Teekay Corp Ltd (TK) 2024 Q2 法說會逐字稿

Please stand by. Welcome to Teekay Tankers Limited second-quarter 2024 earnings conference call. (Operator Instructions)

請稍候。歡迎參加 Teekay Tankers Limited 2024 年第二季財報電話會議。（操作員說明）

As a reminder, this call is being recorded. Now for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

提醒一下，此通話正在錄音。現在，我想將電話轉給公司進行開場白和介紹。請繼續。

Before we begin, I would like to direct all participants to our website at www.teekay.com, where you will find a copy of the second-quarter 2024 earnings presentation. Kevin and Stewart will review this presentation during today’s conference call.

在開始之前，我想引導所有參與者訪問我們的網站 www.teekay.com，您可以在其中找到 2024 年第二季度收益演示文稿的副本。凱文和史都華將在今天的電話會議上回顧這份簡報。

Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the second quarter 2024 earnings release and earnings presentation available on our website.

請容許我提醒您，我們今天的討論包含前瞻性陳述。實際結果可能與這些前瞻性陳述預測的結果有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們網站上提供的 2024 年第二季度收益發布和收益演示。

I will now turn the call over to Kevin Mackay, Teekay Tankers’ President and CEO, to begin.

現在我將把電話轉給 Teekay Tankers 總裁兼執行長 Kevin Mackay。

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for Teekay Tankers’ second quarter 2024 earnings conference call. Joining me on the call today are Stewart Andrade, Teekay Tankers’ CFO; and Christian Waldegrave, our Director of Research.

謝謝你，艾德。大家好，非常感謝您今天參加我們 Teekay Tankers 2024 年第二季財報電話會議。今天和我一起參加電話會議的是 Teekay Tankers 財務長 Stewart Andrade；以及我們的研究總監 Christian Waldegrave。

Moving to our recent highlights on slide 3 of the presentation, Teekay Tankers has another strong quarterly result, generating total adjusted EBITDA of $124 million, down from $151 million we generated last quarter. The company reported adjusted net income of $107 million or $3.11 per share, a decrease from $132 million or $3.96 per share in the first quarter of 2024.

轉向簡報投影片 3 中我們最近的亮點，Teekay Tankers 的季度業績再次強勁，調整後 EBITDA 總額為 1.24 億美元，低於上季度的 1.51 億美元。該公司報告調整後淨利潤為 1.07 億美元，即每股 3.11 美元，較 2024 年第一季的 1.32 億美元，即每股 3.96 美元有所下降。

With our fleet of midsized tankers, trading almost entirely in the strong spot market, Teekay Tankers’ high operating leverage enabled us to continue generating significant earnings and free cash flow.

我們的中型油輪船隊幾乎全部在強勁的現貨市場進行交易，Teekay Tankers 的高營運槓桿使我們能夠繼續產生可觀的收益和自由現金流。

As a reminder, for every $5,000 increase in tanker rates above our free cash flow breakeven of $15,000 per day, we expect to generate approximately $2.36 of annual free cash flow per share. We will provide further information on our ability to generate value for shareholders later in the presentation.

提醒一下，油輪運價每增加 5,000 美元，超過每天 15,000 美元的自由現金流盈虧平衡點，我們預計每股每年將產生約 2.36 美元的自由現金流。我們將在稍後的演示中提供有關我們為股東創造價值的能力的更多資訊。

In line with our capital allocation plan, we have declared a fixed quarterly cash dividend of $0.25 per share for the second quarter of 2024. Midsized tanker spot rates remained strong during the second quarter.

根據我們的資本配置計劃，我們宣布 2024 年第二季固定季度現金股利為每股 0.25 美元。第二季中型油輪現貨價格依然強勁。

Start-up and ongoing increase of exports from the Trans Mountain pipeline expansion has been an important source of additional Aframax demand and have helped support rates during the second quarter. I’ll give more detail on TMX later in the presentation.

跨山管道擴建導致的出口量的啟動和持續增長是阿芙拉型油輪需求增加的重要來源，並有助於支撐第二季度的運價。我將在稍後的演示中提供有關 TMX 的更多詳細資訊。

Looking ahead, tanker supply and demand fundamentals continue to look positive and point towards multiyear strength in the tanker market. Since our last earnings call, the company sold two of our older ships for a combined fund price of nearly $65 million and redeployed that capital into the purchase of a 2021 built in modern eco-design Aframax for $70.5 million.

展望未來，油輪供需基本面持續樂觀，並預示油輪市場將持續多年走強。自上次財報電話會議以來，該公司以近6500 萬美元的總資金價格出售了兩艘舊船，並重新部署該資金，以7050 萬美元的價格購買了一艘2021 年建造的現代生態設計阿芙拉型油輪。

And then finally, in the [pound charter] market, we extended an existing in-chartered Aframax for a further 12 months at a rate of $34,000 per day and secured an additional one-year option period on that charter.

最後，在[英鎊租船]市場，我們以每天 34,000 美元的費率將現有的阿芙拉型油輪再延長 12 個月，並在該租船上獲得了額外的一年期權期。

While also out chartering in Aframax for 12 months at $49,750 per day, the spread between these two charter deals illustrates the value of an active time charter portfolio.

雖然阿芙拉型油輪的租期為 12 個月，價格為每天 49,750 美元，但這兩筆租船交易之間的價差說明了活躍期租組合的價值。

Turning to slide 4, we look at recent dynamics in the spot tanker market. As mentioned in the highlights, midsized crude tanker spot rates remained strong and stable during the second quarter.

轉向幻燈片 4，我們來看看現貨油輪市場的最新動態。如要點中所提到的，第二季中型原油油輪現貨價格保持強勁且穩定。

In fact, Q2 marked the third quarter in a row in which midsized tanker spot rates averaged above $40,000 per day, demonstrating both the elevated historical level and stability of Aframax and Suezmax rates over the last nine months.

事實上，第二季度是中型油輪即期運價連續第三個季度平均每天超過40,000 美元，這表明阿芙拉型油輪和蘇伊士型油輪運價在過去九個月中處於較高的歷史水平和穩定性。

Spot tanker rates were supported by a combination of factors during the second quarter, including the start of crude oil exports on the Trans Mountain pipeline expansion and disruptions in the Red Sea region due to ongoing attacks on merchant shipping.

第二季現貨油輪運價受到多種因素的支撐，包括跨山管道擴建開始原油出口以及由於商船持續受到攻擊而導致紅海地區中斷。

In addition, a strong product tanker market has led to some LR2s that were previously trading crude oil to switch to clean product trading increasing tightness in an already firm crude tanker market.

此外，強勁的成品油輪市場導致一些先前從事原油貿易的LR2轉向清潔產品貿易，加劇了本已堅挺的原油油輪市場的緊張狀況。

With global oil demand set to remain firm and the other factors underpinning tonne mile demand for midsized tanker remaining intact, we expect spot tanker rates to remain well supported through the second half of the year.

由於全球石油需求將保持堅挺，並且支撐中型油輪噸英里需求的其他因素保持不變，我們預計現貨油輪運價將在今年下半年保持良好支撐。

Turning to slide 5, we provide an update on our Suezmax and Aframax size spot rates in the third quarter to date. Based on approximately 40% and 41% of revenue days booked, Teekay Tankers’ third quarter to date Suezmax and Aframax size vessel bookings have averaged approximately $40,800 per day and $45,300 per day, respectively, well above our spot tanker rates secured in Q3 of last year.

轉向投影片 5，我們提供了迄今為止第三季蘇伊士型和阿芙拉型型即期運價的最新資訊。根據約40% 和41% 的預訂收入天數，Teekay Tankers 第三季迄今蘇伊士型和阿芙拉型船舶的平均預訂量分別約為每天40,800 美元和45,300 美元，遠高於我們在第三季度獲得的現貨油輪費率。

Importantly, I once again highlight the value being created by Teekay Tankers a vessel chartered in fleet, of which seven are trading in the strong spot market. With an average in-charter rate level of $26,800 per day, the chartered-in fleet has a current mark-to-market value of approximately $53 million.

重要的是，我再次強調 Teekay Tankers 所創造的價值，這是一艘在船隊中租用的船舶，其中七艘船在強勁的現貨市場上進行交易。包機機隊的平均包機費用為每天 26,800 美元，目前以市值計算的價值約為 5,300 萬美元。

Turning to slide 6, we look at supply and demand factors, which we believe point towards continued tanker market strength. Looking at the oil market, global oil demand is projected to grow by around $1.5 million per day in both 2024 and 2025, as per the average of forecast from the three major energy agencies.

轉向幻燈片 6，我們研究了供需因素，我們認為這些因素顯示油輪市場持續走強。從石油市場來看，根據三大能源機構的平均預測，2024年和2025年全球石油需求預計每天增加150萬美元左右。

A substantial portion of this demand growth is expected to be met by increased oil supply from non-OPEC countries in the Atlantic Basin led by the United States, Brazil, Guyana and Canada, which will be positive for tanker demand.

預計需求成長的很大一部分將透過以美國、巴西、圭亞那和加拿大為首的大西洋盆地非歐佩克國家石油供應的增加來滿足，這將對油輪需求產生積極影響。

In addition, the OPEC+ Group announced their intention to unwind 2.2 million barrels per day of voluntary production cuts over the course of 12 months, starting in October this year, which could give further support to crude tanker demand from the fourth quarter onwards.

此外，OPEC+集團宣布打算從今年10月開始，在12個月內取消每天220萬桶的自願減產，這可能從第四季開始進一步支撐原油油輪需求。

Turning to seaborne oil trade, the Aframax market received a boost in the second quarter from the start-up of the TMX pipeline with the first vessel loading from Vancouver in mid-May. As all exports in this terminal are via Aframax tankers, the opening of TMX is a positive for Aframax specific demand.

談到海運石油貿易，第二季度阿芙拉型油輪市場因 TMX 管道啟動以及 5 月中旬第一艘船從溫哥華裝載而受到提振。由於該碼頭的所有出口均透過阿芙拉型油輪進行，因此 TMX 的開通對阿芙拉型油輪的特定需求是正面的。

Exports from the pipeline totaled approximately 300,000 to 350,000 barrels per day in June and July or approximately 20 Aframax loadings per month.

6 月和 7 月，該管道的出口總量約為每天 30 萬至 35 萬桶，或每月約 20 艘阿芙拉型油輪。

As shown in the middle graph on the slide, Aframax loading TMX cargoes, a discharge on the US West Coast East in Asia and at specific area (inaudible) light the coast of California for ship-to-ship transfer to larger tankers.

如幻燈片中圖所示，裝載 TMX 貨物的阿芙拉型油輪在美國西海岸東部、亞洲和特定區域（聽不清楚）卸貨，照亮了加州海岸，以便船對船轉移到大型油輪。

Volumes are expected to increase towards the full capacity of 550,000 barrels per day in the coming months, or approximately one Aframax loading every day, further supporting Aframax demand in the Pacific region.

未來幾個月，預計產量將增加至每天 55 萬桶的滿載，即每天約裝載一艘阿芙拉型油輪，進一步支持太平洋地區的阿芙拉型油輪需求。

Geopolitical events continue to impact seaborne trade flows, most prominently the ongoing attacks on shipping in the Red Sea, which are causing vessels to divert on longer haul voyages by the Cape of Good Hope. This has been particularly evident in the product tanker sector.

地緣政治事件持續影響海運貿易流量，最突出的是紅海航運持續受到的襲擊，導致船隻在好望角進行長途航行時改道。這在成品油輪領域尤其明顯。

We refined product movements by the Cape of Good Hope increasing from an average of 0.8 million barrels per day in 2023 to 2.7 million barrels per day in 2024 to date.

我們改進了好望角的產品運輸，從 2023 年的平均每天 80 萬桶增加到 2024 年迄今的每天 270 萬桶。

Given the longhaul nature of these movements, the LR2 sector has been the primary beneficiary from these diversions with elevated spot rates in the first half of the year in that segment.

鑑於這些運輸的長途性質，LR2 產業一直是這些改道的主要受益者，今年上半年該產業的即期運價上升。

As a result, a number of LR2s, we switched from trading crude oil to clean products, with the clean trading LR2 fleet increasing by between 30 to 35 vessels since the start of the year, which has also had a knock-on effect on tightening fleet supply in the crude Aframax sector.

因此，我們的一些 LR2 從原油貿易轉向清潔產品貿易，自今年年初以來，清潔貿易 LR2 船隊增加了 30 至 35 艘船，這也對緊縮產生了連鎖反應阿芙拉型原油船隊供應。

Turning to tanker fleet supply. Just 3.5 million deadweight tons of new tankers delivered into the global tanker fleet during the first half of this year. And deliveries this year are on track to the lowest total since the late 1980s. As such, we expect minimal tanker fleet growth this year.

轉向油輪船隊供應。今年上半年，全球油輪船隊僅交付了 350 萬載重噸的新油輪。今年的交付量預計將達到 20 世紀 80 年代末以來的最低水準。因此，我們預計今年油輪船隊的成長將微乎其微。

Although the pace of new tanker ordering has increased in recent months. The order book as a percentage of the existing fleet is still relatively modest at around 11% versus the long-term average of 20%.

儘管近幾個月來新油輪訂購的步伐有所增加。訂單量佔現有船隊的比例仍然相對較低，約為 11%，而長期平均為 20%。

In addition, shipyard capacity is becoming increasingly scarce, as yards fill up with orders, particularly from the containership and LNG carrier sectors. We estimate that the main shipyards capable of building tankers back from exercise or larger are now full through 2026 and are almost 80% full through 2027.

此外，由於船廠充斥著訂單，特別是來自貨櫃船和液化天然氣運輸船行業的訂單，造船廠的產能變得越來越稀缺。我們估計，到 2026 年，能夠建造演習後或更大的油輪的主要造船廠目前已滿載，到 2027 年，幾乎已滿載 80%。

As such, the tanker order book now stretches out over the next 3.5 years with little scope to add meaningfully to tanker fleet until the second half of 2027, with some yards already taking orders for 2028 delivery.

因此，油輪訂單簿目前將持續 3.5 年，直到 2027 年下半年之前，油輪船隊的大幅增加空間有限，一些船廠已經接受了 2028 年交付的訂單。

Addition of a modest tanker order book and aging tanker fleet and a lack of shipyard capacity until the second half of 2027 should ensure that tanker fleet growth remains at low levels over the next two to three years.

油輪訂單數量有限、油輪船隊老化以及 2027 年下半年之前造船廠產能不足，應確保油輪船隊成長在未來兩到三年內保持在較低水準。

Combined with positive demand growth, we believe that conditions remain in place for a continuation of firm spot tanker rates. It is worth noting that our customers also appear to share this view, as we are seeing an increase in time charter inquiries and activity from customers to secure vessels for periods of up to three years at firm rates.

結合積極的需求成長，我們認為現貨油輪運價持續堅挺的條件仍然存在。值得注意的是，我們的客戶似乎也同意這一觀點，因為我們看到客戶以固定費率獲得長達三年期限的船舶的期租查詢和活動有所增加。

This increased activity indicates a growing belief that the tanker market should remain strong over the medium term. I’ll now turn the call over to Stewart to cover the next slide.

這種活動的增加表明人們越來越相信油輪市場在中期內應保持強勁。現在我將把電話轉給史都華來播放下一張投影片。

Turning to slide 7, we highlight how well Teekay Tankers is positioned to continue creating significant shareholder value in this period of firm spot tanker rates. With 96% of our 52 vessel fleet deployed in the spot market, we continue to generate a significant amount of free cash flow. It is worth taking a moment to put this into context.

轉向幻燈片 7，我們強調了 Teekay Tankers 在現貨油輪運價堅挺時期繼續創造顯著股東價值的能力。我們的 52 艘船隊中有 96% 部署在現貨市場，我們繼續產生大量的自由現金流。值得花點時間將其置於上下文中。

While our share price has approximately tripled over the last two years, at Teekay Tankers’ current share price, our free cash flow yield is expected to be approximately 20% if freight rates remain at the levels achieved in the last 12 months.

雖然我們的股價在過去兩年中上漲了約兩倍，但按照 Teekay Tankers 目前的股價計算，如果運費保持在過去 12 個月的水平，我們的自由現金流收益率預計約為 20%。

With tanker market fundamentals pointing toward an extended period of strength, we are well placed to continue benefiting from the company’s high operating leverage that sees our free cash flow yield increased by approximately 3.6% for each $5,000 per day increase in spot rates above our free cash flow breakeven.

由於油輪市場基本面將長期保持強勁，我們有能力繼續受益於公司的高營運槓桿，即期運價每天每增加 5,000 美元，我們的自由現金流收益率就會增加約 3.6%我們的自由現金流損益平衡。

I will now turn the call back to Kevin to conclude.

現在我將把電話轉回凱文來結束。

Thanks Stewart. In summary, the fundamentals which have driven midsized tanker outperformance in the past two years remains clear and intact. While we expect normal spot rate volatility and seasonality, we are optimistic about the prospects for continued strength in the tanker market.

謝謝斯圖爾特。總而言之，過去兩年推動中型油輪表現優異的基本面仍然清晰且完整。雖然我們預期即期匯率波動和季節性會正常，但我們對油輪市場持續走強的前景持樂觀態度。

Meanwhile, Teekay Tankers remains in a great position to continue generating significant free cash flow and building value for our shareholders.

同時，Teekay Tankers 仍處於有利地位，可以繼續產生大量自由現金流並為股東創造價值。

With that, operator, we are now available to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員說明）

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hi Kevin and Stewart. I have got a couple of questions from my side. I guess first, congrats by the way, on your first acquisition in some time. I think it’s been at least six years to seven years, perhaps not longer, since Teekay has acquired a ship.

謝謝。嗨，凱文和史都華。我這邊有幾個問題。我想首先，順便恭喜你有一段時間以來的第一次收購。我認為自從 Teekay 購買一艘船以來，至少已經有六到七年了，也許不會更久。

So, just on that front, obviously, you have been very patient throughout the years in terms of deploying that capital. But when we think about going from here, how should we think about given where you are financially, how much cash you have on the balance sheet, the opportunity, as you just highlighted for the market outlook. Are you looking to be a bit more aggressive in terms of acquisitions or more perhaps methodical?

因此，顯然，在這方面，多年來您在部署資金方面一直非常耐心。但是，當我們考慮從這裡開始時，考慮到您的財務狀況、資產負債表上有多少現金、機會，我們應該如何考慮，正如您剛剛在市場前景中所強調的那樣。您希望在收購方面更加積極主動，或者更有條理？

Hi Omar. Yes, good question. I think I will tackle it from a couple of angles. First of all, I think it’s important to recognize that, it’s been a while since we have been in a position to be able to deploy capital and we have a balanced capital allocation plan.

嗨奧馬爾。是的，好問題。我想我會從幾個角度來解決這個問題。首先，我認為重要的是要認識到，我們已經有一段時間沒有能力部署資本並且我們有一個平衡的資本配置計劃了。

So, we are extremely happy with where our fleet is today and to have the ability to look at different options in how we deploy the capital. We are in a business that’s cyclical, it’s industrial and over time, our fleet ages. So, we do recognize and I think it’s important for our investors to recognize that we have to keep reinvesting in our fleet.

因此，我們對我們機隊目前的狀況非常滿意，並且能夠在如何部署資本方面考慮不同的選擇。我們所處的行業是週期性的、工業性的，隨著時間的推移，我們的機隊會老化。因此，我們確實認識到，而且我認為我們的投資者認識到我們必須繼續對我們的機隊進行再投資，這一點很重要。

Having said that, I think it’s important that we do the timing right. And while there is a need to deploy a significant amount of capital towards fleet renewal, given where asset prices are, we feel that at this point in time, it will be more prudent to be more selective in how we go about renewing our fleet.

話雖如此，我認為正確的時機很重要。儘管需要部署大量資金來更新機隊，但考慮到資產價格的情況，我們認為，在這個時候，我們應該更加謹慎地選擇更新機隊的方式。

So, what you have seen us do in the past few quarters and the last few years is to sell down some of our older assets and crystallize some of the value out of the elevated asset prices that we are seeing in the market today.

因此，您在過去幾個季度和過去幾年中看到我們所做的就是出售一些舊資產，並從我們今天在市場上看到的資產價格上漲中具體化一些價值。

And then more recently, taking some of that capital and redeploying it into more modern efficient ships that give us longevity on our fleet and continue the exposure to the spot market that we believe is going to remain strong, as I pointed out in the presentation.

然後最近，我們將其中一些資本重新部署到更現代、高效的船舶上，這使我們的船隊壽命更長，並繼續接觸現貨市場，我們相信現貨市場將保持強勁，正如我在演講中指出的那樣。

So, yes, we will deploy capital towards fleet renewal, but I think it will be done, and I think it’s important for investors to understand, in this environment, it will be done in a measured and prudent manner. It won’t be a wholesale fleet renewal on a mass scale at this point in time.

因此，是的，我們將部署資金進行機隊更新，但我認為這將會完成，而且我認為投資者必須了解，在這種環境下，這將以謹慎和審慎的方式完成。目前，這不會是大規模的機隊更新。

Understood. Thank you, Kevin. And I guess does that mean clearly, as you sold those two [oh-five], it looks like those proceeds matched up a bit nicely in terms of acquiring the modern ship of the ‘21 built.

明白了。謝謝你，凱文。我想這是否清楚地表明，當您出售這兩艘 [oh-5] 時，看起來這些收益在購買 21 艘現代船舶方面非常匹配。

Are you willing to shrink the fleet, I guess perhaps moving forward, given you already have a critical master, I guess it sounds like you are willing to shrink the fleet to modernize. Is that right?

你是否願意縮小艦隊，我想也許會繼續前進，考慮到你已經有了一個關鍵的主人，我想聽起來你願意縮小艦隊以實現現代化。是這樣嗎？

Yes. We are not beholden to a specific fleet size, I think I have mentioned on the call last quarter that scale is obviously important. It gives us the ability to deploy assets in different markets and capture the volatility that’s inherent in tanker trading.

是的。我們不受制於特定的機隊規模，我想我在上個季度的電話會議上提到過，規模顯然很重要。它使我們能夠在不同市場部署資產並捕捉油輪交易固有的波動性。

But at the same time, we are not fixated on the number of ships we have. And when we are in an environment where asset prices are elevated, it’s important that we keep our eye on value. And if we can sell off some of the older units, you have a limited lifespan left, we will look at doing that.

但同時，我們並不專注於我們擁有的船隻數量。當我們處於資產價格上漲的環境時，關注價值非常重要。如果我們可以賣掉一些舊的單位，你的壽命有限，我們會考慮這樣做。

But on the other hand, we are also generating an awful lot of free cash flow from those older assets. And so it’s a question of doing the math and seeing which one provides us the best value. But we are not scared to sell. And at this point, you have seen us also deploy some of that capital to renew.

但另一方面，我們也從這些舊資產產生了大量的自由現金流。因此，這是一個進行數學計算並查看哪一個為我們提供最佳價值的問題。但我們不害怕出售。此時，您已經看到我們也部署了一些資本來更新。

Yes. Got it. Great. And then just a final one from me, the Aframax 1 year charter that you announced today, $49,750, pretty solid and basically what you captured last year on the spot market for the full year, which was a record year.

是的。知道了。偉大的。然後是我的最後一個，您今天宣布的阿芙拉型油輪一年期租船合同，價格為49,750 美元，相當穩定，基本上是您去年在現貨市場上獲得的全年租約，這是創紀錄的一年。

And so I don’t know if you have disclosed the vessel specifically that is earning that charter. But was this for the acquisition of the ‘21 built Aframax? And then is de-risking the investments what drove the entry into this charter, or was it just simply too good of a deal to pass up? Anything you are willing to share on that?

因此，我不知道您是否具體披露了獲得該租船合約的船隻。但這是為了收購 21 世紀建造的阿芙拉型油輪嗎？那麼，降低投資風險是推動加入該章程的原因，還是只是一筆好交易，不容錯過？對此您有什麼願意分享的嗎？

Yes. We look at our fleet as a portfolio. So, it doesn’t matter which specific ship gets put out or deployed. We look at the opportunity set that’s in front of us.

是的。我們將我們的機隊視為一個投資組合。因此，哪艘特定的艦艇被投入或部署並不重要。我們專注於擺在我們面前的機會。

And in this case, we felt that for locking in $50,000 a day basically for the next 12 months, it was a good hedge. So, we decided to deploy our ship to that business. But it’s still $50,000 a day that’s coming in, that’s guaranteed over the next 12 months. It doesn’t really applied to any specific ship. It’s just, it’s more of how we look at the portfolio.

在這種情況下，我們認為基本上在接下來的 12 個月內每天鎖定 50,000 美元，這是一個很好的對沖。因此，我們決定將我們的船部署到該業務。但在接下來的 12 個月內，每天仍有 5 萬美元的收入得到保證。它並不真正適用於任何特定的船舶。只是，這更多的是我們如何看待投資組合。

Yes. Understood. Well, thanks Kevin and thanks Stewart. And just real quick, would say, well done, I guess in terms of what you guys have been able to accomplish over the past several years, you have been very methodical, I guess and been very, very patient.

是的。明白了。好吧，謝謝凱文，也謝謝史都華。真的很快，我想說，幹得好，我想就你們過去幾年所取得的成就而言，我想你們一直非常有條理，而且非常非常有耐心。

You finally got the debt to where you wanted it to be, which has obviously gone. Introduced a dividend last year and now you are acquiring ships. So, it’s a very, very nice development. I will turn it over. Thank you.

你終於把債務還到了你想要的地方，顯然已經消失了。去年引入了股息，現在您正在收購船舶。所以，這是一個非常非常好的發展。我會把它翻過來。謝謝。

Thanks, Omar.

謝謝，奧馬爾。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hi. This is Adam Roszkowski on for Ken Hoexter. Thanks for taking my question. I just wanted to talk about the LR2 ships shifting to the clean trade.

你好。我是亞當‧羅斯科斯基 (Adam Roszkowski)，替補肯‧霍克斯特 (Ken Hoexter)。感謝您提出我的問題。我只是想談談 LR2 船舶轉向清潔貿易的情況。

We heard one of your competitors, well, on the product side, peers, talk about seeing this as more of a temporary impact.

我們聽到你的一位競爭對手，嗯，在產品方面，同行，談論將這更多地視為暫時的影響。

So, the question is, how do you see the sustainability of this trend and some of the tightness that it’s creating on the Aframax side?

所以，問題是，您如何看待這一趨勢的可持續性以及它對阿芙拉型油輪造成的一些緊張？

Yes, it’s a good question. And I think I would refer back to comments we have made in the past that our view is the LR2 vessel is a fungible asset. It can move between crude and clean, and depending on earnings. And that’s certainly how we look at those ships, and that’s how we have been deploying them.

是的，這是一個好問題。我想我會回顧我們過去發表的評論，即我們的觀點是 LR2 船是一種可替代資產。它可以在原始和清潔之間移動，具體取決於收入。這當然是我們看待這些船隻的方式，也是我們部署它們的方式。

We, in recent months, as the LR2 market has remained strong, we have deployed more than half of our LR2s into that trade rather than fixing crude oil. And I think other owners will look at the same.

近幾個月來，由於 LR2 市場保持強勁，我們已將一半以上的 LR2 部署到該貿易中，而不是固定原油。我認為其他業主也會有同樣的看法。

I think the interesting thing for the immediate term is that we are sort of at the shoulder of the product tanker sector and going forward, that market should see some pickup, but some strength.

我認為短期內有趣的事情是，我們在成品油輪領域處於領先地位，展望未來，該市場應該會看到一些回升，但也會有所增強。

So, whether that’s a temporary phenomenon of ships moving over in the immediate term, I don’t think so. But over a longer period of time, yes, they are fungible assets that come and go between the two trades.

因此，我認為這是否是船舶短期內移動的暫時現象。但在較長一段時間內，是的，它們是在兩種交易之間來來去去的可替代資產。

That's helpful. And then on the Trans Mountain Pipeline, given what you have seen on the voyages of some of these early movements, has this at all shifted your outlook on the ton-mile impact more long-term or over the next year or so? And how are you thinking of that given what you have seen so far?

這很有幫助。然後，在跨山管道上，考慮到您在一些早期運輸的航行中所看到的情況，這是否完全改變了您對長期或未來一年左右噸英里影響的看法？鑑於您迄今為止所看到的情況，您對此有何看法？

Yes. I think with the Trans Mountain Pipeline last quarter when we reported, we said that it could create demand for up to 25 to 30 Aframaxes depending on where they are going. I think what we have seen in the first couple of months is we are not quite up to full capacity yet.

是的。我認為，上個季度我們報道跨山管道時，我們表示它可能會創造多達 25 至 30 艘阿芙拉型油輪的需求，具體取決於它們的目的地。我認為我們在前幾個月看到的是我們還沒有完全達到滿載狀態。

We are loading about 20 Aframaxes per month, whereas the full capacity is 30 to 35 Aframaxes or approximately one per day. And in terms of where they are going, it’s moved around a little bit. I think the first four months in June, we saw most of the ships go down to the US West Coast or to the Pacific area lightering zone.

我們每月裝載約 20 艘阿芙拉型油輪，而滿載能力為 30 至 35 艘阿芙拉型油輪，即每天約一艘。就他們的去向而言，它發生了一些變化。我想在六月的前四個月，我們看到大多數船隻都前往美國西海岸或太平洋地區的駁運區。

And in July, we saw more ships going direct to Asia, and that’s obviously more of a ton-mile driver if they go long haul to Asia. And in truth, I think it’s going to take several weeks and months for the sort of trade patterns to fully develop.

7 月份，我們看到更多的船舶直接前往亞洲，如果它們長途前往亞洲，這顯然需要更多的噸英里駕駛員。事實上，我認為這種貿易模式需要幾週甚至幾個月的時間才能完全形成。

So, we certainly think there is more to come from TMX in terms of driving Aframax ton-mile demand. But I think for the first couple of months here, it’s been a nice start, and it’s definitely added demand for Aframaxes in the Pacific.

因此，我們當然認為 TMX 在推動阿芙拉型油輪噸英里需求方面還有更多的作用。但我認為，在最初的幾個月裡，這是一個好的開端，這無疑增加了太平洋地區對阿芙拉型油輪的需求。

Got it. Thanks.

知道了。謝謝。

This does conclude the question-and-answer session. I would like to turn the call back over to the company for any closing remarks.

問答環節到此結束。我想將電話轉回公司以聽取結束語。

Thank you for joining us today, and we look forward to speaking to you next quarter. Thank you.

感謝您今天加入我們，我們期待下個季度與您交談。謝謝。

This does conclude today’s conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。