Tsakos Energy Navigation Ltd (TEN) 2025 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen. Welcome to Tsakos Energy Navigation conference call on the first-quarter 2025 financial results.

謝謝各位的支持，女士們，先生們。歡迎參加 Tsakos Energy Navigation 關於 2025 年第一季財務業績的電話會議。

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; Mr. Harrys Kosmatos, Co-CFO of the company.

今天與我們在一起的有董事會主席 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。

(Operator Instructions) I must advise that this conference is being recorded today.

（操作員指示）我必須告知，今天的會議正在錄製。

Now, I'll pass the floor over to Mr. Nicolas Bornozis, President of Capital Link and Investor Relations Adviser to Tsakos Energy Navigation Ltd. Please go ahead, sir.

現在，我將發言權交給 Capital Link 總裁兼 Tsakos Energy Navigation Ltd. 投資人關係顧問 Nicolas Bornozis 先生。先生，請發言。

Good morning. Thank you very much. Good morning to all of our participants. I am Nicolas Bornozis, President of Capital Link and the Investor Relations Adviser to Tsakos Energy Navigation.

早安.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。

This morning, the company publicly released its financial results for the first quarter ended March 31, 2025. 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 10@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2025年3月31日第一季的財務業績。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 10@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，我們還將進行音訊和幻燈片網路直播，您可以透過公司網站首頁 www.tenn.gr 觀看。電話會議將在演示幻燈片之後進行，因此我們建議您訪問公司網站觀看演示幻燈片。

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the presentation are user-controlled. 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。另外，請注意，簡報的幻燈片是由使用者控制的。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。

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.

現在，我想讀安全港聲明。本次電話會議和網路廣播的幻燈片簡報包含《1995 年私人證券訴訟改革法案》安全港條款所定義的某些前瞻性陳述。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 的業務前景和營運績效。

Before I pass the floor over to the Chairman, please let me wish a belated birthday to Dr. Tsakos and his wife, Celia. I understand that you had a very special birthday gift: being in Korea and taking care of the delivery of the Suezmax tanker, Dr Irene Tsakos. That vessel bears your mother's name and the vessel will have the Greek flag. And also, you have, at the same time, the naming of the sister vessel, Silia T, which will bear your wife's name. So it has been a very special moment in the company's history. I'd like to congratulate you.

在我將發言權交給主席之前，請允許我向察科斯博士和他的妻子西莉亞致以遲來的生日祝福。我知道您收到了一份非常特別的生日禮物：在韓國負責蘇伊士型油輪的交付，艾琳·察科斯博士。那艘船以你母親的名字命名，並懸掛希臘國旗。同時，您還將同時為姊妹船“Silia T”命名，該船將以您妻子的名字命名。所以這是公司歷史上非常特別的時刻。我想向你表示祝賀。

With this, I will pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead.

現在，我將把發言權交給察科斯能源航運公司董事長阿拉波格魯先生。Arapoglou 先生，請繼續。

Thank you. Thank you, Nicolas. Good morning, good afternoon, everyone. Thank you, again, for joining us today in our call, reporting our Q1 results.

謝謝。謝謝你，尼古拉斯。大家早安，下午好。再次感謝您今天參加我們的電話會議並報告我們的第一季業績。

It's another quarter of excellent financial results driven by the usual superior operating track record of TEN, supported, of course, by strong market fundamentals. This allows TEN to continue rewarding shareholders with a healthy dividend, as it has been doing continuously since inception.

這是另一個出色的財務業績季度，這得益於 TEN 一貫出色的經營業績，當然也得益於強勁的市場基本面。這使得 TEN 能夠繼續以豐厚的股息回報股東，就像它自成立以來一直在做的那樣。

As you've read in the press release, TEN's has built continuously and continuously grows, on a rolling basis, a stream of high-quality, committed future income of currently approximately $3.7 billion, spanning over a number of years through long-term accretive charters of a substantial part of its fleet, which ensures profitability limit, volatility, and provide greater predictability in its earnings.

正如您在新聞稿中所讀到的，TEN 透過對其大部分船隊的長期增值租賃，持續不斷地建立並不斷增長高品質、承諾的未來收入流，目前約為 37 億美元，這確保了盈利能力的限制、波動性，並提高了收益的可預測性。

At the same time, of course, TEN continuously renews the fleet with modern state-of-the-art vessels through an unprecedented-in-size 21 vessels now being built and selling our old-[stock] tonnage.

同時，TEN 也不斷更新船隊，引進最先進的現代化船舶，目前共有 21 艘船舶正在建造中，並出售舊有船舶。

We would agree that this is not the typical, more sensitive model of shipping companies protecting them against market shortcomings yet we believe that all these positive characteristics of the TEN industrial model are not properly reflected in our stock price, which is being valued in the same way as other companies in the sector with much less robust attributes. This is perhaps because most followers of the sector have a much shorter time horizon than our industrial model deserves.

我們同意這不是航運公司保護自己免受市場缺陷影響的典型、更敏感的模式，但我們認為 TEN 工業模式的所有這些積極特徵並未在我們的股價中得到正確反映，我們的股價與該行業中其他屬性不那麼穩健的公司一樣被估值。這可能是因為該行業的大多數追隨者的時間跨度比我們的行業模型應有的時間跨度要短得多。

We hope that investors will focus on this and upgrade the valuation of our stock. I'll leave you to reflect on this and congratulate, again, Nikos Tsakos and his team for the excellent results and wish them more of the same. Thank you and over to you, Nikolas.

我們希望投資者關注這一點並提升我們股票的估值。我會讓你思考這一點，並再次祝賀 Nikos Tsakos 和他的團隊取得的優異成績，並祝福他們更多相同的成績。謝謝你，尼古拉斯。

Thank you, Chairman. Good morning, good afternoon to all of you that are following our first quarter of 2025 results.

謝謝主席。各位關注我們 2025 年第一季業績的朋友們，大家早安、下午好。

As the Chairman said, it has been a solid period. We are navigating literally in very turbulent waters around the world, more for geopolitical events. (inaudible) the beginning of the year has been a wave of uncertainty. As far as our business possibilities, a lot of talk about tariffs, a lot of talk about extra port costs, a lot of talk about protectionism, and, of course, now, this very unsettling situation that is escalating in the Middle East.

正如主席所說，這是一個堅實的時期。我們正航行在世界各地非常動盪的水域中，更多的是地緣政治事件。 （聽不清楚）今年年初充滿了不確定性。就我們的業務可能性而言，許多人談論關稅、許多人談論額外的港口成本、許多人談論保護主義，當然，現在中東地區這種非常令人不安的局勢正在升級。

But I think I'm not -- cannot make anybody happy. However, we have been able to navigate this turbulent waters, again, successfully, safely, and profitably for the majority. Of course, our main profitability is important but the safety of our crew and the people on board our ships is even more important. We have had another good run and safe run on this segment.

但我認為我不能讓任何人開心。然而，我們能夠再次成功、安全地渡過這片動盪的水域，並為大多數人帶來利潤。當然，我們的主要獲利能力很重要，但船員和船上人員的安全更為重要。我們在這一路段上又一次順利且安全地完成了任務。

Regardless of the uncertainties, the underlying market conditions are strong. It is very hard for us and our chartering team to maintain any vessels in the spot market. There is a huge demand for taking even older ships. I will give you examples, which I haven't seen in my 30-plus years in business: any of our ships can be charged anywhere up to 10 to 15 years, even older -- older good quality ships that we operate, as I'm sure you know.

無論存在何種不確定性，基本市場狀況依然強勁。對於我們和我們的租船團隊來說，在現貨市場上維持任何船隻都非常困難。對於租用較老舊的船隻的需求也很大。我給你們舉幾個例子，這些例子我在 30 多年的商業生涯中從未見過：我們的任何一艘船都可以充電長達 10 到 15 年，甚至更久——我們運營的那些質量較好的老船，我相信你們也知道。

We have one of our oldest, if not our oldest ship -- even older than my twin daughters -- keeps on being chartered by one of the big major oil companies year after year. I think she is, right now, on her 20th extension. She's 23 years old and she's extended for another six options -- six months. That shows that for a good quality operator that provides a good service, age is not important as the quality of the assets.

我們擁有一艘最古老的船，甚至比我的雙胞胎女兒還要老，它年復一年地被一家大型石油公司租用。我認為她現在已經是第 20 次延期了。她已經 23 歲了，又續約了六個選擇權——六個月。這表明，對於一個提供良好服務的優質營運商來說，年齡並不像資產品質那麼重要。

So the environment is good. The company is going through its largest growth until the next one because that was something we were saying a couple of years ago, when we sold 14 of our first-generation ships and ordered another 17. We're actually now at the 21 new buildings, two of them just delivered last week. Thank you, [Nic], for your wishes on this very milestone occasion.

所以環境很好。公司正經歷其歷史上最大的成長，直到下一個增長期，因為這是我們幾年前說過的話，當時我們賣出了 14 艘第一代船舶，並訂購了另外 17 艘。實際上，我們現在有 21 棟新建築，其中兩棟剛在上週交付。謝謝[Nic]對這個具有里程碑意義的時刻的祝福。

And yes, we are looking at other opportunities. There are segments that we are, right now, underinvested, like the VLCC's; and always looking at good quality Korean or Japanese vessels as a priority. Perhaps, we will come up with some surprises later in the following quarters on that.

是的，我們正在尋找其他機會。目前，我們對某些領域的投資不足，例如 VLCC；並且始終將優質的韓國或日本船舶視為優先事項。或許，我們會在接下來的幾季中發現一些驚喜。

With this, I will ask (inaudible) to give us a quick overview of what we have done up to now. I think the things to remember -- our share price, it's been treated together with the other companies. So we went down from our $31 one-year high to almost half of that. We're making some progress but our net asset value, without $3.7 billion of future business, is in excess of $6. So we are really, really in undervalued territory here and a good opportunity. But we've been penalized, together with the rest of the market and the (inaudible).

在此，我想請（聽不清楚）簡要概述一下我們迄今為止所做的事情。我認為需要記住的是——我們的股價是與其他公司的股價一起處理的。因此，我們的股價從一年來的最高點 31 美元跌到了幾乎一半。我們正在取得一些進展，但如果不考慮 37 億美元的未來業務，我們的淨資產價值將超過 6 美元。因此，我們確實處於被低估的領域，這是一個很好的機會。但我們和市場其他部分以及（聽不清楚）。

29 vessels have been extended for new businesses within the first six months of the year. That's 29 out of the 62 vessels in the water. So half of the fleet has been extended for a very long period of time. We have reached, according to Paul Durham, (inaudible) and presented future revenues, going forward, of $3.7 billion. I think these are serious numbers.

今年上半年，已有 29 艘船舶續航力開展新業務。這佔水中 62 艘船中的 29 艘。因此，一半的艦隊已經延長了很長一段時間。根據保羅·達勒姆（Paul Durham）的說法（聽不清楚），我們的未來收入已達到 37 億美元，並且已經公佈了這個數字。我認為這些是嚴重的數字。

We announced there is still a healthy dividend. Hopefully, we will be able to maintain and perhaps increase that going forward. George, tell me how are the prospects for that?

我們宣布仍有健康的股利。希望我們能夠在未來維持甚至提高這一水平。喬治，告訴我這件事的前景如何？

Thank you, Nikos. We are very pleased to report today another profitable quarter.

謝謝你，尼科斯。今天我們很高興地報告我們又一個季度實現盈利。

We continue to operate in a very good freight market environment. Energy majors continue to approach our company for time charter business. And as Mr. Tsakos mentioned, since the start of the year, we have had 29 new time charter features.

我們繼續在非常好的貨運市場環境中運作。能源巨頭繼續與我公司接洽，尋求定期租船業務。正如 Tsakos 先生所提到的，自今年年初以來，我們已經有了 29 項新的定期租船合約。

Total fleet contracted revenue, the backlog, as of today, stands approximately at $3.7 billion. We have built, in TEN, one of the largest transporter of energy in the world. We have started with four vessels back in 1993. And we have turned every crisis the world and shipping has faced into a growth opportunity. We now have a pro forma fleet of 82 vessels, thanks to the company's crisis-resistant model.

截至今日，總機隊合約收入（積壓訂單）約為 37 億美元。我們在坦尚尼亞建造了世界上最大的能源運輸船之一。我們從 1993 年開始擁有四艘船。我們把世界和航運面臨的每一次危機都轉化為成長機會。由於公司的抗危機模式，我們現在擁有一支由 82 艘船組成的船隊。

During these 32 years, we have combined self-generated cash, traditional bank lending, and countercyclical capital market fundraising in order to build the corporate fleet. The fleet today is modern, diversified, and versatile, covering both the conventional and specialized transportation requirements of our clients, which are mainly the major oil companies, blue-chip names with global reach.

在這32年裡，我們結合自有現金、傳統銀行貸款和逆週期資本市場融資來打造企業船隊。如今，我們的船隊現代化、多樣化、多功能，可以滿足客戶的常規和專業運輸需求，客戶主要是大型石油公司和具有全球影響力的藍籌公司。

In slide 5, we list the pro forma fleet of all conventional tankers, both group and product carriers. The red colors shows the vessels that trade in the spot market and our new buildings under construction; especially when you see TEN: instead of a vessel name, the ticker NB TBN. With light blue, we have the vessels that are on time chart with profit sharing. And with dark blue, the vessels that are on fixed rate time charters.

在幻燈片 5 中，我們列出了所有常規油輪（包括集團油輪和成品油輪）的預計船隊規模。紅色表示現貨市場交易的船隻和我們正在建造的新船；特別是當您看到 TEN 時：不是船名，而是股票代號 NB TBN。淺藍色表示按時航行並分享利潤的船隻。深藍色表示以固定利率定期租船的船隻。

In the next slide, we list the pro forma diversified fleet, which consists of our two LNG vessels and our 16 vessels shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world, following the recently announced deal with Transpetro in Brazil for nine high-specification shuttle tankers to be built in the Samsung shipyard in South Korea. We have five shuttle tankers in full operation, after taking a recent delivery of Athens 04, which commenced a long-time charter to an energy major.

在下一張幻燈片中，我們列出了形式多樣化的船隊，其中包括兩艘液化天然氣船和 16 艘穿梭油輪船隊。我們是世界上最大的穿梭油輪營運商之一，最近宣布與巴西的Transpetro達成協議，將在韓國三星造船廠建造九艘高規格穿梭油輪。在最近接收了雅典 04 號之後，我們有五艘穿梭油輪全面投入運營，該油輪已與一家能源巨頭簽訂了長期租船合約。

If we combine the two slides and account only for the current operating fleet of 63 vessels, 29 or 46% of the operating fleet has market exposure, that is spot-related rates and time charter with profit sharing; while 52 vessels or 83% of the fleet is in secured revenue contracts, that is fixed-time charters and time charters with profit sharing.

如果我們將這兩張幻燈片結合起來，並僅考慮目前運營的 63 艘船，那麼 29 艘或 46% 的運營船隊具有市場風險，即現貨相關費率和帶有利潤分享的定期租船；而 52 艘船或 83% 的船隊簽訂了有擔保的收入合同，即定期租船和利潤分享的定期租船和利潤分享的定期租船和利潤。

The next slide has the clients with whom we do repeat business through the year, thanks to our industrial model. ExxonMobil is the largest revenue client. Equinor, Shell, Chevron, TotalEnergies, and BP follow. We believe that over the years, we have become the carrier of choice to energy major, thanks to the fleet that we built, the operational and safety record, the disciplined financial approach, and the strong balance sheet and financial performance.

下一張投影片顯示的是我們憑藉我們的產業模式全年與其保持重複業務往來的客戶。埃克森美孚是其最大的收入客戶。緊隨其後的是 Equinor、殼牌、雪佛龍、道達爾能源和 BP。我們相信，多年來，憑藉我們建造的船隊、營運和安全記錄、嚴謹的財務方法以及強勁的資產負債表和財務業績，我們已成為能源巨頭的首選承運商。

The next slide presents all the breakeven cost for the various vessel types we operate in the company. As we have said many times, our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses and let the revenue from the spot trading vessels contribute to the profitability of the company.

下一張幻燈片展示了我們公司營運的各種船舶類型的損益平衡成本。正如我們多次說過的，我們的營運模式很簡單。我們努力透過定期租船產生收入來彌補公司的現金支出，並讓現貨貿易船的收入為公司的利潤做出貢獻。

Thanks to the profit sharing element, for every $1,000 increase in spot rates, we have a positive $0.13 impact in annual earnings per share, based on the number of 10 vessels that currently have exposure to spot rates.

由於利潤分享因素，現貨價格每增加 1,000 美元，我們每年每股收益就會產生 0.13 美元的正影響（以目前接觸現貨價格的 10 艘船舶的數量計算）。

We have a solid balance sheet with strong cash reserves. The fair market value of the fleet is $3.6 billion against approximately $1.7 billion of debt. Net-debt-to-cap currently stands around 40%.

我們的資產負債表穩健，現金儲備充足。該船隊的公平市價為 36 億美元，而債務約為 17 億美元。目前淨債務與資本比率約為40%。

Fleet renewal has been key to our operating model. Since January [1], 2023, we have further upgraded the quality of the fleet by divesting from first-generation conventional tankers, replacing them with our energy-efficient new buildings and modern second-hand tankers, including dual-fuel vessels.

機隊更新一直是我們營運模式的關鍵。自 2023 年 1 月 [1] 日起，我們透過剝離第一代傳統油輪，用節能的新船和現代化的二手油輪（包括雙燃料船）取而代之，進一步提升了船隊的品質。

In summary, we have sold 14 vessels with an average age of 17.3 years and deadweight capacity of 1.2 million deadweight tons and replace them with 30 contracted and modern acquired vessels with an average age of less than a year and 3 times the deadweight capacity of the vessels we sold.

綜上所述，我們出售了14艘平均船齡為17.3年、載重量為120萬載重噸的船舶，並用30艘已簽訂合約併購置的現代化船舶進行替換，這些船舶的平均船齡不到一年，載重量是我們出售船舶的3倍。

We continue to transition the fleet to greener and dual-fuel vessels. We are currently one of the largest owners of dual-fuel LNG power Aframax tankers, with six vessels in the world.

我們將繼續把船隊轉型為更環保和雙燃料的船隻。我們目前是雙燃料液化天然氣動力阿芙拉型油輪的最大船東之一，在全球擁有六艘船隻。

Global oil demand continues to grow year after year. Wars and geopolitical events positively affect the tanker market. Freight rates and the order book remains at healthy levels as a big part of the global fleet is over 20 years and needs to be replaced.

全球石油需求持續連年增長。戰爭和地緣政治事件對油輪市場有正面影響。由於全球大部分船舶的使用年限超過 20 年且需要更換，因此運費和訂單量仍處於健康水準。

With that, I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance for the first quarter. Harrys?

接下來，我將把發言權交給 Harrys Kosmatos，他將向我們介紹第一季的財務表現。哈利斯？

Thank you, George. Thank you, George, for passing all the major points that I think we need to highlight. With this, I will just go over a brief overview of the financials that we presented earlier today.

謝謝你，喬治。喬治，謝謝你傳達了我認為我們需要強調的所有要點。在此，我將簡要回顧我們今天早些時候介紹的財務狀況。

During the first quarter of 2025, TEN operated just about 62 vessels, one over the equivalent 2024 period and shifted fleet employment more towards secured revenue contracts to capture the increased appetite from all majors to lock their long-term transportation needs.

在 2025 年第一季度，TEN 運營著約 62 艘船舶，比 2024 年同期減少了 1 艘，並將船隊僱用更多地轉向有擔保的收入合同，以滿足所有主要航運公司對鎖定其長期運輸需求的日益增長的興趣。

As a result, TEN's exposure to subcontract increased from about 73% in the first quarter of 2024 to 80% in the third quarter of 2025. By contrast, the fleet pure spot exposure between the 2024 and 2025 first-quarter period declined from 19% to about 18%.

因此，TEN 的分包風險敞口從 2024 年第一季的約 73% 增加到 2025 年第三季的 80%。相較之下，2024 年至 2025 年第一季期間船隊純現貨敞口從 19% 下降至約 18%。

Despite this recalibration of flip employment to conform the (inaudible) approach to shipping, TEN's ability to maintain a notable presence in the still healthy, strong spot market will actually enhance, as emphasis was placed on profit sharing contracts, which, when combined with spot picture, increase the fleet's ability to capture market mix from 44% in last year's third quarter to 47% in this year's (inaudible) quarter.

儘管為了符合（聽不清楚）航運方式而對翻轉就業進行了重新調整，但 TEN 在仍然健康、強勁的現貨市場中保持顯著存在的能力實際上將會增強，因為重點放在了利潤分享合同上，當與現貨價格相結合時，船隊捕獲市場組合的能力將從去年第三季度的 44% 提高到今年（聽不清季度的 47%）。

Staying on fleet dynamics, during the first quarter of 2025, two vessels underwent scheduled dry docking compared to five in the 2024 first quarter, ensuring a near maximum fleet utilization of 97.2% Resulting from the above, below the fleet, the high fleet utilization, and the increased base in secured revenue contracts, some would neutralize earnings pressure the softer spot market earlier in the year may have created, as TEN's fleet generated $197.1 million in gross revenues, a little under the $201.5 million in the first quarter of 2024. The average time charter equivalent per ship per day that corresponded to this performance was at a still healthy $30,741.

繼續關注船隊動態，2025 年第一季度，有兩艘船進行了定期乾船塢作業，而 2024 年第一季度有五艘船進行了乾船塢作業，確保了接近 97.2% 的最大船隊利用率。由於上述情況低於船隊規模、高船隊利用率以及固定收入合約基數的增加，一些人可能會抵消今年早些時候現貨市場疲軟可能造成的盈利壓力，因為 TEN 的船隊總收入為 1.971 億美元，略低於 2024 年第一季的 2.015 億美元。與此表現相對應的每艘船每天的平均定期租船費仍保持在健康的 30,741 美元水準。

Voyage expenses, on the other hand -- and in line with TEN's calculated lower exposure in spot rates during the 2025 first quarter -- experienced a $6 million decline from last year's third quarter and settled at $36 million. Vessel operating expenses, however, due to the somewhat larger fleet, were $49.6 million compared to $48.6 million in the first quarter of '24 or $9,502 per ship per day, a level contained thanks to the efficient and proactive management of TEN's secretarial managers.

另一方面，航程費用——與 TEN 計算出的 2025 年第一季現貨價格的較低風險一致——較去年第三季下降了 600 萬美元，穩定在 3,600 萬美元。然而，由於船隊規模略大，船舶運營費用為 4960 萬美元，而 24 年第一季為 4860 萬美元，即每艘船每天 9,502 美元，這一水平得益於 TEN 秘書經理的高效和積極主動的管理。

A similar pattern was evident for both depreciation and amortization expenses, which increased from $37.5 million in the first quarter of 2024 to $41 million in the first quarter of 2025 -- also assisted by the introduction of larger and more high-value assets.

折舊和攤銷費用也呈現類似的模式，從 2024 年第一季的 3,750 萬美元增加到 2025 年第一季的 4,100 萬美元——這也得益於更大、更高價值資產的引入。

During the first quarter of 2025, a sale of 2009-built Suezmax tanker generated capital gains of $3.6 million compared to capital gains of $16.2 million in the first quarter of 2024. Net of these gains, during first quarter of 2025, TEN's operating income was $57.1 million compared to $60.1 million in the 2024 first quarter. Interest and finance costs declined by $1.1 million to $24 million as a result of lower debt obligations and somewhat lower interest rates compared to the 2024 first quarter.

2025 年第一季度，一艘 2009 年建造的蘇伊士型油輪的出售產生了 360 萬美元的資本收益，而 2024 年第一季的資本收益為 1620 萬美元。扣除這些收益後，2025 年第一季度，TEN 的營業收入為 5,710 萬美元，而 2024 年第一季為 6,010 萬美元。由於債務減少且利率與 2024 年第一季相比略有下降，利息和財務成本下降了 110 萬美元，至 2,400 萬美元。

Reflecting all the above, a net income of $37.7 million was reported in the first quarter of 2025, leading to an earnings per share of $1.04. Adjusted EBITDA for the first quarter of 2025, a quarter with soft spot rate, was at $99.3 million, almost identical to the $100.5 million in last year's strong spot rate first quarter. Total debt was reduced to $1.7 billion, $40.4 million lower from the 2024 first-quarter level. While debt-to-capital also fell to accountable 40.6%.

綜合以上所有因素，2025年第一季報告淨利為3770萬美元，每股收益為1.04美元。 2025年第一季（採用軟即期匯率）調整後EBITDA為9,930萬美元，與去年第一季（採用強即期匯率）的1.005億美元幾乎持平。總債務減少至 17 億美元，比 2024 年第一季的水準低 4,040 萬美元。而債務資本比率也下降至40.6%。

(inaudible) for the first quarter of 2025, after $27 million in preferred coupon and $238 million of principal payments to banks, including payments for (inaudible) arrangements, were $350 million, $6 million higher from the cash level at the end of the 2024 first quarter.

（聽不清楚）2025 年第一季度，在支付了 2700 萬美元的優先息票和 2.38 億美元的銀行本金後，包括支付（聽不清）安排的費用，現金水平為 3.5 億美元，比 2024 年第一季度末的現金水平高出 600 萬美元。

In lending -- and reflective of this positive performance -- TEN will distribute to common shareholders, at first, semi-annual dividend of $0.60 per share to shareholders of record on July 14, 2025.

在貸款方面——反映出這一積極表現——TEN 將首先向普通股股東派發每股 0.60 美元的半年股息，派發對象為 2025 年 7 月 14 日登記在冊的股東。

With this, I'll pass it back to Nikos. Thank you.

有了這個，我會把它交還給尼科斯。謝謝。

Harrys, thank you for your very to-the-point and accurate presentation. I think, as we said, it has been -- the beginning of this year has been a very peculiar and turbulent year, starting with the restriction of shipping. And as we usually say, our aim is -- we are the truck drivers of the season, we need open roads and not [protection] and [tolls]. And on top of this, the recent intensified geopolitical turmoil is putting us literally to navigate very turbulent waters, which I think we have been successfully and profitably doing.

Harrys，感謝您的切中要點且精確的演講。我認為，正如我們所說，今年年初是非常特殊和動盪的一年，首先是航運限制。正如我們通常所說，我們的目標是——我們是本賽季的卡車司機，我們需要暢通的道路，而不是[保護]和[收費]。除此之外，最近加劇的地緣政治動盪實際上使我們處於非常動蕩的境地，我認為我們已經成功並有利可圖地做到了這一點。

Looking at the tanker market and the majority of the crude trades, there is huge demand for more business. As we have said, it has been a very strong year of expansion. This is our largest expansion until our next one. And we're looking to still grow to segments that we have not grown up yet for good reasons, like the VLCC and the LNG.

縱觀油輪市場和大多數原油貿易，對更多業務的需求龐大。正如我們所說，這是擴張非常強勁的一年。這是我們下一次擴張之前最大的擴張。並且，我們仍希望拓展那些因某種原因尚未成熟的領域，例如 VLCC 和 LNG。

The market environment is positive. A lot of demand, we have -- our chartering department has to try and keep some ships on the spot market with huge demand, even for all the ships. As I mentioned, the example of our 2003 vessel, which has been continuously chartered with one of the major oil companies since their inception, which is a very good proof for our technical managers, for the way they operate the ships, and the trust that they are able to share with the oil companies.

市場環境良好。我們的需求很大——我們的租船部門必須盡力將一些船舶甚至所有船舶保留在需求龐大的現貨市場上。正如我所提到的，以我們的 2003 年船舶為例，該船舶自成立以來一直由一家大型石油公司租用，這充分證明了我們的技術經理、他們操作船舶的方式以及他們能夠與石油公司分享的信任。

Overall, an uncertain period for the world but something that we keep under control. At least, for our side of the business, we have been able to combine, as the Chairman earlier said, (inaudible) presented growth and support (inaudible) -- I'm just putting on the slides -- over the years, and growth and strength over the crisis, and strong dividend payments, and debt reduction.

整體而言，世界正處於一個不確定的時期，但我們仍能控制局面。至少，就我們這邊的業務而言，正如董事長剛才所說，我們已經能夠將多年來呈現的增長和支持（聽不清）——我只是在幻燈片上展示——以及危機期間的增長和實力、強勁的股息支付和債務削減結合起來。

With this, I would like to open the floor. If there are any questions, please, we are here to answer.

現在，我想開始發言。如果您有任何問題，請提出，我們將隨時為您解答。

(Operator Instructions)

（操作員指示）

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Can you just highlight what the second-quarter newbuild costs will be? I'm looking at roughly $130 million. Is that in the ballpark for the second-quarter newbuild payments?

您能否簡單介紹一下第二季新建船舶的成本是多少？我認為這個數字大約是 1.3 億美元。這是否與第二季新建船舶付款的金額大致相同？

For the second quarter of '25, we have one of our DP2s that will be coming into the fleet. This vessel has -- the holding cost is just under $130 million. We expect to pay approximately $17 million remaining for the quarter, out of equity. The rest has been arranged through a (technical difficulty).

2025 年第二季度，我們的一艘 DP2 將加入車隊。這艘船的持有成本略低於 1.3 億美元。我們預計本季剩餘的支出約為 1700 萬美元，以股權形式支付。其餘的已通過（技術難度）。

We also have to pay a second installment -- the second 5% installment on the nine new built-in of the nine DP2 shuttle tankers of about $67 million. But that will make the second part (inaudible) on payment that we are required to make.

我們還必須支付第二筆款項——九艘新建的DP2穿梭油輪的第二筆5%的款項，總額約為6700萬美元。但這將使我們必須支付的第二部分（聽不清楚）變得難以理解。

Until the delivery of the [best] vessel, we will not make any other payments on that because we are looking to getting a pre-delivery financing on those vessels as well.

在交付[最佳]船舶之前，我們不會進行任何其他付款，因為我們也希望獲得這些船舶的交付前融資。

And also, we expect one of the (technical difficulty) to be delivered in the next quarter. Again, this has a value somewhere in the mid-80%s. And we're looking to raise somewhere between 75% financing. We're very close to doing that. The rest will be yet to be paid out of cash reserves.

此外，我們預計其中一個（技術難題）將在下個季度解決。再說一次，這個價值大約在85%左右。我們希望籌集到75%左右的融資。我們很快就能實現這個目標了。其餘款項將從現金儲備支付。

So these are, more or less, what we have scheduled currently for the next quarter, as regards to the newbuild.

因此，這些或多或少就是我們目前為下一季新建案所安排的內容。

Okay. And just to clarify, the $67 million on the shuttle tankers will fall into the second quarter, not the rest of the year? That's a second-quarter event, Harrys?

好的。需要澄清的是，太空梭油輪的 6,700 萬美元支出將計入第二季度，而不是今年剩餘時間？那是第二季的事件嗎，哈利？

They are scheduled for July this year.

這些活動計劃於今年七月舉行。

Third quarter. Okay. And then, when you -- Nikos, you talked about that you're underrepresented or you don't have as much exposure to VLCC's and where we should stay tuned. My impression is that the bid ask in the S&P market is still -- could you characterize how the bid ask is in the S&P market, right now, especially for [these] since you mentioned these?

第三季。好的。然後，當你——尼科斯，你談到你的代表性不足或你對 VLCC 的了解不夠多，我們應該繼續關注。我的印像是，標準普爾市場的買賣價差仍然——您能否描述一下目前標準普爾市場的買賣價差情況，尤其是對於[這些]，因為您提到了這些？

We are always looking to build ships against clients' wishes and, of course, when opportunities arise. Our first aim is to build good-quality Korean or Japanese ships.

我們始終致力於按照客戶的意願建造船舶，當然，當有機會時也會這樣做。我們的首要目標是建造優質的韓國或日本船舶。

There are not many of them out there. So when we get an opportunity, it's something that we seriously look. As you look at our fleet, we're down to three VLs. And I think that for a company that we'll be close to 90 ships before the -- in a pro forma basis, we need to increase these segments in the market.

他們的數量並不多。因此，當我們得到機會時，我們會認真考慮。看看我們的艦隊，我們已經減少到三艘 VL。我認為，對於一家在預計未來幾年內擁有近 90 艘船舶的公司來說，我們需要增加這些市場份額。

We're looking at opportunities out there. We have seen and I think we have been able to time a good reduction of the newbuilding prices from top yards. This is what we are looking to take advantage of.

我們正在尋找那裡的機會。我們已經看到並且我認為我們已經能夠把握時機大幅降低頂級船廠的新造船價格。這正是我們想要利用的優勢。

Okay. Great. And then, you did sell, in the first quarter, a 2009 Suezmax. Can you just help me understand your fleet strategy, as far as are you going to continue to sell older assets as you see decent bids out there or is your fleet going to stay roughly flat with the newbuilds increasing the fleet over time?

好的。偉大的。然後，您在第一季賣出了一艘 2009 年產蘇伊士型油輪。您能否幫我了解一下您的船隊策略？就您看到不錯的出價而言，您是否會繼續出售舊船資產？還是您的船隊規模將基本保持不變，而新建船隊規模將隨著時間的推移而增加？

We are always taking advantage of the S&P market in renewing the fleet. I think we are looking to sell at least half a dozen ships from now to the end of the year. We are very close in three or four transactions that might take place before the fourth quarter, which will release close to $100 million of net cash flow.

我們始終利用標準普爾市場來更新船隊。我認為從現在到今年年底我們至少要賣出六艘船。我們即將完成三到四筆可能在第四季前完成的交易，這些交易將釋放近 1 億美元的淨現金流。

And of course, it will enhance our ability to pay dividends, reduce debt, and at the same time, would not affect our strong cash balances when we grow the business for further expansion.

當然，它將增強我們支付股息、減少債務的能力，同時，當我們進一步擴大業務時，它不會影響我們強大的現金餘額。

Okay. I know it's probably hard at this point in time, can you give us an outlook for the dividend, the second-half dividend that you typically pay in December?

好的。我知道現在可能很難，您能否為我們介紹股息的前景，即您通常在 12 月支付的下半年股息？

Well, I cannot because this is taking -- our Strategy Meeting is taking place every October in Greece. That's when people sit under the sun and decide having some wine on the dividend.

嗯，我不能，因為這需要──我們的戰略會議每年十月在希臘舉行。那時人們坐在陽光下，決定用紅利喝點酒。

But joking apart, we hope to have at least a similar dividend to the first half, to say the least.

但玩笑歸玩笑，我們希望至少能獲得與上半年類似的紅利。

Great. That's helpful. And then, you did highlight that your NAV is, you think, north of $60. The stock is a little bit under $20. So it's at a 35% -- it's trading at 35% of [NAV].

偉大的。這很有幫助。然後，您確實強調了您的資產淨值 (NAV) 高於 60 美元。該股票價格略低於 20 美元。因此它的交易價格為 35%——[導航]。

Is there anything that you think that you should do to help close that gap? Or should we just -- just, is there anything that you, corporate-actions wise, can take to help close that gap?

您認為您應該做些什麼來縮小這一差距？或者我們應該只是──只是，你們，從企業行動的角度來說，能採取什麼措施來幫助縮小這一差距？

Well, I think what we have to do is to try as the Chairman -- I think the Chairman, perhaps he can -- at the end of this, he can give us, again, the same presentation -- is that to present the difference of TEN, which has an industrial model proven for 30 years when the other shipping companies that are go -- are more fluctuating.

好吧，我認為我們要做的就是嘗試，作為主席——我認為主席，也許他可以——在最後，他可以再次給我們做同樣的介紹——就是展示 TEN 的不同之處，它擁有經過 30 年驗證的工業模式，而其他航運公司則波動更大。

We still have a small flow of shares, excluding the management and the family, so if someone was there to do a buyback, it will be completely dilute even more the free flow.

除管理層和家族外，我們的股票流通量仍然很小，因此如果有人進行回購，那麼自由流通的股票將會被完全稀釋。

So I think we are looking for various scenarios where people will understand the value of the company. One of them would be -- and we've been discussing, going forward -- some spin-off of the LNG and shuttle tanker fleet that has a huge cash flow for the next -- with an average of 12.5 years. That, of course, would be able to help also the mother company.

所以我認為我們正在尋找各種能讓人們了解公司價值的場景。其中之一就是——我們一直在討論——一些液化天然氣和穿梭油輪船隊的分拆，這些船隊在未來平均 12.5 年內將產生巨大的現金流。當然，這也能夠幫助母公司。

But these are still discussions we're internally having. We don't have to do anything for the next couple of years. The company has a lot of liquidity. There's no need to raise capital, it just needs to become -- to make the point more evident.

但這些仍是我們內部正在進行的討論。未來幾年我們不需要做任何事。該公司擁有大量流動資金。沒有必要籌集資金，它只需要成為——以使這一點更加明顯。

(Operator Instructions)

（操作員指示）

I'm not showing any further questions at this time. I would now like to hand the call back over to Mr. Nikolas Tsakos for any closing remarks.

我目前沒有其他問題。現在我想將發言權交還給尼可拉斯‧察科斯先生，請他做最後發言。

Well, I think you guys have heard too much from my side. It has been an exciting first six months. And hopefully, we can make the remaining of the year exciting.

好吧，我想你們已經聽我的話太多了。這是令人興奮的前六個月。希望我們能讓今年剩下的時間過得精彩。

We wish for everybody to have a peaceful summer. Although it doesn't look very likely, we hope everybody would be able to make sense of what's happening and have a much more peaceful environment than we operate, right now.

我們希望每個人都度過一個平靜的夏天。儘管這看起來不太可能，但我們希望每個人都能理解正在發生的事情，並擁有一個比我們現在更和平的環境。

With that, I will ask our Chairman, Mr. Takis Arapoglou, to close our presentation. Thank you.

現在，我將請主席塔基斯·阿拉波格魯先生結束我們的演講。謝謝。

Thank you. Thank you, Nikos. On the question of closing the gap on the price to NAV and the mention of a buyback, I would rather pay people to stay through dividends and pay them to leave. So I think that -- I hope investors will understand the value of the stock and treat it differently to your usual other shipping assets in the market, which behave and trade in a different way.

謝謝。謝謝你，尼科斯。在縮小股價與資產淨值之間的差距以及提及回購的問題上，我寧願透過分紅支付薪水讓員工留下來，也不願支付薪水讓他們離開。所以我認為——我希望投資者能夠理解該股票的價值，並將其與市場上其他常見的航運資產區別對待，因為其他航運資產的行為和交易方式都不同。

We provide an almost stable stream of income going forward, which is not a one-off. It's being rolled year after year, with additional transactions. This provides a different environment in which we operate. And I hope that investors will understand the distinction.

我們提供幾乎穩定的未來收入來源，而不是一次性的收入。它每年都在推出，交易也越來越多。這為我們營運提供了一個不同的環境。我希望投資者能夠理解這種差異。

That's it for me for now.

對我來說現在就是這樣了。

Thank you, Chairman. Well, I think just, again, not to -- and this is more for the analysts -- I think our type of operation, which is much more industrial and it has a proven record of 32 consecutive [years] of dividend and growth, is not -- they should not be measured on net asset value.

謝謝主席。好吧，我再說一遍，不要——這更多的是針對分析師的——我認為我們的運營類型更加工業化，並且有連續 32 年分紅和增長的良好記錄，不應該以淨資產價值來衡量。

I think net asset value is completely for companies that have no operation. We have $3.7 billion, with an average 12.5 years of forward income, fixed at the minimum.

我認為淨資產價值完全是針對沒有營運的公司而言的。我們有 37 億美元，平均 12.5 年的遠期收入，至少固定不變。

To make everybody feel very, very young, we have 180 years of fixed employment for all our ships, which means I think even our great grandchildren might be there to receive some of the dividends at the end of the period.

為了讓每個人都感到非常年輕，我們為所有船舶提供了 180 年的固定使用期限，這意味著我認為甚至我們的曾孫也可能會在期限結束時獲得部分紅利。

The model of net asset value, which actually takes a ship that might be healthy and just sitting in the middle of the ocean with no cargo and give it the same value with the ship that has 15- or 10-year, it's a wrong -- or at least, it's not representative of what we do.

淨資產價值模型實際上是將一艘可能狀況良好、只是停泊在大海中央、沒有貨物的船隻，與一艘運營了 15 年或 10 年的船隻賦予相同的價值，這是錯誤的——或者至少，它不能代表我們的做法。

I think we should be looking to be measured on EBITDA multiples, like our earnings multiples. Right now, if we look, we're measured at 2 times or 3 times EBITDA multiples in where we should have been measured at 8 times EBITDA margins.

我認為我們應該以 EBITDA 倍數來衡量，就像我們的收益倍數一樣。現在，如果我們看一下，我們會以 2 倍或 3 倍的 EBITDA 倍數來衡量，而我們的 EBITDA 利潤率應該是 8 倍。

That's what we're going to try and make better through the spin-off. And that's the only reason we might be doing a spin-off: to prove the point. It's not because the company is actually putting aside close to $500 million, $500,000 of cash on a daily basis -- after all, our expenses -- so the last thing we need is to raise equity.

我們將嘗試透過衍生產品來改進這一點。這也是我們製作衍生劇的唯一原因：為了證明這一點。這並不是因為公司實際上每天要撥出近 5 億美元、50 萬美元的現金——畢竟，這是我們的開支——所以我們最不需要的就是籌集股本。

We will have to pay dividend, grow, and reduce debt. Again, with that, I would like to let our analysts think a bit and perhaps start measuring companies like ours -- [EBITDA] -- on that measure, rather than net asset value. And of course --

我們必須支付股息、實現成長並減少債務。再次，我想讓我們的分析師思考一下，也許開始根據該指標而不是淨資產價值來衡量像我們這樣的公司——[EBITDA]。當然--

Nikos, if I may interrupt? Nikos?

尼科斯，我可以打斷一下嗎？尼科斯？

Yes, please. Sorry.

是的，請。對不起。

And also, if you take last year's dividend -- and perhaps we will not be that far -- this year, at the present level of our stock price, we're talking about an 8%, 9% dividend yield, which is not something that you find in the sector often. And this is the proof of the model, really, if you look at it. There are relatively limited payout.

而且，如果以去年的股息計算——也許我們不會那麼遠——今年，按照我們目前的股價水平，股息收益率將達到 8% 至 9%，這在該行業並不常見。如果你仔細觀察就會發現，這確實是該模型的證明。支出相對有限。

So I think what Nikos says is correct. Net asset value is a very static model. We don't run a static business. EBITDA is the best indicator of the performance of the fleet.

所以我認為 Nikos 所說的是正確的。淨資產價值是一個非常靜態的模型。我們經營的不是一成不變的業務。EBITDA 是船隊表現的最佳指標。

Thank you.

謝謝。

Thank you. All the best for the remaining of the year. Our team is in New York. I know you guys are having a very nice lunch. I presume, I hope to (technical difficulty) at a Greek restaurant, sitting outdoors, very, very soon. Send us some picture and a [doggy] bag for us.

謝謝。祝您今年餘下的時間一切順利。我們的團隊在紐約。我知道你們正在享用一頓非常美味的午餐。我想，我希望很快（遇到技術困難）就能坐在希臘餐廳的戶外。給我們一些照片和一個[狗狗]袋子。

Thank you.

謝謝。

Take care. Bye-bye. Thank you, everyone.

小心。再見。謝謝大家。

Thank you. Bye-bye.

謝謝。再見。

This does conclude today's teleconference. We appreciate your participation.

今天的電話會議到此結束。感謝您的參與。

You may disconnect your lines at this time. Enjoy the rest of the day.

現在您可以斷開線路。享受這一天的剩餘時間。