Tsakos Energy Navigation Ltd (TEN) 2025 Q4 法說會逐字稿

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

感謝各位女士、先生耐心等候，歡迎參加 Tsakos Energy Navigation 2025 年第四季財務業績電話會議。

We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. 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.

今天與會者包括董事會主席 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；以及公司共同財務長 Harrys Kosmatos 先生。(接線員指示) 我必須提醒各位，本次會議將於今日錄音。

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

現在我將把時間交給 Capital Link 總裁、並擔任 Tsakos Energy Navigation Limited 投資人關係顧問的 Nicolas Bornozis 先生。先生，請開始。

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 12 months and fourth quarter ended December 31, 2025. In case you 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.

非常感謝，各位與會者早安。我是 Capital Link 總裁、Tsakos Energy Navigation 投資人關係顧問 Nicolas Bornozis。今天上午，公司已公開發布截至 2025 年 12 月 31 日止 12 個月及第四季的財務結果。若您尚未取得今日的財報新聞稿，請致電 212-661-7566 或電郵至 ten@capitallink.com，我們將立即以電子郵件寄送一份給您。

Now 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. Now please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call.

另外請注意，除今日電話會議外，亦同步提供即時音訊與投影片的網路直播，可於公司網站首頁 www.tenn.gr 進入。電話會議將依照簡報投影片進行，因此我們建議您至公司網站開啟簡報投影片。另請注意，網路直播簡報的投影片將於電話會議結束後在公司網站上提供並存檔。

Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.

此外請注意，網路直播簡報的投影片可由使用者自行控制，亦即您可按下相應按鈕，自行切換至下一張或上一張投影片。

Now 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.

現在我想宣讀「安全港」聲明。本次電話會議及網路直播投影片簡報包含若干前瞻性陳述，符合 1995 年《私人證券訴訟改革法》安全港條款之定義。投資人應注意，此等前瞻性陳述涉及風險與不確定性，可能影響 TEN 的業務前景與營運成果。

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

此刻我想把時間交給 Tsakos Energy Navigation 董事會主席 Arapoglou 先生。先生，請開始。

Thank you, Nicolas. Good morning, good afternoon to everyone. Thanks for joining our call today. I have really nothing to add on the brilliant financial performance and the usual quality operating performance for TEN. Just four points from me worth noting.

謝謝你，Nicolas。各位早安、午安。感謝各位今天加入我們的電話會議。對於 TEN 卓越的財務表現以及一貫高品質的營運表現，我其實沒有太多要補充的。我只想提出四點值得注意的事項。

All of our 19 new buildings under construction, including the two recent VLCCs and the LNG are already in the money.

我們目前在建的 19 艘新造船（包括近期的兩艘 VLCC 與 LNG 船）都已經處於獲利狀態。

The second point is that we sold the 10-year-old VLCC generating $82 million of free cash to be added to the $300 million already existing cash cushion that we traditionally keep.

第二點是，我們出售了一艘船齡 10 年的 VLCC，產生 8,200 萬美元的自由現金流，將加入我們一向維持的 3 億美元既有現金緩衝。

The third point is that the locked-in contracted future revenue has now gone over the $4 billion mark, excluding profit shares.

第三點是，已鎖定的未來合約收入如今已突破 40 億美元（不含分潤）。

And lastly, which is very important, 22 of our vessels are taking full advantage of the high rates in the spot markets through profit share as we speak.

最後一點也非常重要：截至目前，我們有 22 艘船正透過分潤機制，充分受惠於現貨市場的高運價。

So all the above, I believe, guarantee a continued strong performance going forward.

因此，我相信上述各項將可確保未來持續維持強勁表現。

And with this, I give the floor to Nikolas Tsakos.

接下來我把時間交給 Nikolas Tsakos。

Thank you, Chairman. Good morning, good afternoon to everybody here from Athens -- from peaceful Athens, Greece. We just reported a very strong year, a year that has been a milestone period for TEN, a year in which we concluded significant strategic transactions for the future growth of the company and in very specific segments as the shuttle tanker and the dual fleet segment.

謝謝主席。我在希臘雅典向各位道早安、午安——來自平靜的雅典。我們剛公布了一個非常強勁的年度表現；這一年是 TEN 的里程碑，我們也完成了多項攸關公司未來成長的重要策略交易，且聚焦於特定領域，例如穿梭油輪以及雙燃料船隊等。

The last quarter of 2025 has been a very strong quarter, and that was before the geopolitical events that started early in January, with the changes and the opening up of Venezuela, one of the largest traditional exporters of sweet crude to the west that has been lagging behind due to political reasons. The opening of Venezuela to the mainstream fleet like ours, we were the first vessel under a several charter to transport the first, let's call it, [illegal] export to the United States after the change of the political environment there.

2025 年最後一季表現非常強勁，而且那是在 1 月初地緣政治事件發生之前；當時委內瑞拉局勢出現變化並逐步開放。委內瑞拉是傳統上向西方出口甜原油的最大出口國之一，但因政治因素而長期落後。隨著委內瑞拉對像我們這樣的主流船隊開放，我們是第一艘在一份數期租約下，於當地政治環境改變後，將第一批（姑且稱之為）[非法]出口運往美國的船舶。

And soon after that, of course, we have the issues in the Red Sea and the Gulf of Aden that have made it even further -- have even further strengthened spot rates to levels that at least our generation has never seen before. And I think these are the highest levels ever recorded in recent times.

而在那之後不久，紅海與亞丁灣的問題出現，使現貨運價進一步——甚至更進一步——被推升至至少我們這一代人從未見過的水準。我認為這是近年來所記錄到的最高水準。

In this environment, TEN has been able to conclude very successfully 2025 and is taking advantage of the very strong rates that we are facing since the beginning of the year. In the meantime, we were able to disinvest some of our older tankers, putting aside in excess of $100 million to our cash reserves and reducing significantly our debt. And we were, I would say, lucky enough with a very good timely orders of our VLCCs at what today look -- our three VLCCs at what look today to be at very, very significant discount to today's market and also recently to our LNG orders.

在這樣的環境下，TEN 得以非常成功地完成 2025 年，並自年初以來持續受惠於我們所面臨的極為強勁的運價。同時，我們也得以處分部分較老舊的油輪，為現金儲備增加超過 1 億美元，並大幅降低負債。此外，我想我們也算幸運，能在非常適當的時點下單訂造 VLCC——我們的三艘 VLCC 以今日市場來看，價格相較目前市價有非常、非常顯著的折讓；近期我們也下了 LNG 船的訂單。

We maintain our moat of modernizing our fleet according to our clients' requests. We are looking to -- we have already a significant dividend policy. Our last dividend was in the later part of February and we're looking forward as we're following day-to-day, and I think we have -- we are following the developments, the geopolitical developments in the Middle East in order to, first of all, to secure the safety of our seafarers, the crew, and the cargoes on board and take advantage of this very strong market environment.

我們持續依照客戶需求推動船隊現代化，維持我們的護城河。我們也正著眼於——我們已經有相當明確的股利政策。我們最近一次股利是在 2 月下旬發放；我們也將持續按日追蹤局勢發展，特別是中東的地緣政治變化，以首先確保我們海員、船員與船上貨物的安全，並把握這個非常強勁的市場環境。

So all in all, I would say, as far as the market is concerned, good news. Good news, perhaps not for the right reasons because none of us -- I think nobody in the world is happy to have good news under war circumstances, but we have to run a tight and safe ship and this is what we have been doing.

總體而言，就市場面來說，我會說是好消息。只是這些好消息或許並非出於正確的原因，因為我們——我想世界上沒有人會在戰爭情勢下因好消息而感到高興；但我們必須以嚴謹且安全的方式營運船舶，而這正是我們一直在做的事。

And with that, I will ask George, if you -- Mr. Saroglou, our President, to give us a more detailed analysis of what happened in 2025, and we'll be happy to answer your questions later.

接下來，我想請 George——Saroglou 先生，我們的總裁——為各位更詳細分析 2025 年的情況，稍後我們也很樂意回答各位的問題。

Thank you, Nikolas. We are pleased to report today on another profitable quarter and year. Before reflecting on the company's performance of last year, a few words for the current events unfolding in the Middle East and the Arabian Gulf.

謝謝你，Nikolas。我們很高興在今天報告又一個獲利的季度與年度。在回顧公司去年表現之前，先談幾句目前正在中東與阿拉伯灣發展中的事件。

Shipping faces another geopolitical event in the Arabian Gulf and the Strait of Hormuz. The Strait of Hormuz sits on one of the world's busiest shipping routes, acting as a gateway to the oil and gas fields, refineries, and terminals of the Arabian Gulf.

航運業在阿拉伯灣與荷姆茲海峽面臨另一項地緣政治事件。荷姆茲海峽位於全球最繁忙的航運航線之一，作為通往阿拉伯灣油氣田、煉油廠與終端設施的門戶。

A fifth of the world's oil and liquefied natural gas passes through this narrow strait. It's a vital shipping lane for dry bulk commodities as well. Spot rates across all tanker vessel classes have spiked at levels far above the already strong rates in existence prior to the start of operation, Epic Fury. Substitute barrels from the USA, Venezuela, Brazil, Guyana, and West Africa are expected to benefit tanker rates and ton-mile demand.

全球五分之一的原油與液化天然氣經由這條狹窄海峽通行。它同時也是乾散貨大宗商品的重要航道。所有油輪船型的即期運價均飆升至遠高於在「Epic Fury」行動開始前已然強勁的水準。預期來自美國、委內瑞拉、巴西、蓋亞那與西非的替代原油將使油輪運價與噸海里需求受惠。

When the conflict started last Saturday, we had three vessels under time charter approaching the Arabian Gulf. We monitor 24/7 and follow the advice and updates of maritime security centers, flag, state, P&I, and insurance underwriters.

衝突於上週六爆發時，我們有三艘處於期租合約下的船舶正接近阿拉伯灣。我們全天候 24/7 監控，並遵循海事安全中心、船旗國、沿岸國、P&I（保賠協會）以及保險承保人的建議與最新資訊。

In coordination with our charterers, we assess the risk associated with any potential assets through this high-risk area. None of our vessels have entered for now this area, and they are kept outside the Strait of Hormuz. Charterers consider diverting some or all of them to other loading areas outside of the Arabian Gulf.

我們與租家協調，評估任何可能穿越此高風險區域之資產所面臨的風險。目前我們的船舶均未進入該區域，並維持在荷姆茲海峽之外。租家正考慮將其中部分或全部船舶改道至阿拉伯灣以外的其他裝貨區域。

Our foremost concern remains the safety and well-being of our seafarers on board these vessels and all those vessels that are in proximity and the structural integrity of our assets. Even without the latest geopolitical events, tanker markets have remained healthy during the course of last year. Energy majors continue to approach our company for time charter business.

我們最優先的關切仍是這些船舶上船員的安全與福祉，以及附近所有船舶的安全，並確保我們資產的結構完整性。即使不考慮最新的地緣政治事件，油輪市場在去年期間仍維持健康。大型能源公司持續就期租業務與本公司接洽。

Since the start of the fourth quarter of 2025, we concluded 20 new time charter fixtures and extensions of existing time charters. Today, we have a backlog of approximately over $4 billion as minimum fleet contracted revenue. We have 33 years history as a public company. We have started with four vessels in 1993, and we have turned every crisis the world and shipping have faced through the years into a growth opportunity.

自 2025 年第四季開始以來，我們完成了 20 份新的期租租船合約以及既有期租的延長。截至今日，我們的最低船隊合約收入積壓（backlog）約超過 40 億美元。我們作為上市公司已有 33 年歷史。我們於 1993 年以四艘船起步，並將多年來世界與航運業所面臨的每一次危機轉化為成長機會。

If we move to slide number 4, we see that today, we have managed to have TEN as one of the largest energy transported in the world with a very young, diversified, versatile pro forma fleet of 83 vessels.

若我們看第 4 張投影片，可以看到如今我們已使 TEN 成為全球最大的能源運輸公司之一，擁有一支非常年輕、多元化、具彈性且用途廣泛的備考（pro forma）船隊，共 83 艘船舶。

In slide 4, we list the pro forma fleet of all conventional tankers, both crude and product carriers. The red color shows the vessels that trade in the spot market, and we have nine as we speak, two more from our last call, and our new buildings under construction. With light blue, we have the vessels that are on time charter with profit sharing, 13 vessels, and with dark blue, the vessels that are on fixed rate time charters, 42 vessels.

在第 4 張投影片中，我們列示所有傳統油輪的備考船隊，包括原油船與成品油船。紅色代表在即期市場營運的船舶，目前共有 9 艘；較我們上次電話會議增加 2 艘，另包含正在建造的新造船。淺藍色為附帶利潤分成的期租船舶，共 13 艘；深藍色為固定租金期租船舶，共 42 艘。

In the next slide, we leased the pro forma diversified fleet, which consists of our 3 LNG vessels, including the new order we announced today and our 16 vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world with a very young and technologically advanced fleet after the tender we won last year in Brazil to build nine shuttle tankers in South Korea. We have six shuttle tankers in full operations after taking delivery of both Athens 04 and Paris 24 last year, which commenced long time charters to an energy major.

下一張投影片列示備考的多元化船隊，包括我們的 3 艘 LNG 船（含我們今日宣布的新訂單）以及 16 艘穿梭油輪船隊。在去年於巴西贏得標案、於南韓建造 9 艘穿梭油輪後，我們以非常年輕且技術先進的船隊，成為全球最大的穿梭油輪營運商之一。去年我們交付 Athens 04 與 Paris 24 兩艘船後，已有 6 艘穿梭油輪全面投入營運，並開始與一家大型能源公司簽訂長期期租合約。

If we combine the two slides and account only for the current operating fleet of 64 vessels, 22 vessels or 34% of the operating fleet has market exposure spot and time charter with profit sharing, while 55 vessels or 86% of the fleet is in secured revenue contracts, time charters and time charters with profit sharing.

若將兩張投影片合併，且僅計入目前營運中的 64 艘船舶，則有 22 艘（占營運船隊 34%）具市場曝險，包含即期與附利潤分成的期租；而有 55 艘（占船隊 86%）處於已鎖定收入的合約之下，包括期租與附利潤分成的期租。

The next slide lists our clients with whom we do repeat business through the years, thanks to our industrial model. ExxonMobil is the largest revenue client. Equinor, Shell, Chevron, TotalEnergies, and BP follow.

下一張投影片列出我們多年來因工業化營運模式而持續重複合作的客戶。ExxonMobil 是收入貢獻最大的客戶。其後依序為 Equinor、Shell、Chevron、TotalEnergies 與 BP。

We believe that over the years, we have become the carrier of choice to energy majors, thanks to the fleet that we have built, the operational and safety record, the disciplined financial approach, the strong balance sheet, and good financial performance.

我們相信，多年來我們已成為大型能源公司的首選承運人，這得益於我們打造的船隊、營運與安全紀錄、審慎的財務方針、強健的資產負債表以及良好的財務表現。

The left side of slide 7 presents the all-in breakeven costs for the various vessel types we operate in the company. Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses that is paying for vessel operating and finance expenses for overheads, chartering costs and commissions and we let the revenue from the spot and profit-sharing trading vessels to make contributions to the profitability of the company. Thanks to the profit-sharing elements, for every $1,000 per day increase in spot rates, we have a positive $0.11 impact on the annual earnings per share based on the number of TEN vessels that currently have exposure to spot rates, 22 vessels.

第 7 張投影片左側呈現本公司所營運各類船型的全包式損益兩平成本。我們的營運模式很簡單。我們力求讓期租船舶所產生的收入足以覆蓋公司的現金支出，也就是支付船舶營運與融資費用、管理費用、租船成本與佣金，並讓即期與利潤分成交易船舶的收入為公司獲利作出貢獻。由於利潤分成機制，按目前 TEN 有 22 艘船舶對即期運價有曝險計算，即期運價每上升每日 1,000 美元，對年度每股盈餘將帶來正向 0.11 美元的影響。

We have a solid balance sheet with strong cash reserves. The fair market value of the operating fleet exceeds today $4 billion against $1.9 billion debt and net debt to cap of around 47%.

我們擁有穩健的資產負債表與充裕的現金儲備。營運船隊的公允市場價值目前超過 40 億美元，相對於 19 億美元的負債，且淨負債占資本比率約為 47%。

Fleet renewal and investing in eco-friendly greener vessel has been key to our operating model. Since January 1, 2023, we have 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.

船隊汰舊換新以及投資於更環保、更綠色的船舶，一直是我們營運模式的關鍵。自 2023 年 1 月 1 日起，我們透過處分第一代傳統油輪，並以更節能的新造船與現代化二手油輪（包括雙燃料船舶）取代，進一步提升船隊品質。

In summary, we sold 18 vessels with an average age of 17 years and capacity of 1.7 million deadweight ton and replaced them with 34 contracted and modern acquired vessels with an average age of 0.5 years and 4.7 million deadweight capacity.

總結而言，我們出售了 18 艘船舶，平均船齡 17 年、載重噸位合計 170 萬噸，並以 34 艘已簽約與現代化購入的船舶取代，平均船齡 0.5 年、載重噸位合計 470 萬噸。

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. Global oil demand continues to grow year after year. OPEC+ accelerated their voluntary production cuts, wars, economic sanctions, sanctions lifted tankers and geopolitical events positively affect the tanker market and freight rates while the tanker order book remains at healthy levels as a big part of the global tanker fleet is over 20 years and will need to be replaced gradually.

我們持續將船隊轉型為更綠色與雙燃料船舶。目前我們是全球最大的雙燃料、以 LNG 為燃料的 Aframax 油輪船東之一，已有 6 艘船舶在水上營運。全球石油需求仍逐年成長。OPEC+ 加速其自願性減產；戰爭、經濟制裁、解除制裁後的油輪供給以及地緣政治事件，均對油輪市場與運費水準帶來正面影響；同時油輪新船訂單量（order book）仍處於健康水準，因全球油輪船隊中有相當比例船齡超過 20 年，未來將需要逐步汰換。

And with that, I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance for the fourth quarter and last year. Harrys?

接下來我把時間交給 Harrys Kosmatos，他將帶領我們回顧第四季與去年的財務表現。Harrys？

Thank you, George. So let's start with a review of the year 2025. So with 2025 starting on the whim with an avalanche of global tariffs and tit-for-tat actions by China on US-proposed port fees, measures that were subsequently revised or suspended, all in the backdrop of ever-growing geopolitical turmoil, the tanker markets remained elevated and oil majors increased their long-term cargo requirements. To this effect, TEN through to its tried and tested operating model of seeking long-term cover provided the vessels required for its blue-chip clientele to meet its needs.

謝謝你，George。那我們先從回顧 2025 年開始。2025 年在全球關稅雪崩式推出、以及中國針對美國提議的港口費用採取以牙還牙措施（其後相關措施被修訂或暫停）的情況下開局，同時又處於日益升高的地緣政治動盪背景之中；油輪市場仍維持在高檔，而大型石油公司也提高了其長期貨載需求。在此背景下，TEN 透過其久經考驗、尋求長期覆蓋的營運模式，提供其藍籌客戶所需的船舶以滿足其需求。

This operational tweak, however, did not hinder the fleet from taking advantage of the equally strong but more erratic spot market as it had a good complement of vessels benefiting from trading spot. In particular, with the fleet in the water averaging 62 vessels identical to 2024, days under secure revenue employment, that is vessels on time charters and time charters with profit sharing provisions increased by 12.6%, while days on spot declined by 33%.

然而，這項營運上的微調並未妨礙船隊把握同樣強勁但更為波動的即期市場，因為船隊中有相當數量的船舶受惠於即期交易。具體而言，在水上營運的船隊平均為62艘，與2024年相同；在具備確保收入的受僱天數方面（即簽訂期租合約以及含利潤分成條款的期租合約之船舶）增加了12.6%，而即期天數則下降了33%。

Of interest, during 2025, days on profit sharing contracts alone increased by 12.4% from 2024, highlighting TEN's commitment to adding another layer of employment to benefit from the very lucrative spot market.

值得注意的是，於2025年，僅利潤分成合約的受僱天數較2024年增加了12.4%，凸顯TEN致力於再增加一層受僱安排，以便從極為可觀的即期市場中受益。

Today, one-third of our fleet, that is 22 vessels, 9 on pure spot and 13 on profit sharing contracts are directly impacted by the historical strong spot market. As a result of this employment shift, during 2025, TEN generated close to $800 million in gross revenues and $252 million in operating income, which incorporated $12.5 million of capital gains from the sale of four older vessels. Capital gains during the equivalent 2024 12 months were up $49 million from the sale of five vessels.

目前，我們船隊的三分之一（即22艘船），其中9艘完全採即期、13艘採利潤分成合約，直接受到歷史性強勁即期市場的影響。由於這項受僱結構的轉變，2025年TEN創造了接近8億美元的總營收與2.52億美元的營業利益，其中包含出售4艘較老舊船舶所帶來的1,250萬美元資本利得。在相對應的2024年12個月期間，資本利得來自出售5艘船舶，達4,900萬美元。

In line with the above employment pattern and fewer vessels on dry dock compared to 2024, 10 in '25 from 15 last year in '24, fleet utilization increased to 96.6% from 92.5% in 2024. The time charter equivalent rate the fleet attained during 2025 was a healthy $32,130, similar to 2024 levels.

配合上述受僱型態，且相較2024年進塢維修的船舶較少（2025年為10艘，2024年為15艘），船隊使用率由2024年的92.5%提升至96.6%。船隊於2025年達成的期租等效（TCE）費率為健康的32,130美元，與2024年水準相近。

Reflecting the reduction of the fleet's spot exposure mentioned above, voyage expenses declined from $153 million in 2024 to $122 million in 2025, a saving of $30 million. A saving of $4.4 million was also incurred by a reduction in charter hire expenses whilst vessel operating expenses increased by just under $13 million from the year prior to settle at $211 million. The introduction of larger and more specialized vessels in the fleet like Suezmax and shuttle tankers in place of Handysize and Aframax vessels that were sold contributed to that increase.

反映前述船隊即期曝險降低，航次費用由2024年的1.53億美元降至2025年的1.22億美元，節省3,000萬美元。由於租船費用下降，亦節省了440萬美元；同時，船舶營運費用較前一年增加近1,300萬美元，達到2.11億美元。船隊引進更大型且更專業的船舶（如蘇伊士極限型油輪與穿梭油輪），取代已出售的靈便型與阿芙拉型船舶，促成了該項增加。

As a result, operating expenses ship seat per day for 2025 average a competitive $9,990, about one-third of the time charter equivalent rate mentioned above. Depreciation and amortization came in at $170 million for 2025 from $160 million reflecting the introduction of 4 newbuilding vessels.

因此，2025年每日每船的船舶營運費用平均為具競爭力的9,990美元，約為上述期租等效費率的三分之一。2025年的折舊與攤銷為1.70億美元，高於1.60億美元，反映新增4艘新造船的投入。

General and administrative expenses in 2025 were at $42 million from $45 million in 2024, to a large extent, the result of the amortization of stock compensation awarded in July 2024 and scheduled to fully vest by July 2026. A decline was also experienced in our cost of interest as a result of lower interest rates, which despite $174 million increase in the company's debt obligations from 2024 due to new loans for TEN's newbuilding program came in at $98 million compared to $112 million in 2024, another saving of $14 million. Interest income came in at $10.5 million which was another meaningful contribution.

2025年的一般及行政費用為4,200萬美元，低於2024年的4,500萬美元；在很大程度上，係因2024年7月授予之股票酬勞的攤銷，並預計於2026年7月完全歸屬。由於利率下降，我們的利息成本亦有所降低；儘管公司因TEN的新造船計畫新增貸款，使2024年以來的債務義務增加1.74億美元，利息成本仍為9,800萬美元，較2024年的1.12億美元減少，另節省1,400萬美元。利息收入為1,050萬美元，亦是另一項重要貢獻。

At the end of 2025, with just 62 vessels on average in the water and 20 vessels -- and a 20-vessel newbuilding program, TEN's total debt obligations were at $1.9 billion with net debt to cap -- while net debt-to-cap stood at a comfortable 46.7%. TEN's loan-to-value at the end of 2025 was a conservative 48%. As a result of all the above, the company during 2025 generated a healthy net income of $161 million or $4.45 in earnings per share.

截至2025年底，在水上營運平均僅62艘船舶，且另有20艘船舶——以及一項20艘的新造船計畫——TEN的總債務義務為19億美元；淨負債對資本比（net debt-to-cap）維持在舒適的46.7%。截至2025年底，TEN的貸款價值比（LTV）為保守的48%。綜合上述，2025年公司產生健康的淨利1.61億美元，或每股盈餘4.45美元。

Adjusted EBITDA for the year came in at $416 million, while cash at hand as at the end of December 2025 stood at $298 million. After having paid $148 million in scheduled principal payments, $190 million in yard predelivery installments and capitalized costs and $27 million in preferred share coupons.

全年調整後EBITDA為4.16億美元，而截至2025年12月底手頭現金為2.98億美元。此前已支付1.48億美元的到期本金償還、1.90億美元的船廠交付前分期款與資本化成本，以及2,700萬美元的優先股股息（coupon）。

And now let's go over the quarter-four summary results. The fourth quarter of 2025 experienced similar fleet employment patterns, which had fleet utilization reaching 97.7% from 93.3% during the 2024 fourth quarter. During the 2025 fourth quarter, two vessels underwent scheduled dry dockings compared to four in the 2024 fourth quarter, which naturally contributed to this improvement.

接下來我們回顧第四季摘要結果。2025年第四季的船隊受僱型態相近，使船隊使用率由2024年第四季的93.3%提升至97.7%。2025年第四季有兩艘船進行例行進塢維修，相較2024年第四季的四艘，這也自然促成了改善。

With an identical number of vessels in the water with the 2024 fourth quarter, albeit of greater deadweight, the fleet generated $222 million of gross revenues and $81 million in operating income which similarly to the 2024 fourth quarter did not have any gains or losses from vessel sales. The result in time charter equivalent per ship per day, reflecting the ever-increasing strength in rates was at $36,300, 21% higher than the 2024 fourth quarter level.

在水上營運的船舶數量與2024年第四季相同，但載重噸更大；船隊創造了2.22億美元的總營收與8,100萬美元的營業利益，且與2024年第四季相同，未包含任何船舶出售的損益。每船每日期租等效（TCE）結果反映運價持續走強，達36,300美元，較2024年第四季水準高出21%。

Voyage expenses during this year's fourth quarter were lower compared to last year's fourth quarter, experiencing a $7.6 million drop to settle at $26.8 million.

今年第四季的航次費用較去年第四季更低，減少760萬美元，降至2,680萬美元。

Operating expenses, on the other hand, increased to $56 million from $51 million in the fourth quarter of '24 due to some extent by operating larger vessels. The result in operating expenses per ship per day for the fourth quarter of 2025 came in at $10,558. Again, one-third 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，營運費用由2024年第四季的5,100萬美元增加至5,600萬美元，部分原因在於營運較大型船舶。2025年第四季每船每日營運費用為10,558美元。同樣約為船隊平均TCE的三分之一，且仍具競爭力，歸功於TEN技術管理團隊高效率且積極主動的管理。

Depreciation and amortization were a little higher from the 2024 fourth quarter at $44.4 million. General and administrative expenses were at $6.2 million lower from last year's third quarter at $9.2 million. Interest came in at -- interest costs came in at $25 million, similar to the 2024 fourth quarter, while interest income contributed about $3 million to the bottom line.

折舊與攤銷較2024年第四季略高，為4,440萬美元。一般及行政費用為920萬美元，較去年第三季低620萬美元。利息方面——利息成本為2,500萬美元，與2024年第四季相近；而利息收入約為300萬美元，對淨利有所貢獻。

As a result of all the above, TEN during the fourth quarter of 2025 reported $58 million of net income or $1.70 in earnings per share, a 200% increase from the 2024 fourth quarter. The adjusted EBITDA during the fourth quarter of 2025 settled at $128 million, $42 million here from the 2024 fourth quarter number.

綜合上述，TEN於2025年第四季報告淨利5,800萬美元，或每股盈餘1.70美元，較2024年第四季增加200%。2025年第四季調整後EBITDA為1.28億美元，較2024年第四季增加4,200萬美元。

And with that, I'll pass it back to Nikolas. Thank you.

接下來我把時間交回給Nikolas。謝謝。

Thank you, Harrys, for having so many positive numbers. I will allow you to make long presentations as long as the numbers are positive because -- well, as we said, the fourth quarter was only the beginning of the end, I would say, of a very fruitful year for 2025, a year that we have been able to establish a renewal -- a significant renewal of the fleet. We have been able to take and absorb the new acquisitions of the Viken fleet, which we did earlier fully in the company. And we were able to have an increase of our utilization to close to 98%, which I think this is really something that we want to congratulate also the operation department of Tsakos Shipping and Trading for keeping the ships -- the propellers earning almost 100% of the day. And this figure includes dry dockings and special surveys.

謝謝你，Harrys，帶來這麼多正面的數字。只要數字是正面的，我就允許你做很長的簡報，因為——嗯，正如我們所說，第四季只是我會說的——非常豐收的2025年的尾聲之初；在這一年，我們得以推動船隊更新——一次重大的船隊更新。我們也成功接手並消化了Viken船隊的新收購，先前我們已將其完整納入公司。而且我們把使用率提升到接近98%，我認為這確實值得恭賀Tsakos Shipping and Trading的營運部門，讓船舶——讓螺旋槳幾乎每天都在賺錢，接近100%。而這個數字也包含進塢維修與特檢。

So it's really, I think, the highest utilization in the company's history. And the beginning of '26, we had, I would say, surprises mainly on the geopolitical front. We have the change and the lifting of sanctions from Venezuela, which has allowed companies like ourselves to be able to participate even more in that -- in those trades. And of course, recently, the events in the Persian Gulf which have created spot rates or have led to spot rates and prices of oil that we have not seen for a generation. The company is very well prepared to navigate such a tremulous environment.

所以我認為，這確實是公司歷史上最高的使用率。而在 26 年初，我會說，意外主要來自地緣政治面。我們看到委內瑞拉制裁的變更與解除，這讓像我們這樣的公司能夠在那——在那些交易中更積極地參與。當然，近期波斯灣的事件造成了現貨運價，或導致了我們一代人以來未曾見過的現貨運價與油價水準。公司已做好充分準備，能在如此動盪的環境中前行。

And as Mr. Saroglou showed us in our earlier slide, I think the company comes stronger out of every crisis. I think most of you listening are too young to remember most of the crisis that we have been -- that we have gone through in the last -- seven crisis in the last 30-odd years, but the company has been able to build and build further.

而且正如 Saroglou 先生在先前的投影片中向我們展示的，我認為公司每次危機過後都會變得更強。我想在座多數聽眾都太年輕，記不得我們在過去——過去三十多年裡經歷的大多數危機，總共有七次危機，但公司一直能夠持續累積、再更進一步。

And I think this graph is very evident that the Harrys, next time don't forget you have 12.5% growth that we usually have to show that the company has been growing year after year regardless of difficult markets. Another important factor we have increased the dividend.

我認為這張圖非常清楚地顯示，Harrys，下次別忘了你們通常要展示的 12.5% 成長，來說明公司不論市場多艱難，都能年復一年地成長。另一個重要因素是，我們提高了股利。

We paid the last part of our dividend in February and we're looking to reward shareholders accordingly as we move forward. A lot of question marks. We're actually focusing on the safety of our seafarers, as Mr. Saroglou said and also protecting our assets and the cargoes in our assets. We are going through situations that we have not seen in a generation.

我們在二月支付了股利的最後一部分，並且在往前推進時，會相應地回饋股東。有很多問號。我們其實正聚焦於海員的安全，正如 Saroglou 先生所說，同時也保護我們的資產以及資產中的貨物。我們正面臨一代人以來未曾見過的情況。

But we are well prepared to be able to take advantage of that. And with that, I would like to open the floor and also to thank the Chairman for his good words earlier to any questions. Thank you.

但我們已做好充分準備，能夠把握其中的機會。因此，我想開放現場提問，也感謝主席先前的美言，歡迎各位提問。謝謝。

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

(接線員指示) Climent Molins，Value Investor's Edge。

I wanted to start by asking about the two LNG carrier orders you announced today. Could you talk a bit about whether you're already in discussions for long-term charter employment. And if so, what duration are you targeting?

我想先從今天你們宣布的兩艘 LNG 運輸船訂單談起。能否談談你們是否已在就長期租船就業進行討論？如果是的話，你們目標的租期是多長？

Yes. I mean, there is -- as I said, the LNG segment is a segment that we have been participating from a very early stage back in 2007. However, I think for good reasons, we have never overextended ourselves in investing in that segment. We always want to participate in new ships and new technologies, and that's what we have done. And with these ships, it's too early to charter long term, but there is a lot of appetite going forward. So I think this is more as a long-term investment for this growing segment of the business rather than something that we have done with a charter in mind.

是的。我的意思是——如我所說，LNG 這個領域我們從很早期、早在 2007 年就開始參與。不過，我認為基於合理原因，我們從未在該領域投資過度擴張。我們一直希望參與新船與新技術，而這正是我們所做的。至於這些船，現在談長期租約還太早，但未來的需求非常強。所以我認為，這更像是對這個成長中業務板塊的長期投資，而不是以已經有租約為前提所做的決定。

All right. Makes sense. I also wanted to ask about the energy. Could you talk about how the index-linked portion is calculated? Is it benefiting from the surge in spot rates we've seen in recent days?

了解。很合理。我也想問一下能源相關的部分。能否談談與指數連動的那一部分是如何計算的？它是否受益於我們近幾天看到的現貨運價飆升？

The tenanties on a profit sharing arrangement based on trading routes of the Far East, end of Transatlantic. So of course, it's participating in this situation and the current employment ends in about eight months. And of course, there is a significant appetite for such a [prompt] ship going forward.

租約是基於遠東航線與跨大西洋航線交易路線的利潤分成安排。所以當然，它會參與到目前這種情況中，而目前的就業合約大約還有八個月到期。當然，未來市場對這類 [prompt] 船舶的需求也相當強勁。

That's helpful. As I understand it, you very recently fixed two MR2 new builds that were delivered earlier this year. Are they employed at fixed rates or at variable hire? And if it's the former, at what rate are they employed?

這很有幫助。據我了解，你們最近為兩艘今年較早交付的 MR2 新造船完成了租約鎖定。它們是以固定運價承租，還是浮動租金？如果是前者，它們是以什麼運價承租的？

We cannot tell you all the secrets. You have to call Mr. Kosmatos. When you see him in New York, you can ask Mr. Kosmatos. He's only allowed to write this in a piece of paper and secretly hand it to you under the table. But they are -- I would say, they are fixed rates, and they're very, very accretive in the mid- to high-20s. That's all I can say.

我們不能把所有祕密都告訴你。你得打給 Kosmatos 先生。你在紐約見到他時，可以問 Kosmatos 先生。他只被允許把這個寫在一張紙上，然後在桌子底下偷偷交給你。不過它們——我會說，是固定運價，而且在 20 多（中段到高段）的水準非常、非常增厚（具增益）。我只能說到這裡。

And I think these are the highest that those ships have been fixed -- these type of ships have been fixed in the recent months or at least this is what our chartering department tells us.

而且我認為，這是近幾個月來這些船——這類船舶所能鎖定的最高水準，至少我們的租船部門是這麼告訴我們的。

Makes sense. Harrys, we definitely need to catch up soon.

了解。Harrys，我們確實得找時間好好聊聊。

Looking forward to it, gentleman.

很期待，先生。

Yes. I also have a question on the shuttle tanker newbuilds. We've seen some of your peers getting very good financing terms and support from the Korean export agency. Is this something we should kind of expect on your shuttle tanker orders as well?

是的。我還有一個關於穿梭油輪新造船的問題。我們看到你們的一些同業從韓國出口機構獲得非常好的融資條件與支持。這是否也是我們在你們的穿梭油輪訂單上可以期待的？

Of course, I mean, we are one of the biggest supporters of South Korean yards and all the -- we try to keep all -- we are currently to the Herculean task of our newbuilding department. We had site offices in all the major South Korean yards. So we have a very big site office in Samsung as big in Hanwha, the ex Daewoo, and of course, a big one in Hyundai, which we never stopped having versus perhaps if you recall, we just took delivery of our last vessel there in October. So we keep on maintaining very hands-on site offices in this -- in all of them.

當然，我的意思是，我們是韓國造船廠最大的支持者之一，而且——我們努力把所有——我們目前正面對新造船部門的艱鉅任務。我們在所有主要的韓國船廠都設有駐廠辦公室。因此，我們在三星有非常大的駐廠辦公室，在 Hanwha（前身為大宇）也同樣很大，當然在現代也有一個很大的辦公室；我們從未停止設置，或許你還記得，我們在那裡於十月才剛接收最後一艘船。所以我們持續在這——在所有船廠都維持非常深入、親力親為的駐廠團隊。

And of course, we get the appreciation from the Korean banking system. And I think our team has concluded one of the largest syndications for the finance of those vessels at very, very competitive terms.

當然，我們也獲得韓國銀行體系的肯定。我認為我們的團隊已完成了其中一筆規模最大的聯貸案，用於這些船舶的融資，條件非常、非常具競爭力。

That's good to hear. And final question from me. Big picture, 2026 has started very strongly for you and both earnings and free cash flow are set to rise very significantly. Could you talk a bit about how you think about your capital allocation priorities? How do you plan to balance deleveraging fleet renewal and increase shareholder returns going forward?

很高興聽到。我最後一個問題。從大方向來看，2026 年對你們而言開局非常強勁，無論盈餘或自由現金流都將大幅上升。能否談談你們如何思考資本配置的優先順序？未來你們打算如何在去槓桿、船隊更新與提高股東回報之間取得平衡？

Well, I think, as we said, our -- we make sure that we are securing the well-being of the company long term. And as we speak, I think as we see today, (inaudible) accounted, I think that by the end of the first and second quarter, we might be in excess of $0.5 billion in liquidity, which means that our priority is the reward of our shareholders, which we are the largest ones as the management. And then, of course, we would be allocating our newbuilding program is almost fully financed, as I said, with the recent syndication. So rewarding our shareholders, reducing debt significantly. And we might be looking at next year, April next year to actually repurchasing some of our very, very usual preferreds.

嗯，我認為，正如我們所說，我們——我們會確保公司長期的健全與福祉。而就目前而言，我想如同我們今天看到的，（聽不清）計入之後，我認為到第一季與第二季末，我們的流動性可能會超過 5 億美元，這意味著我們的優先事項是回饋股東，而管理層作為最大股東也是如此。然後，當然，我們的新造船計畫幾乎已如我所說，透過近期的聯貸案完成了全面融資。因此，回饋股東、顯著降低負債。而我們也可能在明年、明年四月，實際回購一些我們非常、非常常規的優先股。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Yeah, hi. I was trying to isolate the impact of the profit sharing agreements that you had in the spot market exposure on the increase in voyage revenue in the fourth quarter versus the third quarter. Can you quantify the impact of the increase in the TCE rate. What was the exposure to the spot market versus the contribution from profit sharing?

是的，你好。我想把你們在現貨市場曝險中所簽的利潤分成協議之影響，從第四季相較第三季航程收入增加的因素中單獨拆出來看。你能量化一下 TCE（等效日租金）費率上升的影響嗎？現貨市場的曝險占比是多少，相較之下利潤分成的貢獻是多少？

Well, we did see a lot of profit sharing coming in later -- well, throughout '25, and we are beginning to see recently. And actually, a number of our vessels have been rechartered on higher elevated floor rates to what they were previously.

嗯，我們確實看到不少利潤分成在較後面進來——嗯，整個 2025 年都有，而且我們最近也開始看到。而且其實，我們有不少船舶已以更高、抬升後的保底租金重新出租，相較於先前的水準。

Just to give you an idea, over and above the fixed rate that I mentioned earlier in the fourth quarter of '25, we got an additional $27 million from the profit sharing income that came in. So obviously, we did have some benefit. It seems that the numbers will -- I mean, they look that we are moving in the right direction and perhaps to recall the similar amounts of additional income going forward. So again, $27 million over and above the flow rate on those profit sharing vessels in the fourth quarter.

給你一個概念，除了我先前提到的 2025 年第四季固定租金之外，我們另外收到 2,700 萬美元的利潤分成收入。所以很明顯，我們確實有受惠。看起來數字——我的意思是，它們看起來我們正朝正確方向前進，未來或許也能回到類似規模的額外收入。所以再說一次，第四季在那些利潤分成船舶上，除了保底租金之外是 2,700 萬美元。

Yes. That's a significant amount. I mean, this is almost like 50% of the profitability of the fourth quarter. So it's not -- it's -- the profit arrangements have huge contribution being $27 million on $58 million of profit.

是的。那是一個很可觀的金額。我的意思是，這幾乎像是第四季獲利的 50%。所以——這——利潤分成安排的貢獻非常大，2,700 萬美元占 5,800 萬美元獲利中的很大一部分。

Yes, that's exactly what I was looking for. And so there were some -- there was a positive increase on some of rechartering or recontracting the time charters that you had.

是的，這正是我想了解的。所以你們在部分重新出租或重新簽訂既有期租合約方面，確實有一些正向的提升。

And when you look at the first quarter and looking maybe at the first half of the year, my sense is that rates started to move in the fourth quarter, but the really significant move is more in the February timeframe. And obviously, it's a little early just because of what's going on in the Middle East. But is there an additional step-up that we should see in the first quarter in profit sharing?

另外，當你看第一季、甚至可能看上半年時，我的感覺是費率在第四季開始走動，但真正顯著的上行更多是在 2 月那段時間。而且很顯然，考量到中東正在發生的事情，現在談還有點早。但第一季的利潤分成是否還會有額外的再上台階（step-up）？

Yes. I mean, the way things are today, I think the profit sharing has gone off the chart because of -- and as Harrys said, I mean, for example, we had the categories of ships that we would profit share for anything above $20,000 a day. And the next fixture was anything about $35,000 a day. So you understand that we made sure that we pushed the fixed part of the profit sharing as high as possible for as long as possible and then the profit sharing goes.

是的。我的意思是，以目前的情況來看，我認為利潤分成已經飆到非常高，因為——正如 Harrys 說的，例如，我們有一些船型的利潤分成門檻是日租超過 20,000 美元就開始分成。下一個成交（fixture）則是日租超過 35,000 美元才開始分成。所以你可以理解，我們確保把利潤分成中固定部分的水準，盡可能在盡可能長的期間內推到最高，然後才進入利潤分成。

So yes, I think the first quarter, it's going to be another step up from where we left the fourth quarter.

所以是的，我認為第一季會比我們第四季結束時的水準再上台階。

And I think of interest, Poe, is that from the 13 vessels that we currently have on profit sharing, 7 are Suezmaxes and 2 are VLs.

而且我想你會感興趣的是，Poe，我們目前 13 艘採利潤分成的船舶中，有 7 艘是 Suezmax（蘇伊士型），另有 2 艘是 VL（VLCC）。

Yes. So they're actually the big boys of profit sharing.

是的。所以它們其實是利潤分成裡的「大咖」。

Yeah. I was going to say and that's where you're seeing the meaningful increases. Maybe it it'll filter down to the smaller sizes, but at this point in time, your exposure to the larger segments is -- or larger sectors is really good. When you look at the decision to sell the vessel, what -- how did you -- was this an inquiry from somebody as far as trying to -- there's been a big acquirer out there, was there an inquiry that came in that led you to hit the bid, or was this part of your strategic fleet renewal?

對。我正想說，這也是你們看到顯著增幅的地方。也許之後會往較小船型傳導，但就目前而言，你們對較大型級距——或較大型板塊——的曝險真的很好。談到出售船舶的決策，你們是怎麼——這是有人來詢價、想要——市場上有個大型收購方，是否有詢價促使你們接受出價（hit the bid），還是這是你們策略性船隊汰舊換新的其中一環？

And then if you could talk about what other potential assets are on the block that we could see sold in 2026, that would be helpful.

另外，如果你能談談 2026 年還有哪些潛在資產可能在待售名單上，會很有幫助。

Yes. I mean, there's always -- it takes two to tango. So it was not that we were out. I mean, our philosophy has always been that we're looking to sell any vessel which is between 10 and 15 years old. As you very well know, there have been people who have been buying these assets at prices that make a huge sense.

是的。我的意思是，這種事總是——需要兩個人才能跳探戈。所以並不是我們主動在外面推售。我的意思是，我們的理念一直是：任何船齡介於 10 到 15 年的船，我們都會考慮出售。如你所知，確實有人以非常合理、很有吸引力的價格在買這些資產。

I think we were, I would call it, lucky enough in November to order three VLs of Hanwha at prices of today. And just to put it in perspective, the newbuilding, so we show -- we ordered those ships. I think it has been reported at $128 million.

我想我們在 11 月算是——我會說——夠幸運，能以今天這樣的價格向 Hanwha 訂造三艘 VL（VLCC）。為了讓你有個對照，新造船——所以我們顯示——我們訂了那些船。我想外界報導的價格是 1.28 億美元。

And we sold the 10-year-old ship, which if you equate, it's a newbuilding price, it's in excess of $170 million. So it doesn't -- it's always good to take advantage of these possibilities. And the good thing is that we are going to be using the ship up to almost the middle of the year since we're taking advantage right now in a huge way of the big market -- of the spot market. And we're going to be selling here and delivering here back to the new owners sometime in June, end of May, June. So in a sense, we were able to have our cake and eat it, too, for that -- for the first six months.

而我們賣出一艘 10 年船齡的船，如果你把它換算成新造船價格，等同於超過 1.7 億美元。所以——把握這些機會總是好的。而且好的一點是，我們會一直使用這艘船到差不多年中，因為我們現在正大幅受惠於強勁的市場——也就是現貨市場。我們會在這裡出售，並在 5 月底、6 月左右交付給新船東。所以某種程度上，對於前六個月，我們算是魚與熊掌兼得。

Yes, that was a pretty timely rollover as far as just the Ulysses went open in the, I guess, December timeframe. Just go back to, if you wouldn't mind, the chartering strategy, profit sharings kicked in, you see a step-up in the first quarter, probably the second quarter too. Where do you get more aggressive in trying to lock in the higher rates?

是的，那次換手時點抓得很準，因為 Ulysses 好像是在 12 月那段時間轉為空船（open）。如果你不介意，我再回到租船策略：利潤分成開始啟動，你們看到第一季上台階，第二季可能也會。那你們會在什麼情況下更積極地去鎖定較高的費率？

We are always -- I mean, we have set an evident step-up in all categories of the vessels. And as long as we are able to have the profit sharing arrangement, which is something that very few others do, we should keep it that way. You've seen on slide number 7 on page 7, you see our breakevens, which I think are very, very competitive. I mean, we have an all-in breakeven for VLs up to $28,000. Today, they're averaging above $100,000, including the profit sharing.

我們一直——我的意思是，我們在各類船舶上都已經設定了明顯的上調台階。只要我們能維持利潤分成安排——這是很少其他人會做的——我們就應該維持這種做法。你在第 7 張投影片、第 7 頁可以看到我們的損益兩平點（breakevens），我認為非常、非常有競爭力。我的意思是，我們 VL（VLCC）的全包式損益兩平點大約到 28,000 美元。而今天它們的平均水準在 100,000 美元以上，包含利潤分成。

So there's a little profit to make there. Suezmax is breakeven of everything at $25,000. I think we're closer to $80,000. Aframax is $21,000 -- well, Aframax and LR2s, if you put them together, about $22,500. Again, we're in the $70,000s and $80,000s there.

所以那裡還有一些利潤可賺。Suezmax（蘇伊士型）的全包損益兩平點是 25,000 美元。我想我們現在更接近 80,000 美元。Aframax（阿芙拉型）是 21,000 美元——嗯，Aframax 和 LR2 若合在一起，大約 22,500 美元。同樣地，我們在那邊是 70,000 到 80,000 美元的水準。

Our Panamaxes, which are our oldest segment in the $18,000 and I think that's where we got the $30,000-plus profit share arrangements. So those are in the money. Our Handysizes are down to $10,000, which means there are actually operating expenses and some interest since they're very, very well amortized. The LNGs -- and our shuttle tankers are also very much into the money at $34,000 time charter. So when we can make sure that we get covering our minimum significantly, then we do the profit share.

我們的巴拿馬型船（Panamaxes）是我們最老的船隊板塊，日租約在18,000美元左右，我想這也就是我們拿到30,000美元以上利潤分成安排的原因。所以這些目前都是「在價內」（有利可圖）。我們的輕便型船（Handysizes）降到10,000美元，這表示實際上僅能覆蓋營運費用以及部分利息，因為它們已經非常、非常充分地攤還。LNG船——以及我們的穿梭油輪（shuttle tankers）在34,000美元的期租水準下也非常「在價內」。因此，當我們能確保大幅高於我們的最低覆蓋水準時，我們才會做利潤分成。

I think page number 7 portrays, Mr. George, what Mr. -- our President has put up on the board.

我想第7頁呈現了，George先生，總裁先生——我們的總裁在簡報板上展示的內容。

Yeah, that's helpful. And if I may, one more question. Obviously, the turmoil in the Middle East just had an impact on rates. But the other side of the question is, right now, and I know you don't have any tankers in Hormuz way. But what are you expecting on the insurance expense side?

是的，這很有幫助。如果可以的話，我再問一個問題。顯然，中東的動盪剛剛對運價造成了影響。但問題的另一面是，目前——我知道你們沒有任何油輪在荷姆茲一帶。不過在保險費用方面，你們預期會如何？

And then also, how much exposure do you have to higher fuel costs as we look at the rest of 2026?

另外，展望2026年剩餘時間，你們對燃料成本上升的曝險有多大？

So this is actually a very good point. I think we have had in the last week a 500% increase on insurance on war risk insurance. I think from what we used to do it at $0.15 per deadweight ton, we're up to close to $1 now or $0.75 to a $1. So that's a huge increase. It's 500%. Of course, all this is paid directly by the charter. So it does not really influence -- it's not -- it's a pass-through cost for us. But it shows how the market rates this risk.

這其實是一個非常好的觀點。我想我們在過去一週，戰爭風險保險的保費上漲了500%。我們過去大概是每載重噸0.15美元，現在上升到接近1美元，或0.75到1美元左右。所以這是非常巨大的增幅。是500%。當然，這些費用都是由承租方直接支付。因此它並不真正影響——它對我們而言不是——而是一項轉嫁成本（pass-through cost）。但它顯示了市場如何為這個風險定價。

As far as our fuel costs, I mean, we have -- first of all, we have close to 25% of our existing requirements covered for the next couple of years at very competitive rates. But also being mainly on a time charter basis, all the fuel cost surges or not affects our clients. So we do not have that. I mean, we have a huge fleet, but being on time charter, the risk of the surge or drop of the bunker costs are taken up by the charters in a very big way.

至於我們的燃料成本，首先，我們未來幾年的既有需求中，大約有接近25%已以非常具競爭力的價格完成覆蓋。但同時，由於我們主要採期租（time charter）模式，燃料成本的飆升與否都會影響我們的客戶。所以我們並沒有承擔這部分。我的意思是，我們船隊規模很大，但在期租之下，燃油（bunker）成本上漲或下跌的風險，在很大程度上是由承租方承擔。

Great. And I'm sorry, if I may squeeze one last one in. What's your dry docking schedule for the rest of the year?

很好。抱歉，如果可以的話，我再塞最後一個問題。你們今年剩餘時間的進塢（dry docking）排程是怎樣？

Okay. We are starting quite live for the first quarter. We only have two vessels, two Suezmaxes for Q1. We have five vessels in the second quarter, seven vessels in the third quarter, and three vessels in the fourth quarter.

好的。我們第一季的安排相當緊湊。第一季只有兩艘船，兩艘蘇伊士極限型（Suezmax）。第二季有五艘，第三季有七艘，第四季有三艘。

Hopefully, we will be able to see you in New York next week.

希望下週能在紐約見到你。

And we have reached the end of the question-and-answer session. Now I'd like to turn the floor back to CEO, Mr. Nikolas Tsakos, for closing remarks.

我們已經到達問答環節的尾聲。現在我想把時間交回給執行長Nikolas Tsakos先生作結語。

Well, thank you for participating and listening in to our 2025 end-of-the-year results. It has been a productive year. Your support has been appreciated.

好的，感謝各位參與並收聽我們2025年年終業績。這是一個富有成果的一年。我們很感謝各位的支持。

We have seen significant, I think, close to 60% increase of share price in the last year, which shows the trust that the public markets are putting on TEN. And hopefully, this is only the beginning.

我們看到在過去一年股價顯著上漲，我想接近60%，這顯示公開市場對TEN所投下的信任。也希望這只是開始。

We have seen, again, a very steady trading and a very positive trading of our preferreds. The company would maintain its distribution policy of keeping shareholders -- of rewarding shareholders. We are going through a period of uncertainty in the world. And what we try to do with them is to take as much of this uncertainty possibly out through our chartering policy, which is always to the most blue-chip end users out there.

我們也再次看到，我們的優先股交易非常穩健且表現非常正面。公司將維持其配息政策，持續回饋股東——獎勵股東。我們正處於全球不確定性的時期。而我們嘗試透過我們的租船政策，盡可能把這些不確定性排除在外；我們一向是把船租給最頂級、最具信用（blue-chip）的終端用戶。

And with that, we want again to thank you, wish you a good weekend, and hopefully, we'll see you in New York next week. Thank you.

最後，我們再次感謝各位，祝各位週末愉快，也希望下週在紐約見到大家。謝謝。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation. Have a great day.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話線。感謝各位的參與。祝您有美好的一天。