Tsakos Energy Navigation Ltd (TEN) 2026 Q2 法說會逐字稿

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

(接線員指示) 我必須提醒各位，本次會議今天將被錄音。

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

現在我把發言權交給 Capital Link 總裁、同時擔任 Tsakos Energy Navigation Ltd. 投資人關係顧問的 Nicholas Bornozis 先生。先生，請開始。

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

非常感謝，各位與會者早安。我是 Nicholas Bornozis，Capital Link 總裁，並擔任 Tsakos Energy Navigation 的投資人關係顧問。

This morning, the company publicly released its financial results for the six months, and second quarter ended June 30, 2026. In case we do not have a copy of today's earnings release, please call us at 212-661-7566 or e-mail us at 10@capitalink.com and we will have a copy for your e-mail right away.

今天上午，公司已公開發布截至 2026 年 6 月 30 日止六個月及第二季的財務結果。若各位手邊沒有今天的財報新聞稿，請致電 212-661-7566 或電郵至 10@capitalink.com，我們會立即以電子郵件寄送一份給您。

Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the company's website.

請注意，與今天的電話會議同步進行的還有即時音訊與投影片網路直播，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。

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user-controlled, and that means that by clicking on the proper button you can move to the next or to the previous slide on your own.

請注意，網路直播簡報的投影片將於電話會議結束後在公司網站上提供並存檔。另外請注意，網路直播簡報投影片可由使用者自行控制，亦即您可點選相應按鈕自行切換至下一張或上一張投影片。

And 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 1,995. Investors are concerned that such forward-looking statements involve risks and uncertainties which may affect 10 business prospects and results of operations.

此刻我想宣讀「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 1,995 年《私人證券訴訟改革法案》(Private Securities Litigation Reform Act) 安全港條款之定義。投資人應注意，此類前瞻性陳述涉及風險與不確定性，可能影響 10 的業務前景與營運結果。

And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. And before doing that, I'd like to congratulate the company for the record revenue performance, and it seems that you are on course to break the $1 billion revenue target for the year. So Mr. Arapoglou, the floor is yours.

此刻我想把發言權交給 Tsakos Energy Navigation 董事長 Arapoglou 先生。在此之前，我想恭喜公司創下營收表現新高，看起來您正朝著全年突破 10 億美元營收目標邁進。Arapoglou 先生，請您發言。

Thank you, Nicholas. Good morning, and good afternoon to all. Thank you for joining our call today, presenting second quarter first half results of 10. And of course, once again, congratulations to Nikos Tsakos and the team for the stellar results as briefly described by Mr. Bornozis.

謝謝你，Nicholas。各位早安、午安。感謝各位今天加入我們的電話會議，我們將報告 10 的第二季與上半年業績。當然，再次恭喜 Nikos Tsakos 與團隊，正如 Bornozis 先生簡要提到的，成果非常亮眼。

Our model, 10's model has proven that it works even in weak markets. So no surprise that it works so well also in this market where current market conditions are very favorable. And it's a great opportunity for 10 to continue generating cash from operations, to continue from setting all the vessels. To renew the field, the fleet, and generate more cash to fund a record order book, as you have seen in the press release, keep cash for contingencies, perhaps if the board decides repay, redeem the series E. Preferred, nobody knows it's.

我們的模式，10 的模式，已證明即使在疲弱市場也行得通。因此，在目前市場條件非常有利的情況下，它同樣運作得如此出色也就不足為奇。這對 10 而言是絕佳機會，可持續由營運產生現金流，並持續為所有船舶安排租約。以更新船隊、產生更多現金來支應創紀錄的訂單量（如您在新聞稿中所見），同時保留現金以備不時之需；或許若董事會決定，也可能償還、贖回 E 系列優先股，沒有人知道會如何。

It's a next year issue, and more importantly, rewarding our investors. I want to emphasize this because during the calendar year 2026, we paid dividends of $0.60 and $1 for a total of $160 per share, and it's obvious that this can only go higher.

那是明年的議題；更重要的是，回饋我們的投資人。我想強調這點，因為在 2026 曆年期間，我們已支付股利 0.60 美元與 1 美元，合計每股 160 美分，而且很明顯這只會更高。

If approved by the board and if current conditions are maintained. This is a solid yield of very close to 4%, and it's a generous payout compared to other companies in the sector. So we want to underline that we want to reward our shareholders for staying with us who have actually benefited also from a nearly doubling of the stock price in the last two years.

前提是董事會核准且目前市況得以維持。這相當於接近 4% 的穩健殖利率，與同業相比屬於相當慷慨的配發。因此我們要強調，我們希望回饋一路支持我們的股東；而股東也確實受惠於過去兩年股價幾乎翻倍的表現。

Finally, 10 is making use of the strong market and of the high time charter rates to lock in high returns for its fleet. And up to now, the total of forward committed earnings is approaching $3.5 billion. So, this is a great cushion and a great base to look forward to continued success in the next two to three years. So, once again, congratulations to Nico Sarkos and the team for the stellar results and sincere wishes for continued success.

最後，10 正善用強勁市況與高昂的期租租金，為其船隊鎖定高報酬。截至目前，遠期已承諾收益總額正逼近 35 億美元。因此，這提供了極佳的緩衝與基礎，展望未來兩到三年持續成功。再次恭喜 Nico Sarkos 與團隊的卓越成果，並誠摯祝福未來持續成功。

Thank you very much. And now, Nico Sarkos, the floor is yours. I pass on the floor to you. Thank you.

非常感謝。現在，Nico Sarkos，發言權交給你。我把發言權轉交給你。謝謝。

Chairman, thank you very much for your kind words and hopefully we will continue this trend. Before that, of course, from all of us here in 10 and the family, we all remember 9/11. We are all been living in the US in New York for the last 45 years. Many of us around this table were there 25 years ago. Our office, our original office in New York is just on Rector Street, two blocks south of Ground Zero and just to remind you that we were the first. Company to go public after 9/11 we went public in March 2002 and we were actually starting our roadshow after Labor Day originally in 2001 before these terrible events so it's I would say very much into our mind and in hearts and we do not forget 9/11.

董事長，非常感謝您的美言，也希望我們能延續這個趨勢。在開始之前，當然，我們 10 與家族的所有人都記得 9/11。我們都已在美國紐約生活了 45 年。在座許多人 25 年前就在現場。我們在紐約的原始辦公室就在 Rector Street，距離世貿遺址（Ground Zero）以南兩個街區；也提醒各位，我們是第一家在 9/11 之後上市的公司。我們於 2002 年 3 月上市，而在 2001 年原本計畫於勞動節後開始路演，卻在那些可怕事件發生後改變了一切；所以我想，這一直深植於我們的心中，我們不會忘記 9/11。

Well, on a happier note, I have to say that this is a record-breaking period for our results in many segments, but it's not looking back at it. It seems that even after the first six months, which have been very profitable. We are the second part is actually doing even is even stronger the appetite of the major oil companies and all the chart is unimpresented i've never seen that in my 30 plus years in the in business a year ago i would be happy when we said we had business for one to or three years for our existing ships right now charters are there to take anything which is 10 years or younger for up to seven years and their appetite so we are actually balancing this luxury problem to have together with our.

那麼，談些更令人振奮的事，我必須說，這段期間我們在許多面向的業績都創下新高，但我們並不因此自滿。看起來即使在前六個月已非常獲利之後，下半年的表現其實更強；大型石油公司的需求以及整體租船市場的熱度前所未見——在我 30 多年的從業生涯中從未見過。一年前，若我們說現有船舶已有一到兩年或三年的業務量，我就會很滿意；但現在，租船方願意承租任何船齡 10 年或以下的船舶，最長可達七年，他們的需求非常強勁。因此我們正與我們的

Commercial department, we are making sure that 10 is taking advantage of the highs and at the same time secures long-term employment for when things become for a rainy day as they say. It is actually also very rewarding to see that we had our largest new building program of 26 vessels started two years ago. We have already taken delivery of seven of those ships, and the valuation of those ships has already increased by at least 30%.

商務部門一起，確保 10 能把握高點，同時也為未來景氣轉差（如俗話所說的「雨天」）時，鎖定長期就業合約。同時也非常令人欣慰的是，我們兩年前啟動了規模最大的 26 艘新造船計畫。我們已交付其中 7 艘，而這些船舶的估值已至少上升 30%。

So I think our $3 billion new building program is close to value today, close to 3.8 million, 3.9 million and growing on a monthly basis. So we are very well in the money. We took the decision to rebuild a big part of our fleet at a time where new building values were, I would say, more logical. So looking forward, we're looking for a good year. As the Chairman said, we're looking to increase.

所以我認為我們30億美元的新造船計畫，以今日價值來看已接近其價值，接近380萬、390萬，且每月持續成長。因此我們目前處於非常「價內」（in the money）的狀態。我們在新造船價值、我會說更為合理的時點，做出了重建我們船隊很大一部分的決策。因此展望未來，我們預期會是個好年。正如董事長所說，我們希望能夠提高。

The dividend for our shareholders and we always make this announcement after our strategy meeting in November. So looking forward for an increase of that and hopefully the market will maintain its strength right now.

給我們股東的股利，而我們一向在11月的策略會議後做出這項宣布。因此展望未來，期待股利能有所增加，並希望市場能維持目前的強勢。

And for more details, I will ask Mr. Saraoglou, our President, to give us what has happened in the first six months and subsequent events.

至於更多細節，我將請我們的總裁Saraoglou先生，向各位說明前六個月的情況以及後續事件。

Thank you, Nikos. We are very pleased today to report another profitable quarter. Excluding capital gains, this is a record-breaking quarter and first half for net income. We maintain a steady course in the most turbulent geopolitical environment in recent memory. The year started with the political developments in Venezuela and escalated with the war in the Middle East and the closure of the Strait of Hormuz.

謝謝你，Nikos。我們很高興今天能報告又一個獲利的季度。若排除資本利得，這是淨利在單季與上半年都創紀錄的表現。在近年記憶中最動盪的地緣政治環境下，我們仍維持穩健航向。今年一開始是委內瑞拉的政治發展，之後隨著中東戰爭與荷姆茲海峽封鎖而升級。

The Strait of Hormuz experienced its most severe disruption in modern history, effectively halting normal global ocean-going commerce. The world was hoping for a resolution following the signing of a ceasefire agreement, which quickly unraveled halfway through the 60-day period to as opposed to last. There is a US naval blockade that tries to manage the safe passage of tankers.

荷姆茲海峽遭遇了現代史上最嚴重的中斷，實質上使正常的全球遠洋商業航運停擺。世界原本期待在簽署停火協議後能有解決方案，但該協議在60天期間進行到一半時迅速瓦解，與上次相反。美國海軍實施封鎖，試圖管理油輪的安全通行。

In and out of this narrow, high-risk area, we have attacks on ocean-going vessels that attempt to cross the straits on their own or with the protection of the US Navy. Vessels have been attacked and seafarers serving on board have been injured and killed while trying to do their job and keep the world and global commerce going.

在這個狹窄且高風險區域的進出過程中，試圖自行穿越海峽或在美國海軍護航下通行的遠洋船舶都遭到攻擊。船舶遭襲，船上海員在試圖完成工作、維持世界與全球商業運轉時受傷甚至喪生。

Our company continues to avoid the Strait of Hormuz. Our thoughts and prayers are with all the seafarers that are stranded inside the area and have to endure every day the unnecessary stress and psychological mental fatigue for which they are not responsible. Dunkier market fundamentals were strong even before geopolitics took center stage at the end of February.

我們公司持續避開荷姆茲海峽。我們的思念與祈禱與所有受困於該區域的海員同在；他們每天都必須承受不必要的壓力與心理精神疲勞，而這並非他們的責任。即使在2月底地緣政治成為焦點之前，Dunkier市場的基本面就已相當強勁。

2026 was forecasted to be another year with growth in global oil demand. While tonnage supply remained very balanced. The effects of the war in the Middle East and the ongoing closure in the Straits of Hormuz resulted in elevated crude and product prices that affected global oil demand. Despite higher prices, these geopolitical events have significantly added to the market strength.

市場原本預測2026年將是全球石油需求再度成長的一年。同時，運力供給仍維持相當平衡。中東戰爭以及荷姆茲海峽持續封鎖的影響，導致原油與成品油價格上升，進而影響全球石油需求。儘管價格更高，這些地緣政治事件仍顯著增強了市場強度。

And the tanker market, the tanker freight market has gone from strength to strength, and Ten's diversified fleet with each new charter renewal and the fleet's market exposure to spot and profit selling rates will continue to further benefit from this unprecedented market dislocation. And this is basically what we have done. In the 33 year history we have as a public company, and this is what basically we say in slide number one and page 4, that we managed since 1,993 to turn every crisis the world has faced into a growth opportunity.

而油輪市場、油輪運費市場更是強上加強；Ten多元化的船隊，隨著每次新租約續約，以及船隊對現貨與利潤分成運價的市場曝險，將持續從這種前所未有的市場錯位中進一步受益。而這基本上就是我們所做的。在我們作為上市公司33年的歷史中——這也是我們在第1張投影片與第4頁所說的——自1993年以來，我們成功把世界面臨的每一次危機都轉化為成長機會。

Today, we have an 81 vessel fleet and we are one of the largest energy transporters in the world. With a very young, diversified, and versatile proforma fleet of 81 vessels. In slide four, we list this proforma 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 currently 10 tankers trading spot, and our new buildings under construction.

今天，我們擁有81艘船隊，是全球最大的能源運輸業者之一。我們的備考（pro forma）船隊共有81艘，船齡非常年輕、組合多元且用途靈活。在第4張投影片中，我們列出這支備考船隊，全部為傳統油輪，包括原油與成品油運輸船。紅色代表在現貨市場營運的船舶；目前我們有10艘油輪在現貨市場營運，以及正在建造中的新造船。

With light blue, we have the vessels that are on time charter with profit sharing. We have 13 vessels, and with dark blue, the vessels that are on fixed rate time charters. We have 39 vessels.

淺藍色代表以含利潤分成的期租（time charter）方式營運的船舶。我們有13艘；深藍色代表固定租金的期租船舶。我們有39艘。

In the next slide, we list the proforma diversified fleet, which consists of our four LNG vessels, two in the water, plus two new buildings, and our 16 vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world. We have flipped the young and technologically advanced vessels. On July 28, we took delivery of the DP shuttle tanker Anfield from Samsung Heavy Industries in South Korea, the third in a series of 12 DP-2 shuttle tankers under construction at that yard.

在下一張投影片中，我們列出備考的多元化船隊，包括4艘LNG船，其中2艘已投入營運，另有2艘新造船，以及我們16艘穿梭油輪（shuttle tanker）船隊。我們是全球最大的穿梭油輪營運商之一。我們已更新為船齡年輕且技術先進的船舶。7月28日，我們自韓國三星重工接收DP穿梭油輪Anfield，這是該船廠正在建造的12艘DP-2穿梭油輪系列中的第3艘。

The vessel commenced a 10-year employment to a US oil major with charter options to extend until the vessel's 20th year anniversary. Assuming charterers employ the vessel to the maximum duration, the expected gross revenue should approach $500 million. Following the unfilled delivery, we have seven shuttle tankers in full operation.

該船已開始為一家美國大型石油公司服務，期租10年，並附帶可延長至該船滿20週年的租約選擇權。假設承租人將該船使用至最長期間，預期總營收可接近5億美元。在上述交付之後，我們有7艘穿梭油輪全面投入營運。

If we combine the two slides and account only for the current operating fleet. Of 62 vessels, we have 23 vessels or 37% of the operating fleet with market exposure, spot and time charter with profit sharing, while 52 vessels or 84% of the fleet is in secured revenue, which is time charters and time charters with profit sharing.

若我們合併這兩張投影片，且僅計入目前營運中的船隊。在62艘船中，有23艘、亦即營運船隊的37%具有市場曝險（現貨與含利潤分成的期租）；而52艘、亦即船隊的84%具有已鎖定的收入，來源為期租以及含利潤分成的期租。

In the next slide, we list 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, Total, Energies, and BP follow. The left side of the next slide presents the all-in breakeven course for the various vessel types we operate in then.

在下一張投影片中，我們列出多年來與我們重複往來的客戶，這要歸功於我們的產業營運模式。ExxonMobil是最大的營收客戶。接著是Equinor、Shell、Chevron、TotalEnergies以及BP。下一張投影片左側呈現我們所營運各類船型的全包損益兩平（all-in breakeven）水準。

Our operating model is very simple. We try to have our time charter vessel 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 revenue from the spot and profit sharing trading vessels to contribute to the profitability of the company.

我們的營運模式非常簡單。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，並讓現貨與利潤分成交易船舶的收入來貢獻公司的獲利。

Thanks to the profit sharing element, for every $1,000 per day increase in spot rate, we have $0.11 positive impact on the annual earnings per share based on the number of vessels that currently the company has exposure to spot rates, which is 23 vessels.

由於利潤分成機制，現貨運價每提高每日1,000美元，基於目前公司對現貨運價有曝險的船舶數量（23艘），對年度每股盈餘將帶來0.11美元的正面影響。

We have a solid balance sheet with strong cash reserves. The fair market value of the pro forma of the fleet is approximately $4.9 billion against $2 billion debt and net debt to cap is around 44.5%. Fleet renewal and investing in eco-friendly vessels has been key to our operating vessel model.

我們的資產負債表穩健，現金儲備充裕。備考船隊的公允市值約為49億美元，對比20億美元的負債，淨負債對資本比率（net debt to cap）約為44.5%。船隊汰舊換新以及投資環保船舶，一直是我們船舶營運模式的關鍵。

Since January 1st of 2023, we have further upgraded the quality of the fleet by diverting from our third generation conventional tankers, replacing them with more energy efficient new buildings and modern secondhand tankers, including, of course, dual fuel vessels.

自2023年1月1日起，我們進一步提升船隊品質，逐步淘汰第三代傳統油輪，改以更節能的新造船與現代化二手油輪取代，當然也包括雙燃料船舶。

In summary, we sold 20 vessels with an average age of 17.3 years and capacity of 2 million dead weight ton and replaced them with 35. Contracted and modern acquired vessels with an average age of 0.5 years and 4.8 million deadweight ton. We announced today the sale of two 2006 built Suez Max tankers to independent third parties for net proceeds of 100 million.

總結而言，我們出售了20艘船舶，平均船齡17.3年、載重噸位合計200萬噸，並以35艘取而代之。已簽約及現代化收購的船舶平均船齡0.5年、載重噸位合計480萬噸。我們今日宣布，已將兩艘2006年建造的蘇伊士極大型油輪（Suezmax）出售予獨立第三方，淨收益為1億美元。

Prior to the sale, and as previously reported, the vessels were part of a sale and leaseback structure. Then repurchase them for cash upon maturity of their lease at a significant discount to fair market value. And as we continue to transition our fleet to greener and dual fuel vessel, we must note of our well-timed new building program and how well is in the money today.

在出售之前，且如先前所報導，該等船舶屬於售後回租架構的一部分。並在租約到期時以現金回購，回購價格相較公允市價有顯著折讓。隨著我們持續將船隊轉型為更環保及雙燃料船舶，我們必須指出，我們時機掌握得宜的新造船計畫，如今已呈現顯著的帳面增值。

Our 26 new building vessels that were contracted. In 2003 are today at much lower levels than current new building prices. In a new building program of approximately $3.1 billion cost, we have today at least a 30% appreciation in value even before some of these vessels are delivered to the complex. Banker market fundamentals have remained strong.

我們已簽約的26艘新造船舶。於2003年簽約者，目前的成本水準遠低於現行新造船價格。在約31億美元成本的新造船計畫下，即使部分船舶尚未交付，我們目前至少已有30%的價值增幅。油輪市場基本面仍然強勁。

With a global order book still at a level equal to about 40% of the number of vessels that are 50 years of age or older, and CPLs operate at full capacity, while at the same time, geopolitical conflicts continue to increase on mild dislocation, and that provides further support to an already robust tanker market.

全球新船訂單量仍僅約等同於船齡50年或以上船舶數量的40%，且CPLs以滿載產能運作；同時，地緣政治衝突持續加劇並造成溫和的供需錯位，進一步支撐本已強韌的油輪市場。

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

接下來我把時間交給Harrys Kosmatos，他將帶領我們回顧上半年財務表現。Harris。

Thank you, George. So let me start with a brief summary of our six-month results. So a favorable tanker market fundamentals, continuous geopolitical tensions along with the ever-present trading inefficiencies that have been created continue to propel the market to levels that on the one hand incentivize owners with a long-term outlook to fix for longer periods.

謝謝你，George。我先簡要總結我們六個月的業績。有利的油輪市場基本面、持續的地緣政治緊張局勢，以及由此產生且長期存在的交易低效率，持續推動市場至一個水準：一方面促使具長期視角的船東願意鎖定較長期間的租約。

Demand for term tonnage remains unabated, while on the other, encourage the divestment of vessels for lofty profits. 10, since the beginning of the year, has been active on both fronts and has reaped the benefits of such an extraordinary confluence of circumstances.

期租運力需求依然強勁；另一方面，也鼓勵以可觀利潤處分船舶。10自年初以來在這兩方面皆相當活躍，並受惠於這種非比尋常的多重因素匯聚。

The results of the first half and second quarter of 2026 are a vivid reflection of that. Benefiting from a modern, versatile and efficiently operated fleet, catering in its majority to the long-term needs of our clients, fleet utilization in the first six months of 2026 was almost identical to the 2025 first half level at 96.5%, despite having six ships undergoing scheduled dry docks from five in last year's first half.

2026年上半年與第二季的業績清楚反映了這一點。受惠於一支現代化、多用途且營運效率高的船隊，且多數用以滿足客戶的長期需求，2026年前六個月的船隊利用率為96.5%，幾乎與2025年上半年相同，儘管本期有6艘船進行例行進塢維修，而去年上半年為5艘。

As a result of the fleet operating at almost full capacity with an employment policy inclined towards long-term charters with upside optionality through vessels operating under spot and profit-sharing contracts, gross revenues during the first half of 2026 increased to well over $0.51 billion, $551 million to be exact, or $161 million above the 2025 first half level. This was accomplished with an average fleet of 63.5 vessels, just a vessel and a half above the 2025 first half fleet, quite an achievement.

由於船隊幾乎滿載運作，且用船政策偏向長期租約，同時透過現貨與利潤分成合約下營運的船舶保留上行選擇權，2026年上半年總營收增至超過5.1億美元，確切為5.51億美元，較2025年上半年增加1.61億美元。這是在平均船隊規模63.5艘的情況下達成的，僅比2025年上半年多約1.5艘，實屬不易。

Of interest, profit sharing arrangements contributed $71 million of revenue during the first half of 2026, compared to $10 million in the 2025 same period. This substantial increase occurred despite a 22% decline in actual operating days under market-related contracts, while available days on fixed-rate times orders rose by 23% over the corresponding periods.

值得注意的是，2026年上半年利潤分成安排貢獻了7,100萬美元營收，而2025年同期為1,000萬美元。此大幅成長發生在與市場連動合約下的實際營運天數下降22%的情況下；同時，固定費率期租的可用天數較對應期間上升23%。

The time charter equivalent rate per ship per day impacting the above results and by extension reflecting the continuous robustness of the tanker markets and operational efficiency of the fleet reached $43,503 per day from $30,754 per day in the 2025 first half, a 41% increase.

影響上述結果、並進一步反映油輪市場持續強勁及船隊營運效率的單船每日期租等價（TCE）費率，從2025年上半年的每日30,754美元上升至每日43,503美元，增幅41%。

Fleet voyage expenses in the first half of 2026 climbed to about $82 million from $68 million in last year's first half, the result to a large extent of increases in bike and prices of about 25%, impacting vessels operating spot.

2026年上半年船隊航次費用由去年上半年的6,800萬美元上升至約8,200萬美元，主要原因是燃油價格上漲約25%，影響在現貨市場營運的船舶。

Vessel operating expenses during the 2026 first half reached $111 million from $102 million in the 2025 same period, a modest and expected increase. The result of the slightly bigger fleet, higher dry dock expenses, and the customary inflationary pressures. On a per-sea per day basis, this translated to $10,298, about a quarter of the TCE rate mentioned above.

2026年上半年船舶營運費用為1.11億美元，較2025年同期的1.02億美元增加，屬溫和且符合預期的成長。主要來自船隊規模略增、進塢費用較高，以及慣常的通膨壓力。以每艘每日計算，為10,298美元，約為前述TCE費率的四分之一。

Depreciation amortization expenses, again driven by the increased size of the fleet, which included the delivery of two Mr. Product tankers and the repatriation of two Suez Max tankers from five-year operating leases, came in at $90 million from $83 million in last year's first half.

折舊與攤銷費用同樣受船隊規模增加所帶動（包括交付兩艘MR成品油輪，以及將兩艘蘇伊士極大型油輪自五年期營運租賃中回歸自有），由去年上半年的8,300萬美元增加至9,000萬美元。

General and administrative expenses at $27 million from $23 million in the 2025 first half reflected a somewhat higher management performance-based compensation from the 2025 first half level and inflationary pressures.

一般及行政費用由2025年上半年的2,300萬美元增加至2,700萬美元，反映管理層績效連動薪酬較2025年上半年略高，以及通膨壓力。

As a result of all the above, 10 for the first half of 2026 generated operating income of $273 million from $111 million in last year's first half, inclusive of $38 million and $3.6 million of capital gains respectively, an increase of 146%. Despite an increase in our. Financial obligations related to the growth of the fleet, $2.1 billion at the end of June 2026 from $1.8 billion at the end of June 2025, interest and finance costs fell by $5.6 million, the result of lower global interest rates and lower spreads on new and refinanced loans.

綜合以上因素，10於2026年上半年產生營業利益2.73億美元，較去年上半年的1.11億美元增加；其中分別包含3,800萬美元與360萬美元的資本利得，增幅為146%。儘管我們的。與船隊成長相關的財務義務增加，2026年6月底為21億美元，高於2025年6月底的18億美元，但利息及融資成本仍下降560萬美元，原因是全球利率較低，以及新借款與再融資貸款的利差較小。

Interest income, on the other hand, remains similar to last year's equivalent period at $5.6 million. Reflecting the performance outlined above, the result of commercial and operational efficiencies as well as positive market fundamentals, the net income generated by the company reached one of the highest levels in recent memory, $228 million from $64.5 million in the equivalent 2025 first half, a 253% increase.

另一方面，利息收入與去年同期相近，為560萬美元。反映前述表現（商業與營運效率以及正向的市場基本面），公司所產生的淨利達到近年來最高水準之一：2.28億美元，較2025年上半年的6,450萬美元增加253%。

Now, if we're to exclude the capital gains recorded in both 2026 and 2025 first half period. Some of you are accustomed in doing, the 2026 first half net income experienced a 112% increase from the 2025 first half, or in dollar terms, $129 million more.

現在，若排除2026年與2025年上半年期間所認列的資本利得。有些人習慣如此處理，則2026年上半年淨利較2025年上半年增加112%，以金額計算則多出1.29億美元。

In terms of EPS, earnings per share, $7.12 in the first half of this year from $1.70 in last year's first half, in other words, a 318% increase.

就每股盈餘（EPS）而言，今年上半年為 7.12 美元，去年上半年為 1.70 美元，換言之，增加了 318%。

Adjusted EBITDA for the period was higher by $131 million from the 2025 first six months and reached $324 million, a 68% increase.

本期間調整後 EBITDA 較 2025 年前六個月增加 1.31 億美元，達到 3.24 億美元，增幅 68%。

Cash at the end of June 2026 stood at $466 million, $179 million above the June 30, 2025 level and $168 million above cash balances at year-end of 2025.

截至 2026 年 6 月底，現金為 4.66 億美元，較 2025 年 6 月 30 日水準高出 1.79 億美元，亦較 2025 年底現金餘額高出 1.68 億美元。

And now let's go quickly on our Q2 results.

現在我們快速帶過第二季（Q2）業績。

Following the above pattern and again by operating the fleet of 63.5 vessels from 62 in last year's second quarter with four vessels on drydock to three in the 2025 same period, gross revenues climbed to $298 million from $193 million in the 2025 second quarter, a $105 million increase.

延續上述模式，且船隊營運船舶由去年第二季的 62 艘增至 63.5 艘，進塢（drydock）船舶由 2025 年同期的 4 艘降至 3 艘，總營收由 2025 年第二季的 1.93 億美元攀升至 2.98 億美元，增加 1.05 億美元。

Voyages expenses during the second quarter of 2026 increased to $52 million from $32 million in the corresponding 2025 second quarter, primarily reflecting higher banker prices affecting vessels operating in the spot market.

2026 年第二季航次費用由 2025 年第二季同期的 3,200 萬美元增加至 5,200 萬美元，主要反映燃油價格上升，影響在現貨市場營運的船舶。

Spot market employment accounted for approximately 12% of total fleet operating days during the 2026 second quarter.

2026 年第二季，現貨市場受雇占全船隊營運天數約 12%。

Operating expenses on the 63.5 vessels in the fleet were at $57.7 million or a $5 million reduction from the 2025 second quarter, primarily due to the slightly larger fleet and an extra vessel over the three that underwent special surveys in the second quarter of 2025.

船隊 63.5 艘船舶的營運費用為 5,770 萬美元，較 2025 年第二季減少 500 萬美元，主要由於船隊規模略大，以及相較 2025 年第二季有 3 艘進行特檢（special surveys），本季多出 1 艘。

Depreciation amortization expenses for the 2026 second quarter period were $46.3 million from $42.1 million in the 2025 second quarter, the result of a marginally larger fleet and the reintroduction of the two series maxes mentioned earlier.

2026 年第二季折舊與攤銷費用為 4,630 萬美元，較 2025 年第二季的 4,210 萬美元增加，係因船隊規模略增，以及前述兩艘 Suezmax 的重新投入。

General and administrative expenses during the 2026 second quarter reached $14.8 million from $13.2 million in the 2020. Second quarter, a marginal $1.6 million increase.

2026 年第二季一般及行政費用為 1,480 萬美元，高於 2020 年。第二季的 1,320 萬美元，小幅增加 160 萬美元。

Interest and finance costs in the second quarter came in lower from the 2025 second quarter, $22.6 million from $25 million or a $2.3 million reduction.

第二季利息及融資成本較 2025 年第二季下降，為 2,260 萬美元，低於 2,500 萬美元，減少 230 萬美元。

On the other hand, interest income during the 2026 second quarter was marginally higher than the 2025 equivalent period at $3.4 million.

另一方面，2026 年第二季利息收入較 2025 年同期略高，為 340 萬美元。

Reflecting the above performance, the net income for the second quarter of 2026 after a $38 million capital gain climbed to $139.3 million from $26.8 million in last year's second quarter, which, unlike this one, had no gains or losses recorded.

反映上述表現，2026 年第二季淨利在 3,800 萬美元資本利得之後，從去年第二季的 2,680 萬美元攀升至 1.393 億美元；去年同期與本季不同，並未認列任何損益。

In terms of EPS, the above figures quantulated to $4.40 for this year's second quarter. Compared to $0.67 in last year's second quarter, a 557% increase.

就每股盈餘（EPS）而言，上述數字換算為今年第二季每股 4.40 美元。相較去年第二季每股 0.67 美元，增加 557%。

In ending, adjusted EBITDA for the second quarter of 2026 was 81% higher from the 2025 second quarter to reach $170.4 million or $76.5 million higher.

最後，2026 年第二季調整後 EBITDA 較 2025 年第二季高出 81%，達到 1.704 億美元，增加 7,650 萬美元。

And with this, I'll pass it back to Niko.

接下來我把時間交回給 Niko。

Thank you, Harryson. I think there has been a very detailed presentation of the growth of the company. I mean, we've been operating a similar size ship. If you go back, George, to the slide of over the years, and you will see that we have been operating. A fleet of similar size for the last 10 years where you see the financial statistics of there you go so I think we've been operating a fleet of around 60 to 65 vessels for the last 10 years and of course there you can see the big effect the growth.

謝謝你，Harryson。我認為公司成長已經有非常詳盡的簡報。我的意思是，我們一直在營運規模相近的船隊。George，如果你回到多年來那張投影片，你會看到我們一直在營運。過去 10 年來，我們營運的船隊規模大致相同；你可以在那裡看到財務統計數據——對，就是那張——所以我認為過去 10 年我們大約營運 60 到 65 艘船，而當然你也能看到成長帶來的巨大影響。

Of the cash, the growth of earnings, the growth of EBITDA and hopefully 2026 will be a milestone here where I think as Nick Bornoji said, the company will be exceeding in revenues of $1 billion significantly and of course a very strong EBITDA.

包括現金的成長、獲利的成長、EBITDA 的成長；希望 2026 年會成為一個里程碑。我認為正如 Nick Bornoji 所說，公司營收將顯著超過 10 億美元，當然也會有非常強勁的 EBITDA。

And with this, I would like to open the floor for any questions.

接下來，我想開放現場提問。

(Operator Instructions)

（接線員指示）

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Hello, Harry. I would just like to clarify the profit-sharing contribution for the second quarter. I think I heard you say that the first half contribution was $71 million, and I had the first quarter contribution of $40 million. So was the second quarter contribution $31 million?

你好，Harry。我想釐清第二季的利潤分成（profit-sharing）貢獻。我想我聽到你說上半年貢獻是 7,100 萬美元，而我這邊第一季貢獻是 4,000 萬美元。所以第二季的貢獻是 3,100 萬美元嗎？

No, you rightly heard the contribution for the first half of '26 was 71 million, while last year it was 10, 4.5 and kind of 5.6 million. That was the proper serum we received at the same period last year, so effectively we generated seven times more than the proper serum that we did this time last year. An interesting tidbit is that for the entire 2025 period, the profit, sir, was at 46 million. So you can imagine at 70 million in the first half that things are looking rosier.

沒錯，你聽得正確：26 年上半年的貢獻是 7,100 萬美元，而去年是 10、4.5 以及大約 560 萬美元。那是我們去年同期收到的正確數字，因此實際上我們產生的金額是去年同期的七倍。一個有趣的小資訊是，整個 2025 年期間，利潤分成是 4,600 萬美元。所以你可以想像，上半年就有 7,000 萬美元，情況看起來更樂觀。

Yeah, I just wanted to clarify what the contribution was in the second quarter.

是的，我只是想釐清第二季的貢獻是多少。

Sorry, in the second quarter '26, it was a 30.5 million, correct?

抱歉，26 年第二季是 3,050 萬美元，對嗎？

Okay, great. And then can you? Yes, that's helpful. And then can you help me understand the outlook for the second-half of the year from a profit sharing standpoint? It looks like some of the Vs may have moved on to profit sharing agreements. And so, that relative to the second quarter, should we see the profit sharing contribution increase or stay about the same? Any color would be helpful on the profit sharing contribution.

好的，很好。那接著你能不能？是的，這很有幫助。接著你能幫我理解一下，從利潤分成的角度來看，下半年展望如何？看起來有些船舶可能已轉到利潤分成協議。因此相較於第二季，我們應該會看到利潤分成貢獻增加，還是大致持平？任何關於利潤分成貢獻的補充說明都會很有幫助。

We're expecting significant increase in profit sharing for the second-half of the year. We have renegotiated drastic increases in minimums and also the profit sharing arrangements are much more favorable to the owners. As I said, the charters are very eager to employ good quality vessels and so they are much more giving and of course at the same time.

我們預期下半年利潤分成將顯著增加。我們已重新談判，大幅提高最低保底（minimums），而且利潤分成安排也更有利於船東。如我所說，承租人非常渴望租用高品質船舶，因此他們更願意讓利，當然同時也是。

It's a win-win situation because, as the refinery margins are on all-time highs, so our clients, we're very happy about that, are making very good returns, so they're not stingy in selling some of their returns with us, the transporters.

這是一個雙贏的局面，因為煉油利差處於歷史高點，所以我們的客戶——我們對此非常高興——正獲得非常好的回報，因此他們不吝於把部分回報與我們這些運輸方分享。

No, Luc, it's a very positive part because we have 13 vessels today on a profit-setting arrangement, nine of which are of the bigger sizes, two Suess Maxes and VLs. So we'll have seven Suess Maxes and two VLs in the Prophet Seren arrangement. So as you can imagine, we expect that the Prophet Seren will be quite meaningful going forward.

不，Luc，這是一個非常正面的部分，因為我們目前有 13 艘船採用利潤分成安排，其中 9 艘是較大型船舶，包含兩艘 Suezmax 與 VLs。因此我們將有 7 艘 Suezmax 與 2 艘 VLs 採用利潤分成安排。所以如你所想像，我們預期利潤分成在未來將相當可觀。

We'll be able to afford 30 for Thanksgiving, it seems, this year.

看來今年感恩節我們能負擔得起 30（人）的規模。

I hope with a lot of stuffing. When you look at the asset sales program, you sold two in August. Can you just highlight the game that you're going to report in the third quarter from those sales? And then more importantly, what other assets might you sell over the second-half of the year looking into the first half of '27?

希望有很多餡料。當你看資產出售計畫時，你在 8 月賣了兩項。你能否重點說明一下，第三季你將從這些出售中認列並報告的收益（或成果）？更重要的是，今年下半年到 2027 年上半年，你還可能出售哪些其他資產？

Well, as I said, we look at those vessels all the vessels that are in the list have been built by then on behalf of our clients who are still the same the Exons, the Severons, the Totals 20 years ago or 15 years ago so they're very good quality ships I have to drag them out of our new building department because they get sentimental.

嗯，如我所說，我們會看那些船舶——名單上的所有船舶都是當年代表我們的客戶建造的，而這些客戶至今仍是同一批人：20 年前或 15 年前的 Exxon、Severon、Total 等，所以它們都是品質非常好的船。我得把它們從我們的新造船部門「拖」出來，因為他們會有感情。

With this but actually the next save is going to be I will be sentimental also because it's a vessel that is older than my kids so I think it's one of our older ships the Andes which was built around 2003 so she's going to be the next one to go and. Of course for further trading. She's been trading for one of the big majors since she was built, and the major wants the vessel up to now, keeps on chartering the vessel up to now at very healthy rates.

不過其實下一艘要賣的，我也會很感傷，因為那艘船比我的孩子還老。我想那是我們較老的船之一 Andes，大約在 2003 年建造，所以她會是下一艘要離開的。當然是為了進一步交易。她自建成交付以來一直為某家大型石油公司營運，而該大客戶到現在仍需要這艘船，至今仍以非常健康的租金水準持續租用。

But I think there's always a time to, when someone becomes of legal age of 21 and over, we let them go.

但我想總有一個時點——當某人到了法定成年、21 歲以上時，我們就讓他們走。

And then can you just talk about your appetite for new builds? I thought I heard you say that new build pricing has moved up where it's less, maybe, I thought I heard you say less reasonable than it was. What should we expect on the new building side as we look at over the next 12 months?

另外你能談談你們對新造船的意願嗎？我以為我聽到你說新造船價格已經上升，現在可能沒有以前那麼——我以為你說——那麼合理了。展望未來 12 個月，在新造船方面我們應該期待什麼？

Well, for us as a company, we are actually very busy right now absorbing one of our largest growths. I think a big milestone of 26 vessels with a cost of 3.2 billion dollars and we still have to take over 19 and I think we're going to see a huge effect to our earnings, to our revenues because three VLs are coming in and of course our VLs we just.

嗯，對我們公司而言，我們目前其實非常忙，正在消化我們最大的一波成長。我想一個重要里程碑是 26 艘船、成本 32 億美元，而我們還有 19 艘要接船。我認為這將對我們的獲利、營收帶來巨大影響，因為有三艘 VL（船型縮寫）即將交付，當然我們的 VL 我們剛剛……

Less than a year ago we contracted them and they have almost I would say doubled in price since then so today if we decided not to sell them as contracts we would almost double the price that we ordered them and the same goes for all our 26 new buildings so I think we are not right now and we are actually to be correct we are looking again. Vessels with long employment, specialized vessels like the shuttle tankers against the accretive long-term contracts.

不到一年前我們簽約下單，而自那之後它們的價格幾乎——我會說——翻倍了，所以如果今天我們決定不把合約轉售，幾乎可以把我們當初下單的價格翻一倍；同樣的情況也適用於我們全部 26 艘新造船。因此我認為我們目前並不是——而更精確地說——我們正在重新尋找。具備長期雇用（長約）的船舶、像是穿梭油輪這類專業船舶，搭配具增益性的長期合約。

But I think we are very well placed, we're in a good place, and we still have 19 new buildings that are well into the money to take delivery off.

但我認為我們的布局非常到位、處於很好的位置，而且我們仍有 19 艘新造船，接船時點的經濟利益（in the money）相當可觀。

Great, yeah, I think you said that 30% higher than, your 3.1 billion. Stated program, so closer to market value, $4 billion. Great. Thank you. I'll turn it back.

很好，是的，我想你說的是比你們 31 億美元的既定計畫高出 30%。所以更接近市值，大約 40 億美元。很好。謝謝。我把時間交回去。

Thank you.

謝謝。

Clement Mullins, Value Investors Edge.

Clement Mullins，Value Investors Edge。

Hi, good afternoon and thank you for taking my questions. You hinted at higher distribution going forward, which makes sense considering your financial position and the free cash flow you're currently generating. In the past, you had mentioned potentially declaring, let's say, supplemental dividends as net proceeds from asset sales roll in. Could you give us an update on this front? It's obviously a discussion for the board, but any color you can give us?

嗨，下午好，謝謝你回答我的問題。你暗示未來會提高配息，考量到你們的財務狀況以及目前正在產生的自由現金流，這很合理。過去你曾提到，隨著資產出售的淨收益陸續進帳，可能會宣告例如補充股利（supplemental dividends）。你能就這方面提供最新進展嗎？這顯然是董事會要討論的議題，但你能提供任何補充說明嗎？

Sure. I think our intention is to significantly reward or increase the reward to our shareholders, because I think, as our Chairman said, we like to share, being the major shareholders ourselves, we like to share the upside Pari Pasu with them. So we're looking forward for a nice dividend announcement after a strategy meeting in November.

當然。我想我們的意圖是大幅回饋、或提高對股東的回饋，因為我認為如同我們董事長所說，我們喜歡分享——我們自己也是主要股東——我們希望與他們以 Pari Pasu（同等比例/同順位）的方式分享上行空間。因此我們期待在 11 月策略會議之後，會有一個不錯的股利公告。

And on the special dividend, we did it a couple of times, but we were told off by the analysts because it complicates. Anything like this show, it complicates, they do not know if this is something that is going to be recurrent or not. So I'd rather add or increase the normal semiannual dividends.

至於特別股利，我們做過幾次，但分析師曾提醒我們，因為這會讓事情變得複雜。像這類作法會讓他們不確定這是否會是經常性（recurrent）的。所以我寧可增加或提高正常的半年配息。

Because we need to keep our analysts happy and less confused, rather than doing a special dividend. They felt that that was something that was a one-time event and got wasted, whereas when you have a company that has significant cash flow, significant cash, I mean, as Harry I think referred to, our cash since the six months has also grown in a big way.

因為我們需要讓分析師更開心、也更不困惑，而不是發放特別股利。他們覺得那像是一次性事件，效果被浪費了；但當你有一家擁有可觀現金流、可觀現金的公司——我的意思是，如 Harry 我想提到的，我們的現金在這六個月也大幅增加。

Down the road we have our perpetual preferred which is 120 million at 9.25 and we are considering that actually taking this out, it's not an obligation but I think it will be a very good use of cash. It will add anywhere between 30 and $0.40 to the bottom line just by saving on the high coupon. So I think this is and of course continue to invest in our new building program.

往後我們有一檔永久型優先股（perpetual preferred），規模 1.2 億美元、票息 9.25%，我們正在考慮把它買回/赎回；這不是義務，但我認為會是現金的很好用途。僅僅因為節省高票息成本，就能讓淨利增加約 0.30 到 0.40 美元。所以我認為這是一項（選擇），當然也會持續投資我們的新造船計畫。

Taking of the preferred definitely makes sense. And especially dividend is not that confusing, but obviously it's our decision, so we'll see. I have another question on the dividend. Is there any appetite to potentially move to a quarterly payment schedule? I mean, all your peers follow that model, so I was wondering whether this is something you'd consider.

赎回優先股確實很合理。而且特別股利也沒那麼令人困惑，但顯然這是你們的決定，所以我們再看看。我還有一個關於股利的問題。你們是否有意願考慮改為按季支付？我的意思是，你們所有同業都採用那種模式，所以我想知道這是否是你們會考慮的事。

We actually have moved, I think about 10 years ago, from a quarterly dividend to a semi-annual dividend, because for many reasons, for logistical purposes. I mean, shipping is operationally a more complicated business. We are not land block, we're not land-based, it's not that we have five or 10 factories in various states that they produce. We have ships all over. I mean, sometimes a voyage takes more than a quarter. So, I think it's more appropriate for shipping and I think even the President of the United States.

其實我們大約在 10 年前，已經從季配改為半年配，原因很多，主要是作業與流程上的考量。我的意思是，航運在營運上是一個更複雜的產業。我們不是陸上固定資產（land block），也不是以陸上為基地；不是說我們在不同州有五到十家工廠在生產。我們的船遍布各地。我的意思是，有時一趟航程就超過一個季度。所以我認為對航運而言半年配更合適，而且我想甚至美國總統也——

Referred to it about a year ago, saying that the quarterly dividends takes a lot of time, from management time, CFO time, and also it's not actually does not portray the actuality of the business. So I think the short answer is we would maintain the semiannual dividend because I'd rather be able to give a big semiannual dividend just rather than smaller quarterly ones.

大約一年前也提到過，說季配會占用很多時間——管理層時間、財務長時間——而且它其實並不能呈現業務的真實狀況。所以簡短回答是：我們會維持半年配，因為我寧可能發放一筆較大的半年股利，而不是較小的季度股利。

Does that complete your question?

這樣是否回答了您的問題？

Yeah.

是的。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Thanks for taking the follow-up. Because on the last couple calls, you've talked about potentially doing a restructuring of the company and maybe carving out the shuttle tankers or other assets that are in long-term charters. Can you update us on any progress on that plan?

謝謝讓我追問。因為在最近幾次電話會議中，您提到可能對公司進行重整，並且可能把穿梭油輪或其他處於長期租約中的資產分拆出去。您能否就該計畫的任何進展向我們更新？

Well, I think a restructuring is something that our company for 30 years we have never had to do. So I think perhaps replanning could be the word because I guess I'm taking the opportunity from what you said to say that 10 is perhaps one of the very few companies that we have never restructured or renegotiated any of our loans in the last 33 years. So we've been paying our obligations, paying dividends continuously, paying our lenders continuously, and then maintaining a steady ship.

嗯，我認為重整是我們公司30年來從未需要做的事情。所以我想也許用「重新規劃」這個詞更貼切，因為我想藉由您剛才的話補充說明：10 可能是極少數在過去33年裡從未重整或重新協商任何貸款的公司之一。因此我們一直履行義務、持續配發股利、持續償付貸款人，同時維持穩健經營。

I mean, the company is looking at ways to add more value. We will not reduce the size of the fleet. We might consider, again, closer to the end of our new building program. To carve out a small part of our fixed, the long-term fleet, about 20 vessels.

我的意思是，公司正在尋找提升價值的方法。我們不會縮減船隊規模。我們可能會考慮——同樣地——在我們新造船計畫接近尾聲時，把我們固定、長期船隊中的一小部分，大約20艘船，分拆出來。

But within 10, it will be within 10. I mean, we are approached by a lot of investors who would like to participate in what we said, I think it's on page 5, which is called 10 special, it's like a pizza. So it is, you see the 20 vessels there, and those ships have very long employment.

但會在10之內進行，仍然會在10之內。我的意思是，我們接觸到很多投資人，他們希望參與我們所說的——我想在第5頁——稱為「10 special」的部分，就像一個披薩。也就是說，您會在那裡看到那20艘船，而那些船舶都有非常長期的租用合約。

And 10, 15, 20 years, and they could, they appeal to some shareholders that would like to invest into that, but everything would happen within 10 would maintain at least 60%, 70% of the fleet, so it's not really, the ships will not be out of the company.

而且是10年、15年、20年；它們對一些希望投資該部分的股東很有吸引力，但所有事情都會在10之內發生，並且我們仍會維持至少60%、70%的船隊，所以其實並不是——這些船不會離開公司。

Great, thank you.

很好，謝謝您。

We have no further questions at this time. Mr. Sackos, I'd like to turn the floor back over to you for closing comments.

我們目前沒有其他問題。Sackos 先生，我想把時間交還給您作結語。

Nick, on the last comment, I'd like to just add, if I may, that this is not at the top of our list right now. It's not something that, yes, respect any developments in the near future.

Nick，關於最後那點，我想補充一下，如果可以的話：這件事目前並不是我們清單上的優先事項。這不是一件——是的——在近期內值得期待會有任何進展的事情。

Yes, so that makes that clear.

是的，所以這樣就說清楚了。

Yeah.

對。

Exactly. Exactly. It's not on the top of our list, but it is another way that we might consider to prove the hidden value of those ships that have the very long employment. But if something happens, it will be within 10. So really, 10 shareholders will not be affected at all. The fleet will maintain its big size, but perhaps a big shareholder will specifically invest.

沒錯。沒錯。這不在我們優先事項之首，但這是我們可能考慮的另一種方式，用以證明那些擁有非常長期租用合約船舶的隱含價值。但如果真的發生什麼，也會在10之內進行。所以實際上，10的股東完全不會受到影響。船隊將維持其龐大規模，但也許會有一位大股東進行特定投資。

As a minority holder in this asset. But again, as the Chairman said, this is more food for thought at this stage. Thank you, Chairman. And with that, again, I would like to wish everybody a good beginning of the new season. We're looking at healthy period from now to the end of the year.

以少數持有人身分持有這項資產。但再次強調，如主席所說，現階段這更多只是提供思考的方向。謝謝您，主席。此外，我也想再次祝大家新一季有個好的開始。我們預期從現在到年底會是一段健康的期間。

It is we are actually literally operating in an operational minefield. So not only we have to maintain a steady course but geopolitical events mainly in the Middle East are making the daily business change as we speak and the decisions we have to make always with responsibility to our seafarers.

事實上，我們確實是在一個作業上的雷區中運營。因此我們不僅要保持穩健航向，地緣政治事件——主要在中東——也正使日常業務在我們談話之際就發生變化，而我們所做的決策始終要對我們的海員負責。

I mean our cruise and of course the safety of the vessel, the safety of the environment because those ships are carrying huge quantities of oil and we don't want to put them in danger. Saying this, these circumstances have created an unrepresented strong market. I think rates right now in the Gulf area, which as you know has been also attacked by the Houthis. It sounds like a move. The Houthis.

我的意思是，我們的航程，當然還有船舶安全、環境安全，因為這些船載運大量原油，我們不希望讓它們陷入危險。話雖如此，這些情勢也造就了前所未有的強勁市場。我認為目前在海灣地區的運價——如您所知，那裡也遭到胡塞武裝攻擊——聽起來像是一次行動。胡塞武裝。

And close to $800,000 a day, approaching $1 million a day for a VNGC in the Gulf. So this is uncharted territory, which we are taking advantage of carefully and steadily. We would like the world to be completely peaceful, even if we didn't make the returns that we are making, because it will make the sustainability of our business going forward much better.

在海灣地區，一艘VNGC的日租金接近80萬美元，並正逼近100萬美元/日。因此這是未知領域，我們正謹慎且穩健地加以把握。我們希望世界能完全和平，即使我們因此無法獲得目前的回報也無妨，因為那將使我們業務未來的可持續性更好。

And in the meantime we are taking advantage of the situation we are one of the biggest companies in Venezuela our vessel was the first vessel to lift legal cargoes finally from Venezuela the Russian situation also is putting almost 25% of the world fleet out of the market. So we are looking at least for the next year at good and growing prospects.

同時我們也在把握這個局勢；我們是委內瑞拉最大的公司之一，我們的船舶是第一艘終於從委內瑞拉裝載合法貨物的船；俄羅斯局勢也使全球船隊中將近25%退出市場。因此我們至少在未來一年看到良好且持續成長的前景。

We will be attending, the management will be attending the Capital Link and other events at the end of the month. So we would like to be able to see as many of you live in the United States and also Europe.

我們將出席——管理團隊將出席——本月底的Capital Link以及其他活動。因此我們希望能在美國以及歐洲與各位當面見面，越多越好。

And with that we would like again to thank you for your support and I have. As we said, always remember 9/11 as a very special day for the world and of course for us and the company. Thank you very much.

最後，我們再次感謝各位的支持，而我也——如我們所說，請永遠記得9/11是世界、當然也是我們與公司非常特別的一天。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。