Tsakos Energy Navigation Ltd (TEN) 2025 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待，歡迎參加 Tsakos Energy Navigation 公司 2025 年第三季財務業績電話會議。

We have with us Mr. Takis Arapoglou, Chairman of the Board; Dr. Nikolas Tsakos, Founder and CEO; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, Co-CFO of the company. (Operator Instructions) I must advise that this conference is being recorded today.

我們今天有：董事會主席 Takis Arapoglou 先生；創辦人兼執行長 Nikolas Tsakos 博士；總裁兼營運長 George Saroglou 先生；以及公司聯席財務長 Harrys Kosmatos 先生。（操作員說明）請注意，本次會議正在錄音。

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

現在我將發言權交給 Capital Link 總裁兼 Tsakos Energy Navigation Limited 投資人關係顧問 Nicolas Bornozis 先生。請繼續，先生。

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

非常感謝，各位與會者早安。正如您所提到的，我是 Nicolas Bornozis，Capital Link 的總裁兼 Tsakos Energy Navigation 的投資者關係顧問。

This morning, the company publicly released its financial results for the nine months and third quarter ended September 30, 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 ten@capitalink.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 9 月 30 日的九個月和第三季的財務表現。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@capitalink.com，我們將立即透過電子郵件向您發送副本。

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. 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，在今天的電話會議之前，您還可以在公司網站 www.tenn.gr 首頁訪問即時音訊和幻燈片網路直播。電話會議將在簡報播放完畢後進行。所以，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 slides 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，透過點擊對應的按鈕，您可以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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect TEN's business prospects and results of operations.

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。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。

And before turning the call over to Mr. Arapoglou, let me take the opportunity to congratulate Dr. Tsakos for your recent recognition in New York by the Philoptochos Society of the Greek Orthodox Cathedral, paying tribute to your personal and the group's contribution to the global maritime industry to philanthropy, education, and community welfare. Congratulations.

在將電話轉給阿拉波格魯先生之前，請允許我藉此機會祝賀察科斯博士最近在紐約受到希臘東正教大教堂慈善協會的表彰，以表彰您個人和該團體對全球海事行業在慈善、教育和社區福利方面所做出的貢獻。恭喜。

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

此時此刻，我想把發言權交給 Tsakos Energy Navigation 的董事長 Arapoglou 先生。請繼續，先生。

Thank you, Nicolas. Good morning, and good afternoon to all. Thank you for joining us today for the announcement of the nine months and third-quarter results of 2025.

謝謝你，尼古拉斯。各位早安，下午好。感謝各位今天蒞臨參加2025年前九個月及第三季業績發表會。

No surprises. Our business model continues producing sustainable profits, beating estimates, as you saw, while at the same time, building up a solid stream of $4 billion of accretive future contracted revenue. This provides stability and more predictability in our results going forward, as we explained many times in the past, and mitigate volatility in our stock price while maintaining a very solid cash position of nearly $300 million.

不出所料。正如您所看到的，我們的商業模式持續產生可持續的利潤，超出預期，同時也建立了40億美元的未來合約收入的穩定成長流。正如我們過去多次解釋的那樣，這將為我們未來的業績提供穩定性和更高的可預測性，並降低股價波動，同時保持近 3 億美元的非常穩健的現金狀況。

These results are a product of high fleet utilization, best-in-class operating efficiency, by now a trademark for TEN. We're reminding the market of our record 20-vessel newbuilding program, with deliveries starting Q1 2026 until Q4 2028, 10 of which, the shuttle tankers, with long-term accretive employment.

這些成果得益於車隊的高利用率和一流的營運效率，如今已成為 TEN 的標誌。我們要提醒市場，我們擁有創紀錄的 20 艘新船建造計劃，從 2026 年第一季到 2028 年第四季開始交付，其中 10 艘是穿梭油輪，將帶來長期的增值就業。

The program includes, of course, three VLCCs, materially growing our presence in the sector -- in this sector of the market. At the same time, and as mentioned earlier, in earlier communications, we are focusing on selling our older tonnage in order to continue maintaining a young and very modern fleet.

該計劃當然包括三艘超大型油輪，這將大大增加我們在該領域——在這個市場領域——的影響力。同時，正如先前在先前的溝通中所提到的，我們正在專注於出售我們較舊的船舶噸位，以便繼續保持一支年輕且非常現代化的船隊。

Lastly, as mentioned in our press release, after the $0.60 per share interim dividend in July, we declared payment of an additional $1 per share dividend. This will be paid in two equal tranches of $0.50 each -- one in December 19, 2025, and one in February 19, 2026 -- in order to, going forward, gradually align dividend date to the timing of audited results, as Nikos Tsakos will explain later.

最後，正如我們在新聞稿中提到的，繼 7 月派發每股 0.60 美元的中期股息後，我們宣布額外派發每股 1 美元的股息。這將分兩期等額支付，每期 0.50 美元——一期在 2025 年 12 月 19 日，另一期在 2026 年 2 月 19 日——以便今後逐步將股息發放日期與經審計的業績公佈時間保持一致，Nikos Tsakos 稍後將對此進行解釋。

At today's stock price, the total dividend of $1.60 per share for the year represents a very attractive yield of over 4%. So congratulations once again to Nikos Tsakos and his team for their proven track record and business model in a market with stronger tanker fundamentals and turbulent geopolitics. This ensures continued success.

以今天的股價計算，全年每股 1.60 美元的股息總額代表著超過 4% 的極具吸引力的收益率。因此，再次恭喜 Nikos Tsakos 和他的團隊，他們在油輪基本面更強、地緣政治動盪的市場中，憑藉其可靠的業績記錄和商業模式取得了成功。這能確保持續成功。

Thank you very much, and over to you, Nikos.

非常感謝，接下來就交給你了，尼可斯。

Chairman, thank you, and welcome, everybody, to our 32nd year, nine month call. First of all, I would like to congratulate Clio Hatzimichalis for becoming a full -- she is our lawyer, keep us out of trouble for all this year. So we're very happy for her to join the main Board of the company and looking to spend much more time -- productive time.

主席，謝謝大家，歡迎各位參加我們第32屆九個月的電話會議。首先，我要祝賀 Clio Hatzimichalis 成為一名正式律師——她是我們的律師，今年她讓我們免受麻煩。因此，我們非常高興她能加入公司董事會，並期待她能投入更多的時間——高效的時間。

Well, in September, when we reported our six-month results, I think we were all satisfied. They were good results. We did not expect the market to take -- to become even better, even stronger. And that's where we are today. I think we're, perhaps, more than 50% higher on the spot market than we were back in September, which we were very satisfied having gone through the typical seasonal period and being with a lot of profitability.

嗯，9 月我們公佈了六個月的業績報告，我想我們都很滿意。結果很好。我們沒想到市場會發展得更好、更強勁。這就是我們今天的處境。我認為，現貨市場的價格可能比 9 月高出 50% 以上，考慮到我們經歷了典型的季節性時期並取得了豐厚的利潤，我們對此感到非常滿意。

We had a couple of months of lull, waiting for the developments of the IMO saga, I would say. I think rightly so, the postponement has been achieved. And that allows the shipowners and the related parties to this industry to be able to put more input and find solutions going forward. So I think we welcome this development.

可以說，我們經歷了幾個月的平靜期，等待國際海事組織事件的進展。我認為延期已經成功。這樣一來，船東和該產業的相關各方就能投入更多精力，共同尋找未來的解決方案。所以我認為我們應該歡迎這項進展。

Since that development has put the world in -- at peace, the end of too much tariffing each other has also been achieved, and the market has gone from strength to strength. We are seeing a market which has limited supply of tonnage. And all our vessels right now are in very high demand.

自從世界實現和平以來，相互徵收過多關稅的情況也隨之結束，市場也日益繁榮。我們看到的是一個噸位供應有限的市場。目前我們所有的船隻都非常搶手。

I was glad that we, of course, were way ahead of -- or beat the estimates. And we're looking forward -- because I think the quarter we're going through now is also going to be a very strong quarter. We just concluded our fourth long-term profit sharing almost arrangement today on our VLCCs, with a very accretive minimum rates, minimum rates that we would be happy to have as fixed rates many years before.

當然，我很高興我們遠遠領先於預期——或者說超過了預期。我們充滿期待——因為我認為我們現在經歷的這個季度也將是一個非常強勁的季度。今天，我們剛完成了第四份關於超大型油輪的長期利潤分成協議，最低費率非常可觀，而我們早在多年前就希望這些最低費率能夠固定下來。

And that would be a minimum rate and then with unlimited upside for the company. And with this part of good news, I will ask George Saroglou, our President, to give us a quick update of what has happened in the last nine months.

這將是最低費率，而公司則有無限的上漲空間。帶著這個好消息，我將請我們的總統喬治·薩羅格魯（George Saroglou）簡要介紹過去九個月發生的事情。

Thank you, Nikos. We are pleased to report today on another profitable quarter. Tanker markets have remained healthy during the course of the year. And as Nikos mentioned, energy majors continue to approach our company for time charter business.

謝謝你，尼科斯。我們很高興地宣布，本季又實現了盈利。今年以來，油輪市場一直保持健康發展。正如尼科斯所提到的那樣，大型能源公司不斷與我們公司洽談定期租船業務。

Since the start of the year, we have 40 new time charter fixtures and extension of time charters. And today, we have a backlog of approximately $4 billion as minimum fleet contracted revenue. We have a 32-year history as a public company. From four vessels in 1993, we have turned every crisis the world and shipping has faced through the years into a growth opportunity.

今年以來，我們新增了 40 份定期租船合同，並延長了定期租船合約。目前，我們積壓的最低船隊合約收入約為 40 億美元。我們作為一家上市公司已有32年的歷史。從 1993 年的四艘船起步，多年來，我們將世界和航運業面臨的每一次危機轉化為成長的機會。

And we have faced many crises since the start of the new decades, a lot of which we did not actually expect. We faced a global COVID crisis in 2020, with lockdowns and unprecedented collapse in global oil demand. Then as the world was exiting COVID and we were trying to go back to normal, we've had the war in Ukraine in 2022 and a major -- which resulted in major disruption in energy trading.

進入新的十年以來，我們面臨許多危機，其中許多危機是我們始料未及的。2020年，我們面臨全球新冠疫情危機，各國紛紛採取封鎖措施，全球石油需求也出現了前所未有的暴跌。隨後，當世界逐漸走出新冠疫情，我們試圖恢復正常生活時，2022 年烏克蘭爆發了一場戰爭，導致能源交易嚴重中斷。

Then in late 2023, we had the attack of Hamas in Israel and the ensuing war and the continuous attacks of merchant vessels in the Red Sea until most of the shipping people decided not to cross the Red Sea anymore.

2023 年末，哈馬斯襲擊以色列，隨後爆發戰爭，紅海商船不斷遭到攻擊，以至於大多數航運人員決定不再穿越紅海。

The turmoil in the whole of Middle East, the unwinding of globalization, the introduction of tariffs in 2025, trade wars between the United States and China and the rest of the world, and the decarbonization efforts of many global industries, including shipping, which, as you know, has the lowest carbon footprint when we compare while at the same time, it's the most efficient way to transport different land-scale cargoes around the world.

整個中東地區的動盪、全球化的瓦解、2025 年關稅的引入、美國與中國和世界其他國家之間的貿易戰，以及包括航運在內的許多全球行業的脫碳努力，眾所周知，航運業的碳足跡最低，同時也是向世界各地運輸各種陸路貨物的最有效方式。

So a lot to do in such a short time. So far, we have managed to navigate the TEN ship safely through these challenges, thanks to the company's crisis-resistant model. Let's hope we go back to more peaceful and normal times for all very soon.

所以要在這麼短的時間內完成這麼多事情。到目前為止，多虧了公司具有抗危機能力的商業模式，我們已經成功地帶領 TEN 安全地度過了這些挑戰。希望我們很快就能回到更和平、正常的生活。

Today, TEN is one of the largest energy transporters in the world, with a young, diversified, versatile fleet of 82 vessels, a pro forma fleet of 82 vessels. So in slide 4, we list this pro forma fleet. And we start with the conventional tankers, both crude and product tankers.

如今，TEN 已成為世界上最大的能源運輸商之一，擁有一支年輕、多元化、用途廣泛的船隊，共有 82 艘船舶，按計劃船隊規模為 82 艘。因此，在第 4 張幻燈片中，我們列出了這份模擬船隊名單。我們先來看傳統的油輪，包括原油油輪和成品油輪。

The red color shows the vessels that trade in the spot market -- and we have seven as we speak -- and our newbuildings under construction. With light blue, we have the vessels that are on time charter with profit sharing, 16 vessels; and with dark blue, the vessels that are on fixed-rate time charters, 39 vessels.

紅色代表在現貨市場交易的船舶——目前我們有七艘——以及我們正在建造的新船。淺藍色代表以利潤分成方式定期租船的船舶，共 16 艘；深藍色代表以固定費率定期租船的船舶，共 39 艘。

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, with very young and technologically advanced vessels following the tender we won earlier in the year in Brazil, building the Samsung shipyard in South Korea, 9 shuttle tankers for Transpetro.

下一張幻燈片列出了我們的多元化船隊（按計劃），其中包括我們的 2 艘液化天然氣運輸船和 16 艘穿梭油輪船隊。我們是全球最大的穿梭油輪營運商之一，擁有非常年輕且技術先進的船舶。今年早些時候，我們在巴西中標，在韓國三星造船廠為Transpetro建造了9艘穿梭油輪。

We have six shuttle tankers in full operation after recently taking delivery of both Athens 04 and Paris 24, which commenced long-time charters to an energy major. If we combine the two slides and account only for the current operating fleet of 62 vessels, 23 vessels or 37% of the operating fleet has market exposure, spot and time charter with profit sharing, while 55 vessels or 89% of the fleet is in secured revenue contracts. That is time charters and time charters with profit sharing.

最近我們接收了 Athens 04 和 Paris 24 兩艘穿梭油輪，這兩艘油輪已開始長期租給一家能源巨頭，目前我們有六艘穿梭油輪全面投入營運。如果我們把這兩張幻燈片合併起來，只考慮目前營運的 62 艘船舶，其中 23 艘（佔營運船隊的 37%）有市場敞口，即期租船和定期租船均有利潤分成，而 55 艘（佔船隊的 89%）則簽訂了有保障的收入合約。即定期租船合約和利潤分成定期租船合約。

Our clients with whom we do repeat business through the years are the blue chip list of our world. ExxonMobil is the largest revenue client, followed by Equinor, Shell, Chevron, Total, and BP. 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 the strong balance sheet and financial performance.

我們多年來一直保持回頭客關係的客戶都是業內頂尖企業。埃克森美孚是最大的收入客戶，其次是 Equinor、殼牌、雪佛龍、道達爾和 BP。我們相信，多年來，憑藉我們建立的船隊、良好的營運和安全記錄、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 left side of slide 7 presents the all-in breakeven cost for the various vessel types we operate in TEN. Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating and finance expenses, for overheads, chartering costs, and commissions; and let the revenue from the spot and profit-sharing trading vessels contribute to the profitability of the company.

第 7 張投影片的左側列出了我們在 TEN 運營的各種船舶類型的全部損益平衡成本。我們的營運模式很簡單。我們努力讓定期租船的收入來支付公司的現金支出，包括船舶營運和財務費用、管理費用、租船成本和佣金；並讓現貨和利潤分成貿易船舶的收入為公司的盈利能力做出貢獻。

And thanks to the profit-sharing element, for every $1,000 per day increase in spot rates, we have a positive $0.09 impact on the annual EPS based on the number of TEN vessels that we currently operate in the spot rates -- have exposure to spot rates. And that is 23 vessels.

由於利潤分享機制，現貨價格每天每上漲 1000 美元，根據我們目前在現貨價格市場運營的 10 艘船舶的數量（即與現貨價格相關的船舶數量），我們的年度每股收益就會增加 0.09 美元。總共是23艘船。

We have a solid balance sheet with strong cash reserves. The fair market value of the operating fleet is approximately $4 billion against $1.9 billion debt, and the net debt to cap is around 47%. Fleet renewal and investing in eco-friendly, greener tankers has been key to our operating model.

我們擁有穩健的資產負債表和雄厚的現金儲備。營運船隊的公允市價約為 40 億美元，而債務為 19 億美元，淨債務上限約為 47%。船隊更新換代和投資環保、更綠色的油輪一直是我們營運模式的關鍵。

Since January 1, 2023, we have further upgraded the quality of the fleet by divesting from our first-generation conventional tanker, replacing them with more energy-efficient newbuildings and modern secondhand tankers, including dual-fuel vessels.

自 2023 年 1 月 1 日起，我們透過出售第一代傳統油輪，並用更節能的新造船和現代化二手油輪（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 tons and replaced them with 33 contracted and modern acquired tankers, with an average age of 0.6 years and 3.4 times the deadweight capacity of the vessels we sold. We continue to transition our fleet to greener and dual-fuel vessels.

總而言之，我們出售了 17 艘船舶，平均船齡為 17.3 年，載重噸為 140 萬噸，並用 33 艘已簽訂合約和已購置的現代化油輪取而代之，這些油輪的平均船齡為 0.6 年，載重噸是已售船舶的 3.4 倍。我們將繼續推動船隊轉型為更環保的雙燃料船舶。

We are currently one of the largest owners of dual-fuel, LNG-powered Aframax tankers with six vessels in the water. Global oil demand continues to grow year after every year. OPEC+ accelerated their voluntary production cuts, wars, economic sanctions, sanctions listed tankers, and geopolitical events positively affect the tanker market and tanker freight rates, while the tanker order book remains at very healthy levels as a big part of the global tanker fleet is over 20 years.

我們目前是最大的雙燃料、LNG動力阿芙拉型油輪船東之一，擁有六艘在役船舶。全球石油需求持續逐年成長。歐佩克+加速自願減產、戰爭、經濟制裁、制裁名單上的油輪以及地緣政治事件對油輪市場和油輪運費產生了積極影響，同時油輪訂單量仍處於非常健康的水平，因為全球油輪船隊的大部分船齡都超過20年。

As we speak, almost 50% of the fleet is over 15 years and needs to be replaced soon. And with that, I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance for the third quarter. Harrys?

目前，車隊中近 50% 的車輛車齡已超過 15 年，需要盡快更換。接下來，我將把發言權交給哈里斯·科斯馬托斯，他將為我們介紹第三季的財務表現。哈利？

Thank you, George. Thank you, George, and welcome, everyone, to our call. So I'll start with the nine-month highlights. So as the tanker markets continued their upward trajectory propelled by the crude sector and VLCCs in particular, available term rates for crude vessels merited a shift towards fixed employment in order to provide earnings visibility and further safeguard the cash-generating ability of the fleet.

謝謝你，喬治。謝謝你，喬治，也歡迎各位參加我們的電話會議。那麼，我就先從過去九個月的亮點說起吧。因此，隨著油輪市場在原油行業，尤其是超大型油輪（VLCC）的推動下繼續保持上升趨勢，原油運輸船的可用定期租金也應轉向固定僱傭，以提供收益可見性並進一步保障船隊的現金創造能力。

To this effect and in line with the company's tried and tested employment model, bar some occasional aberrations for opportunistically capturing short-term fix reverted to the norm and operated most of the fleet during the first nine months of the year in secured revenue contracts.

為此，公司遵循其久經考驗的用工模式，除了偶爾為了抓住短期機會而做出一些例外情況外，恢復了正常運營，並在今年前九個月的大部分時間裡，通過有保障的收入合同運營了大部分船隊。

In particular, with a fleet of almost 62 vessels in the water, similar to the corresponding 2024 nine-month period, days under secured employment, that is vessels on fixed time charters and time charters for 47 provisions, increased by 12%, while days on pure spot experienced a 32% decline.

具體而言，與 2024 年同期相比，目前有近 62 艘船舶在水，有保障的就業天數（即定期租船和 47 個月租約的船舶）增加了 12%，而純現貨租船天數則下降了 32%。

Of interest, days on profit-sharing contracts alone increased by 18%, signifying TEN's commitment to maintaining a meaningful presence in the still lucrative spot market. Today, 23 vessels in the fleet, 7 on spot, and 16 on profit shares do provide TEN with such operational latitude.

值得注意的是，僅利潤分成合約的天數就增加了 18%，這表明 TEN 致力於在仍然利潤豐厚的現貨市場中保持重要的地位。目前，TEN 船隊擁有 23 艘船舶，其中 7 艘為現貨船舶，16 艘為利潤分成船舶，這為 TEN 提供了這樣的營運自由度。

As a result of this employment recalibration, for the nine months of 2025, TEN generated $577 million in gross revenues and operating income of $171 million, which incorporated $4.5 million of capital gains from the sale of four older vessels.

由於這項就業調整，TEN 在 2025 年的九個月中創造了 5.77 億美元的總收入和 1.71 億美元的營業收入，其中包括出售四艘舊船獲得的 450 萬美元資本利得。

Capital gains during the equivalent 2024 period were at $49 million from the sale of five vessels, highlighting TEN's policy to continue the strategic recycling of the fleet with newer, more eco-friendly vessels, newbuildings in the majority.

2024 年同期，TEN 出售五艘船舶獲得 4,900 萬美元的資本收益，凸顯了 TEN 繼續對船隊進行戰略性更新換代的政策，即使用更新、更環保的船舶（其中大部分是新造船）。

In line with the above employment pattern and fewer vessels on dry dock compared to the 2024 nine months -- 9 now from 11 last year, fleet utilization increased from 92.2% to 96.2% during the 2025 nine months.

與上述就業模式一致，且與 2024 年前九個月相比，幹船塢中的船舶數量減少（從去年的 11 艘減少到現在的 9 艘），2025 年前九個月的船隊利用率從 92.2% 提高到 96.2%。

The fleet's time charter equivalent rate for the first nine months of 2025 settled at a healthy $30,703. During the nine-month period and in line with the reduction of the fleet's spot exposure explained above, voyage expenses declined from $118 million in the 2024 nine months to $95 million now, a $23 million betterment.

2025 年頭九個月的船隊定期租船等效費率穩定在 30,703 美元。在這九個月期間，隨著船隊現貨風險敞口的減少（如上所述），航次費用從 2024 年九個月的 1.18 億美元下降到目前的 9,500 萬美元，減少了 2,300 萬美元。

Charter hire expenses also decreased by $4.6 million, whilst vessel operating expenses increased by just over $7 million from the 2024 same period to settle at $155 million. As a result, operating expenses per ship per day for the 2025 nine months averaged, still competitive, $9,797, just a third of the time charter equivalent rate mentioned above.

包租費用也減少了 460 萬美元，而船舶營運費用從 2024 年同期起增加了 700 多萬美元，達到 1.55 億美元。因此，2025 年九個月內每艘船舶每天的營運費用平均為 9,797 美元，仍具有競爭力，僅為上述定期租船等效費率的三分之一。

Depreciation and amortization came in at $126 million for the nine months of 2025 from $118 million in the 2024 nine months, reflecting the introduction of three newbuilding vessels and the new depreciation calculation on the two vessels repurchased from lease structures. General and administrative expenses were at $32 million, reflecting the amortization of stock compensation awarded in July 2024, and scheduled to fully vest by July 2026.

2025 年前九個月的折舊和攤銷額為 1.26 億美元，而 2024 年前九個月為 1.18 億美元，這反映了三艘新造船的投入使用以及從租賃結構中回購的兩艘船舶的新折舊計算方法。一般及行政費用為 3,200 萬美元，反映了 2024 年 7 月授予的股票補償的攤銷，該補償計劃於 2026 年 7 月完全歸屬。

On the other hand, significant improvements were made in our interest costs as a result of declining global interest rates and despite $126 million increase in the company's debt obligations from the 2024 nine months due to new loans for TEN's newbuilding program. $72.7 million of interest costs now compared to $87.4 million in the 2024 nine months, a near $50 million saving.

另一方面，由於全球利率下降，以及由於TEN新造船項目新增貸款導致該公司2024年前九個月的債務增加1.26億美元，我們的利息成本顯著降低。目前利息成本為7,270萬美元，而2024年前九個月則為8,740萬美元，節省了近5,000萬美元。

At the end of the 2025 nine-month period with 61.2 vessels on average in the quarter and the 20-vessel newbuilding program, our total debt obligations were at $1.9 billion, while net debt to cap stood at a comfortable 47.3%. TEN's loan-to-value for the 2025 nine-month period was at a conservative 50%. Interest income came in at $7.7 million, a meaningful contribution.

截至 2025 年 9 個月期末，平均每季有 61.2 艘船舶，加上 20 艘新造船計劃，我們的總債務為 19 億美元，而淨債務與資本比率處於較為舒適的 47.3%。TEN 2025 年九個月期間的貸款價值比保守估計為 50%。利息收入為 770 萬美元，這是一筆可觀的貢獻。

As a result of the above, the company during the first nine months of 2025 generated a healthy net income of $103 million, which translates to $2.75 in earnings per share. Adjusted EBITDA for the 2025 nine months was at about $290 million, while cash at hand as of the end of September 2025, stood at a healthy $264 million after having paid $135 million in scheduled principal payments, $178 million in yard predelivery installments and capitalized costs, and $20.3 million in preferred share coupons.

綜上所述，該公司在 2025 年前九個月實現了 1.03 億美元的健康淨收入，相當於每股收益 2.75 美元。2025 年前九個月的調整後 EBITDA 約為 2.9 億美元，截至 2025 年 9 月底，現金餘額為 2.64 億美元，這筆現金已支付了 1.35 億美元的預定本金付款、1.78 億美元的利息場地交付前分期付款和資本化成本，以及 2030 萬美元的優先股利息。

And now let's move to the quarter-three highlights. The third quarter of 2025 experienced similar movement in fleet employment patterns, which led to fleet utilization increasing from 92.8% in last year's third quarter to 94.8% during this year's third quarter, despite four vessels undergoing scheduled dry dockings during the period compared to three vessels in the 2024 third quarter.

現在讓我們來看看第三季的亮點。2025 年第三季船隊就業模式也出現了類似的變化，導致船隊利用率從去年第三季度的 92.8% 上升到今年第三季度的 94.8%，儘管在此期間有四艘船舶進行了計劃內的干船塢維修，而 2024 年第三季度只有三艘船舶進行了乾船塢維修。

With vessels in the water slightly under the level of the 2024 third quarter, the fleet generated $186 million of gross revenues and $60.5 million in operating income, which included $8.9 million -- call it $9 million of capital gains from the sale of three older vessels and not the similar performance from last year's third quarter, which did not incorporate any gains or losses from vessel sales.

2024 年第三季度，該船隊下水船舶數量略低於當年同期水平，總收入為 1.86 億美元，營業收入為 6050 萬美元，其中包括出售三艘舊船獲得的 890 萬美元（或 900 萬美元）資本收益，而不是去年第三季度的類似業績，因為去年第三季度的任何船舶並未計入任何船舶的收益。

The resulting time charter equivalent per ship per day was at $30,601, in line with the focus of diminishing our presence in the spot markets. Naturally, voyage expenses during the year's third quarter were lower compared to last year's third quarter, experiencing a $7.7 million decline to settle at $27.4 million.

由此得出的每艘船每天的期租等效金額為 30,601 美元，這與我們減少在現貨市場業務的重點相符。與去年同期相比，今年第三季的航程費用自然有所下降，減少了 770 萬美元，最終為 2,740 萬美元。

Operating expenses, on the other hand, increased in line with the introduction of three larger vessels and settled at $52 million. The resulting operating expenses per ship per day for the third quarter of 2025 came in at $9,904, again, ahead of the fleet average TCE and still competitive; thanks to the efficient and proactive management performed by TEN's technical managers.

另一方面，隨著三艘更大船舶的投入使用，營運費用也相應增加，最終達到 5,200 萬美元。2025 年第三季每艘船每天的營運費用為 9,904 美元，再次高於船隊平均 TCE，並且仍然具有競爭力；這要歸功於 TEN 技術經理們高效、積極主動的管理。

Depreciation and amortization were a touch higher from the 2024 third-quarter levels at $42.4 million, again, reflecting the new vessel introductions and the two Suezmax repurchased from sale and leaseback agreements. General and administrative expenses were $5 million lower from last year's third quarter at $9.2 million.

折舊和攤銷額比 2024 年第三季水準略高，達到 4,240 萬美元，這再次反映了新船的投入使用以及從售後回租協議中回購的兩艘蘇伊士型油輪。一般及行政費用為 920 萬美元，比去年第三季減少了 500 萬美元。

Interest costs, again, following the downward trend in interest rates, came in at $23.7 million from $32.2 million during last year's third quarter. In other words, savings of $8.5 million. On top of that, another $2.1 million in cash gains was realized through the interest income generated during the 2025 third quarter.

利息成本再次跟隨利率下降的趨勢，從去年第三季的 3,220 萬美元降至 2,370 萬美元。換句話說，節省了 850 萬美元。除此之外，2025 年第三季還透過利息收入實現了 210 萬美元的現金收益。

As a result of all the above, TEN during the third quarter of 2025 reported $38.3 million of net income or $1.05 in earnings per share. The adjusted EBITDA (technical difficulty) third quarter of 2025 settled at about $96 million, reflecting the shift towards longer-term secured revenue contracts to meet our clients' increasing long-term demand.

綜上所述，TEN 在 2025 年第三季報告淨收入為 3,830 萬美元，即每股收益 1.05 美元。經調整後的 2025 年第三季 EBITDA（技術困難）約為 9,600 萬美元，反映出我們為滿足客戶日益增長的長期需求而轉向簽訂更長期的固定收入合約。

And with this, I pass it back to Nikos. Thank you.

然後，我把它遞還給了尼科斯。謝謝。

Good. Thank you, Harrys. Since the figures are good, we didn't talk about them a lot. But as I said, I think we had good results in the first six months. The market had a lull period, really expecting the developments of the net zero discussions at the IMO.

好的。謝謝你，哈利。由於數據不錯，所以我們沒有太多討論。但正如我所說，我認為我們在前六個月取得了不錯的成績。市場經歷了一段平靜期，大家都在期待國際海事組織關於淨零排放的討論會取得進展。

And after the extension of the discussions, the market has taken off again. And we are looking at the business coming very strong in the spot market and a lot of employment. As we said today on our VLCCs has been extended for another two years, and there's a huge appetite for business out there.

經過一番討論，市場再次開始上漲。我們預計現貨市場業務將非常強勁，並創造大量就業機會。正如我們今天所說，我們的超大型油輪（VLCC）許可證已延長兩年，而且市場對這方面的業務需求非常大。

There's an increasing presence of the gray fleet, a lot of breakdowns on those ships. And of course, we are going through, again, more-than-expected geopolitical challenges, with hijacking of vessels like the recent one from Iran and the Somalia piracy on both on Greek vessels outside -- quite outside 500 miles away from the Somalia [growth].

灰色艦隊的出現頻率越來越高，這些船隻的故障率也很高。當然，我們再次面臨超越預期的地緣政治挑戰，例如最近伊朗劫持船隻事件以及索馬利亞海盜襲擊希臘船隻的事件——這兩起事件都發生在距離索馬利亞海岸500英里以外的地方。[生長]。

So there's a lot of interference. And in the meantime, this has created a nervousness in the market going forward, which we are able to take advantage with our chartering strategy I described, with 40 new ships totaling $4 billion of extended business over the next five years.

所以乾擾因素很多。同時，這為市場未來的發展帶來了緊張情緒，我們可以利用這種緊張情緒，透過我之前描述的租船策略，在未來五年內獲得 40 艘新船，總計 40 億美元的業務成長。

And with that, we would like to open the floor to any questions.

接下來，我們歡迎大家提問。

(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, good afternoon. Thanks for taking my questions. I wanted to start by asking about the 12 VLCCs coming open throughout this month. You mentioned in the press release that the employment on the Dias I has been extended for two years. Could you clarify at what terms?

您好，下午好。謝謝您回答我的問題。我想先詢問本月即將開放的 12 艘超大型油輪的情況。您在新聞稿中提到，Dias I 上的僱用期限已延長兩年。請問具體是指什麼條件？

And secondly, based on your data kit, the Ulysses should also come open this month. How do you plan to employ this vessel? Is there any appetite to trade on spot?

其次，根據您的資料包，尤利西斯號也應該在本月開放。你打算如何使用這艘船？市場是否有現貨交易的需求？

Yeah, thank you for your questions. We are trying right now to protect our ships from being actually hijacked by the major oil companies. So it's -- but joking apart, I think we are seeing a significant increase -- a 20% increase from our profit-sharing arrangements of the past from our minimum profit sharing arrangements.

是的，謝謝你的提問。我們現在正努力保護我們的船隻免受大型石油公司的劫持。所以——不開玩笑地說，我認為我們看到利潤分成安排比以往的最低利潤分成安排有了顯著增長——增長了 20%。

So there is a significant appetite for the vessels out there. I cannot -- perhaps if you -- next week, when you see Harrys in the States, he can give you more details on that. But of course, it's quite a positive situation.

所以，市場對這些船的需求非常大。我不能——或許如果你——下週你在美國見到哈里斯的時候，他可以給你更多細節。當然，這算是相當正面的局面。

Makes sense. I'll reach out. I also wanted to ask about the Maria Energy. It is fixed until February of next year, but the long-term contract you signed a while ago doesn't start until May, if I remember correctly. Do you plan to trade the vessel on spot once it comes off its current contract and before it starts the next one?

有道理。我會聯絡你。我還想問一下關於瑪麗亞能源公司的情況。合約期限固定到明年二月，但如果你沒記錯的話，你之前簽的長期合約要到五月才生效。您計劃在船舶當前合約到期後、下一個合約開始前進行現貨交易嗎？

The vessel is actually fixed back to back to a 15-year employment. So there won't be any downtime between that other than the survey that she will have the scheduled survey, which will have to go before the delivery of this in April. So the vessel has been chartered back to back until she goes to her new charter. So there won't be any downtime.

該船實際上是按15年租約長期服役的。所以除了她將在四月交付之前進行的調查之外，不會有任何停工時間。因此，這艘船已經連續多次被租用，直到它開始新的租約。所以不會有任何停機時間。

Perfect. Thanks for the color. And final question for me. You have a couple of MR newbuilds delivering in early '26. Should we expect those to be fixed on long-term contracts before delivery? And should that be the case, what kind of duration are you looking at?

完美的。謝謝你提供的色彩。最後一個問題。你們有幾艘中型多用途船將於 2026 年初交付。我們是否應該預期這些內容會在交付前透過長期合約加以確定？如果是這樣，你預計持續時間是多久？

We're contemplating. As I said, there's a big appetite. We're here with our chartering team. They have, I think, five or six major oil companies looking for those ships. As you know, we're a big participant in the Cargill-Maersk pool. We're very happy with that performance of that pool.

我們正在考慮。正如我所說，大家的需求量很大。我們的包機團隊在這裡。我認為，有五、六家大型石油公司正在尋找這些船隻。如您所知，我們是嘉吉-馬士基聯營體的重要參與者。我們對那個游泳池的表現非常滿意。

And I've been saying that for us, the best method or the only method of consolidation in our industry is through commercial pooling. Because whoever has a fleet of our size or smaller or around or bigger does not really -- you do not gain any economies of scale of just ordering more and more and more ships and running more ships because the ships are always there.

我一直說，對我們來說，我們行業整合的最佳方法或唯一方法是透過商業聯營。因為擁有與我們規模相當、更小、差不多或更大的船隊的任何人，實際上——你不會因為訂購越來越多的船隻和運營越來越多的船隻而獲得任何規模經濟效益，因為船隻總是存在的。

So we are supporting the pool, and we're -- the pool has performed quite well. And we might be considering also pooling. Pooling gives you the upside of -- gives you full utilization and the upside of a spot market.

所以我們正在支持游泳池，而且——游泳池的表現相當不錯。我們或許還會考慮資金池化。資金池化可以讓你獲得充分利用和現貨市場優勢。

Yeah, makes sense. I'll turn it over. Thanks for taking my questions.

嗯，有道理。我把它翻過來。謝謝您回答我的問題。

Thank you.

謝謝。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Yeah, good afternoon. Some of the questions were covered already. But when I look at your newbuild program, close to 20 major commitment, what are you looking at as far as the fleet renewal side? You've been active selling assets. Asset values are fairly firm in my mind. So what should we anticipate over the next, call it, year or so as far as on the asset sales side?

午安.有些問題之前已經解答過了。但是，當我查看你們的新造船計劃時，發現有近 20 項重大承諾，那麼在船隊更新方面，你們有什麼計劃呢？你一直在積極出售資產。我認為資產價值相當穩定。那麼，在接下來的大約一年裡，我們在資產出售方面應該預期什麼呢？

Our -- I say we are close to negotiating five of our first-generation vessels. And so if you put it in a 12-month -- if you put it -- if you take a 12 months forward, I think it would be perhaps double that, 10 vessels. We're looking to -- the transactions we have in mind would release close to $250 million of net cash, which is more than enough of what we need for our newbuilding program.

我們的－我說我們即將完成五艘第一代船舶的談判。所以，如果你把它放到 12 個月後——如果你把它放到——如果你把時間往前推 12 個月，我認為數量可能會翻一番，達到 10 艘船。我們正在考慮的交易將釋放近 2.5 億美元的淨現金，這遠遠超過了我們新造船計劃所需的資金。

Great, thank you.

太好了，謝謝。

Good.

好的。

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

謝謝。女士們、先生們，我們的問答環節到此結束。我把發言權交還給察科斯博士，請他作最後的總結發言。

Thank you. Well, I hope -- first of all, thank you for listening in. The market looks -- getting firmer and firmer. And from what I understand from my kids that are studying on the East Coast, the weather is (technical difficulty) yet. So we're looking for further call. We're looking forward to continue with this positive market.

謝謝。首先，感謝各位的收聽。市場看起來——越來越堅挺了。根據我從在東海岸讀書的孩子們那裡了解到的情況，那裡的天氣（技術上困難）還沒有好轉。所以我們正在等待進一步的通話。我們期待繼續保持這種正面的市場態勢。

Right now, we're taking advantage as much as possible with the team. And I would like to wish everybody a happy Thanksgiving next week. And don't forget that the TEN's share price is right now on Black Friday prices. So before next Black Friday, you buy some more of that. And I will ask our Chairman to have a final word. Thank you.

現在，我們正在盡可能地利用團隊的優勢。我祝大家下週感恩節快樂。別忘了，TEN 的股價現在正處於黑色星期五的價格區間。所以在下一個黑色星期五之前，你再買一些那種東西。最後，我請主席做總結發言。謝謝。

Happy Thanksgiving from me, too. I think that we're looking forward to beating all estimates next time around, touch wood. And again, congratulations to Nikos Tsakos and team for excellent performance.

我也祝你感恩節快樂。我想我們下次一定能超越所有預期，但願如此。再次恭喜 Nikos Tsakos 和他的團隊表現出色。

Thank you, all. Happy Thanksgiving. Thank you.

謝謝大家。感恩節快樂。謝謝。

Thank you. Bye.

謝謝。再見。

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

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。