Tsakos Energy Navigation Ltd (TEN) 2025 Q2 法說會逐字稿

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

女士們、先生們，感謝大家的支持，歡迎參加 Tsakos Energy Navigation 關於 2025 年第二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; and Mr.George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, Co-CFO of the company. (Operator Instructions) I'd like to advise that this conference is being recorded today.

今天，我們邀請到的嘉賓有：董事會主席 Takis Arapoglou 先生、創辦人兼執行長 Nikolas Tsakos 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。（操作員指示）我想告知大家，今天的會議正在錄製。

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

現在，我將發言權交給主持人、Capital Link 和投資者關係總裁兼 Tsakos Energy Navigation 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 adviser to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the second quarter and six months ended on June 30, 2025. 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 for you emailed right away. Please note that prior 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.

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2025年6月30日的第二季及六個月的財務表現。如果我們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。請注意，在今天的電話會議之前，還有一個現場音訊和幻燈片網路直播，可以在公司網站首頁 www.tenn.gr 上存取。

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. 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.

電話會議將按照簡報幻燈片進行，因此我們建議您訪問公司網站上的簡報幻燈片。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。另外，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。

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》安全港條款含義內的某些前瞻性陳述。請投資人注意，此類前瞻性陳述涉及風險和不確定性，可能會影響 TEN 的業務前景和營運績效。

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

現在，我想請察科斯能源航運公司董事長阿拉波格魯先生發言。先生，請繼續。

Thank you, Nicolas. Good morning, good afternoon to everyone. In the tanker market with still strong fundamentals, we continue to perform extremely well, sticking to our well-known industrial model that the CEO, Niko Tsakos, has described many times, generating healthy contracted revenue under very strict cost control, as you see in the numbers.

謝謝你，尼古拉斯。大家早安，下午好。在基本面依然強勁的油輪市場，我們繼續表現非常出色，堅持首席執行官尼科·察科斯多次描述的著名工業模式，在非常嚴格的成本控制下創造了健康的合約收入，正如您在數字中看到的那樣。

At the same time, we're selling all the vessels and replacing them with new state-of-the-art ships, keeping a young fleet attractive to our customers. I will remind you that some time ago, we identified the lack of good weighting on VLCCs. We are correcting this now. And as you've seen, we've gone ahead to order three new VLCCs with scrubbers (inaudible) and one. So we are rebalancing the portfolio, and we are filling a gap that we always wanted to fill. So again, the results, well done to Nikos Tsakos and his team. Best wishes for every success going forward.

同時，我們正在出售所有船隻，並用新的最先進的船隻替換它們，以保持年輕的船隊對客戶的吸引力。我要提醒大家，不久前，我們發現 VLCC 缺乏良好的權重。我們現在正在糾正這個問題。如您所見，我們已經訂購了三艘配備洗滌器（聽不清楚）的新型 VLCC 和一艘。因此，我們正在重新平衡投資組合，並填補我們一直想要填補的空白。所以，再次向 Nikos Tsakos 和他的團隊表示祝賀。祝您未來一切順利。

So over to you, Nikos.

那麼交給你了，尼可斯。

Yeah. Thank you, Chairman, and good morning to everybody. It's a pleasure to be here after the short summer lull, whereas in TEN, we did not experience such a lull because the company was very active during the summer months. We find it always interesting to make sure that during the slow seasonal months of the summer perhaps is the best time to do business when not everybody is around his desk.

是的。謝謝主席，大家早安。在短暫的夏季休息之後，我們很高興來到這裡，而在 TEN，我們並沒有經歷這樣的休整，因為公司在夏季非常活躍。我們發現，有趣的是，確保在夏季淡季月份，不是每個人都坐在辦公桌前，也許是做生意的最佳時機。

So we've been busy in August ordering the three plus one vessel, taking delivery in August and in July, starting from June of our Suezmaxes and our shuttle tankers with long employment, selling older vessels, and ordering as the Chairman said, supporting the VLCC segment of our company, we have been traditionally a company with a larger number of VLCCs.

因此，我們在 8 月一直忙於訂購三艘加一艘船舶，並在 8 月份和 7 月份接收交付，從 6 月份開始接收我們的蘇伊士型油輪和長期服役的穿梭油輪，出售舊船，並訂購，正如董事長所說，支持我們公司的 VLCC 部門，傳統上我們是一家擁有大量 VLCC 的公司。

We renewed part of the fleet some years ago. And now, it's very much time to come up with a strong environmentally friendly vessels, all of them built in South Korea in the traditional yards that we have been supporting over the years, like Hyundai, I mean, we must be one of the very few companies, but we are very proud to take delivery of our vessels, thanks to our new building capacity and capability. We are just to deliver over 150 million newbuilds in less than 30 years.

幾年前我們更新了部分船隊。現在，是時候推出強大的環保船舶了，所有這些船舶都是在我們多年來一直支持的傳統船廠在韓國建造的，比如現代，我的意思是，我們一定是極少數的公司之一，但我們非常自豪地接收我們的船舶，這要歸功於我們新的建造能力和能力。我們只需在不到 30 年的時間內交付超過 1.5 億艘新船。

And these vessels have been delivered from what I would say is the core peer group of shipbuilders in the world. We started in April with in Samsung. We moved in June to Hyundai in Korea. And we just renewed our relationship with what used to be called Daewoo, which we're just right now building VLCCs there. So the company is following this model of quality comes first. We are not -- we have not through the years, we have never cut corners. We have always done things the correct way by the book. And I think we are a proof that things can work when you actually follow your strategy, follow the rules, and always aim towards quality.

我認為這些船舶都是由世界最核心的造船廠建造。我們從四月開始與三星合作。我們在六月搬到了韓國現代汽車公司。我們剛剛與大宇集團（原大宇集團）恢復了合作關係，目前我們正在該公司建造超大型油輪。因此公司遵循的是品質第一的模式。我們沒有——這些年來我們從來沒有偷工減料過。我們總是按照規矩做事。我認為我們證明了，只要你真正遵循你的策略、遵守規則並始終追求質量，事情就能成功。

As mentioned in the press release, the beginning of the year and the first six months have been a period of turmoil mainly because we are big supporters of the open seas. And whenever sanctions and tariffs are imposed, of course, this puts question mark and uncertainty in the market that we are facing.

正如新聞稿中所提到的，今年年初和前六個月是一段動盪時期，主要是因為我們是開放海洋的堅定支持者。當然，每當實施制裁和關稅時，這都會為我們面臨的市場帶來問號和不確定性。

However, we have been able to navigate this, I would say, interesting new times successfully. We paid our first dividend in July. We're looking forward to pay the next dividend to announce it in November. And in the meantime, we are happy to see the appetite of the major oil companies for good quality vessels at very, very accretive rates.

然而，我想說，我們已經能夠成功度過這個有趣的新時代。我們在七月支付了第一筆股息。我們期待在十一月宣布支付下一筆股息。同時，我們很高興看到各大石油公司對高品質船舶的需求正在以非常快的速度成長。

And with that, I would like to ask George Saroglou, our President, to give us a more detailed analysis, not very detailed, George, more detail of what has happened in the last six months and this subsequent period.

因此，我想請我們的總裁喬治·薩羅格魯 (George Saroglou) 為我們提供一個更詳細的分析，喬治，不是很詳細，更詳細地介紹過去六個月以及隨後的這段時間發生的事情。

Thank you, Nikos. We are pleased to report today another profitable quarter. Tanker markets have remained healthy through 2025 to-date. Energy majors continue to approach our company for time charter business. And as we speak today, total fleet contracted revenue, the backlog that we have today, the minimum is approximately $3.7 billion --

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。截至 2025 年，油輪市場一直保持健康。能源巨頭繼續與我公司接洽，尋求定期租船業務。正如我們今天所說，總機隊合約收入，即我們今天的積壓訂單，最低約為 37 億美元——

Which coincides -- equates to more than $120 per share, just to put it in share perspective. That's the limit.

從股票角度來看，這相當於每股 120 多美元。這就是極限。

TEN is 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. Today, we have a pro forma fleet of 82 vessels, thanks to the company's crisis-resistant model.

TEN 是世界上最大的能源運輸公司之一。我們自 1993 年成立以來，僅擁有四艘船舶，並將世界和航運業面臨的每一次危機轉化為成長機會。如今，由於公司的抗危機模式，我們擁有一支由 82 艘船組成的船隊。

During these 32 years, we have combined self-generated cash, traditional bank lending, and countercyclical capital markets fundraising in order to build the corporate fleet. Fleet modernity is an integral part of our operating model. We built vessels at the best shipyards. We acquired very modern, high-specification tonnage. And at the same time, we sell some of the older vessels in the fleet. We have built a young, diversified, and versatile fleet covering both the conventional and specialized transportation requirements of our clients, which are mainly major energy concerns, blue-chip names with global risk.

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。船隊現代化是我們營運模式不可或缺的一部分。我們在最好的造船廠建造船隻。我們獲得了非常現代化、高規格的噸位。同時，我們出售了船隊中的一些較老的船隻。我們建立了一支年輕、多元化、多功能的船隊，滿足客戶的常規和專業運輸需求，這些客戶主要是大型能源公司和具有全球風險的藍籌公司。

In slide number 4, we list the pro forma fleet of our conventional tankers, both crude and product carriers. The red color shows the vessels that trade in the spot market and our new buildings under construction. Since our last earnings call, we have added three new building VLCCs to boost our presence in a sector that we felt we needed to increase the number of vessels we operate and with very good solid fundamentals as a big part of the VLCC fleet in the water is over 15 years. With light blue, we have the vessels that are on time charter with profit sharing. And with dark blue the vessels that are on fixed rate time charters.

在幻燈片 4 中，我們列出了我們的常規油輪（包括原油和成品油運輸船）的預計船隊。紅色表示現貨市場交易的船隻和我們正在建造的新船。自上次財報電話會議以來，我們增加了三艘新建造的 VLCC，以增強我們在該領域的影響力。我們認為我們需要增加運營的船舶數量，並且由於 VLCC 船隊中的大部分在水中服役的時間超過 15 年，因此我們擁有非常好的基礎。淺藍色代表我們按時租賃並分享利潤的船隻。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 2 LNG vessels and our 16 vessel 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 six other tankers in full operation after recently taking delivery of both Athens 04 and Paris to 24, which commenced long-time charters to an energy major.

在下一張幻燈片中，我們列出了形式上的多元化船隊，其中包括我們的 2 艘液化天然氣船和 16 艘穿梭油輪船隊。我們最近宣布與巴西 Transpetro 達成協議，將在韓國三星造船廠建造 9 艘高規格穿梭油輪，我們是世界上最大的穿梭油輪營運商之一。我們最近接收了「雅典 04」號和「巴黎 24」號油輪，目前有另外六艘油輪全面投入運營，這兩艘油輪已開始與一家能源巨頭簽訂長期租船合約。

If we combine the two slides and account only for the current operating fleet of 61 vessels, we have 24 vessels or 39% of the operating fleet with market exposure that is spot and time charter with profit sharing, while 53 tankers or 87% of the fleet is in secured revenue contracts, time charter, and time charter with profit sharing.

如果我們將這兩張幻燈片結合起來，只考慮目前運營的 61 艘船，那麼我們有 24 艘船或 39% 的運營船隊具有現貨和定期租船（含利潤分享）的市場敞口，而 53 艘油輪或 87% 的船隊具有擔保收入合約、定期租船和定期租船（含利潤分享利潤）。

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

在下一張投影片中，我們列出了憑藉我們的工業模式，我們全年都與其有重複業務往來的客戶。目前，埃克森美孚是最大的收入客戶。緊隨其後的是 Equinor、殼牌、雪佛龍、道達爾和 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，我們已成為能源巨頭的首選承運人。

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

幻燈片 7 的左側展示了我們在 TEN 運營的各種船舶類型的全部盈虧平衡成本。我們的營運模式很簡單。我們努力讓我們的定期租船產生收入來支付公司的現金支出，這些支出用於支付船舶營運費用、財務費用、管理費用、啟動成本和佣金。並讓現貨貿易船的收入為公司獲利做出貢獻。

Thanks to the profit-sharing element, for every $1,000 per day increase in spot rates, we have a positive impact of $0.10 in the annual EPS based on the number of 10 vessels that currently are exposed to the spot markets.

由於利潤分享因素，現貨價格每天每增加 1,000 美元，根據目前在現貨市場上運營的 10 艘船舶的數量，我們的年度每股收益就會產生 0.10 美元的正面影響。

We have a solid balance sheet with strong cash reserves and the fair market value of the fleet is $3.8 billion against $1.8 billion debt, and the net debt to cap is around 42%. Fleet renewal and investing in eco-friendly greener vessels has been key to our operating model. Since January 1, 2023, we further 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.

我們的資產負債表穩健，現金儲備充足，船隊的公平市價為 38 億美元，債務為 18 億美元，淨債務上限約為 42%。船隊更新和對環保綠色船舶的投資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，用更節能的新船和現代二手油輪（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 17 vessels with an average age of 17.3 years and capacity of 1.4 million deadweight tonne and replaced them with 33 contracted and modern acquired vessels with an average age of less than a year and 3.4 times the deadweight capacity of the vessels we sold. We continue to transition our fleet to greener and dual fuel vessels. We are currently one of the largest owners of dual-fuel LNG-powered Aframax tankers with six vessels in the water.

綜上所述，我們出售了 17 艘船舶，平均船齡為 17.3 年，運力為 140 萬載重噸，並用 33 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，運力是所售船舶的 3.4 倍。我們將繼續將我們的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驅動的阿芙拉型油輪的最大船東之一，擁有六艘在水船舶。

The fundamentals continue to be good as global demand grows year after year. OPEC Plus really accelerated further the voluntary production cuts, economic sanctions, wars, sanctioned list in tankers, and geopolitical events affect our tanker market positively, the savings happening on freight rates. And while the tanker order book remains at healthy levels as a big part of the global tanker fleet is over 20 years, and it needs to be replaced soon.

隨著全球需求逐年成長，基本面持續良好。OPEC+確實進一步加速了自願減產、經濟制裁、戰爭、油輪制裁名單以及地緣政治事件對我們的油輪市場產生了積極影響，從而節省了運費。儘管油輪訂單量仍處於健康水平，但全球油輪船隊的大部分船齡已超過 20 年，需要盡快更換。

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

接下來，我將把發言權交給 Harrys Kosmatos，他將向我們介紹第二季的財務表現。

Thank you, George. So let me start with the first half highlights. With a slightly larger fleet, both in terms of vessels and deadweight tonnes, when compared to the first half of 2024, TEN during the first six months of 2025 continued to place more tonnage on time-charter contracts to adhere to the long-term needs of its clients. As a result, during the first six months of 2025, TEN secured charters, including those with (inaudible) term provisions increased by about 14%, while spot contracts experienced a marked decline by about 27%.

謝謝你，喬治。那麼讓我先回顧一下上半場的精彩內容。與 2024 年上半年相比，TEN 的船隊規模（無論是船舶數量還是載重噸）都略有擴大，2025 年前六個月，TEN 繼續在定期租船合約中投放更多噸位，以滿足客戶的長期需求。結果，在 2025 年的前六個月，TEN 獲得的租船合約（包括帶有（聽不清楚）定期條款的租船合約）增加了約 14%，而現貨合約則大幅下降了約 27%。

A point of note, however, is the company's continued belief in the market, which, despite TEN's limited exposure in the inherent volatile spot market which has happened somewhat from prior periods of the recent past, has increased its presence in profit sharing contracts by about 28% from the 2024 first half. In order to capture the upside, (inaudible) are expected to provide starting with the upcoming winter months.

然而，值得注意的是，該公司對市場仍然抱有信心，儘管 TEN 在固有波動的現貨市場中的曝光度有限（這種情況在近期有所出現），但自 2024 年上半年以來，其在利潤分享合約中的份額增加了約 28%。為了抓住有利因素，（聽不清楚）預計將從即將到來的冬季開始提供。

In addition, during the first six months of 2025, five vessels underwent scheduled dry dockings from eight in the same period of 2024 which, when combined with the shift in employment patterns explained above, resulted in an increase of fleet utilization from 91.9% in the first half of 2024 to 96.9% in the first half of 2025. As a result, TEN's 62 vessels in the water fleet generated $390 million of gross revenues during the first half of 2025 from $415 million in the spot heavy 2024 first half, averaging a healthy $30,754 per ship per day.

此外，2025 年上半年，有 5 艘船舶按計畫進行乾船塢維修，而 2024 年同期則有 8 艘，再加上上述就業模式的轉變，導致船隊利用率從 2024 年上半年的 91.9% 上升至 2025 年上半年的 96.9%。結果，TEN 水上船隊中的 62 艘船在 2025 年上半年創造了 3.9 億美元的總收入，而現貨市場繁忙的 2024 年上半年則為 4.15 億美元，平均每艘船每天的收入為 30,754 美元。

The aforementioned shift in employment patterns led to a material reduction in voyage expenses from $83.4 million in the first half of 2024 to about $68 million in the 2025 first six month, a $15.5 million reduction. In a similar fashion, charter hire expenses fell from $11 million to $6.6 million, a $4.5 million improvement during the equivalent six months time frame.

上述就業模式的轉變導致航程費用大幅減少，從 2024 年上半年的 8,340 萬美元減少到 2025 年上半年的約 6,800 萬美元，減少了 1,550 萬美元。同樣，租船費用也從 1,100 萬美元降至 660 萬美元，在同樣的六個月時間內減少了 450 萬美元。

Vessel operating expenses, reflecting the somewhat larger fleet, both in terms of numbers and vessel sizes were at was $102.3 million, slightly higher than 2024 first half level, equating to a daily average expense of a still competitive $9,743 per vessel. A similar pattern was evident in both depreciation and amortization expenses, which closed the first half of 2025 at $83.2 million, up $6 million from the 2024 period.

船舶營運費用（反映船隊規模略大，無論是數量還是船舶規模）為 1.023 億美元，略高於 2024 年上半年的水平，相當於每艘船每天的平均費用為 9,743 美元，仍然具有競爭力。折舊和攤提費用也呈現類似的模式，2025 年上半年折舊和攤提費用為 8,320 萬美元，比 2024 年同期增加 600 萬美元。

Unlike the 2024 first half, these results included a near $49 million capital gain from a series of vessel sales. Such gains for the 2025 first half were reduced to just $3.5 million as a result of the sale of the 2009-built Suezmax tanker during the first quarter of 2025. Inclusive of these gains, during the first half of 2025, TEN's operating income settled near at about $111 million.

與 2024 年上半年不同的是，這些業績包括一系列船舶銷售帶來的近 4,900 萬美元的資本利得。由於 2025 年第一季出售了 2009 年建造的蘇伊士型油輪，2025 年上半年的此類收益減少至僅 350 萬美元。在計入這些收益後，2025 年上半年，TEN 的營業收入穩定在約 1.11 億美元。

Interest and finance costs during the 2025 first half on the part of somewhat lower interest rate environment and two refinances of lower margins where $49 million from $35.2 million in the same 2024 six-month period and over $6 million improvement. Interest income during the first half of 2025 reached $5.5 million.

2025 年上半年，由於利率環境略低以及兩次利潤率較低的再融資，利息和財務成本從 2024 年同期的 3,520 萬美元增至 4,900 萬美元，改善幅度超過 600 萬美元。2025年上半年利息收入達550萬美元。

General and administrative expenses for the first half of 2025 were $23.1 million, incorporating a management incentive and stock compensation plan. Reflecting all the above, the company generated a net income for the first half of 2025 of $64.5 million or $1.70 per share. Adjusted EBITDA for the first six months of 2025 came in at $193.2 million, while total debt, net of $287 million of CASA fund settled at $1.4 billion, leading to net debt-to-capital of accountable 43.6%.

2025 年上半年的一般及行政開支為 2,310 萬美元，其中包括管理激勵和股票薪酬計劃。綜合以上所有因素，該公司 2025 年上半年的淨收入為 6,450 萬美元，即每股 1.70 美元。2025 年前六個月的調整後 EBITDA 為 1.932 億美元，扣除 2.87 億美元的 CASA 基金後的總債務為 14 億美元，導致淨負債資本比率達到 43.6%。

And now let's go into the second quarter highlights. During the second quarter of 2025, the employment shift to world secured employment was equally evident as available under time charters. And profit-sharing contracts increased by 12% from the 2024 second quarter, while based on the spot voyages dropped precipitously by 31.5%, leading to fleet utilization increasing to 96.6% from 92.4% in the 2024 second quarter.

現在讓我們來看看第二季的亮點。2025 年第二季度，就業向全球擔保就業的轉變與定期租船合約下的就業轉變同樣明顯。利潤分享合約較2024年第二季成長12%，而基於現貨航次的合約則急劇下降31.5%，導致船隊利用率從2024年第二季的92.4%上升至96.6%。

Worth highlighting here is the 30% increase in total debt of profit-sharing contracts emphasizing intense employment strategy of downside protection with upside optionality. Resulting from the above and reflecting again a somewhat softer, but still healthy market from the 2024 second quarter and after having the three vessels in dry dock, TEN's fleet generated $193 million of gross revenues equating to $30,767 per vessel per day, a healthy performance.

值得強調的是，利潤分享合約的總債務增加了 30%，強調了下行保護和上行可選性的密集就業策略。鑑於上述情況，並再次反映出從 2024 年第二季度開始市場略顯疲軟但仍然健康，並且在三艘船進入乾船塢後，TEN 的船隊創造了 1.93 億美元的總收入，相當於每艘船每天 30,767 美元，表現良好。

Voyage expenses, again, due to later days of spot contracts, declined by about $10 million from the 2024 same period, while short hire expenses also experienced a drop to settle at $3.3 million from $5.1 million in the second quarter of 2025.

同樣，由於現貨合約期限較晚，航程費用較 2024 年同期下降了約 1,000 萬美元，而短期租賃費用也從 2025 年第二季的 510 萬美元下降至 330 萬美元。

Operating expenses and not indicated earlier during the first half overview were just $3 million higher from the 2024 second quarter at $52.7 million or $9,982 per ship per day. A still competitive level, thanks to the efficient and profit management performed by TEN's technical managers. Depreciation and amortization costs during the 2025 second quarter and again reflected a slightly higher vessel classes in the fleet were at $42.1 million from $39.5 million in the second quarter of 2024.

營運費用（上半年概覽中未提及）僅比 2024 年第二季高出 300 萬美元，達到 5,270 萬美元或每艘船每天 9,982 美元。由於 TEN 技術經理的高效利潤管理，我們仍然保持著競爭水平。2025 年第二季的折舊和攤提成本為 4,210 萬美元，再次反映出船隊船舶等級略有提高，而 2024 年第二季為 3,950 萬美元。

During this second quarter, there were no gains or losses on vessel sales registered compared to the 2024 second quarter, which recorded capital gains of $32.5 million. As a result, operating income for the second quarter of 2025 settled at $50 million. Increase in finance costs during the second quarter of 2025 were $5 million lower from the 2024 second quarter, up $25 million, while interest income reached $3.2 million.

與 2024 年第二季記錄的 3,250 萬美元資本利得相比，今年第二季船舶銷售沒有出現收益或損失。因此，2025 年第二季的營業收入穩定在 5,000 萬美元。2025年第二季的財務成本增幅較2024年第二季減少500萬美元，增加2,500萬美元，而利息收入達到320萬美元。

Taking all the above into consideration, TEN, during the second quarter of 2025, generated a net income of $26.8 million, which equates to $0.67 per share. In ending, adjusted EBITDA for the 2025 second quarter was up approximately $94 million.

綜合考慮以上所有因素，TEN 在 2025 年第二季創造了 2,680 萬美元的淨收入，相當於每股 0.67 美元。最後，2025 年第二季的調整後 EBITDA 成長了約 9,400 萬美元。

And 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。

Thank you, Harrys, for your detailed analysis. And with this, we would like to open the floor for any questions or input that you may have. Thank you.

謝謝 Harrys 的詳細分析。在此，我們願意接受大家的提問或意見。謝謝。

(Operator Instructions)

（操作員指示）

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Thank you. Can we talk about the newbuild orders for the VLCCs? As you mentioned on the last quarterly call, you previewed -- it seemed to preview that. Can you talk about how you decided to go forward with newbuilds versus acquiring assets in the open market?

謝謝。我們可以談談 VLCC 的新訂單嗎？正如您在上次季度電話會議上提到的那樣，您已經預覽過——似乎已經預覽過這一點。您能談談為什麼決定繼續建造新船而不是在公開市場上收購資產嗎？

Yes. Thank you. Well, we are always looking for good quality vessels in the open market also. So I mean, we do not exclude this to happen. We took advantage of the strong secondhand market to sell vessels. So perhaps it is -- when it's a good time to sell vessels, and we made a significant cash profit and the profit overall on the sale of 18-year-old vessels, it means that it's not perhaps the best time to acquire secondhand vessels because they are pricey.

是的。謝謝。嗯，我們也一直在公開市場上尋找優質的船隻。所以我的意思是，我們不排除這種情況發生。我們利用強勁的二手市場來出售船隻。所以也許是這樣——當出售船隻的好時機到來時，我們獲得了可觀的現金利潤以及出售 18 年船齡船隻的總利潤，這意味著現在可能不是購買二手船隻的最佳時機，因為它們價格昂貴。

So I believe that it's very, very good for us. We have very competent and experienced newbuilding site offices in Korea and Japan in the past. So it has been -- it makes much more sense, since we are building a big number of vessels in the first-class Korean yards with the site officer, to build environmentally-friendly vessels of the future that are actually following all the upcoming regulations. And they are built at the yards to traditional build ships.

所以我相信這對我們來說非常非常好。我們在韓國和日本擁有非常有能力和經驗豐富的新船現場辦事處。因此，這更有意義，因為我們正在韓國一流的船廠與現場官員一起建造大量船舶，以建造真正符合所有即將出台的法規的未來環保船舶。它們是在船廠按照傳統建造船舶的方式建造的。

VLCCs has been part of our portfolio that we are lagging behind. And I think that's a very good opportunity to find -- we believe the reason we are able to run ships at, I would say, significantly lower operating expenses than a big part of our peer group is because we tend to build good quality ships and sister vessels. And that helps us very, very much in keeping operating expenses and the experience of our seafarers, the crew, and the captains. It's like running, let's say, a very similar fleet of airplanes or a very similar fleet of Boeings in order to have the training for the crew, the spare parts for all the vessels, and it gives us a lot of flexibility.

超大型油輪 (VLCC) 一直是我們投資組合中落後的一部分。我認為這是一個非常好的機會——我們相信，我們之所以能夠以比大部分同行低得多的營運費用來運作船舶，是因為我們傾向於建造高品質的船舶和姊妹船。這對我們控制營運費用以及海員、船員和船長的經驗有很大幫助。這就像運行一支非常相似的飛機機隊或波音機隊，以便為機組人員提供培訓，為所有船隻提供備件，這給了我們很大的靈活性。

Great. And then if you could clarify whether you exercise the option that you had when you first announced the VLCC newbuilds? And then secondly, typically you -- when you have a newbuild, you typically have a contract or a time charter set up in advance of delivery. Do you currently have a time charter in place? Or when do you anticipate securing a time charter for the Vs?

偉大的。然後，您能否澄清一下，您是否行使了首次宣佈建造 VLCC 時所擁有的選擇權？其次，通常當您擁有一艘新船時，您通常會在交付前簽訂合約或定期租船合約。您目前是否有定期租船合約？或者您預計何時能獲得 Vs 的定期租船合約？

Yes. I think what we did is we opted for the option. And we actually got an extra option for another couple of months because we believe that it's good to maintain these price levels going forward in a very uncertain environment. So the options are always valuable. So actually, we have three foreign vessels right now, plus an additional option in the same yard in the same quality.

是的。我認為我們所做的就是選擇這個選項。我們實際上獲得了另外幾個月的額外選擇，因為我們相信在非常不確定的環境中維持這些價格水平是有益的。因此選擇總是有價值的。實際上，我們現在有三艘外國船隻，另外還有一艘在同一船廠的相同品質的船隻。

Right now, the VLCC market is a very hot market. We have actually three of our existing VLs opening in the next 6 months, and we see a lot of appetite. I mean we're in the process of renewing some of the existing VLs going forward with significant increased base rates and profit-sharing arrangements. And the new orders, there is a lot of appetite, but it's still early to make a decision. So we will be taking care of more of the three existing ships, very young ships also themselves, but it gives us with six VLs and perhaps more coming, it's starting to get critical mass in that very, I would say, interesting segment of the tanker market.

目前，VLCC市場非常火熱。事實上，我們現有的三家虛擬租賃公司將在未來 6 個月內開業，而且我們看到了很大的需求。我的意思是，我們正在更新一些現有的 VL，並大幅提高基本利率和利潤分享安排。對於新訂單，人們有很多需求，但現在做決定還為時過早。因此，我們將更多地照顧現有的三艘船，這些船本身也很年輕，但它給我們帶來了六艘 VL，而且可能還會有更多，它開始在油輪市場這個非常有趣的領域達到臨界規模。

Great. Thank you. And then could you preview, I know that you talked about declaring the second half dividend in the November time frame. Can you preview it at this point in time? Or is it just too early?

偉大的。謝謝。然後您能否預覽一下，我知道您談到了在 11 月期間宣布下半年股息。現在可以預覽一下嗎？還是現在還太早？

Well, I think it is early, but we are looking at a healthy market. So we are expecting for the Board to opt for a healthy dividend. So I think we are in a good space, I would say.

嗯，我認為現在還為時過早，但我們看到的是一個健康的市場。因此，我們期望董事會選擇健康的股利。所以我認為我們處於一個很好的空間。

Okay. And then on the last call, you talked about potentially, given the current valuation in the equity market, you talked about potentially restructuring the company or looking at alternatives, maybe splitting the company into a company that has twofold, one with long-term time charters in place, especially when you look at the deep -- the shuttle tankers versus assets that have shorter-term time charters. Any progress or any comments on that type of move?

好的。然後在最後一次電話會議上，您談到了可能性，考慮到股票市場的當前估值，您談到了重組公司或尋找替代方案的可能性，也許將公司拆分為一家擁有雙重業務的公司，一家擁有長期定期租船合約的公司，特別是當您考慮深海——穿梭油輪與擁有短期定期租船合約的資產時。對於此類舉措有何進展或評論？

First of all, we are not restructuring the company. We have never restructured any part of our debt or the company. So I think TEN is one of the few companies that -- I'm just joking, but we're not restructuring. We're always thinking out of the box. I think we are very happy to where we are today with the growth of the company, with the profitability of the company.

首先，我們不會重組公司。我們從未重組過我們的任何債務或公司的任何部分。所以我認為 TEN 是少數幾家——我只是在開玩笑，但我們不會重組的公司之一。我們總是在打破常規地思考。我認為，我們對公司目前的成長和獲利狀況感到非常滿意。

One thing that I would say, like other shipping companies, but especially ourselves, we are disappointed with share performance. And we're trying to -- I think our company should have easy the market cap of $2 billion from where it is today. So we're always thinking of ways to get shareholders' interest and appreciation. I think we are going through a period that, with inflation being around, we are going through a period where real assets matter. So I think this is -- And we have very, very, very real assets and quite undervalued real assets.

我想說的是，與其他航運公司一樣，尤其是我們自己，我們對股票表現感到失望。我們正在努力——我認為我們公司的市值應該很容易從現在達到 20 億美元。因此，我們一直在思考如何獲得股東的興趣和讚賞。我認為，我們正經歷一個時期，隨著通貨膨脹的出現，我們正經歷一個實體資產至關重要的時期。所以我認為這是——我們擁有非常非常真實的資產和被嚴重低估的真實資產。

So I think what we want to do is to be able to have a much more efficient -- to make it more efficient for our shareholders. So we have thought of perhaps having one of the largest tanker fleets plus a lot of long-term business and specialized vessels to do something down the road in the next eight quarters, I would say and perhaps putting the more specialized vessels in a vehicle that, of course, TEN will be by far the major shareholder. But I guess, these are ideas that we are discussing with our investment bankers. But there's nothing imminent, I would say, for the next four quarters.

所以我認為我們想要做的就是能夠擁有更有效率的營運——為我們的股東提供更有效率的服務。因此，我們考慮過擁有最大的油輪船隊之一，再加上大量的長期業務和專業船隻，以便在未來八個季度內開展一些工作，我想說，也許可以將更專業的船隻放入一個工具中，當然，TEN 將是迄今為止最大的股東。但我想，這些都是我們正在與投資銀行家討論的想法。但我想說，未來四個季度內不會有什麼事發生。

Okay, thank you. And then could you preview or give me an idea of sort of the direction of OpEx and G&A over the second half of the year? It looks like the first half G&A especially might have had some onetime items in it.

好的，謝謝。然後您能否預覽一下或告訴我下半年營運支出和一般及行政費用的走向？看起來上半年的 G&A 中可能包含一些一次性項目。

Yes. Well, I think we are putting a lot of emphasis, we are running things hands on and we look at our technical managers almost on a weekly and monthly performance. We are facing some inflation issues. But I think we have been able to cap the majority, and we still have an average for such big diversified fleet, which includes DP vessels, which the operating expense of those ships are in the high teens. And we're still under $10,000 on operating expenses. So I think we put a lot of emphasis in running a tight ship literally. I believe that we will be able to maintain the expenses there.

是的。嗯，我認為我們非常重視，我們親自管理事情，我們幾乎每周和每月都專注於技術經理的表現。我們面臨一些通膨問題。但我認為我們已經能夠控制住大部分通膨，而且對於如此龐大的多元化船隊（包括DP船舶）來說，這些船舶的平均營運成本仍然在15%左右。我們的營運費用仍低於 10,000 美元。所以我認為我們確實非常重視嚴格管理。我相信我們能夠維持那裡的開支。

Great. Thank you for your time.

偉大的。感謝您抽出時間。

(Operator Instructions) There are no further questions at this time. At this point, I'd like to turn the call back over to Mr. Tsakos for closing comments.

（操作員指示）目前沒有其他問題。現在，我想將電話轉回給 Tsakos 先生，請他發表最後評論。

Well, again, thank you for attending our call for the first six months and I think moving forward has been an exciting time for the energy markets. I believe that we are here to see even more solid results coming forward. The energy part of the world economy is becoming more and more important.

好吧，再次感謝您參加我們前六個月的電話會議，我認為未來對於能源市場來說是一個令人興奮的時刻。我相信我們將會取得更紮實的成果。能源在世界經濟中的地位越來越重要。

The players right now are getting more -- we're seeing shipping energy part of the business where, really, you have a two-tier market, you have vessels and they're growing in numbers that are, I would say, they do not serve the core part of the business which allows us, with modern high-specification vessels, to be able to have more opportunities in order to serve our major clients. So I believe I am optimistic that we're going to be seeing at least in the near future, another 18 months, over a very solid, perhaps getting even stronger market.

現在的參與者越來越多——我們看到航運能源業務實際上是一個雙層市場，你擁有船隻，而且它們的數量正在增長，我想說，它們並不服務於業務的核心部分，這使得我們能夠擁有現代化的高規格船隻，從而有更多的機會為我們的主要客戶服務。因此，我相信，我樂觀地認為，至少在不久的將來，在接下來的 18 個月裡，我們將看到一個非常穩固、甚至可能更強勁的市場。

And we see also actions from the administration in the United States to support shipping, which is important because shipping and energy transportation have always been in the background. I mean, we provide a significant service, a very big service for the world economy. But in a way, we are kind of the unsung sailors, not heroes, the unsung sailors of the world economy. And I think it's good to see that people are paying much more attention to actually the services we're doing, be it on the LNG, be it on the crude or on the product segment.

我們也看到美國政府採取行動支持航運，這很重要，因為航運和能源運輸一直處於幕後。我的意思是，我們為世界經濟提供了重要的、非常大的服務。但從某種程度上來說，我們是無名水手，而不是英雄，是世界經濟的無名水手。我認為很高興看到人們更加關注我們所提供的服務，無論是液化天然氣、原油還是產品領域。

I will be in the United States in the next couple of weeks, having meetings specifically on ways where simple transportation and especially energy transportation is going to be appreciated and more and assisted more. And I think it is going to be good for the charterers and the ship owners. So I think we have an optimistic view going forward.

未來幾週我將前往美國，專門討論如何讓簡單的交通，特別是能源交通得到更多的重視和幫助。我認為這對租船人和船東來說都是好事。所以我認為我們對未來持樂觀態度。

And with that, I would like to thank everybody. I ask Mr. Arapoglou, our Chairman, if he wants to have a closing statement.

最後，我要感謝大家。我問我們的主席阿拉波格盧先生是否想發表結束語。

Thank you, Nikos. Just to say that we believe that the market continues not to appreciate the nearly $4 billion of minimum contracted revenue for TEN and keeps looking at us like any other shipping company with high volatility and low predictability of income and revenues. We feel that perhaps the market has begun focusing on it, but we feel that the value of the stock is much higher than where it is today.

謝謝你，尼科斯。只是說，我們相信市場仍然不重視 TEN 近 40 億美元的最低合約收入，並繼續將我們視為任何其他波動性大、收入和收益可預測性低的航運公司。我們覺得市場可能已經開始關注它了，但我們認為該股票的價值遠高於現在的水平。

And as far as dividend is concerned, the CEO just mentioned that the Board is going to look at the results of the third quarter and be able to perhaps announce, make a decision on the dividend in a few months' time. So we continue to be very positive on that front.

就股息而言，執行長剛才提到，董事會將審查第三季的業績，並可能在幾個月後宣布並就股息做出決定。因此，我們對此繼續保持非常積極的態度。

So with that, thank you very much. Thank you, Niko.

因此，非常感謝。謝謝你，尼科。

Thank you. And I think the team will be attending events in London for London International Shipping Week, including capital league event where our CFO is going to be a speaker, and the following week in New York. So hope to see you face-to-face. Thank you very much and have a good rest of the day.

謝謝。我認為團隊將參加在倫敦舉行的倫敦國際航運週活動，包括我們的財務長將擔任演講嘉賓的資本聯賽活動，以及接下來一週在紐約舉行的活動。所以希望能與您面對面見面。非常感謝您，祝您今天過得愉快。

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，感謝您的參與。