lot of appetite right now for three to five years on ordering on modern tonnage as we have our two Suezmaxes that are being built there for next year. They're big contenders of very strong interest for those ships.

我想說的是，當我們說話時，我的電話實際上是由租船人響鈴的。我們從新加坡倫敦辦事處的租船部門收到此類報價的消息。目前，三到五年內對現代噸位的訂購需求很大，因為我們明年將在那裡建造兩艘蘇伊士型油輪。他們是這些船隻的有力競爭者，有著濃厚的興趣。

So yes, you are right. There is an appetite. There is an expectation for major oil companies that we're going to be seeing stronger rates. And I think what happened as the seasonal third quarter, which is the weakest quarter, came to an end, as George said, we have seen a very strong market demand in all in all categories of ships.

所以是的，你是對的。有食慾。主要石油公司預計我們將看到更高的利率。我認為，正如喬治所說，隨著季節性第三季（最疲軟的季度）結束，我們看到所有類別船舶的市場需求都非常強勁。

Usually, I mean, the clean started going about a month ago. The clean markets are getting strong. And I think now the dirty market, when I say that the larger ships are following up in a big way -- so yes, you are right. There is a lot of demand for three- to five-year employment for good quality operators and relative modern tonnage.

我的意思是，通常情況下，清潔工作大約在一個月前開始。清潔市場正在變得強勁。我認為現在的市場是骯髒的，當我說更大的船隻正在大規模跟進時，所以是的，你是對的。對高素質操作員和相對現代噸位的三到五年就業的需求很大。

And then on the clean side, a few Middle Eastern refineries have been ramping capacity or going to start ramping capacity this year and next. Has that started to shift trade flows for product tankers? Or are you not seeing a shift in volumes there yet?

然後在清潔方面，一些中東煉油廠已經在今年和明年提高產能或將開始提高產能。這是否開始改變成品油輪的貿易流量？或者您還沒有看到交易量有變化嗎？

Yes. I mean, we are seeing the larger capacity, Far Eastern refineries filling those gaps. And that's why perhaps you have seen the LR 2s, which are not usually Far Eastern traders, earning very hefty rates, bringing refiners either to Europe or even to refineries in the Middle East.

是的。我的意思是，我們看到遠東煉油廠的產能更大，填補了這些空白。這就是為什麼您可能會看到 LR 2（通常不是遠東貿易商）賺取高額利潤，將煉油廠帶到歐洲甚至中東的煉油廠。

That's helpful. Thanks for taking my questions.

這很有幫助。感謝您回答我的問題。

Thank you.

謝謝。

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hi, guys, just a couple from me. Perhaps just as a follow up to the initial discussion on the time charters, I wanted to ask about fleet deployment from here. I know in the release you mentioned charters being more active, looking for long-term charters, which make you just highlight it again.

謝謝。嗨，夥計們，我只是其中的兩個人。也許只是作為關於定期租船的初步討論的後續行動，我想從這裡詢問有關船隊部署的問題。我知道您在新聞稿中提到特許經營更加活躍，尋找長期特許經營，這讓您再次強調這一點。

But clearly, there's a -- with long-term contracts as a sign of conviction that this market is going to be elevated for some time. So in terms of how you deploy your fleet from here, you mentioned having the 35 ships on the spot market.

但顯然，長期合約顯示人們確信這個市場將在一段時間內上漲。因此，就如何從這裡部署艦隊而言，您提到在現貨市場上擁有 35 艘船。

But I guess as you think about this as we move into '24 and onwards, how do you want to deploy the fleet? Do you want to stay as spot exposes you are currently? Do you want to shift more towards index-linked? Or do you prefer perhaps to secure long-term charters at fixed rates -- at elevated fixed rates?

但我想，當我們進入 24 年以後，當你思考這個問題時，你想如何部署艦隊？你想繼續保持目前的曝光狀態嗎？您想更多地轉向指數掛鉤嗎？或者您是否更願意以固定費率（較高的固定費率）獲得長期租船合約？

It has to do with case by case, by the quality if we have a new charter, the very quality with whom we do not have a very long relationship. We might consider doing a longer employment. But currently, we are assisting a long-term vision on our existing fleet because as you said, the market is quite good. And I think we have a very good buffer on the ships that we have and another 33 ships that are on time charter. We're always looking at pooling and the profit-sharing arrangements, which we encourage.

這與具體情況有關，與我們有新章程的品質有關，與我們沒有長期合作關係的品質有關。我們可能會考慮做更長的工作。但目前，我們正在協助我們現有機隊的長期願景，因為正如您所說，市場非常好。我認為我們擁有的船舶和另外 33 艘定期租船擁有非常好的緩衝。我們一直在考慮我們鼓勵的聯合和利潤分享安排。

Okay. Thank you. And then just perhaps maybe a little bit more random. But just looking at your fleet list, there's the Lisboa Suezmax. And if I recall, that's a shuttle tanker. It rolls off charter in the first half of '25, so it's still a bit away, call it a year, a year plus.

好的。謝謝。然後也許會更加隨機一些。但只要看看您的船隊列表，就有 Lisboa Suezmax 型。如果我沒記錯的話，那是一艘穿梭油輪。它將於 25 年上半年開始包機，所以距離還有些遠，可以說是一年，一年多了。

But I just want to know in terms of how you think about that vessel in particular duties. Do you think that that ship will continue operating as a shuttle tanker? Or do you see it trading as a conventional Suezmax once that contract is over?

但我只想知道您如何看待該船的特定職責。您認為船會繼續作為穿梭油輪運作嗎？或者，一旦合約結束，您是否認為它會像傳統的蘇伊士型油輪一樣進行交易？

Well, as we speak today and we have a big team of our -- a big part of our team looking at the markets, the South American markets. And not only -- I think there's a big appetite for shuttle tankers to continue their business as shuttle tankers.

嗯，正如我們今天所說，我們有一個很大的團隊——我們團隊的很大一部分都在關注市場，南美市場。不僅如此，我認為穿梭油輪對於繼續其作為穿梭油輪的業務有著很大的興趣。

However, the ships we have built can operate perhaps as efficiently and as profitably as the Suezmaxes. But I believe that the ships will continue trading at this really demanding shuttle market that are growing as right now.

然而，我們建造的船隻或許可以像蘇伊士型油輪一樣有效率、獲利。但我相信，這些船舶將繼續在這個目前正在成長的、要求非常高的太空梭市場上進行交易。

Okay, good. And then just final one for me is that the two MRs that you ordered recently, those deliver in 2026. [Are they scheduled to] -- I just want to ask, do you have options that came with those orders? And then is there any detail you can give in terms of when you need to exercise those or what type -- what delivery timeframes we would be looking at if you did exercise them?

好的。對我來說最後一個問題是，您最近訂購的兩台 MR 將於 2026 年交付。[它們是否計劃]——我只是想問，您有這些訂單附帶的選項嗎？那麼，您是否可以提供任何詳細信息，說明您何時需要行使這些權利或什麼類型——如果您確實行使了這些權利，我們將考慮什麼交付時間範圍？

I mean, we have all options for those ships, and we have options for the first half of next year of dual-fuel versions of those ships also. So this is what we're -- our technical department is analyzing together with our clients.

我的意思是，我們對這些船舶有所有選擇，我們也對明年上半年的這些船舶的雙燃料版本有選擇。這就是我們的技術部門正在與客戶一起分析。

Okay, and delivery timeframe? Because if I recall, when you placed those orders, it was a pretty attractive delivery slot in the early part of '26. But do you still get deliveries in '26 if you were to --

好的，交貨時間是多少？因為如果我記得的話，當你下這些訂單時，那是 26 年初非常有吸引力的交貨時段。但如果你要的話，你還能在 26 年收到貨嗎——

(Multiple speakers) Later part of '26, if someone is interested for a later part of '26 vessel.

（多個發言者）'26 的後期部分，如果有人對 '26 船隻的後期部分感興趣。

Yes. Okay, good. Well, thank you, sir. That's it for me. I'll turn it over.

是的。好的。嗯，謝謝你，先生。對我來說就是這樣。我會把它翻過來。

Thank you.

謝謝。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Good morning or afternoon. Thank you for taking my questions. I wanted to start by asking about your fleet renewal efforts. You've been clear on your intention to continue to sell older vessels and reinvest proceeds on modern tonnage. However, there haven't been that many transactions on the Echo side of the fleet. Do you expect liquidity to increase going forward? And secondly, how do you think about the tradeoff between high asset pricing and the need to renew the fleet?

早安或下午好。感謝您回答我的問題。我想先詢問你們的機隊更新工作。您已經明確表示打算繼續出售舊船並將收益再投資於現代噸位。然而，Echo 側的交易量並不多。您預計未來流動性會增加嗎？其次，您如何看待高資產定價和更新機隊的需要之間的權衡？

Well, that's a very, very good question because what you usually see in shipping is that you should not be selling at the same time that you are buying. And so I think your point is very, very well-timed. However, we are a client-driven organization. We are continuing -- we're more of an industrial-play owner.

嗯，這是一個非常非常好的問題，因為您通常在運輸中看到的是，您不應該在購買的同時出售。所以我認為你的觀點非常非常及時。然而，我們是一個以客戶為導向的組織。我們正在繼續——我們更像是一個工業遊戲的所有者。

We absorbed at least eight vessels since the beginning of the year at very hefty prices. And then we decided instead of buying the vessels in the spot market to order our future with a very modern ship.

自今年年初以來，我們以非常高的價格吸收了至少八艘船。然後我們決定不再在現貨市場購買船舶，而是用一艘非常現代化的船舶來訂購我們的未來。

So I mean, as long as we are able to have good employment cover for the vessels that we will be buying that will have very good returns going forward and amortize those ships, we will still continue with this model, selling older vessels at this market and looking at good quality, perhaps dual fuel or other vessels with short employment that will, first of all, reduce significantly our rate profile, which is already gone, and reviews our footprint.

所以我的意思是，只要我們能夠為我們將要購買的船舶提供良好的就業保障，這些船舶將在未來獲得非常好的回報並攤銷這些船舶，我們仍然會繼續採用這種模式，在這個市場上出售舊船尋找品質好的、可能是雙燃料的或其他短期使用的船舶，首先，這將顯著降低我們已經消失的費率狀況，並審查我們的足跡。

That's helpful. Thank you. I also wanted to ask about the operating expenses on a per-day basis, which increased quite a bit quarter over quarter. As we think about the run rate going forward, should we expect them to trend to closer to 9,000 or 9,500 per day? And secondly, could you give us some comment to what were the biggest drivers behind the increase?

這很有幫助。謝謝。我還想詢問每天的營運費用，該費用比上一季增加了不少。當我們考慮未來的運行率時，我們是否應該預期它們會接近每天 9,000 或 9,500 次？其次，您能否對這一增長背後的最大推動因素發表一些評論？

Yes, and Paul can take you more into details. But I will you the basic idea. First of all is that we are right now running a fleet of much larger vessels. That has -- last year's fleet, we had our vessels where eight vessels of the handysize that brought our daily operating expenses lower.

是的，保羅可以向您介紹更多細節。但我會告訴你基本的想法。首先，我們現在運作著一支由更大的船隻組成的船隊。去年的船隊中，我們擁有八艘靈便型船舶，這降低了我們的日常營運費用。

This year, we had the drydockings of our larger ships in in Portugal. And of course, we are running a fleet of much larger vessels. So the average, naturally, will go higher, but it will normalize I think within the year.

今年，我們的大型船舶在葡萄牙進行了乾船塢。當然，我們正在運營一支由更大的船隻組成的船隊。因此，平均值自然會更高，但我認為它會在一年內恢復正常。

Makes sense. That's all for me. Thanks for taking my questions.

說得通。這就是我的全部。感謝您回答我的問題。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I will hand the floor back over to Dr. Nikolas Tsakos for any closing comments.

謝謝。目前沒有其他問題。我將把發言權交還給 Nikolas Tsakos 博士，以徵求結束意見。

First of all, thank you. Thank you very much for -- I know you're all very, very busy ramping up for a very exciting and hopefully peaceful family Thanksgiving. Well, thank you for taking the time to be with us today. We're looking forward to report even better results and a very exciting full year sometime early in the first quarter.

首先，謝謝您。非常感謝你們——我知道你們都非常非常忙於準備一個非常令人興奮且希望平靜的家庭感恩節。好的，謝謝您今天抽出時間和我們在一起。我們期待在第一季初報告更好的業績和非常令人興奮的全年業績。

We are happy to have a Christmas holiday dividend for everybody in December that our President has said on December 20. And with that I will ask also our Chairman, Takis, for your closing remarks and wish everybody a very happy Thanksgiving.

我們很高興能在 12 月為大家帶來聖誕假期紅利，正如我們的總統在 12 月 20 日所說的那樣。我還要請我們的主席塔基斯發表結束語，並祝大家感恩節快樂。

Thank you, Nikos. As you said, in view of the continued buoyant market, we expect to have very strong results for the year and equally strong results going forward. I hope that all these good prospects described today will soon be reflected in our stock price, and best wishes for a happy Thanksgiving to all. Thank you.

謝謝你，尼科斯。正如您所說，鑑於市場持續繁榮，我們預計今年將取得非常強勁的業績，未來也將取得同樣強勁的業績。我希望今天描述的所有這些美好前景很快就會反映在我們的股價中，並祝大家感恩節快樂。謝謝。

Thank you. Thank you very much.

謝謝。非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。