Tsakos Energy Navigation Ltd (TEN) 2024 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation conference call for the third quarter 2024 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, Founder and CEO; Mr. Paul Durham, Chief Financial Officer; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, co-CFO of the company.

謝謝各位的支持，女士們、先生們，歡迎參加 Tsakos Energy Navigation 2024 年第三季財務業績電話會議。我們的嘉賓有董事會主席 Takis Arapoglou 先生；創辦人兼執行長 Nikolas Tsakos 先生；財務長保羅‧達勒姆先生；總裁兼營運長 George Saroglou 先生；以及公司聯席財務長 Harrys Kosmatos 先生。

(Operator Instructions)

（操作員指令）

I must advise that this conference is being recorded today. And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, and Investor Relations Advisor for Tsakos Energy Navigation Limited. Please go ahead, sir.

我必須提醒大家，今天我們正在錄製這場會議。現在我將發言權交給 Capital Link 總裁兼 Tsakos Energy Navigation Limited 投資人關係顧問 Nicolas Bornozis 先生。先生，請繼續。

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis, President of Capital Link and Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the 9 months and the third quarter ended September 30, 2024. 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.

非常感謝，各位與會者大家早安。我是 Nicolas Bornozis，Capital Link 總裁兼 Tsakos Energy Navigation 投資人關係顧問。今天上午，該公司公開發布了截至2024年9月30日的9個月和第三季的財務表現。如果您沒有今天的收益報告副本，請致電 212-661-7566 或發送電子郵件至 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. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call.

請注意，除了今天的電話會議之外，還有現場音訊和幻燈片網路直播，您可以在公司網站首頁 www.tenn.gr 上存取。電話會議將在演示幻燈片之後進行，因此我們敦促您訪問公司網站上的演示幻燈片。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。

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. At this time, I would like to read the safe harbor statement. This conference call and also the 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.

另請注意，網路廣播簡報的幻燈片由使用者控制，這意味著透過點擊適當的按鈕，您可以自行移動到下一張或上一張投影片。現在，我想讀安全港聲明。本次電話會議以及網路直播中包含美國 1995 年私人證券訴訟改革法案安全港條款所定義的某些前瞻性陳述。

Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect TEN's business prospects and results of operations. And before passing the floor over to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation, I'd like to congratulate the company for being awarded Tanker Operator of the Year after the inauguration of the first private Naval Academy in Greece that shows the efficiency of the company's operation and also its focus on the welfare of the crews.

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 的業務前景和營運績效。在將發言權交給察科斯能源導航公司董事長阿拉波格魯先生之前，我想祝賀該公司在希臘第一所私人海軍學院成立後榮獲“年度油輪運營商”稱號，這體現了該公司運營的效率及其對船員福利的關注。

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

現在，我想將發言權交給察科斯能源導航公司董事長阿拉波格魯先生。先生，請繼續。

Thank you, Nicolas. Good morning, and good afternoon to all. Thank you for joining our call today. In a market, admittedly, of its earlier peak yet still with firm business and geopolitical fundamentals, TEN continues to be sustainably profitable, steadily generating equity, maintaining its healthy cash position, increasing its dividends by 50%, offering a substantial dividend yield on today's price and continuously renewing and increasing its fleet with state-of-the-art vessels.

謝謝你，尼古拉斯。大家早安，下午好。感謝您今天參加我們的電話會議。無可否認，在市場處於早期巔峰但商業和地緣政治基本面仍然穩固的情況下，TEN繼續保持可持續盈利，穩步創造權益，保持健康的現金狀況，將股息提高50％，以今天的價格提供可觀的股息收益率，並不斷用最先進的船隻更新和增加其船隊。

The company's industrial model characterized by nearly $2 billion of forward contracted accretive revenue and proven operational excellence and shows the continuation of its stable sustainably profitable performance and the rewarding of its shareholders, handling market cyclicality in an efficient way. So congratulations again -- once again in order to Nikos Tsakos and his management team on this performance and best wishes for more successes going forward. And with this, thank you and over to Mr. Nikos Tsakos.

該公司的工業模式以近 20 億美元的遠期合約增值收入和經過驗證的卓越營運為特點，並顯示出其持續穩定的可持續盈利業績和股東回報，有效應對市場週期性。所以再次恭喜 Nikos Tsakos 和他的管理團隊的成績，並祝福他們在未來的道路上取得更多的成功。最後，我要向 Nikos Tsakos 先生表示感謝。

Thank you, Chairman, and good morning and good afternoon to all our listeners. It has been a positive 9 months, and I think it has been a nine month milestone growth period for the company. We have been given the ability to reallocate some of our older assets, monetize them and move forward with state-of-the-art new vessels -- 21 new vessel program, acquiring five vessel company earlier in the year, taking delivery for dual fuel vessels and we're still with 12 vessels to be taken delivery starting from April '25. We're going to be taking over three or four vessels within 2025.

謝謝主席，各位聽眾朋友早安、下午好。這是積極的九個月，我認為這對公司來說是一個里程碑式的成長期。我們有能力重新分配一些舊資產，將其貨幣化，並推進最先進的新船計劃——21 艘新船計劃，今年早些時候收購了五家船舶公司，交付了雙燃料船舶，我們仍有 12 艘船舶將於 2025 年 4 月開始交付。我們將在 2025 年內接管三到四艘船。

So it's a very active period for the company, and we've been able to be active, increase liquidity, significantly paid down debt, continue and increase our dividend policy, both for the common and for the preferreds. And we are facing an environment where there is a huge appetite for our services by our major clients.

因此，對於公司來說，這是一個非常活躍的時期，我們能夠積極行動，增加流動性，大幅償還債務，繼續並增加我們的股息政策，包括普通股和優先股。我們面臨的環境是，我們的主要客戶對我們的服務有巨大的需求。

About 60% of our business is being provided by six major energy companies. I think Exxon is in the forefront followed by Equinor, Total, BP and Shell, all of them first-class names, we were very proud to be partners in energy transportation going forward. There is a big appetite for good quality ships.

我們大約60%的業務由六大能源公司提供。我認為埃克森美孚處於領先地位，其次是 Equinor、道達爾、英國石油和殼牌，它們都是一流的公司，我們非常自豪能夠成為未來能源運輸領域的合作夥伴。人們對優質船舶的需求很大。

We are at the crossroads of technology change in our business. And the prospects, the medium- and long-term prospects of the business are positive, I think, as we have stated in our press release. However, we, as a company, as the Chairman said, we have been trying to take the edges out of cyclicality and I think we have been successful for the first 31 years so far, never stopping paying dividends through difficult -- even from difficult markets.

我們的業務正處於技術變革的十字路口。正如我們在新聞稿中所述，我認為，該業務的中長期前景是積極的。然而，正如董事長所說，作為一家公司，我們一直在努力擺脫週期性的影響，我認為，迄今為止，我們在前 31 年裡取得了成功，即使在困難的市場中，我們也從未停止過支付股息。

And I think our President is going to take us all the cycles we've been through, but always coming out stronger as a company in every respect. However, our share price, which peaked sometime in the summer, there has been quite a lot of profit taking from that, which I think we are very positive to see people because we have been a company that back in 2019, together with the whole industry, were trading in single digits. So we're almost tenfold it.

我認為我們的總裁將帶領我們走過所有的周期，並在各方面使公司變得更加強大。然而，我們的股價在夏季某個時候達到峰值，此後出現了相當多的獲利回吐，我認為我們對此感到非常樂觀，因為早在 2019 年，我們公司和整個行業的股價都保持在個位數。因此我們幾乎是它的十倍。

There's a lot of profit, but we still believe that we are trading not more than 2 times or 3 times earnings where all our clients to whom we represent have an average of at least 10 times earnings. So we do not expect to immediately trade at 10 times earnings, but at least double of where we are today, I think it's a fair valuation, and we are aiming to achieve this by explaining the different model, the industrial model of TEN, which we are actually an industrial mover of energy for the major oil companies.

利潤很高，但我們仍然相信，我們的交易本益比不會超過 2 倍或 3 倍，而我們所代表的所有客戶的平均本益比至少為 10 倍。因此，我們並不期望立即以 10 倍的收益進行交易，但至少是目前水平的兩倍，我認為這是一個公平的估值，我們旨在通過解釋不同的模型，TEN 的工業模型來實現這一目標，我們實際上是大型石油公司的能源工業推動者。

As I said, milestone 2024 so far, a big growth, very exciting prospects going forward. The business at least close to $2 billion of new business coming in. We have significantly increased our rates from all the 30 vessels we renewed with the chartering department.

正如我所說，2024 年是迄今為止的里程碑，取得了巨大的成長，未來的前景非常令人興奮。該業務至少有接近20億美元的新業務進入。我們與租船部門續租的所有 30 艘船舶的租金均大幅提高。

And with that, I will ask our President to give us a quick overview of what's going on with the company. Thank you, George.

接下來，我將請總裁向我們簡單介紹一下公司的狀況。謝謝你，喬治。

Thank you, Nikos, and good morning to all of you joining us for our earnings call today. 2024 continues to be a good year for tankers and for TEN for the same reasons that played out for the last 2.5 years. We have we are one of the largest and most established energy transporters worldwide. We had transported 460 million barrels per day in 2023 safely.

謝謝你，尼可斯，早安，歡迎今天參加我們財報電話會議的各位。出於過去 2.5 年相同的原因，2024 年對於油輪和 TEN 來說仍將是豐收的一年。我們是世界上最大、最成熟的能源運輸商之一。2023年我們已經安全運輸了4.6億桶/日。

That's slide 3.

這是幻燈片 3。

That's slide number, slide number three. Yes, that's about 23 days of US consumption or 5% of global oil consumption. We have celebrated 31 years in the public markets. And since our listing in 2002 in the New York Stock Exchange, we have paid uninterrupted dividends to our common shareholders. We have built a big modern diversified fleet.

這是投影片編號，第三張投影片。是的，這大約相當於美國 23 天的消費量，或全球石油消費量的 5%。我們已經慶祝了在公共市場工作 31 週年。自2002年在紐約證券交易所上市以來，我們一直向普通股股東派發不間斷的股利。我們已經建立了一支龐大的現代化多元化船隊。

We have developed an industrial shipping model. And we have one of the highest repeat caliber clients with ExxonMobil leading the way with 22% of the revenue followed by Equinor, Shell, Chevron, TotalEnergies, BP and others.

我們已經開發了工業運輸模式。我們擁有回頭客最多的客戶之一，埃克森美孚佔據了我們收入的 22%，其次是 Equinor、殼牌、雪佛龍、道達爾能源、英國石油等。

We have as we have embarked in our decarbonization journey and started our green energy program, we have we find ourselves in 2024 as one of the largest dual fuel operators with vessels in the water. We have 6 LNG Aframax powered vessels and being the carrier of choice of energy majors for their transportation requirements.

隨著我們踏上脫碳之旅並啟動綠色能源計劃，我們將在 2024 年成為最大的水上船舶雙燃料營運商之一。我們擁有 6 艘 LNG 阿芙拉型動力船舶，是各大能源公司在運輸需求上的首選承運商。

We have -- we continue to fix vessels whose charter expires or book new business. And currently, the backlog that we have is $1.8 billion. This is minimum secured revenues as some, the majority of these fixtures have also some profit sharing element and these charters have an average duration of two years.

我們會繼續租賃到期的船隻或預訂新業務。目前，我們的積壓訂單金額為 18 億美元。這是最低的保證收入，因為其中大部分固定裝置也有一些利潤分享元素，而這些租船的平均期限為兩年。

Thanks to the fleet -- to our fleet modernity and the efficiency of our technical managers and their purchasing power, the economies of scale, we have one of the high -- very high fleet utilization in excess of 92% and we have a solidly a company built with very solid balance sheet.

由於我們現代化的機隊、技術經理的高效性和購買力以及規模經濟，我們的機隊利用率非常高，超過 92%，而且我們的公司實力雄厚，資產負債表非常穩健。

Our fleet fair market value is around $4 billion. We have low debt of $1.8 billion and we have 30 million common shares outstanding and the Tsakos family and the management of the company are strong supporters with 30% plus of the sales outstanding in them. Despite being a top-of-class operator, we have the valuation of the company is low -- very low. 2023, the earnings per share returned $9.04 and so we trade at 2 times and a bit over 2 times earnings when our major clients trade at least 10x earnings.

我們的船隊公平市價約為 40 億美元。我們的債務較低，為 18 億美元，擁有 3,000 萬股流通在外的普通股，而 Tsakos 家族和公司管理層是我們強有力的支持者，他們持有公司 30% 以上的未償還銷售額。儘管我們是一流的營運商，但我們對公司的估值很低——非常低。 2023 年，每股收益為 9.04 美元，因此當我們的主要客戶以至少 10 倍收益進行交易時，我們的交易價格是收益的 2 倍或略高於 2 倍。

Moving on to the next slide. We have been -- TEN was created in the aftermath of OPA 90, which is the regulation for the double hull -- for the introduction of double hull vessels. Since then, we have faced 6 major crisis and we managed every time to come out of its crisis stronger and bigger.

轉到下一張投影片。我們一直在——TEN 是在 OPA 90 之後成立的，這是針對雙體船的規定——用於引入雙體船。從那以後，我們已經面臨過六次重大危機，但每次我們都成功走出危機，變得更加強大。

If we look at the fleet that we have built today in slide 5, you see a very diversified fleet that caters to the needs of our clients, spanning from crude carriers to product tankers, LNGs and shuttle tankers. Today, we have a pro forma fleet of 74 vessels, 62 operating in the water and 12 new buildings under construction. The red and the blue colored vessels in the slides denote vessels trading in the spot and period market with profit sharing, while the black colored vessels on fixed time charter.

如果我們看看第 5 張幻燈片中我們今天建造的船隊，你會看到一支非常多樣化的船隊，可以滿足我們客戶的需求，從原油運輸船到成品油輪、液化天然氣船和穿梭油輪。今天，我們擁有由 74 艘船組成的船隊，其中 62 艘在水中運營，還有 12 艘新船正在建造中。幻燈片中的紅色和藍色船隻表示在現貨和定期市場交易並以利潤分享方式交易的船隻，而黑色船隻表示定期租船的船隻。

As you can see at the bottom of the slide, 31 of the 62 vessels in the water have market exposure, that's 50%. This is spot and vessels with profit-sharing arrangements and 49 out of the 62 vessels in the water or 79% are in secured employment, time charters and time charter with profit sharing.

正如您在幻燈片底部看到的，水中 62 艘船中有 31 艘具有市場曝光率，佔 50%。這是現貨船舶和具有利潤分享安排的船舶，在水中的 62 艘船舶中有 49 艘（佔 79%）處於固定僱用、定期租船和具有利潤分享的定期租船狀態。

The next slide basically shows our access to our capital markets. We have grown the company since you see in blue the capital the common capital raising that we have in the red is with -- through the preferred shares. We have retired 4 series of preferred sales for $223 million.

下一張投影片主要展示了我們進入資本市場的途徑。自從你們用藍色表示資本以來，我們一直在發展公司，紅色表示的是我們透過優先股籌集的普通股資本。我們已退出 4 系列優先股銷售，總價值 2.23 億美元。

And we have used the capital markets as a growth engine -- as a growth engine for our fleet renewal. We have built an industrial model in slide 7, as you can see, with the list of our charterers. As you can see, this is a Blue-Chip client base with the biggest client being Exxon followed by Equinor, Shell, Chevron and Total.

我們將資本市場用作成長引擎—作為機隊更新的成長引擎。正如您所看到的，我們在第 7 張幻燈片中建立了一個工業模型，其中列出了我們的租船人名單。如您所見，這是一個藍籌客戶群，最大的客戶是埃克森美孚，其次是 Equinor、殼牌、雪佛龍和道達爾。

We have -- on slide 8, the left side of the slide shows you the all-in breakeven costs for the vessels on a net income basis. Basically, the time charter vessels serve to cover the expenses the operating expenses, the finance expenses and all the other overheads that we have.

我們在第 8 張投影片上，投影片的左側向您展示了基於淨收入的船舶的全部損益平衡成本。基本上，定期租船可以用於支付我們的營運費用、財務費用和所有其他間接費用。

While the spot trading vessels basically serve to for the upside and the dividend distributions to our shareholders. For every $1,000 increase in spot rates, this has a positive impact of $0.16 in annual EPS based on the current vessels in the spot market as of the 9 months of 2023.

而現貨交易船基本上是為了獲利和為股東分配股息。現貨價格每上漲 1,000 美元，根據 2023 年 9 個月現貨市場上的現有船舶情況，將對年度每股收益產生 0.16 美元的正面影響。

Managing debt is an integral part of the company's strategy and capital allocation. We have grown the fleet significantly with larger, more specialized vessels. The debt levels have remained more or less at a level that is very manageable. The net debt to cap currently stands at 44%. This shows the fuel -- the next slide, Slide 10 shows the fleet renewal and green ship growth.

管理債務是公司策略和資本配置的重要組成部分。我們已大幅擴充船隊，擁有更大、更專業的船隻。債務水平基本上維持在可控的水平。目前淨債務與上限比率為44%。這顯示了燃料——下一張幻燈片，第 10 張幻燈片顯示了船隊更新和綠色船舶增長。

Since January 1, 2023, we have sold 13 vessels with an average age of 17.5 years and 1 million total deadweight ton and have replaced them with 21 vessels with an average age of one year and 2.3 million deadweight ton. This doubling in quality and the size of the fleet will help the company springboard the next growth phase. How do you think translate financially. Harrys?

自2023年1月1日起，我們已出售13艘平均船齡17.5年、總載重噸100萬載重噸的船舶，並用21艘平均船齡1年、總載重噸230萬載重噸的船舶替換它們。品質和船隊規模的翻倍將有助於公司邁入下一階段的成長。您認為從財務角度來看如何翻譯。哈利？

So I guess I'll take you over the financials. Thank you, George. I'll take you all the financials for the nine months and the three months results. So during the first nine months of 2024, TEN operated 62 vessels, three more equivalent 2023 period, of which 11 underwent scheduled dry dockings. As a result, the corresponding fleet utilization for the 2024 nine months was at 92.2% from 95.6% during the same 2023 period.

所以我想我會帶你了解財務狀況。謝謝你，喬治。我將向您提供過去九個月的所有財務數據以及三個月的業績。因此，在 2024 年前 9 個月，TEN 運營了 62 艘船隻，比 2023 年同期多 3 艘，其中 11 艘進行了定期乾船塢作業。因此，2024 年頭九個月的相應船隊利用率將從 2023 年同期的 95.6% 升至 92.2%。

As energy majors appetite for term employment increased, emphasis was placed on attaining such secured revenue contracts to take advantage of the elevated rates offered and as a result, the mix between secure revenue and spot-related charters was revised. 32% and 45% fixed versus spot for the 2024 nine months as opposed to 77% and 54% for the 2023 equivalent period.

隨著能源巨頭對定期租賃的興趣日益濃厚，他們開始重視獲得此類有保障的收入合同，以利用其提供的較高費率，因此，對有保障收入和現貨相關租船合同之間的組合進行了修改。 2024 年九個月的固定利率與現貨利率分別為 32% 與 45%，而 2023 年同期的固定利率與現貨利率分別為 77% 與 54%。

In this backdrop and in a somewhat waning Chinese oil imports environment, something which lately seems to be reversing, and in the first nine months of 2024, generated gross revenues of $660 million and operating income of $236 million, which included about $49 million of capital payments. Fleet operating expenses of $147 million increased in line with the larger number and size of vessels in the fleet after the various acquisitions and divestments during the nine-month period.

在這樣的背景下，且在中國石油進口量減弱的環境下，最近這種情況似乎正在逆轉，2024 年前 9 個月，該公司的總收入為 6.6 億美元，營業收入為 2.36 億美元，其中包括約 4,900 萬美元的資本支付。經過九個月期間的各種收購和撤資後，船隊船舶數量和規模不斷增加，船隊營運費用為 1.47 億美元。

Operating expenses per ship per day, however, was 3.3% lower from the 2023 nine months at 9,306, thanks again to efficient management performed at TEN's technical experts on shore and onboard the vessels. Time charter equivalent per ship per day during this period impacted by the aforementioned dry dockings and less days in market-related contracts settled at a still healthy 33,319, 3.6 times higher the above daily vessel operating expense rate.

不過，由於TEN在岸上和船上的技術專家的高效管理，每艘船每天的營運費用較2023年前九個月的9,306美元下降了3.3%。受前述幹船塢和市場相關合約天數減少的影響，此期間每艘船每天的期租等價物仍維持在健康的33,319，是上述每日船舶運營費用率的3.6倍。

Reflecting all of the above, a net income of $157 million was recorded for the first nine months of 2027, generating EPS of $4.62. Adjusted EBITDA for the 2024 nine months was up $314 million. Interest and finance costs of $87.4 million during the 2024 nine months reflected the new loans for vessel acquisitions and new building deliveries as well as continuing elevated global interest rates.

綜合上述所有因素，2027 年前 9 個月的淨收入為 1.57 億美元，每股收益為 4.62 美元。 2024 年前九個月的調整後 EBITDA 成長了 3.14 億美元。2024 年前 9 個月的利息和財務成本為 8,740 萬美元，反映了用於船舶收購和新船交付的新貸款以及持續上升的全球利率。

Despite the material drop in spreads, TEN has achieved due to its pristine track record on its debt obligations. However, this inevitable and controlled cost increase was to a large extent mitigated by about $4 million in reduced coupon payments on outstanding preferreds from the amount paid during the equivalent 2023 nine months and $5 million savings in forward bareboat hire from the repurchase of 2 Suezmaxes and leasing contracts in the summer of 2024.

儘管利差大幅下降，TEN 仍憑藉其良好的債務償還記錄取得了成功。然而，這種不可避免且可控的成本增加在很大程度上被以下因素所抵消：與 2023 年九個月期間支付的金額相比，未償還優先股的票面利息減少了約 400 萬美元，而 2024 年夏季回購 2 艘蘇伊士型油輪並簽訂租賃合同，節省了 500 萬美元的遠期光船租金。

Cash at bank at the end of September '24 was $386 million, $9.5 million higher from the December 2023 level. And that is after having paid $258 million for common and preferred dividends for growth projects and the exercise of the above leasing repurchase options. Now the results for the third quarter of 2024 were equally attractive, considering the three out of the 11 vessels that underwent dry docking happened during this quarter.

截至 2024 年 9 月底的銀行現金為 3.86 億美元，比 2023 年 12 月的水準高出 950 萬美元。這是在支付了 2.58 億美元增長項目的普通股和優先股股息以及行使上述租賃回購選擇權之後的結果。現在，2024 年第三季的結果同樣具有吸引力，因為在本季度進行乾船塢的 11 艘船隻中有 3 艘發生在此季度。

A fleet of 62 vessels as opposed to 58 in the third quarter of 2023 generated gross revenues of $200 million and operating income of $57 million compared to $187 million and $53 million for the third quarter of '23, respectively. Neither of these two comparable quarters have gains or losses from vessel sales. Fleet operating expenses of $49 million for the third quarter of 2024 were $1.6 million lower from the 2023 third quarter level despite the three dry dockings mentioned above and the larger fleet size, both in terms of numbers and deadweight.

2023 年第三季度，船隊擁有 62 艘船（而去年同期為 58 艘），總收入為 2 億美元，營業收入為 5,700 萬美元，而 2023 年第三季度的總收入和營業收入分別為 1.87 億美元和 5,300 萬美元。這兩個可比季度均沒有因船舶銷售而產生收益或損失。2024 年第三季的船隊營運費用為 4,900 萬美元，儘管進行了上述三次乾船塢，且船隊規模（數量和載重量）有所擴大，但比 2023 年第三季的水平低了 160 萬美元。

Operating expenses per ship per day were at 9,188, almost $1,000 lower than 2023 third quarter number. Time charter equivalent per ship per day closed the quarter 3.5 times above the OpEx number, up 32,539, about $1,200 higher compared to last year's third quarter. The resulting net income of $26.5 million, producing earnings per share of $0.67 reflected the $5 million increase in depreciation and amortization cost in the larger fleet entailed. Adjusted EBITDA finished the quarter at $100 million, $8.5 million above the level of the 2023 third quarter.

每艘船每天的營運費用為 9,188 美元，比 2023 年第三季的數字低近 1,000 美元。本季每艘船每天的定期租船等價費用是營運支出的 3.5 倍，比去年第三季增加了 32,539 美元，高出約 1,200 美元。由此產生的淨收入為 2,650 萬美元，每股收益為 0.67 美元，反映了擴大船隊所帶來的 500 萬美元的折舊和攤銷成本增加。調整後的 EBITDA 本季達到 1 億美元，比 2023 年第三季高出 850 萬美元。

As of September 30, 2024, the fleet's fair market value was about $4 billion, total debt $1.8 billion, corresponding to the higher fleet size as a result of 4 dual fuel LNG-powered Aframax newbuildings and five more second-hand vessels entering the fleet.

截至 2024 年 9 月 30 日，該船隊的公平市場價值約為 40 億美元，總債務為 18 億美元，由於 4 艘雙燃料 LNG 動力阿芙拉型油輪新造船和 5 艘二手船加入船隊，船隊規模有所擴大。

At the same time, net debt to capital remained at a very comfortable 44%. In ending and supported by the aforementioned results, TEN will pay a second semiannual common stock dividend of $0.90 on December 20, 2024, bringing the total distribution for 2024 operations to $1.50 per common share, 50% higher than 2023 amount, yielding approximately 7.5% on today's price.

同時，淨債務與資本比率仍維持在非常舒適的44%。最後，在上述結果的支持下，TEN 將於 2024 年 12 月 20 日支付第二次半年普通股股息 0.90 美元，使 2024 年運營的總分配額達到每股普通股 1.50 美元，比 2023 年的金額高出 50%，以今天的價格計算收益率約為 7.5%。

And with this, I'll turn it back to Nikos for the closing remarks.

最後，我將把發言時間交還給尼可斯，請他作結語。

Thank you, and thank you for describing a very busy period in a very efficient and timely way. I think what is important is that we are maintaining our industrial energy transportation model. We try to take enough advantage of the upside when the market is, but we always -- and I think what is important of our long and continuous dividend payment, if you go back to the expenses side, and I think this gives a very good description.

謝謝，也感謝您非常有效率及時地描述了一段非常繁忙的時期。我認為重要的是我們正在維持我們的工業能源運輸模式。當市場處於有利地位時，我們會盡力利用上​​行機會，但我們始終——我認為，長期持續的股息支付才是最重要的，如果你回到支出方面，我認為這給出了非常好的描述。

This is slide 8. I mean the way we have been able to go on for the last 31 years, we make sure that our first-class charters who are more than, I think 60% or 70% of our income comes from long-term employment on profit sharing arrangements. They cover all and when I say all our obligations, including depreciation, our interest, paying down -- depreciation and debt repayment for us is very similar because of the modernity of the ships that we have.

這是第 8 張投影片。我的意思是，我們過去 31 年一直能夠堅持下去，我們確保我們的一流包機乘客收入（我認為超過 60% 或 70% 的收入）來自利潤分享安排的長期僱用。它們涵蓋了所有的義務，當我說我們所有的義務時，包括折舊、利息、償還——由於我們擁有的船舶的現代化，我們的折舊和債務償還非常相似。

So that's how we fare. I mean we might not be the most exciting shipping company out there, but we are an industrial company. We want to keep TEN for the next generation, a bit like the Patek Philippe advertisement. You never own one, you keep it for the next generation. And that's what we are here to do. And that has kept us going for 30 years, been able to pay dividends for 30 years.

這就是我們的現狀。我的意思是，我們可能不是最令人興奮的航運公司，但我們是一家工業公司。我們希望將 TEN 保留到下一代，有點像百達翡麗的廣告。你永遠不會擁有它，你只會為下一代保留它。這正是我們來這裡要做的事。這讓我們得以持續發展了 30 年，並能夠在 30 年內產生紅利。

Our peer group, which is first-class companies out there, which we are proud to be associated and operate in the same environment. All of them have a different strategy. And we are all for diversity. Otherwise, it would have been a very, very boring peer group if we all did the same.

我們的同行都是一流的公司，我們很自豪能夠與他們合作並在相同的環境中開展業務。他們都有各自的策略。我們都支持多元。否則，如果我們都做同樣的事情，那將是一個非常非常無聊的同儕團體。

You have companies -- most of the companies out there, they focus in one segment of the energy transportation and although it's a very fragmented industry, they play a significant role companies are in the VLCCs, other companies on Suezmaxes, other companies are just product carriers.

大多數公司都專注於能源運輸的一個領域，儘管這是一個非常分散的行業，但它們發揮著重要作用，有些公司在超大型油輪上，有些公司在蘇伊士型油輪上，有些公司只是產品運輸船。

We are for diversity. We are what they call, it sounds corny, One-Stop Shipping, but we are -- I mean, we have everything from VLCCs down to -- up to LNGs and up even higher to shuttle tankers and smaller product carriers.

我們主張多元化。我們就是人們所說的“一站式航運”，聽起來可能有些老套，但事實上，我們擁有從巨型原油輪 (VLCC) 到液化天然氣 (LNG) 甚至更高的穿梭油輪和小型產品運輸船等各種船舶。

So we do what our client is -- wants us to operate. We have a huge operating capacity. I think the biggest from the whole peer group, I mean, we actually -- we train our own crew in our academies. We are on hands management. We are on hands management also on the commercial side with offices around the world. We have academies in the Philippines. I mean we take shipping seriously. And that's why we are able to have these results through the cycle.

所以我們照客戶的要求去做－做客戶希望我們做的事情。我們擁有龐大的營運能力。我認為整個同儕中最大的挑戰是，我們實際上——我們在自己的學院培訓自己的團隊。我們進行的是手工管理。我們在世界各地設有辦事處，同時也負責商業方面的管理。我們在菲律賓有學院。我的意思是我們非常重視運輸。這就是我們能夠透過整個週期獲得這些結果的原因。

I was very, very happy to see that our operating expenses in an inflationary environment with bigger ships had a 10% increase, and I think that is the decrease that -- and our income had increased. That is very, very complementary in difficult times.

我非常高興地看到，在通貨膨脹的環境下，隨著船舶規模的擴大，我們的營運費用增加了 10%，而我認為這是下降的，而我們的收入卻增加了。在困難時期，這非常非常具有互補性。

So I believe we should be looking at closer to industrial or infrastructure company valuations rather than just the shipping valuations. I mean we tend to go up and down together with our peer group, whether we have been able to work, we're trying to and we have been proven to be able to take out the edges of a cyclical market as much as possible.

因此我認為我們應該更密切地關注工業或基礎設施公司的估值，而不僅僅是航運估值。我的意思是，我們傾向於與同行一起起伏，無論我們是否能夠工作，我們都在努力，並且事實證明我們能夠盡可能地消除週期性市場的影響。

I'm sure there's better -- even better to do, but we always try to do better every day. So with that, I would like to open the floor and all of us are here to answer any questions that you may have. Thank you.

我確信還有更好——甚至更好的事情要做，但我們總是努力每天做得更好。因此，我想開始發言，我們所有人都在這裡回答你們可能提出的任何問題。謝謝。

(Operator Instructions)

（操作員指令）

Poe Fratt with Alliance Global Partners.

Poe Fratt 與 Alliance Global Partners 合作。

Greetings. If I could -- if we can just sort of focus on the macro initially. Can you just sort of give me an idea of sort of how you're thinking about with the US elections, the potential for tighter sanctions on Russia, Iran and potentially Venezuela?

問候。如果可以的話——如果我們能先關注宏觀問題的話。您能否告訴我，您對美國大選的看法，以及對俄羅斯、伊朗和委內瑞拉實施更嚴厲制裁的可能性？

So I have to be chosen as Secretary of State to be able to answer this, but I'm just a poor Greek ship owner. But I mean, as long as it affects us, I think we are in, in general, shipping would flourishes when we have open borders, open seas and there are no sanctions. However, we are in a situation where 25% of the world fleet. I mean, that's a huge world tanker fleet is what we call a gray fleet, which means that we have not the remaining of us, the 75% that of course, do not participate in any sanctioned business, are able to take advantage of the first class business without the competition of undercutting the market. So I think sanctions, right now are working for the benefit of first class companies in our peer group because we do not have, I mean, the average age of the average age of what they call the gray fleet is above or close to 20 years. So we don't want to have those ships again in the mud or in the Caribs or, or, or, or, or in the far east undercutting good quality responsible shipping operators. So in a sense, it has a positive if and on top of that, of course, we are not navigating. We never put our seafarers at risk and our charters has never, never insisted. I mean, the quality of the charters we operate never insisted for us to ever cross the Red Sea. If we didn't feel our captains do not feel safe and they do not feel safe. And I think I respect that's why we're doing business with the, with the top tier clients. I know other colleague of ours that have been that, that actually charter ships to lesser, lesser concerns are continuously pushed to cut corners and try and put their seafarers in danger and, and across the Red Sea and we had incidents that could have been environmental disasters and also with human loss. But this is something that does not do. Now, if with a magic stick one day, we can put the world in peace. I think that would be even better for shipping.

所以我必須被選為國務卿才能回答這個問題，但我只是一個貧窮的希臘船主。但我的意思是，只要它影響到我們，我認為，總的來說，當我們擁有開放的邊界、開放的海洋並且沒有製裁時，航運就會蓬勃發展。然而，我們目前所處的境況是，全球有 25% 的船隊。我的意思是，這是一個龐大的世界油輪船隊，我們稱之為灰色船隊，這意味著我們沒有剩下的 75% 的船隊，當然，這 75% 的船隊不參與任何受制裁的業務，能夠利用頭等艙業務，而不會受到削弱市場的競爭。因此，我認為目前的製裁有利於我們同行中的一流公司，因為我們沒有，我的意思是，他們所謂的灰色艦隊的平均年齡超過或接近 20 年。因此，我們不希望這些船隻再次陷入泥潭，或在加勒比地區，或在遠東地區破壞優質、負責任的航運業者的利益。因此從某種意義上來說，它有一個積極的意義，當然，最重要的是，我們沒有導航。我們從來沒有讓海員處於危險之中，我們的租船合約也從來沒有這樣要求過。我的意思是，我們所運作的包機的品質從來沒有要求我們跨越紅海。如果我們感覺不到安全，我們的船長就不會感到安全，他們也不會感到安全。我認為我尊重這一點，這就是我們與頂級客戶做生意的原因。我知道我們的其他同事也遇到過這種情況，他們將船舶租給較小的航運公司，而這些公司不斷偷工減料，試圖將他們的海員置於危險之中，在紅海上，我們就發生過一些可能造成環境災難和人員傷亡的事件。但這是不該做的事。現在，如果有一天有了一根魔杖，我們就可以讓世界和平。我認為這對運輸來說會更好。

We would have gotten rid of a big number of older ships that are really run down so they could not, you know, charter to major oil co managing energy companies again. And we will have more, more places to, you know, there will be huge reconstruction hopefully of of you know, in the Black Sea of Ukraine and Russia.

我們將會淘汰大量破舊的老舊船隻，這樣它們就無法再租給管理能源公司的大型石油公司。我們將會有更多的地方進行大規模重建，希望在烏克蘭和俄羅斯的黑海地區。

And if there is peace in the Middle East, there is rumor there is there will be huge reconstruction there so peaceful. The world is a much better world for shipping. Sorry for the long answer.

如果中東實現和平，有傳言說那裡將會進行大規模重建，以確保和平。航運的世界將變得更加美好。抱歉，回答太長了。

No problem, secretary of state. When you look at it -- Nikos would the potential tighter sanctions, if they did restrict the flow of oil out of Iran, especially, does the dark fleet get -- or the darker gray fleet, as you say, do you think they get pushed into retirement? Or is there potential for some of those to get cleaned up and move into the unsanctioned fleet?

沒問題，國務卿。如果您看一下——如果尼科斯確實限制了伊朗石油的流出，那麼可能會採取更嚴厲的製裁措施，尤其是黑色艦隊——或者像您所說的深灰色艦隊，您認為它們會被迫退役嗎？或者是否有可能將其中一些清理乾淨並轉入未經批准的艦隊？

Well, I think a big part of it will not be able to reenter -- the majority of those ships will not be able to reenter the competitive market. I mean, energy shipping, LNG and tanker and LPG and of course, oil are very, very under tight environmental concerns from our clients.

嗯，我認為其中很大一部分將無法重新進入——大多數船隻將無法重新進入競爭市場。我的意思是，能源運輸、液化天然氣、油輪、液化石油氣，當然還有石油，都受到我們客戶的嚴格環保關注。

I mean every ship has to be inspected every six months in order to -- and if it's not in a perfect state, it will not be touched. So I think those ships will take a very long time to be in a perfect state and it won't be worth for it because there will not be a reason. So I think we will see increase of scrapping of all the tonnage.

我的意思是每艘船都要每六個月接受一次檢查，如果它的狀態不完美，就不會被碰觸。所以我認為這些船隻需要很長時間才能達到完美狀態，而且這是不值得的，因為沒有理由。因此我認為我們將看到所有噸位的報廢量增加。

Okay. Great. And then can we just talk about the new build program. I think in your 6-K, you indicated that you had about $110 million to spend in CapEx for the second half of the year in 2024. Can you give me an idea of how much was spent in the third quarter? And then how much will be spent on the new build program in the fourth quarter?

好的。偉大的。然後我們可以談談新建計劃嗎？我認為您在 6-K 中指出您將在 2024 年下半年的資本支出中花費約 1.1 億美元。你能告訴我第三季花了多少錢嗎？那麼第四季新建案將花費多少？

Harrys does the spending. I do the earnings.

哈利斯負責支出。我做收入。

Okay.

好的。

So the total program was just over or approximately $950 million. The remaining for this year, just to give you kind of more updated figures because from the 6-K, things have changed in terms of new loans acquired and the equity installments paid. So, we still have for the remainder of the year to pay $21.5 million of which about two-third of that will be bank debt and the rest, call it, $8 million, $9 million of equity. The remaining, we are still discussing with various banks in raising commercial finance. And today, on the 12 vessels, we have kind of agreed, signed on 3, and we are very close on sign and debt arrangements for the majority of the others.

因此整個計劃的花費略高於或約為 9.5 億美元。今年剩下的只是為了給你更新的數據，因為從 6-K 開始，獲得的新貸款和支付的股權分期付款的情況發生了變化。因此，我們在今年剩餘時間內仍需支付 2,150 萬美元，其中約三分之二將是銀行債務，其餘的，也就是 800 萬美元、900 萬美元將是股權。剩下的，我們仍在與各家銀行商談籌集商業融資。今天，對於這 12 艘船，我們已經達成一致，簽署了 3 艘船的合同，對於其他大多數船隻，我們也已經非常接近簽署和債務安排了。

As you can imagine, the payments would alter. But to give you kind of a high-level answer for -- so as I said, approximately $21.5 million remaining for -- in the fourth quarter. And for 2025, we assume -- we expect and assuming those bank loans will come forth. We are very close in a green, approximately just over $100 million of equity payments that we expect assumed to come from our own office, if you like, for 2025. So it all depends on the various installments that we need to pay and sometimes the flip into the next quarter or the year following.

你可以想像，付款將會改變。但為了給你一個高層次的答案 - 正如我所說，第四季還剩下大約 2150 萬美元。到 2025 年，我們假設 — — 我們預期並假設這些銀行貸款將會出現。我們的獲利非常接近目標，大約略高於 1 億美元的股權支付，我們預計到 2025 年這些支付將來自我們自己的辦公室。所以，這完全取決於我們需要支付的各期款項，有時還取決於下個季度或下一年的款項。

Yes. I was trying to focus on what the total installments were, irrespective of how you finance them. So Harry, could you -- how much did you spend in the third quarter? Okay. Yes, maybe we could do a call later this week that would be helpful.

是的。我試著關注總分期付款額是多少，而不管你如何融資。那麼哈利，你能──你在第三季花了多少錢嗎？好的。是的，也許我們可以在本週晚些時候打個電話，這會很有幫助。

Yes, I can -- because I have -- each vessel has a different kind of pattern. So we can have it offline to sort of give you kind of a general and down to the dollar detail (inaudible) that number.

是的，我可以——因為我有——每個容器都有不同的圖案。因此，我們可以離線提供該數字的大致信息，並精確到美元細節（聽不清楚）。

Okay, maybe we could do a call later this week. That would be helpful.

好的，也許我們可以在本週晚些時候打電話。那將會很有幫助。

And then in the second quarter, there was a little bit of twist that's on the financials as far as now -- you have time deposits, can you -- do you have the time deposit figure for the third quarter. I think it was $94 million in second.

然後在第二季度，就目前而言，財務狀況出現了一些變化 - 您有定期存款，可以嗎 - 您有第三季度的定期存款數據嗎？我認為第二名是 9400 萬美元。

You mean put the time deposit? We try to keep the majority of our cash rolling and adding interest on a daily basis. So we have an average interest income of more than 4%, and we're 5% for -- so we always have time deposits and our money -- the money, the $400 million or the $380 million we have is earnings is a 4% to 5% interest on a daily basis, regardless if it's time deposits or not. So the majority of it, you can consider it but is on time deposits.

你的意思是存定期存款嗎？我們盡力保持大部分現金滾滾而來，並且每天增加利息。因此，我們的平均利息收入超過 4%，我們的利率為 5%——所以我們總是有定期存款，而我們的資金——我們的 4 億美元或 3.8 億美元的收益是每天 4% 到 5% 的利息，不管它是否是定期存款。因此，其中大部分，你可以考慮，但都是定期存款。

Understood. Okay, great. Thank you so much.

明白了。好的，太好了。太感謝了。

Thank you, Paul.

謝謝你，保羅。

(Operator Instructions) Climent Molins with Value Investor's Edge.

（操作員指示）克萊門特莫林斯 (Climent Molins) 具有價值投資者的優勢。

Hi, good afternoon. Thank you for taking my question.

嗨，下午好。感謝您回答我的問題。

Yes, I wanted to start by asking about your two Suezmax newbuilds to be delivered throughout 2025. It seems you recently secured a contract for the second one. Could you talk a bit about the duration in terms of the contracts on these two vessels?

是的，首先我想問一下你們將於 2025 年交付的兩艘蘇伊士型新船的情況。看來您最近已簽訂了第二份合約。您能否談談這兩艘船的合約期限？

Yes. I mean these are -- these are three and five year contracts for those ships to one of our biggest clients, we're not supposed to spill all the beans here over the call and at very, very accretive -- the minimum. If you look on Page 8 where we have our all-in breakeven. I think our minimum rate for the next three to five years is almost twice our breakeven. So that's -- it's going to add a significant amount of net income, cash flow and for us who are big shareholders dividend going forward.

是的。我的意思是，這些是與我們的其中一位最大客戶簽訂的為期三年和五年的船舶合同，我們不應該在通話中洩露所有秘密，而且合同的增值部分非常非常少。如果你看第 8 頁，你會發現我們全部的損益平衡點。我認為，未來三到五年我們的最低利率幾乎是我們損益平衡點的兩倍。所以，這將增加大量的淨收入、現金流，對我們這些大股東來說，還會增加未來的股利。

That's helpful. I also wanted to ask about dry docking days during the quarter because that weighed on utilization. But on top of that, there was also some commercial off hire. Could you talk a bit about your dry docking schedule going forward, both for Q4 and for 2025? And secondly, we are now two months into the fourth quarter. Do you expect incurring commercial off hire as well during the quarter?

這很有幫助。我還想詢問本季的乾船塢天數，因為這會影響利用率。但除此之外，還有一些商業租賃。您能否談談未來的乾船塢計劃，包括第四季和 2025 年？其次，現在已經進入第四季兩個月了。您是否預計本季也會出現商業停租？

Okay. So in terms of dry-docking days, I mean, it's -- we usually assume anywhere between, let's say, on average about 30 days, 35 days. And we expect in the fourth quarter to have three to four vessels undergoing scheduled dry dockings.

好的。因此，就乾船塢天數而言，我的意思是 - 我們通常假設平均大約 30 天到 35 天。我們預計第四季將有三至四艘船進行定期乾船塢維修。

That's helpful. And for 2025, how many vessels.

這很有幫助。到 2025 年，將有多少艘船？

That's the one -- it's plus one because one, we'll have to go dry dock for the vessels on bareboat. So we will not incur that cost. So three or four vessels that will -- there are special survey, we will incur the cost and one, it will not have any bearing on us. Sorry, and your other question. For next year?

這是一個 — — 這是一個加一，因為一個，我們必須讓光船的船進入乾船塢。因此我們不會承擔該費用。因此，對於三到四艘船，我們將進行特別調查，並承擔相關費用，但這不會對我們產生任​​何影響。抱歉，還有您的另一個問題。明年呢？

And 2025, it is estimated approximately 10 vessels will have to undergo special survey dry docking.

到 2025 年，預計約有 10 艘船舶將必須接受特殊檢驗乾船塢檢查。

And then on the commercial of hire for Q4?

那麼第四季的租賃商業狀況如何？

Sorry.

對不起。

On commercial off-hire for Q4, do you expect to incur in any off-hire days on top of the hire for dry docking?

對於第四季度的商業停租，除了乾船塢租金外，您是否還預計需要支付任何停租天數？

I think we will be in the same utilization period.

我認為我們將處於相同的利用期。

Yeah, I mean, considering that we had like 92% because of all we said dry docking. So we would expect that in the fourth quarter, utilization will be higher than that. So no additional off-hire days because of our vessel -- operate vessel operations, we do not envisage any surprises.

是的，我的意思是，考慮到我們已經有 92% 的成績，因為我們都說要進行乾船塢。因此，我們預計第四季度的利用率將高於這一水平。因此，由於我們的船舶運營，不會有額外的停租日，我們不預期任何意外。

Makes sense. Final question from me. This one is more on the modeling side. General and administrative expenses increased substantially both quarter-over-quarter and year-over-year. Could you talk a bit about the drivers behind this and whether we should think about it as a one-off or not?

有道理。我的最後一個問題。這個更多的是在建模方面。一般及行政開支較上一季及去年同期均大幅增加。您能否談談這背後的驅動因素以及我們是否應該將其視為一次性事件？

Yes. This is a one-off because we have, as I think you have seen an incentive plan -- share incentive plan for our personnel. So that is taking, so it's really not a cash, it's not really a cash increase. It's just an increase that we have to take in consideration for the incentive plan. So it is a one-off.

是的。這是一次性的，因為我想你已經看到了，我們有一個激勵計劃——針對我們員工的股票激勵計劃。所以這其實並不是現金，也不是現金增加。這只是我們在激勵計劃中必須考慮的成長。所以它是一次性的。

So for Q4, we should expect G&A to revert lower then?

那麼對於第四季度，我們應該預期 G&A 會下降嗎？

Yes, yes, makes sense. That's all for me. Thank you for taking my questions. Thank you.

是的，是的，有道理。對我來說這就是全部了。感謝您回答我的問題。謝謝。

Thank you, ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Tsakos for any final comments.

謝謝女士們、先生們，我們的問答環節到此結束。我將把發言權交還給查科斯先生，請他發表最後的評論。

Well, thank you for listening in. I hope that our revamped presentation keeps you a little bit more animated with the slides and I think that the slides are going to be on so -- you can study a bit more the company.

好吧，感謝您的收聽。我希望我們改進的簡報能讓您對投影片更有興趣，而且我認為投影片會播放得更順暢，讓您可以更了解公司。

We still believe that we are a very good opportunity, a buy opportunity. We, as management, personally whenever we're allowed, we're buying ourselves, never sold one. I know that the share price has moved from single digits up to $30, so many people are taking profits.

我們仍然相信這是一個非常好的機會，一個買入機會。身為管理階層，我們個人只要被允許，就會自己購買，從不出售。我知道股價已經從個位數漲到了30美元，所以很多人都在獲利了結。

But I think there is a significant upside, and the company is trading at a very -- I mean, we are actually trading at a multiple that predicts that we're going to be out of business in the next six months. We hope with $1.8 billion forward and a lot of new ships coming, this would not be the case.

但我認為還有一個很大的上升空間，而且公司目前的本益比非常高——我的意思是，我們的本益比實際上預示著我們將在未來六個月內破產。我們希望，隨著 18 億美元的投入和大量新船的到來，這種情況不會再發生。

So looking forward to be able to get the share price -- make the share price great again, as someone said, and move up forward. The team will be in the United States early December, doing a non-deal roadshow, so we would love to be able to see you either face-to-face or Zoom call on your side for those that are in the United States.

因此期待能夠獲得股價——正如有人所說的那樣，讓股價再次上漲，然後繼續上漲。團隊將於 12 月初在美國進行非交易路演，因此對於那些在美國的人來說，我們很高興能夠與您面對面或透過 Zoom 電話會議與您會面。

And with that, I would like to thank you and wish you a very happy Thanksgiving to everybody. And I hope our CFO's present of a big dividend would help Thanksgiving and would not steal Christmas. Thank you very much. Thank you.

最後，我要向你們表示感謝，並祝大家感恩節快樂。我希望我們財務長贈送的大額股息有助於感恩節，而不會搶走聖誕節的風頭。非常感謝。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。