Tsakos Energy Navigation Ltd (TEN) 2024 Q4 法說會逐字稿

Good morning to all. Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation conference call on the fourth quarter 2024 financial results. We have with us today 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. (Operator Instructions)

各位早安。女士們、先生們，感謝你們的耐心等待，歡迎參加 Tsakos Energy Navigation 2024 年第四季財務業績電話會議。今天我們邀請了董事會主席 Takis Arapoglou 先生；創辦人兼執行長 Nikolas Tsakos 先生；財務長 Paul Durham 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。（操作說明）

I must advise that this conference is being recorded today.

我必須提醒大家，今天的會議將進行錄影。

And now I'd like to pass the floor over to your host, Mr. Nicolas Bornozis, President of Capital Link and Investor Relations Advisor to Tsakos Energy Navigation. Please go ahead.

現在，我想把發言權交給主持人，Capital Link 總裁兼 Tsakos Energy Navigation 投資者關係顧問 Nicolas Bornozis 先生。請繼續。

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

非常感謝各位參與者，早安！我是 Nicolas Bornozis，Capital Link 的總裁兼 Tsakos Energy Navigation 的投資者關係顧問，向 TEN 致詞。

This morning, the company publicly released its financial results for the 12 months and fourth quarter ended December 31, 2024. In case we do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at ten@capitallink.com and we will have a copy sent to you, emailed to you right away.

今天上午，該公司公開發布了截至 2024 年 12 月 31 日的 12 個月和第四季度的財務業績。如果您沒有收到今天的收益報告，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將副本發送給您。

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即時音訊和幻燈片網路直播，您可以在公司網站 www.tenn.gr 首頁訪問。電話會議將在簡報之後進行，因此我們強烈建議您訪問公司網站上的簡報。

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，網路直播簡報的幻燈片將在電話會議結束後發佈在公司網站上並存檔。另外，請注意，網路直播簡報的幻燈片由使用者控制，這意味著您可以透過點擊對應的按鈕自行切換到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 contains certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.

此時，我想閱讀安全港聲明。本次電話會議和網路直播的幻燈片簡報包含 1995 年《私人證券訴訟改革法案》安全港條款所指的某些前瞻性陳述。

Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN's business prospects and results of operations. So before passing the floor to the Chairman, I would like to congratulate the company for the transformational milestone transaction to build nine shuttle tankers with secured 15-year employment. The transaction solidifies TEN's profitability and growth for many years ahead.

投資人請注意，此類前瞻性陳述涉及風險和不確定性，可能會影響TEN的業務前景和經營績效。在將發言權交給董事長之前，我想祝賀公司完成了具有里程碑意義的轉型交易，建造了九艘穿梭油輪，並確保了15年的就業。此次交易鞏固了TEN未來多年的獲利能力和成長動能。

And by the way, it also proves how TEN's prudent capital allocation has enabled the company not only to move fast to close this transaction, but also to finance the equity portion required at this stage with our own funds without stretching the company's balance sheet.

順便說一句，這也證明了 TEN 審慎的資本配置不僅使公司能夠快速完成這筆交易，而且還能夠用我們自己的資金為現階段所需的股權部分提供融資，而不會使公司的資產負債表捉襟見肘。

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

現在，我想把發言權交給 Tsakos Energy Navigation 董事長 Takis Arapoglou 先生。阿拉波格魯先生，請繼續。

Thank you, Nicolas. Good morning and good afternoon to everyone, and thank you all for joining our call today for the fourth quarter 2024 and the full year 2024 results.

謝謝你，尼古拉斯。各位早安/下午好，感謝各位今天參加我們關於 2024 年第四季和 2024 年全年業績的電話會議。

As you've seen, excellent results from a market that continues to demonstrate strong fundamentals. A record 21 vessel expansion that will result in a fleet of 82 vessels and $4 billion of contracted revenues confirming the unique and robust industrial model of TEN.

正如你所看到的，市場基本面持續強勁，因此取得了優異的業績。創紀錄的 21 艘船舶擴建，將使船隊規模達到 82 艘，並帶來 40 億美元的合約收入，這證實了 TEN 獨特而強大的工業模式。

The milestone nine DP2 shuttle tanker deal was $1.3 billion with Transpetro, firmly establishes TEN among a very select group of leaders in the shuttle tanker business and demonstrates once more the commitment we have in servicing the needs of our customers, fully justifies our strategy of maintaining ample liquidity, and it also shows that it allows us to comfortably enter into such accretive mega-sized transactions.

與 Transpetro 達成的九艘 DP2 穿梭油輪里程碑式交易價值 13 億美元，鞏固了 TEN 在穿梭油輪業務領域少數幾家領先企業中的地位，再次證明了我們致力於滿足客戶需求的承諾，充分證明了我們保持充足流動性的戰略是正確的，也表明這使我們能夠輕鬆地進行此類增值型巨額交易。

The sale of one or more of our oldest vessels generates again cash for the company and the S&P activity of TEN in this front will continue in order to maintain a young fleet and generate additional cash. All this, I think, confirms the textbook nature of TEN's management that allows it to continue paying dividends uninterruptedly since inception, oblivious, I would say, to the cyclical nature of the market.

出售我們一艘或多艘最老的船隻將再次為公司帶來現金，TEN 在這方面的 S&P 活動將繼續進行，以保持船隊的年輕化並產生更多現金。我認為，這一切都證實了TEN的管理模式是教科書式的，使其能夠自成立以來持續不間斷地派發股息，而對市場的周期性波動卻渾然不覺。

So once again, congratulations to Nikolas Tsakos and the team for this excellent performance which no doubt will continue keeping TEN in the forefront of the energy transportation business going forward.

再次恭喜 Nikolas Tsakos 和他的團隊取得如此優異的成績，毫無疑問，這將使 TEN 繼續保持在能源運輸行業的前沿地位。

So thank you, and over to Nikolas Tsakos.

所以，謝謝大家，接下來請尼可拉斯‧察科斯發言。

Yes, good afternoon and good morning to everybody. Thank you for your good words.

是的，祝大家下午好/早安。謝謝你的鼓勵。

The recent period has been a milestone period as you mentioned for the company. It's one of those periods where we live up to our next stage and we've done that back in 2007 when we became the largest ice class operating fleet in the world.

正如您所說，最近這段時間對公司而言是一個具有里程碑意義的時期。這是我們邁向下一個階段的關鍵時期之一，而我們在 2007 年就做到了這一點，當時我們成為了世界上最大的冰級船舶營運船隊。

A few years later in 2014, we became the largest operator for Equinor, one of the most prestigious and demanding end users in the world. Last year, we became the largest dual-fuel vessel operator, just helping our greener side of moving our vessels and keeping our environmental footprint in line, and that was by the acquisition of a large fleet of modern dual-fuel vessels.

幾年後的 2014 年，我們成為 Equinor 的最大營運商，Equinor 是世界上最負盛名、要求最高的終端用戶之一。去年，我們成為最大的雙燃料船舶營運商，這有助於我們更環保地運營船舶，並減少對環境的影響，而這得益於我們收購了一支龐大的現代化雙燃料船舶船隊。

And the Brazilian transaction, as we call it, big in Brazil is a transaction that, puts TEN in -- makes TEN for sure the most modern big shuttle tanker operator, DP2 operator, and it complements our existing fleets which we started in 2012 with four vessels already in the water, three being delivered very early next month. So we have the April, July, and then in '26. All the vessels are being built, I would say in the most superior shuttle tanker at South Korean yard.

而我們稱為「巴西大交易」的這筆巴西交易，無疑將使 TEN 成為最現代化的穿梭油輪運營商和 DP2 運營商，並補充了我們現有的船隊。我們於 2012 年開始組成船隊，當時已有四艘船下水，其中三艘將於下個月初交付。所以我們有四月、七月，然後是 2026 年。所有船舶都在建造中，我認為是在韓國船廠建造的最先進的穿梭油輪。

We have to compete with parties who had inferior or lower rates, more competitive rates than us, but they were building ships in other yards in the Far East, including China, where the expertise was not there. So our experience, our long-term commitment to the segment, our training center, which is the only one that produces seafarers with the accreditation from the Nautical Academy of the UK and has given us the chance to be successful in achieving a positive result.

我們必須與那些價格比我們低或更有競爭力的公司競爭，但他們在遠東（包括中國）的其他船廠造船，而這些地方缺乏相關技術。因此，我們的經驗、我們對該領域的長期投入、我們的培訓中心（該中心是唯一培養獲得英國航海學院認證的海員的機構），使我們有機會取得成功並取得積極成果。

But in the meantime, we were still running business, always looking at extending -- extended 21 new businesses with our major oil companies. As you may know, about 70% of our business is held by the six or seven very prestigious end users. We try to avoid employing our ships to operators or traders. We do it sometimes in the stock market, but long term, we focus on the people who know and appreciate our services.

但同時，我們仍在開展業務，不斷尋求拓展業務——與主要石油公司拓展了 21 項新業務。您可能知道，我們約 70% 的業務都掌握在六、七個非常有名望的終端用戶手中。我們盡量避免將我們的船舶租借給營運商或貿易商。我們有時會在股市中這樣做，但從長遠來看，我們更關注那些了解和欣賞我們服務的人。

Also, we have been active and we will still be active in the S&P market. Just yesterday we delivered one of the 2009-built Suezmaxes for a capital gain after so many years since 2009 and $30 million of cash. We're also in the market for two more similar transactions from now up to the end of the second quarter. So in the meantime, we do not lose track of the day-to-day business and the fundamentals are very positive.

此外，我們一直積極參與標普市場，並將繼續積極參與標普市場。就在昨天，我們交付了一艘 2009 年建造的蘇伊士型油輪，從 2009 年至今多年，我們獲得了資本利得和 3,000 萬美元現金。從現在到第二季末，我們也計劃進行另外兩筆類似的交易。所以同時，我們並沒有忽略日常業務，基本面也非常正面。

We are a company that has perhaps right now the largest newbuilding program from any of our peer group, a very specialized 21 vessel program. All of our program is financed and the significant contribution from banks to finance. So one thing I have to make clear, we've been always criticized for keeping enough cash, but when transactions like this are there, we can achieve those transactions much better than any of our peer group without really putting strain on our balance sheet or ever having to use to raise equity.

我們公司目前可能擁有同業中規模最大的新造船項目，這是一個非常專業的 21 艘船舶項目。我們所有的項目都得到了資金支持，其中銀行提供了大量資金。所以有一點我必須澄清，我們一直因為持有足夠的現金而受到批評，但是當出現這樣的交易時，我們可以比任何同行更好地完成這些交易，而不會真正給我們的資產負債表帶來壓力，也無需動用資金來籌集股權。

So this mega transaction is fully financed by internal equity and bank debt which is competing at very attractive terms for our business.

因此，這筆巨額交易完全由內部股權和銀行債務融資，對我們的業務非常有吸引力。

Still, I have to say I'm very proud about our team. It has been a very international global transaction that we were able to achieve. What we are still disappointed is that our share price is half of what it was a year ago when I was here in the United States. But our company was much smaller. Our company have got much less prospects right now with the 21 vessels, at 36% the dynamic expansion.

不過，我必須說，我為我們的團隊感到非常自豪。我們成功完成了一項非常國際化的全球交易。令我們仍然感到失望的是，我們的股價只有一年前我身在美國時的一半。但我們公司規模小得多。目前，我們公司擁有 21 艘船舶，發展前景較不樂觀，動態成長率僅 36%。

82 vessels in the water very soon, and we have doubled our medium- to long-term receivables from $2 billion to $4 billion within the last two months with these transactions. Well, we hope, as the major shareholders here who know the value of our company, that very soon a share price will be what it should be. I mean, our book value, it's in excess of $3 billion. However, not including the new transactions.

很快就會有 82 艘船下水，透過這些交易，我們在過去兩個月內將中長期應收帳款從 20 億美元增加到 40 億美元。作為了解公司價值的主要股東，我們希望股價很快就能恢復到應有的水準。我的意思是，我們的帳面價值超過30億美元。但是，不包括新增交易。

Our market value is even higher than that, and our net debt is $1.5 billion. So if you divide this by 30, you should see that the comfortable level where our share price should be closer to $15 than $16 or $17. But again, we know the value of our company and hopefully, others will identify that it is 32 years of continuous dividend as a term. It's going to go for at least another 33 years.

我們的市值甚至更高，而我們的淨債務為 15 億美元。所以，如果你把這個數字除以 30，你應該會發現，我們股價比較合理的水平應該更接近 15 美元，而不是 16 美元或 17 美元。但是，我們深知公司的價值，希望其他人也能意識到，連續32年派發股息是一項了不起的成就。它至少還會持續33年。

And with that, I would ask Mr. Kosmatos or George to please give us -- Mr. Saroglou, our President to give us his detailed report. Thank you.

最後，我請科斯馬托斯先生或喬治先生，或薩羅格魯先生，我們的總裁，向我們提交一份詳細的報告。謝謝。

Thank you very much, Nikolas.

非常感謝你，尼古拉斯。

We are very pleased to report today another profitable quarter and profitable year. There is a slide presentation that we will try to follow. We can look at it later on as well. Let's go straight to slide number 4, which shows the growth of the company since inception in 1993 in terms of debt weight cost.

我們非常高興地宣布，本季和本年度均實現盈利。我們將嘗試按照投影片簡報進行講解。我們之後也可以再看。讓我們直接來看第 4 張投影片，它顯示了公司自 1993 年成立以來，在債務權重成本方面的成長情況。

As you can see here, we have turned every major crisis the world has faced into a growth opportunity for TEN, thanks to our operating model. We have a countercyclical approach in investing in fleet growth by raising equity when we need it, which is usually at the bottom of the tanker market, and not usually when our share price is at the top in order to fund growth projects.

正如您在這裡看到的，多虧了我們的營運模式，我們已經將世界面臨的每一次重大危機轉化為TEN的成長機會。我們在投資船隊成長方面採取反週期策略，即在需要時籌集股權，通常是在油輪市場低迷時期，而不是在股價高企時籌集資金來為成長項目提供資金。

This is what slide 5 shows. The strategy has served us very well so far. In blue, you see the equity offerings in common shares since 1993. In red, the offerings we had in preferred shares, and as you can see, since 2013, we have issued six series of preferred shares. And we have already redeemed as we speak, four of them at par. The four that we have redeemed have a par value approximately $225 million.

這就是第5張投影片的內容。到目前為止，這項策略對我們非常有效。藍色部分顯示的是自 1993 年以來普通股的股權發行情況。圖中紅色部分是我們發行的優先股，正如你所看到的，自 2013 年以來，我們已經發行了六期優先股。就在我們說話的時候，我們已經贖回了其中四件，價格與原價相同。我們贖回的這四隻債券面額約為 2.25 億美元。

We have announced today a major transaction in the shuttle tanker sector, and this is a milestone deal with Transpetro Petrobras in Brazil. We are building nine state-of-the-art DP2 shuttle tankers that we could complement the four that are already in operation, and three that we are building for a total pro forma shuttle fleet of 16 tankers.

我們今天宣布了一項穿梭油輪領域的重大交易，這是與巴西石油運輸公司（Transpetro Petrobras）達成的一項里程碑式的交易。我們正在建造九艘最先進的DP2穿梭油輪，可以補充我們已經投入運營的四艘油輪和我們正在建造的三艘油輪，使穿梭油輪船隊的總規模達到16艘。

This is a landmark transaction that makes TEN one of the largest shuttle tanker operators in the world today. And all 16 vessels are fixed on long employment to major energy companies, including, of course, Transpetro in Brazil.

這是一項具有里程碑意義的交易，使TEN成為當今世界上最大的穿梭油輪營運商之一。這 16 艘船舶全部與各大能源公司簽訂了長期僱傭合同，當然也包括巴西的 Transpetro 公司。

Since in the last two years since January 1, 2023, we have upgraded the quality of the fleet by divesting from our first-generation conventional tankers, replacing them with more energy efficient new buildings and modern secondhand tankers, including dual-fuel vessels, and we are very proud to have today one of the largest -- being one of the largest owners of dual-fuel, LNG-powered Aframax tankers with six vessels in the water.

自 2023 年 1 月 1 日以來的兩年裡，我們透過出售第一代傳統油輪，並用更節能的新船和現代化的二手油輪（包括雙燃料船）取而代之，從而提升了船隊的品質。我們非常自豪地成為最大的雙燃料、LNG 動力阿芙拉型油輪船東之一，目前擁有六艘在役船舶。

Slide 6 lists the conventional pro forma fleet divided between crude and product tankers, spreading from large VLCCs to the smaller handy sized tankers. We have new buildings, but we expect to take delivery from the second quarter of this year until the third quarter of 2028.

幻燈片 6 列出了傳統的模擬船隊，分為原油油輪和成品油輪，從大型 VLCC 到較小的靈便型油輪。我們有新的建築項目，但預計要到今年第二季到 2028 年第三季才能交付。

And you see those colors in this slide. The red color denotes the new building vessels, but also the vessels that we operate today in the spot market. With dark blue, we release the vessels under fixed time charters and with light blue, the vessels with time charters with profit sharing.

你在這張投影片中可以看到這些顏色。紅色代表新建造的船舶，也代表我們目前在現貨市場營運的船舶。深藍色代表以固定租期租船的船舶，淺藍色代表以利潤分成租期租船的船舶。

In the next slide, which has the pro forma specialized fleet, we list the 16 shuttle tankers, and on top of that slide, we listed the company's two LNG carriers.

在下一張幻燈片中，我們列出了專業船隊的模擬名單，其中包括 16 艘穿梭油輪；在該幻燈片的頂部，我們列出了公司的兩艘液化天然氣運輸船。

If we combine the two slides and account only for the current operating fleet of 61 vessels, 29 vessels or 48% of the operating fleet has market exposure to port and time charter with profit sharing, while 51% or 84% of the fleet is in secured revenue contracts, which means time charters and time charters with profit sharing.

如果我們把這兩張幻燈片合併起來，只考慮目前營運的 61 艘船舶，那麼 29 艘船舶（佔營運船隊的 48%）的市場風險敞口在於港口和帶利潤分成的定期租船，而 51%（佔營運船隊的 84%）的船隊則簽訂了有保障的收入，這意味著定期租船和利潤的船隊則簽訂了有保障的收入，這意味著定期租船和利潤。

Our biggest clients for both conventional and the specialized segment of the fleet are the names you see in slide 8. These are blue chip names with whom we do repeat long-term business. The largest client of all today is ExxonMobil, without yet accounting of the deal that we announced with Petrobras in Brazil.

我們在傳統車隊和特種車隊領域中最大的客戶就是您在第 8 張投影片中看到的名字。這些都是藍籌企業，我們與他們保持長期穩定的業務往來。目前最大的客戶是埃克森美孚，這還不包括我們與巴西石油公司宣布的交易。

The left side of the next slide shows you that the only breakeven cost for the type of vessels we operate. We have a simple operating model. We try to have our time charter vessels generate revenue to cover the company's cash expenses, which means paying for the vessel operating expenses, finance expenses, overheads, chartering costs, and commissions, and we let the revenue for -- from the spot trading vessels contribute to the profitability of the company.

下一張投影片的左側向您展示了我們營運的這類船舶的唯一損益平衡成本。我們的營運模式很簡單。我們努力讓定期租船產生收入來支付公司的現金支出，這意味著支付船舶營運費用、財務費用、管理費用、租船成本和佣金，同時讓現貨交易船舶的收入為公司的利潤做出貢獻。

Thanks to the profit-sharing element, every $1,000 per day increase in spot rates has a positive impact of $0.12 in the annual earnings per share based on the number of TEN vessels that currently operate in the spot market.

由於利潤分成機制，現貨價格每天每上漲 1000 美元，根據目前在現貨市場運營的 TEN 艘船舶的數量計算，每股年收益就會產生 0.12 美元的正面影響。

And with that, I will pass the floor to Harrys Kosamtos who will walk us through the financial performance of the quarter of the year. Harrys?

接下來，我將把發言權交給哈里斯·科薩姆托斯，他將為我們介紹本季的財務表現。哈利？

Thank you, George. On behalf of our CFO, Paul Durham and myself, hello and welcome to our call.

謝謝你，喬治。我謹代表我們的財務長保羅·杜倫和我本人，向您問好，歡迎參加我們的電話會議。

During 2024, TEN's fleet averaged approximately two vessels more compared to 2023, reaching 62 vessels in the water. As a result of the divestment of five older tankers, two Suezmaxes, two Aframaxes, and one LNG carrier, and the acquisition and/or delivery of nine vessels, namely five modern tankers from Norway's Viken Crude, the repurchase and termination of two sale and leaseback transactions involving two Suezmaxes and the delivery of two dual-fuel LNG Afromaxes.

2024 年，TEN 的船隊平均比 2023 年增加了約兩艘船，達到 62 艘。由於剝離了五艘老舊油輪、兩艘蘇伊士型油輪、兩艘阿芙拉型油輪和一艘液化天然氣運輸船，併收購和/或交付了九艘船舶，即從挪威維肯原油公司收購的五艘現代化油輪，回購併終止了涉及兩艘蘇伊士型油輪的兩項售後回租雙燃料交易，以及交付了兩艘蘇伊士型油輪的兩項售後回租。

Despite this fleet increase during the year, 15 vessels underwent scheduled ride dockings, while 3 performed repositioning voyages, all of which led to average fleet utilization for the year to settle at 92.5% from 96.3% in 2023, a still healthy level nonetheless.

儘管年內船隊規模有所增加，但有 15 艘船舶進行了計劃內的靠泊維修，另有 3 艘船舶進行了重新定位航行，導致全年平均船隊利用率從 2023 年的 96.3% 降至 92.5%，儘管如此，這仍然是一個健康的水平。

Resulting from the above and combined with the somewhat softening in tighter market, TEN's fleet generated $804 million in gross revenues and $279 million in operating income. The latter after $49 million in capital gains from the sales mentioned above.

受上述因素影響，再加上市場趨緊導致供應略有下降，TEN 的機隊創造了 8.04 億美元的總收入和 2.79 億美元的營業收入。後者是在上述銷售所得 4,900 萬美元資本利得之後得出的。

TCE per ship per day during the 12-month period, which was naturally impacted by the drydockings settled at a still healthy $32,550, thanks to a large extent to the number of operating days and long-term secure revenue contracts corresponding to the long-term needs of our clients, 82% in 2024 compared to 77% in 2023. As a result, net income for 2024 was at $176 million equating to $5.03 per common share, and adjusted EBITDA for the year at $400 million.

在過去 12 個月期間，每艘船每天的 TCE 受到乾船塢的影響，但仍保持在健康的 32,550 美元，這在很大程度上要歸功於運營天數和與客戶長期需求相對應的長期穩定收入合同，2024 年為 82%，而 2023 年為 77%。因此，2024 年淨收入為 1.76 億美元，相當於每股普通股 5.03 美元，該年度調整後 EBITDA 為 4 億美元。

Fleet operating expenses of $198 million modestly increased in line with the launching number and size of vessels of the fleet after the various acquisitions and investments during the year. Operating expenses per ship per day, however, were about 3% lower from the 2023 levels at $9,350, thanks again to efficient management performed by TEN's technical experts on shore and on board the vessels.

由於今年進行了各種收購和投資，船隊營運費用略有增加，達到 1.98 億美元，這與船隊新船的數量和規模相符。然而，由於 TEN 的技術專家在岸上和船上進行了高效的管理，每艘船每天的營運費用比 2023 年的水準降低了約 3%，為 9,350 美元。

Total debt and other financial liabilities at the end of the year were at $1.8 billion which compares favorably to both the book and fair value of the fleet, $3 billion and just about $4 billion at the end of the year, respectively. At the same time, net debt to capital remain at a comfortable 45%.

截至年底，總債務和其他金融負債為 18 億美元，與船隊的帳面價值（30 億美元）和公允價值（約 40 億美元）相比，這一數字相當可觀。同時，淨債務與資本之比仍維持在較為合理的 45%。

Interest and finance costs for 2024 and reflecting the larger fleet size both in terms of vessels and vessel types as well as continuing elevated global interest rates despite recent cuts was at $112 million from $100 million in 2023, a manageable increase.

2024 年的利息和融資成本為 1.12 億美元，高於 2023 年的 1 億美元，這是可控的增幅，反映了船隊規模（包括船舶數量和船舶類型）的擴大，以及儘管最近有所下調，但全球利率仍然居高不下。

However, this inevitable and controlled cost increase was nullified more as a result of the $4 million in reduced preferred coupon payments from amounts paid during 2023, $5 million in savings in forward varible hire from the repurchase of two Suezmaxes on leasing contracts in the summer of '24 and $15 million in interest income.

然而，由於 2023 年支付的款項減少了 400 萬美元的優先股票息支付，2024 年夏季回購兩艘蘇伊士型油輪租賃合約節省了 500 萬美元的遠期可變租金，以及 1500 萬美元的利息收入，這種不可避免且可控的成本增加被抵消了。

Cash on bank as of December 31, 2024, was at just under $350 million, a very healthy level despite having paid $258 million for common and preferred dividends, growth projects, and the exercise of the above leasing repurchase options.

截至 2024 年 12 月 31 日，銀行現金餘額略低於 3.5 億美元，儘管已支付 2.58 億美元用於普通股和優先股股息、增長項目以及行使上述租賃回購選擇權，但這一水平仍然非常健康。

Results for the fourth quarter of 2024 were equally attractive, considering that 4 of the 15 vessels that underwent dry docking during that year happened in this quarter. A fleet of 62 vessels as opposed to about 60 in the fourth quarter of 2023 generated gross revenues of $188 million and operating income of $42 million compared to $220 million and $57 million in the fourth quarter of 2023, respectively. Unlike the 2023 fourth quarter, no impairment charges were recorded during this 2024 fourth quarter.

考慮到2024年第四季進行乾船塢維修的15艘船舶中有4艘是在該季度進行的，因此該季度的業績同樣令人滿意。與 2023 年第四季約 60 艘船舶相比，2023 年第四季擁有 62 艘船舶的船隊，其總營收為 1.88 億美元，營業收入為 4,200 萬美元，而 2023 年第四季分別為 2.2 億美元和 5,700 萬美元。與 2023 年第四季不同，2024 年第四季沒有提列減損費用。

Fleet operating expenses for the fourth quarter of 2024 and despite the four drydockings mentioned above in the larger fleet size, were at $51 million, just $1.3 million higher than 2023 fourth-quarter level. However, operating expenses per ship per day were marginally lower from the 2023 fourth quarter at $9,480.

儘管船隊規模擴大，但 2024 年第四季的船隊營運費用（儘管上面提到了四次乾船塢維修）為 5,100 萬美元，僅比 2023 年第四季高出 130 萬美元。然而，每艘船每天的營運費用比 2023 年第四季略有下降，為 9,480 美元。

TCE per ship per day closed the quarter 3.2 times higher the above OpEx number at $30,107. The result in net income for the fourth quarter of 2024 was at $19.3 million producing EPS of $0.42, reflecting the somewhat softer market driven by lower Asian oil imports, lower fleet utilization compared to 2023 fourth quarter, and the $4 million increase in depreciation and amortization charges the larger fleet entailed.

每艘船每天的 TCE 在本季末達到 30,107 美元，是上述營運支出數字的 3.2 倍。2024 年第四季淨收入為 1,930 萬美元，每股收益為 0.42 美元，反映出受亞洲石油進口減少、船隊利用率較 2023 年第四季度降低以及船隊規模擴大導致折舊和攤銷費用增加 400 萬美元等因素影響，市場略顯疲軟。

Adjusted EBITDA finished the quarter at $85 million. Supported by the aforementioned results, TEN is in line and in line with its semiannual dividend policy and will pay a common stock dividend of $0.60 in July 2025, identical to the level paid in July 2024.

經調整後的 EBITDA 本季末為 8,500 萬美元。在上述結果的支持下，TEN 符合其半年一次的股息政策，將於 2025 年 7 月支付每股 0.60 美元的普通股股息，與 2024 年 7 月支付的水平相同。

In ending, it is pertinent to highlight what George mentioned earlier. The TEN today is facing -- is undergoing its largest growth phase in its history with 21 vessels in order, 9 of which the DP2 shuttle tankers on fifty-year contracts with Transpetro Petrobras as recently announced, which in their own right, contribute in doubling TEN's minimum revenue backlog from $2 billion to $4 billion while turning us into one of the largest shuttle tanker owners in the world.

最後，有必要強調喬治之前提到的內容。TEN 目前正處於歷史上最大的成長階段，擁有 21 艘船舶訂單，其中包括最近宣布的與 Transpetro Petrobras 簽訂了 50 年合約的 DP2 穿梭油輪。這些船舶本身就使 TEN 的最低收入積壓從 20 億美元翻了一番，達到 40 億美元，同時也使我們成為世界上最大的穿梭油輪船東之一。

And with this, I'll turn back to Nikolas for the closing remarks. Thank you.

接下來，我將把麥克風交給尼可拉斯，請他作總結發言。謝謝。

Well, thank you, Harrys and George for putting the details and putting some numbers on the bones. And as we said, it is a very significant period of growth. We are starting the delivery and yesterday was the very successful sea trials, and I don't know if you guys have a picture I received overnight from South Korea, from the Athens 2004, the first of the two total energy vessels to be delivered on April 28, followed by the next one on June 20, which will be the Paris 2024. So we're keeping our Olympian names for those state-of-the-art ships.

謝謝哈利和喬治補充細節，並在骨頭上標上數字。正如我們所說，這是一個非常重要的成長時期。我們已經開始交付，昨天的海上試航非常成功。我不知道你們有沒有我昨晚從韓國收到的一張照片，照片上是“雅典 2004”號，這是兩艘全能型船舶中的第一艘，將於 4 月 28 日交付，第二艘將於 6 月 20 日交付，即“巴黎 2024”號。所以，我們將繼續沿用奧林匹克運動會的名字來命名這些最先進的船。

And those ships will be identical sister vessels to the ones that we are going to build in South Korea, which might have a significant higher cost than other yards between 15% to 20%, but there are ships that are going to be with us for a very, very long time, but (inaudible) -- she was just showing yesterday, she was another sanction vessel which from 2009 and the new buyers were very impressed with the condition.

這些船將與我們在韓國建造的船完全相同，雖然造價可能比其他船廠高出 15% 到 20%，但這些船將與我們一起服役很長時間。 （聽不清楚）——她昨天剛展示過，她是另一艘 2009 年的製裁船，新買家對她的船況印象深刻。

And then the next is the Anfield. It seems we have a big Liverpool fan crowd when she was named and then she will be delivered in 2026. And as soon as those ships will be in the water 2027 and 2028, identical sister vessels, upgraded versions, environmentally friendly ones are going to follow. So it's going to be a very exciting period. Very accretive transactions that will add at least -- will almost double our EBITDA when the company will be in full force.

接下來就是安菲爾德球場了。看來在宣布她名字的時候，有很多利物浦球迷到場，然後她將在 2026 年出生。這些船隻將在 2027 年和 2028 年下水，隨後還將建造相同的姊妹船、升級版以及環保船隻。所以這將會是一段非常令人興奮的時期。這些交易將帶來巨大的收益成長，至少將使我們的 EBITDA 翻一番，屆時公司將全面投入營運。

As I said, we are the company with the lowest, or I would say, let's put it positive, with the highest concentration on Japanese and Korean vessels. More than 90% of all vessels are the Korean and Japanese and you put it on deadweight terms, it is 95%. We have always been believers that quality has a cost and that's why we have these results as we speak.

正如我所說，我們是日本和韓國船舶佔比最低的公司，或者更確切地說，我們是一家對日本和韓國船舶佔比最高的公司。超過 90% 的船舶是韓國和日本的，如果以載重噸位計算，則高達 95%。我們一直堅信品質是有代價的，正因如此，我們才能達到如今的成果。

And with that, I would like to open the floor for any questions. Thank you.

接下來，我謹接受各位的提問。謝謝。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員說明）Poe Fratt，Alliance Global Partners。

Good afternoon. Congratulations on the shuttle tanker deal, getting all nine done. I had a question about the structure of how they're going to be operated. My understanding is that Transpetro is going to be providing the crews and operating the shuttle tankers under a bareboat charter.

午安.恭喜完成穿梭油輪交易，九艘船全部交付完畢。我有一個關於它們運作結構的問題。據我了解，Transpetro 將提供船員，並以光船租賃的方式經營穿梭油輪。

Is this the first time they've done this? And do you think, what's their capacity to be able to provide the crews for those? And then is there a potential where you would -- if they can't provide the cruise by 2027, would you be able to step in and do the crewing on those shuttle tankers?

這是他們第一次這樣做嗎？你認為他們有能力提供這些所需的人員嗎？那麼，如果他們到 2027 年無法提供郵輪服務，您是否有可能介入並為這些穿梭油輪提供船員服務？

Well, I have to say that a very correct and to the point operational question. And I think, yeah, you're very right, and they have been operating. As I said, currently, we have four vessels working for in Brazilian waters in which we also train in our Greek and Rio facilities Brazilian crew.

嗯，我必須說，這是一個非常正確且切中要害的操作性問題。是的，你說得非常對，他們一直在運作。正如我所說，目前我們有四艘船在巴西水域作業，我們也在希臘和里約熱內盧的設施中培訓巴西船員。

The lack of highly educated or trained seafarers, it's a global phenomenon. It's not just in Brazil and that's why companies like us, we run our own academy, so we take the young men and women, quite a big number of women, which is, I would say, an untapped source of seafarers. Just less than 5% of the world's seafarers are women.

缺乏受過高等教育或訓練有素的海員是一個全球性現象。這種情況不僅發生在巴西，所以像我們這樣的公司才會開辦自己的海員學院，招收年輕的男女學員，其中女性學員數量相當多，我認為這是海員這個尚未開發的寶貴資源。全世界海員中，女性僅佔不到5%。

And we pay them from 18 up to when they enter service, so there's a very good probability that we will closely cooperate with Transpetro, and I would say one of the reasons that we will award them to some -- to our surprise initially, but for many surprise, all nine vessels is our reputation and capacity to man and run those ships.

我們會支付他們從 18 歲到投入使用期間的工資，因此我們很有可能與 Transpetro 密切合作。我想說，我們之所以會把船交給一些船——起初讓我們自己感到驚訝，但對很多人來說也感到驚訝——所有九艘船，其中一個原因是我們的聲譽以及配備和運營這些船舶的能力。

So I'll be visiting very often that part of the world with our team and our aim is to closely cooperate in actually running those ships, which will be a pleasure for us and it will be very prudent for us because we will be able -- make sure to maintain our investment in the quality that we would like to.

因此，我將經常與我們的團隊一起訪問世界上的那個地區，我們的目標是密切合作，實際運營這些船舶，這對我們來說將是一件樂事，而且對我們來說也是非常明智的，因為我們將能夠確保保持我們對品質的投資。

Well, the short answer to your question is yes.

簡而言之，你的問題的答案是肯定的。

Okay, great. And then on the asset sales front, it looks like you sold the Pentathlon Suezmax at 2009 vintage. You have four older Suezmaxes that are older than 2009. You talked about two potentially pending transactions. Can you give us some flavor on what assets might be under contract right now to be sold in the second quarter?

好的，太好了。在資產出售方面，看來你們已經把2009年出廠的Pentathlon Suezmax賣掉了。你們有四艘較老的蘇伊士型油輪，船齡均早於 2009 年。您提到了兩筆可能待處理的交易。能否透露一下目前有哪些資產可能已經簽訂合同，將在第二季出售？

Yes, I mean, you are correct. Some of our older ships, however, they are chartered long term to the major oil companies like Exxon and BP. Because of their outclass features, they get a significant premium for almost 20 years we operate them. But they could be candidates age wise, although they're in excellent condition.

是的，我的意思是，你說得對。不過，我們的一些老舊船舶已長期租給了埃克森美孚和英國石油等大型石油公司。由於其卓越的性能，我們在運營這些設備近 20 年的時間裡，一直享有很高的溢價。但從年齡上看，他們可能不符合要求，儘管他們的身體狀況都非常好。

And then we have our first-generation Aframax and the 2007 and '08 ones and we expect to be able to net close to $130 million including the recent offer of net proceeds for the sale. So that's why I said the mega transaction because of our strong liquidity and the sales of ships that are running, would not affect our balance sheet. It's fully funded. There is no requirement for raising equity.

此外，我們還有第一代阿芙拉型油輪以及 2007 年和 2008 年生產的油輪，我們預計能夠淨賺近 1.3 億美元，其中包括最近提出的出售淨收益。所以，我才說，由於我們強大的流動性和正在運營的船舶的銷售，這筆巨額交易不會影響我們的資產負債表。資金已全部到位。無需透過股權融資。

And so we will still maintain a very, very strong liquidity going through that. So we will be looking for the first generation Aframaxes and Suezmax going forward.

因此，我們將在此期間保持非常強勁的流動性。因此，我們未來將重點放在第一代阿芙拉型和蘇伊士型油輪。

Great. Thank you.

偉大的。謝謝。

Thank you very much.

非常感謝。

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

（操作說明）克萊門特‧莫林斯，《價值投資者的優勢》。

Hi, thank you for taking my questions. I wanted to start by following up on both questions on selling the other side of the fleet. You mentioned this is only to make space for new eco-friendly vessels.

您好，感謝您回答我的問題。我想先跟進一下關於出售另一部分車隊的兩個問題。您提到這只是為了給新型環保船舶騰出空間。

And I was wondering, generally speaking, does that refer to the vessels you have already ordered? Or are you looking into adding additional tonnage over the coming months?

我想問的是，一般來說，這是指你們已經訂購的船嗎？或者您計劃在未來幾個月內增加運能？

I mean, we are always looking at strategic opportunities, but I was referring to the 21 vessels that we have ordered currently, and I think we have currently the largest renewal program for many of our fleet with going forward.

我的意思是，我們一直在尋找戰略機遇，但我指的是我們目前訂購的 21 艘船舶，我認為我們目前擁有最大的船隊更新計劃，並將持續推進。

That's helpful. Thank you. And shifting toward the recent shuttle tanker orders, is there any appetite to hedge the interest rate risk on the financing you secure for the shuttle tanker?

那很有幫助。謝謝。再來看最近的穿梭油輪訂單，您是否有興趣對沖為穿梭油輪融資所獲得的利率風險？

Yeah, that's a very good point, and we have a desk of two very stingy gentlemen sitting in our Treasury Department looking on a daily basis to find ways to make the financing even cheaper. So yes, we are looking on a daily basis.

是的，這是一個很好的觀點，我們財務部門有兩個非常吝嗇的先生，他們每天都在想辦法讓融資成本更低。是的，我們每天都在關注。

They are proposing to me and to our CFO structures that could cut interest rate, uplift or -- yeah, I mean, we're very focused on that part of the business.

他們向我和我們的財務長提出了一些可以降低利率、提高收益或——是的，我的意思是，我們非常專注於業務的這一部分。

Makes sense. Thank you. The Maria Energy is coming off contract in May. Could you talk a bit about how you plan to employ the vessel going forward? Are you willing to look in a term contract despite the mediocre rates offered for LNG carriers?

有道理。謝謝。瑪麗亞能源公司的合約將於5月到期。您能否談談您未來打算如何使用這艘船？即使液化天然氣運輸船的租金價格一般，您是否願意考慮簽訂定期合約？

And secondly, is the sale of the vessel potentially in the cards?

其次，這艘船是否有可能出售？

Well, what is the other point about the cards?

那麼，關於這些卡片，還有什麼其他要點呢？

Whether you could consider selling the Maria Energy.

您是否考慮出售瑪莉亞能源公司？

Perhaps, yeah. Just to [repress], the Maria Energy, by the name of my late sister is one of our largest ships. The vessel is fixed forward from May 2026 for 12 to 15 years at a very accretive rate to a major end user.

或許吧。順便提一下，瑪麗亞能源號，以我已故姐姐的名字命名，是我們最大的船隻之一。該船從 2026 年 5 月起以非常高的增值速度交付給一家主要終端用戶，租期為 12 至 15 年。

So what we have to do from May until the next May is to cover a year of her operational before she's going to be delivered to a very, very long employment that actually will take her to the end of her life, earning a humongously high double-digit IRR and that -- when we built the ship, we never calculated it would be as big as that. So perhaps we have not communicated that yet to the market or perhaps we did it long time ago, but she started from 2026 to 2040. I think that's over my retirement age, but I'll be following with the developments.

因此，從五月到明年五月，我們必須完成她一年的運營，之後她將被交付給一個非常非常長的單位，這個單位實際上會一直服役到她生命的盡頭，獲得高達兩位數的內部收益率，而——當我們建造這艘船時，我們從未預料到它會如此巨大。所以，或許我們還沒有向市場傳達這一點，或者我們很久以前就傳達了，但她的計劃是從 2026 年到 2040 年。我想那已經超過我的退休年齡了，但我會繼續關注事態發展。

That's very interesting and helpful. Thank you.

這很有趣，也很有幫助。謝謝。

And final question from me. I wanted to ask about the dividend. You reiterated last year's $0.60 semiannual distribution. And I was wondering, should the market improve going forward? Would there be any appetite to potentially raise the second semiannual payment?

最後一個問題。我想問一下分紅的事宜。您重申了去年每半年0.60美元的分紅。我想知道，市場未來是否會好轉？是否有可能提高第二次半年付款額？

Yeah, I mean, that's we've been doing. We always -- the first dividend, is the result of the year we just had, the year we just reported, and it was $0.60 last year. We maintained exactly $0.60 for the July semiannual dividend. And if you recall last year in December, we upped it because the market was very strong, to $0.90.

是的，我的意思是，我們一直在做這件事。我們總是——第一筆股息是我們剛剛過去的一年的業績，也就是我們剛剛公佈的業績，去年是 0.60 美元。我們維持了7月半年股利0.60美元的不變。如果你還記得的話，去年 12 月，由於市場非常強勁，我們將價格上調至 0.90 美元。

Hopefully, we can do the same, having such a big backlog of employment, and at least have the same dividend, so that's what we do. We have our strategy meeting in October. By that time, we have a good review of the first nine months of the year. And as we did last year, we hope we can do another $0.90 or even more, but let's see. So that's how we operate.

希望我們也能做到這一點，因為我們有大量的就業積壓，至少能獲得相同的股息，所以我們正在這樣做。我們的策略會議定於十月舉行。到那時，我們對今年前九個月的情況有了全面的回顧。就像去年一樣，我們希望能夠再增加 0.90 美元甚至更多，但讓我們拭目以待。這就是我們的運作方式。

Makes sense. That's everything for me. Thank you for taking my questions.

有道理。對我來說，這就夠了。謝謝您回答我的問題。

Thank you.

謝謝。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員說明）Poe Fratt，Alliance Global Partners。

Just two quick ones about the operating stats. I think Harrys mentioned you had 15 dry docks in the 2024 timeframe. How many did you expect in 2025? And then also, it looks like your G&A expenses were up in the second half of the year, I think because of incentive comp. Can you give us sort of an idea of how the 2025 G&A expense line looks?

關於營運統計數據，這裡簡單介紹兩點。我想哈里斯有提到過，你們在 2024 年期間有 15 個乾船塢。你預計2025年會有多少人？另外，看起來你們下半年的管理費用有增加，我認為這是因為激勵性薪酬的緣故。能大致介紹一下2025年的一般及行政費用項目狀況嗎？

Well, we are looking almost at the dry dock a month, considering that we operate in the water of 60 vessels, that's what you would expect. It's a five-year cycle. Sometimes when the ships are being -- I mean, it is kind of not hard for someone to figure it out because it's every five years since the vessels -- if the vessel is built in 2010, she will have 15, 20, and 35 are her special surveys.

嗯，我們幾乎每個月都要進乾船塢維修一次，考慮到我們在水域運作 60 艘船，這也在意料之中。這是一個五年周期。有時當船舶進行——我的意思是，對於某些人來說，這並不難弄清楚，因為船舶每五年都要進行一次——如果船舶是在 2010 年建造的，那麼它將有 15、20 和 35 次特殊檢驗。

As far as -- we expect the G&A to drop significantly. We had the pleasure to distribute the big number of or a significant number of shares to our personnel on the ships and in our offices last to last year, and I think that has created a good feeling for them. So they're all now are trying to make sure we get the share price back to about $30 which it should be.

至於──我們預計一般及行政費用將大幅下降。去年，我們很榮幸地向船上和辦公室的員工分發了大量的股票，我認為這讓他們感覺很好。所以他們現在都在努力確保股價回到30美元左右，這才是它該在的水平。

All right. Thank you.

好的。謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Mr. Nikolas Tsakos.

問答環節到此結束。現在我想把電話轉回給尼可拉斯‧察科斯先生。

Well, again, thank you for listening in. It has been a very exciting and one of those game changers as a lot of the international maritime and financial press has all the transactions going forward. We tend to do this every now and then to put the company to its next phase, but we always do it prudently and without putting the house for sale.

再次感謝大家的收聽。這非常令人興奮，也是改變遊戲規則的事件之一，因為許多國際海事和金融媒體都在報告未來的所有交易。我們時不時會這樣做，以使公司進入下一個階段，但我們總是謹慎行事，並且不會將公司出售。

The company is very well funded. The company can even do a similar transaction going forward without having to raise extra equity, and we are in an environment where the underlying day-to-day market is growing -- is maintaining strength.

這家公司資金非常雄厚。該公司未來甚至可以進行類似的交易而無需籌集額外的股權，而且我們目前所處的環境是，潛在的日常市場正在成長——並且保持強勁勢頭。

Right now, the Aframaxes -- I have my son, he's 22 and he's planning to be a broker in one of the famous broker houses. So for him it's very exciting to see that the win of this week are the Aframaxes. So Aframaxes today are in the 70,000 range. So the ones we have in profit sharing, the ones on the spot, I really enjoyed that. It's as much is not far behind in the 50,000 range.

目前，關於阿芙拉型散裝貨船——我兒子今年22歲，他計劃在一家著名的經紀公司擔任經紀人。所以對他來說，看到本週的勝利者是阿芙拉型船，非常令人興奮。所以現在阿芙拉型散裝貨船的噸位在 7 萬噸左右。所以，那些參與利潤分成、現場投票的，我真的很喜歡。它的金額也相差不遠，接近 5 萬。

Last week the VLs were in the 50s, so it's a very, very lively and strong market with the rates being well accretive, mainly for companies like us that have a low cost and a low breakeven. So we're looking at a well-balanced market. The geopolitical events around the world, starting with the Houthis attacking the world's fleet, and I think the very good defense of the United States and Greece and all the allies that are protecting our shippers are going to open up further hopefully our oceans.

上週 VL 指數在 50 左右，所以這是一個非常非常活躍和強勁的市場，利率也相當可觀，主要對像我們這樣成本低、盈虧平衡點低的公司來說尤其如此。所以我們看到的是一個平衡良好的市場。從胡塞武裝襲擊世界艦隊開始，世界各地的地緣政治事件不斷發生，我認為美國、希臘以及所有保護我們航運夥伴的盟友的出色防禦，有望進一步開放我們的海洋。

And of course, the increased part of the presence of a decaying gray fleet, and we've seen two incidents in the last month of gray ships actually being abandoned and putting environmental danger in the market allows -- Main Street, shipping companies like ourselves to enjoy healthy rates going forward.

當然，隨著老舊船舶數量的增加，以及上個月發生的兩起船舶被遺棄並給市場帶來環境危害的事件，像我們這樣的航運公司，尤其是普通企業，將能夠享受健康的運價。

And again, just to reiterate that 60% of our business is done by Exxon, our largest client, followed by Equinor, followed by Chevron, Total, and Petrobras, of course, and BP. So we are in a sense of the floating pipelines of very, very demanding end users and we are getting rewarded for that. And hopefully, we will see this reward move, to our surprise, like it was last year.

再次重申，我們 60% 的業務來自我們最大的客戶埃克森美孚，其次是 Equinor，然後是雪佛龍、道達爾和巴西石油公司，當然還有 BP。從某種意義上說，我們就像輸送著要求非常高的終端用戶的浮動管道，而我們也因此獲得了回報。希望今年的獎勵能夠像去年一樣，出乎我們意料地發放。

And with that, I would like to thank all of you for listening in. Thank you very much.

最後，我要感謝各位的收聽。非常感謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。