Teekay Corp Ltd (TK) 2024 Q3 法說會逐字稿

Please stand by. Welcome to the Teekay Group third-quarter 2024 earnings results conference call. (Operator Instructions) 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.

請稍候。歡迎參加 Teekay Group 2024 年第三季財報電話會議。（操作員說明）謹此提醒，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'll find a copy of the Teekay Group's third quarter 2024 earnings presentation. Kenneth will review this presentation during today's conference call.

在我們開始之前。我想引導所有參與者造訪我們的網站 www.teekay.com，您可以在其中找到 Teekay 集團 2024 年第三季收益簡報的副本。肯尼斯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 Teekay Corporation and Teekay Tankers' third quarter 2024 earnings releases and the Teekay Group's 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 Teekay Corporation 和 Teekay Tankers 的 2024 年第三季度收益發布以及我們網站上提供的 Teekay Group 收益演示。

I will now turn the call over to Kenneth Hvid, Teekay Corporation, and Teekay Tankers' President and CEO to begin.

現在我將把電話轉給 Teekay Corporation 和 Teekay Tankers 總裁兼執行長 Kenneth Hvid。

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for the Teekay Group's third quarter 2024 earnings conference call. With the recent management changes, this earnings call will cover both Teekay Corporation and Teekay Tankers' earnings for the quarter.

謝謝你，艾德。大家好，非常感謝您今天參加我們 Teekay 集團 2024 年第三季財報電話會議。隨著最近的管理層變動，本次財報電話會議將涵蓋 Teekay Corporation 和 Teekay Tankers 本季的收益。

Joining me on the call today for the Q&A session is Brody Speers, Teekay Corporations and Teekay Tankers CFO; Ryan Hamilton, our VP of Finance and Corporate Development; and Christian Waldegrave, our Director of Research.

今天和我一起參加電話問答環節的是 Teekay Corporations 和 Teekay Tankers 財務長 Brody Speers； Ryan Hamilton，我們的財務與企業發展副總裁；以及我們的研究總監 Christian Waldegrave。

Starting on slide 3 of the presentation, over the past few years, the Teekay Group has taken several important steps to streamline the organization. Notably, this includes the recent simplification of our group management and decision making structure.

從簡報的幻燈片 3 開始，在過去幾年中，Teekay Group 採取了幾項重要步驟來精簡組織。值得注意的是，這包括最近我們集團管理和決策結構的簡化。

And TNK's planned acquisition of our Teekay Australia business, which we will cover in more detail later in the presentation, as well as Teekay Corporation's transfer of all of its remaining management service companies to TNK, which consists mainly of our short based staff.

TNK 計劃收購我們的 Teekay 澳洲業務（我們將在稍後的演示中詳細介紹），以及 Teekay Corporation 將其所有剩餘管理服務公司轉讓給 TNK（主要由我們的短期員工組成）。

The results of these steps is a new structure that looks similar to historical Teekay, where Teekay Tankers is positioned as the fully integrated, sole operating platform for the Teekay Group, and Teekay Corp as a strong supportive sponsor.

這些步驟的結果是形成了一個與歷史上的 Teekay 類似的新結構，其中 Teekay Tankers 被定位為 Teekay 集團完全整合的唯一營運平台，而 Teekay Corp 則作為強有力的支援贊助商。

Throughout this streamlining process, we have focused the group on Tankers while systematically reducing a significant debt load. I'm very proud to say that following a multiyear effort, the Teekay Group today has one of the strongest balance sheets in the industry with no debt and considerable cash positions, which we believe is important in a cyclical industry as a strong balance sheet allows us to act countercyclically at the right times in the cycle.

在整個精簡過程中，我們將團隊的重點放在油輪上，同時系統性地減少了重大債務負擔。我非常自豪地說，經過多年的努力，Teekay 集團如今擁有業內最強勁的資產負債表之一，沒有債務，並且擁有大量現金頭寸，我們認為這對於週期性行業非常重要，因為強勁的資產負債表可以讓我們在週期的正確時間採取反週期行動。

TNK will remain committed to disciplined fleet of reinvestment, while Teekay will focus on managing its controlling interest in TNK and can provide financial support if necessary.

TNK 將繼續致力於嚴格的再投資，而 Teekay 將專注於管理其在 TNK 的控股權益，並在必要時提供財務支援。

On slide 4, we will cover the recent developments at the Teekay Corp level. As mentioned, Teekay has agreed to sell Teekay Australia and also transfer its remaining management services companies to TNK to streamline and simplify the group. TNK will acquire Teekay Australia for $65 million in cash, and transfer the management services companies for their networking capital value.

在投影片 4 上，我們將介紹 Teekay Corp 層面的最新發展。如前所述，Teekay 已同意出售 Teekay Australia，並將其剩餘的管理服務公司轉讓給 TNK，以精簡和簡化集團。TNK將以6,500萬美元現金收購Teekay Australia，並轉讓管理服務公司的網路資本價值。

When we closed the sale of Teekay LNG back in early 2022, the group had approximately $300 million in capital available at the Teekay level, with TNK still waiting for the Tankers market to turn and burdened with a significant deposition relative to the fleet profile.

當我們在 2022 年初完成 Teekay LNG 的出售時，該集團在 Teekay 層級擁有約 3 億美元的可用資本，而 TNK 仍在等待油輪市場的轉變，並面臨與船隊概況相關的大量沉積問題。

Fast forward to today, while Teekay -- TNK has a fleet that will require some renewal, it has one of the strongest balance sheets in the industry. And therefore, we do not feel the need to hold as much cash at the Teekay Corp level as we have over the past 2.5 years.

快進到今天，雖然 Teekay - TNK 的機隊需要一些更新，但它擁有業內最強勁的資產負債表之一。因此，我們認為沒有必要在 Teekay Corp 層級持有過去 2.5 年那麼多的現金。

As a result, the company is allocating up to $230 million of its cash back into the business and in part as a return of capital to shareholders. This includes returning $144 million of capital to shareholders since early August or over 20% of its current market cap, consisting of $59 million of Teekay share buybacks at an average price of $8.56 per share, and a $1 per share special cash dividend to Teekay Corp shareholders for a total dividend of approximately $85 million, payable in December.

因此，該公司將高達 2.3 億美元的現金重新分配給該業務，部分作為股東的資本回報。這包括自8 月初以來向股東返還1.44 億美元的資本，佔當前市值的20% 以上，其中包括以每股8.56 美元的平均價格回購5,900 萬美元的Teekay 股票，並向Teekay Corp 派發每股1美元的特別現金股利股東股利總額約為 8,500 萬美元，將於 12 月支付。

In addition, our Board of Directors has also authorized a new $40 million share buyback plan. Lastly, Teekay also purchased $50 million of TNK Class A common shares at an average price of just under $59 per share, increasing our economic and voting interest in TNK to 31% and 55% respectively.

此外，我們的董事會也批准了一項新的 4,000 萬美元股票回購計畫。最後，Teekay 也以每股略低於 59 美元的平均價格購買了 5,000 萬美元的 TNK A 類普通股，將我們在 TNK 的經濟權益和投票權分別增加到 31% 和 55%。

We believe that TNK is well positioned to continue to generate significant free cash flow and build equity value. This increases the underlying value of both TNK and Teekay Corp through its controlling ownership of TNK.

我們相信 TNK 處於有利地位，能夠繼續產生大量自由現金流並建立股權價值。透過 TNK 的控股權，這增加了 TNK 和 Teekay Corp 的潛在價值。

And therefore, we believe both the TNK share purchases and the Teekay Corp share buybacks represent good value. As a result of our simplification efforts and flexible capital allocation, we plan to continue to deliver shareholder value and hope to illuminate the underlying value in both companies.

因此，我們認為 TNK 股票購買和 Teekay Corp 股票回購都具有良好的價值。由於我們的簡化工作和靈活的資本配置，我們計劃繼續提供股東價值，並希望闡明兩家公司的潛在價值。

Moving to slide 5, we will cover the highlights at the Teekay Tankers level. TNK's third quarter earnings and free cash flow remains strong, with spot rates in the low to mid $30,000 per day. Adjusted net income was $63.5 million or $1.84 per share. And our adjusted EBITDA there was nearly $76 million.

前往幻燈片 5，我們將介紹 Teekay Tankers 等級的亮點。TNK 第三季獲利和自由現金流依然強勁，即期匯率處於每天 3 萬美元的中低水準。調整後淨利為 6,350 萬美元，即每股 1.84 美元。我們調整後的 EBITDA 接近 7,600 萬美元。

It is important to note that we strategically planned the dry docking of 10 of our vessels during what is typically the weakest quarter of the year to ensure that our fleet was fully available for the anticipated winter tanker market uplift.

值得注意的是，我們策略性地計劃在一年中最疲軟的季度對 10 艘船舶進行乾塢，以確保我們的船隊能夠充分應對預期的冬季油輪市場成長。

On TNK's acquisition of Teekay Australia, TNK is acquiring a business with an estimated annual EBITDA of $10 million consisting primarily of stable longer term government service contracts at an attractive valuation. We like the stability of this government business, and believe in its future prospects. I will cover this business in more detail on the next slide.

在 TNK 收購 Teekay Australia 時，TNK 收購的業務預計每年 EBITDA 為 1,000 萬美元，主要包括穩定的長期政府服務合同，估值頗具吸引力。我們喜歡這個政府業務的穩定性，並相信它的未來前景。我將在下一張投影片中更詳細地介紹這項業務。

With all the group's operations on the TNK, it was a logical step to transfer all the remaining management services companies, not otherwise owned, which is mainly our short based staff to TNK. Looking to what we have booked so far for the fourth quarter, it is closely in line with where we stood at this point last year as you can see from the bar chart on the lower right on the slide.

由於集團的所有業務都在 TNK 上進行，因此將所有剩餘的非其他管理服務公司（主要是我們的短期員工）轉移到 TNK 是一個合乎邏輯的步驟。看看我們迄今為止第四季度的預訂情況，它與我們去年此時的情況非常一致，正如您從幻燈片右下角的條形圖中看到的那樣。

Importantly, as you can see from the red dots about these bars, the latest Clarksons reported spot rates in the market today have moved higher as we transition into the typically stronger winter season. We'll cover the tankers market in more detail later in the presentation. Lastly, Teekay Tankers has once again declared its quarterly fixed dividend of $0.25 per share payable in November.

重要的是，正如您從這些金條的紅點中看到的那樣，隨著我們進入通常更為強勁的冬季，克拉克森報告的最新市場即期匯率已經走高。我們將在稍後的演示中更詳細地介紹油輪市場。最後，Teekay Tankers 再次宣布 11 月支付每股 0.25 美元的季度固定股息。

Moving to slide 6, I will briefly cover the Teekay Australia business that Teekay has been operating for nearly 30 years. This is an acidized and capitalized services business that carries out comprehensive vessel management, procurement and staffing, primarily for the Australian government on 11 vessels with total revenues in excess of $100 million and an average annual EBITDA of approximately $10 million.

前往投影片 6，我將簡要介紹 Teekay 已經營近 30 年的 Teekay 澳洲業務。這是一家酸化和資本化的服務企業，主要為澳洲政府的 11 艘船舶提供全面的船舶管理、採購和人員配備，總收入超過 1 億澳元，平均每年 EBITDA 約為 1000 萬澳元。

Teekay Australia's value add is its approach to the business with a ship owner's mindset. We're one of the largest employers of Australian seafarers, and have strong government and industry relations that have been established over nearly 30 years.

Teekay Australia 的增值之處在於其以船東心態開展業務的方式。我們是澳洲海員最大的雇主之一，並與政府和產業建立了近 30 年的牢固關係。

Leveraging Teekay's industry expertise, Teekay Australia has secured stable long term contracts in a niche market. While this is a creative investment for TNK is small relative to our core tanker business, we like the asset light model, first class customer base, and stability of cash flows. We also believe there are growth opportunities in this business over time, and we're in a great position to pursue these opportunities as they arise.

憑藉 Teekay 的行業專業知識，Teekay Australia 在利基市場獲得了穩定的長期合約。雖然對於 TNK 來說，這是一項創造性的投資，相對於我們的核心油輪業務來說規模較小，但我們喜歡輕資產模式、一流的客戶群和穩定的現金流。我們也相信，隨著時間的推移，這項業務會出現成長機會，而且我們處於有利地位，可以在這些機會出現時抓住它們。

Turning to slide 7, we look at the near term outlook for the tanker market. Spot tanker rates remain historically firm in Q3 and were amongst the highest for third quarter in TNK's history. As is typical for third quarter, rates showed a seasonal downturn compared to the second quarter, due to a combination of lower crude oil export volumes from various major oil producers, the onset of seasonal refinery maintenance and relatively weak Chinese crude oil imports.

轉向幻燈片 7，讓我們來看看油輪市場的近期前景。第三季的現貨油輪運價仍保持歷史堅挺，並且是 TNK 史上第三季最高的運價之一。正如第三季的典型情況一樣，由於各主要石油生產商原油出口量下降、煉油廠開始進行季節性維護以及中國原油進口相對疲軟，與第二季相比，費率呈現季節性下降。

However, as can be seen by the charter on the bottom right, spot rates are firming at the start of Q4 in line with normal seasonality, with the shape of the curve so far looking very similar to 2023. We expect spot tanker rates to remain relatively firm through the winter, though it's too early to say whether they will match the strong rates seen in Q4 of last year.

然而，從右下角的圖表可以看出，即期匯率在第四季度初開始走強，符合正常的季節性，迄今為止的曲線形狀看起來與 2023 年非常相似。我們預計現貨油輪運價將在整個冬季保持相對堅挺，但現在判斷其是否會達到去年第四季的強勁運價還為時過早。

We believe tanker rates will be supported by a seasonally stronger oil demand, and more importantly, an increase in crude oil export volumes from key producers. The reduction in Libyan crude oil exports seen in September due to a dispute between the two regional governments also appears to be in the process of normalizing, which is adding support to tanker demand in the Mediterranean.

我們認為，季節性強勁的石油需求將支撐油輪運價，更重要的是，主要生產商原油出口量的增加將支撐油輪運價。由於兩個地區政府之間的爭端，利比亞9月原油出口減少，似乎也處於正常化過程中，這為地中海的油輪需求增加了支持。

Normal winter market factors such as weather delays are expected to give further support to rates by tightening available vessel supply as is normal during the fourth and first quarters of the year.

天氣延誤等正常的冬季市場因素預計將透過收緊可用船舶供應來進一步支撐運價，這在今年第四季和第一季是正常的。

Finally, the potential for higher OPEC plus supply should they decide to proceed with the unwinding of 2.2 million barrels per day of voluntary supply cuts, and a possible boost to Chinese crude oil imports due to recent government stimulus could also support rates during Q4.

最後，如果 OPEC+ 決定繼續解除每天 220 萬桶的自願減產，則供應可能會增加，而且近期政府刺激措施可能會增加中國原油進口，也可能支撐第四季度的利率。

Turning to slide 8, we look at tanker demand and supply factors which we believe point towards continued tanker market strength over the medium term. Global oil consumption which is already at an all-time high is expected to grow further with projected growth of 1.3 million barrels per day in 2025 as per the average forecast from three major energy agencies.

轉向幻燈片 8，我們研究了油輪需求和供應因素，我們認為這些因素表明油輪市場在中期內持續走強。根據三大能源機構的平均預測，已經處於歷史最高水準的全球石油消費量預計將進一步成長，到 2025 年預計將成長 130 萬桶/日。

The majority of this growth is expected to come from Asia, particularly from India, which is the second largest importer of oil in the world after China. But importantly, it is expected to be the global leader of oil demand growth going forward.

預計這一增長的大部分將來自亞洲，特別是印度，它是僅次於中國的世界第二大石油進口國。但重要的是，預計它將成為未來石油需求成長的全球領導者。

Global oil supply is also at an all-time high and is set to grow further due to increasing production in non-OPEC plus countries. As per the IEA, non-OPEC plus supply is projected to grow by 1.5 million barrels per day in 2025 led by Atlantic basin producers such as the United States, Brazil and Guyana.

全球石油供應也處於歷史最高水平，由於非歐佩克國家的產量增加，預計將進一步成長。根據 IEA 的數據，在美國、巴西和圭亞那等大西洋盆地產油國的帶動下，非 OPEC+ 供應預計到 2025 年將成長 150 萬桶/日。

Given that the bulk of oil supply growth is in the Atlantic, but demand growth is concentrated in Asia, we expect that the long haul movement of crude oil from west to east will be a key driver of tanker turn mild demand in the medium term.

鑑於石油供應成長主要集中在大西洋，但需求成長集中在亞洲，我們預期原油從西向東的長途運輸將成為中期內油輪需求轉溫和的關鍵驅動力。

We should also mention that in addition to positive underlying oil market fundamentals, the tanker market continues to be shaped by geopolitical events. This is particularly evident in the Middle East where ongoing attacks on shipping in the Red Sea region are causing tankers particularly in product tanker sector to divert around the Cape of Good Hope, thereby adding to voyage distances, and boosting tankers on mild demand.

我們還應該提到，除了積極的石油市場基本面之外，油輪市場繼續受到地緣政治事件的影響。這在中東尤​​其明顯，紅海地區航運業持續遭受的襲擊導致油輪（特別是成品油輪領域）繞道好望角，從而增加了航程距離，並在需求溫和的情況下增加了油輪的數量。

Recent events in the Middle East have the potential to further destabilize the region which could impact oil production and shipping should they escalate further. The full effects of any such disruption are uncertain, but they have the potential to further add to tanker market volatility in the coming quarters.

中東最近發生的事件有可能進一步破壞該地區的穩定，如果事態進一步升級，可能會影響石油生產和航運。任何此類中斷的全面影響尚不確定，但有可能在未來幾季進一步加劇油輪市場的波動。

Turning to fleet supply, new tanker deliveries are set to increase in 2025 and 2026 due to orders placed over the past 18 to 24 months. However, at around 13% of the existing fleet, the global orderbook is still below the long term average of 20%.

談到船隊供應，由於過去 18 至 24 個月的訂單，新油輪交付量預計將在 2025 年和 2026 年增加。然而，全球訂單量約佔現有機隊的 13%，仍低於 20% 的長期平均值。

Furthermore, forward orderbook cover at the major shipyards currently stretches three years or more with a lack of available shipyard capacity until the second half of 2027. In addition, the fleet continues to age with the average age of the tanker fleet currently the highest since 2002.

此外，主要造船廠的遠期訂單覆蓋範圍目前長達三年或更長時間，直到 2027 年下半年仍缺乏可用的造船廠產能。此外，船隊持續老化，目前油輪船隊的平均船齡為2002年以來最高。

As can be seen by the chart on the bottom right, the number of vessels on order is still relatively small compared to future fleet replacement demand. The combination of a modest order book, a lack of shipyard capacity, and an aging fleet should ensure that tanker fleet growth remains at relatively low levels over the next two to three years.

從右下圖可以看出，與未來船隊替換需求相比，訂單船舶數量仍然相對較少。訂單量不大、造船廠產能不足以及船隊老化等因素結合在一起，應確保油輪船隊成長在未來兩到三年內保持在相對較低的水平。

While the pace of tanker scrapping remains very low, the past two years have seen a steady flow of vessels from the conventional fleet to the so called shadow fleet of tankers, servicing sanction trades. The majority of which are older vessels which could -- which would otherwise be approaching end of life.

儘管油輪報廢的速度仍然非常低，但過去兩年，傳統船隊的船隻穩定地流向所謂的影子油輪船隊，為制裁貿易提供服務。其中大部分是老舊船隻，否則它們將接近使用壽命。

This shadow fleet now counts several hundred vessels which generally operate at much lower utilization levels compared to the conventional fleet. While the future of this shadow fleet is uncertain, particularly in light of increased scrutiny and sanctions from both the US and Europe, the migration of ships from the conventional fleet to the shadow fleet adds an extra layer to tanker market volatility.

該影子船隊現在擁有數百艘船隻，與傳統船隊相比，這些船隊的利用率通常要低得多。雖然影子船隊的未來尚不確定，特別是考慮到美國和歐洲加強的審查和製裁，但船舶從傳統船隊向影子船隊的遷移又加劇了油輪市場的波動。

In some, we believe that tanker demand and supply fundamentals continue to look positive, which should lead to ongoing strength in the tanker market over the medium term.

在某些方面，我們認為油輪需求和供應基本面仍然樂觀，這應該會導致油輪市場在中期內持續走強。

Turning to slide 9, we highlight how the Teekay Tankers fleet profile is ideally situated to maximize value in the current market. As mentioned at the beginning of this call, we have spent considerable effort and resources over the several years to eliminate our outstanding debt.

轉向幻燈片 9，我們重點介紹了 Teekay Tankers 船隊概況如何在當前市場中實現價值最大化。正如在本次電話會議開始時所提到的，我們多年來花費了大量的努力和資源來消除我們的未償債務。

This in turn has enabled us to bring our free cash flow break even down dramatically to approximately $14,000 per day, which I want to highlight is a really extraordinary level for midsized tankers amongst the lowest in our peer group.

這反過來又使我們能夠將自由現金流大幅降至每天約 14,000 美元，我想強調的是，對於我們同行中最低的中型油輪來說，這確實是一個非同尋常的水平。

With the fleet's low break even, high utilization for midsized tankers and the near total exposure to the spot market, we're able to generate significant free cash flows which over the last 12 months has totaled approximately $13.29 per share. Moreover, for every $5,000 increase in spot rates above our breakeven level, our annual free cash flow yield increases 4.8% or generates approximately $2.30 in free cash flow per share.

由於船隊的盈虧平衡點較低、中型油輪的利用率較高以及幾乎完全接觸現貨市場，我們能夠產生大量的自由現金流，在過去 12 個月中總計約為每股 13.29 美元。此外，即期利率每比我們的損益兩平水準增加 5,000 美元，我們的年度自由現金流收益率就會增加 4.8%，即每股產生約 2.30 美元的自由現金流。

In summary, the Teekay Group is streamlined and fully oriented around the Teekay Tankers operating platform, with Teekay Corp focusing on managing its controlling interest in Teekay Tankers. We're optimistic about the market dynamics ahead of us.

總而言之，Teekay 集團精簡並完全圍繞 Teekay Tankers 運營平台，Teekay Corp 專注於管理其在 Teekay Tankers 的控股權益。我們對未來的市場動態感到樂觀。

And as we continue to generate earnings and maintain our discipline and long term orientation in deploying or retaining that capital, we look forward to continuing to build shareholder value at both TNK and Teekay Corporation.

隨著我們繼續創造收益並在部署或保留資本方面保持紀律和長期方向，我們期待繼續為 TNK 和 Teekay Corporation 創造股東價值。

With that operator, we're now available to take questions.

透過該接線員，我們現在可以回答問題。

(Operator Instructions) John Chappell, Evercore.

（操作員說明）John Chappell，Evercore。

Thank you. Good morning. Welcome to the hot seat, Kenneth. So just multi part first question as we try to understand the structure going forward. First of all, is there anything else within the Teekay Corp structure that would need to be consolidated within the TNK?

謝謝。早安.歡迎來到這個熱門座位，肯尼斯。因此，當我們嘗試理解未來的結構時，只是多部分的第一個問題。首先，Teekay Corp 結構中是否還有其他內容需要在 TNK 內整合？

And then secondarily, what's the plan going forward? They have the 31% ownership, there's also the Class B shares. Is there any plan to either simplify the structure into one class of shares or I guess, become even closer through somewhat of a consolidation type model.

其次，接下來的計劃是什麼？他們擁有31%的所有權，還有B類股。是否有計劃將結構簡化為一類股票，或者我猜，透過某種合併類型的模型變得更加接近。

Good morning John, good to be talking to you again. It's been a while but happy to be back here. And so the plan going forward here is that the structure that we have right now is really that we intend to first of all, I want to say the business and the strategy remains the same. But we just have a simplified the structure as you can tell the accent is a little bit different from Kevin here.

早安，約翰，很高興再次與你交談。已經有一段時間了，但很高興回到這裡。因此，這裡的計劃是，我們現在擁有的結構實際上是我們首先打算的，我想說的是業務和策略保持不變。但我們只是簡化了結構，因為你可以看出這裡的口音與凱文有點不同。

But what we've been really working towards here over the past couple of years is really just aligning Teekay Corp and the TNK were the main investment being Teekay Tankers, and with the improvement of the balance sheet, right?

但過去幾年我們真正努力的目標其實只是調整 Teekay Corp 和 TNK 的關係，作為 Teekay Tankers 的主要投資，並改善資產負債表，對嗎？

We basically saw that we could now take the last final step, and align both the management structure, do the drop down of Teekay Australia and the management companies. So to your first question, that really completes that simplification. And there is nothing left that at Teekay to be dropped down.

我們基本上看到我們現在可以採取最後一步，調整管理結構，取消 Teekay Australia 和管理公司。所以對於你的第一個問題，這確實完成了簡化。Teekay 已經沒有什麼可以放棄的了。

And to your second question in terms of further aligning the structure as you know, we have a shareholder legacy structure at Teekay which is important. And I think that's been particularly important over the past five years for the company.

關於進一步調整結構的第二個問題，如您所知，我們在 Teekay 擁有重要的股東遺產結構。我認為這對公司來說在過去五年中尤其重要。

I think what we are doing hopefully with this transaction is that we illuminating the value that we have in Teekay Corp. We think from management side it's important to have a strong supportive shareholder. And from when we established TNK, it was always a controlled company of Teekay Corp as you know.

我認為我們希望透過這筆交易來闡明我們在 Teekay Corp 中的價值。如你所知，從我們成立 TNK 開始，它一直是 Teekay Corp 的控股公司。

So I think we're very happy with that structure, and I think it's worked really well for us also in the last couple of years where I think the stock has performed extremely well.

所以我認為我們對這種結構非常滿意，而且我認為在過去幾年裡它對我們來說也非常有效，我認為股票表現非常好。

Okay, great. Just a quick follow up on the modeling of the Australian business. So I get the $100 million of revenue and the $10 million of EBITA. First of all, when does that close, is that a fourth quarter event or does it start on kind of January 1 of next year?

好的，太好了。只是對澳洲企業建模的快速跟進。這樣我就得到了 1 億美元的收入和 1000 萬美元的 EBITA。首先，什麼時候結束，是第四季的活動還是明年 1 月 1 日開始？

And second of all, you can just break down a little bit of that cost structure. Is it how much of it is D&A? How much of this is kind of core OpEx, just to get the model set up.

其次，您可以稍微分解成本結構。其中有多少是 D&A 的？其中有多少是核心營運支出，只是為了建立模型。

Hey John, it's Brody here. So the first part, we're aiming to close the transaction by the end of this year, so by December 31. In terms of the numbers and the breakdown, it's showing up right now just as revenue and OpEx. And so that's probably how you're going to see it going forward at Teekay Tankers is roughly $100 million of revenue, and roughly $90 million of OpEx.

嘿約翰，我是布羅迪。第一部分，我們的目標是在今年年底前完成交易，也就是 12 月 31 日之前。就數字和細分而言，它現在與收入和營運支出一樣顯示。因此，您可能會看到 Teekay Tankers 未來的收入約為 1 億美元，營運支出約為 9000 萬美元。

Okay, easy. Thanks Brody. Thanks Kenneth.

好吧，簡單。謝謝布羅迪。謝謝肯尼思。

Thank you.

謝謝。

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hey guys, good morning. Yeah, just maybe wanted to ask a couple of questions, but maybe just a quick follow up to John's last one on the Australia business. Is that any of that $10 million of EBITDA is there a tax that it's subject to?

謝謝。嘿夥計們，早安。是的，也許只是想問幾個問題，但也許只是快速跟進約翰關於澳洲業務的最後一個問題。這 1000 萬美元的 EBITDA 中是否需要繳稅？

Yeah, the business is subject to tax in Australia at 30%, and there's some kind of deductions that we can take on that. But there it is a taxable business. Yeah.

是的，該業務在澳洲需繳納 30% 的稅，我們可以對此進行某種扣除。但這是一項應稅業務。是的。

Okay. All right, thank you. Okay, good. So I just wanted to maybe ask couple questions from say the TNK perspective. Obviously continuing to build cash and you found a couple of low hanging fruit items to within the Teekay system to deploy some of that capital.

好的。好的，謝謝。好的，很好。所以我只是想從 TNK 的角度問幾個問題。顯然，繼續累積現金，您在 Teekay 系統中發現了一些容易實現的目標來部署一些資本。

I wanted to ask just in terms of other low hanging fruit you mentioned that's it in terms of drop downs. But I guess now that you're -- where you are today, you streamline the structure, you've eliminated all the debt at TNK. What would you say is your main strategic priority now for TNK?

我想問的是你提到的其他容易實現的目標，那就是下拉式選單。但我想，現在你已經達到了今天的水平，你簡化了結構，你已經消除了 TNK 的所有債務。您認為 TNK 現在的主要策略重點是什麼？

For TNK, it's continued to deliver value and build value. I think the -- we've said all along here that the profile that we've had through this tanker cycle with the fleet, and Kevin has commented on that in the past, we really like because that's giving us maximum operating exposure to this market.

對 TNK 來說，它持續提供價值並創造價值。我認為——我們一直在這裡說過，我們在這個油輪週期中與船隊的關係，凱文過去對此發表了評論，我們真的很喜歡，因為這給了我們最大的營運風險市場。

With a low break even, we're obviously generating a lot of free cash flow. I think in a cyclical business, it's always the discussion around when do you start renewing your fleet, and when do you keep your exposure to the spot market, and when do you start taking some off and put some on time charter.

由於損益平衡點較低，我們顯然產生了大量的自由現金流。我認為，在週期性業務中，討論的焦點始終是何時開始更新機隊、何時繼續接觸現貨市場、何時開始起飛和上期租船。

And similar to in the past, we're looking at all of that all the time. We're looking at potentially selling some of our older ships. We're looking at potentially buying a few younger ships, and we're looking at potentially chartering out some of our ships. So it remains very dynamic.

與過去類似，我們一直在關注所有這些。我們正在考慮出售一些舊船。我們正在考慮購買一些較年輕的船舶，我們正在考慮租用一些船舶。所以它仍然非常有活力。

But as you all know, we've kept and been very focused on keeping the fleet with as much spot exposure as we could, and I think that has been absolutely the right call as we are now 2, 2.5 years into the cycle. I think we're still looking at it as within my prepared remarks, and we still like the fundamentals.

但正如你們所知，我們一直並且非常專注於讓機隊保持盡可能多的現場曝光，我認為這絕對是正確的決定，因為我們現在已經進入這個週期 2、2.5 年了。我認為我們仍在按照我準備好的發言中的方式看待它，並且我們仍然喜歡基本面。

I think we have a couple of rounds to go here, still the winter has not even begun yet. And so we're kind of happy with the spot exposure we have right now, and the focus is really just trying to maximize as much as we can on this market that we're in.

我想我們還有幾輪要到這裡去，但冬天還沒開始。因此，我們對目前的現貨曝光感到滿意，重點實際上只是在我們所處的市場上盡可能地最大化。

Thanks Kenneth. Yeah, no, I appreciate that. So it seems like more of the same, the consistent strategy being methodical. And yeah, no real major change in the approach post this -- that's simplification.

謝謝肯尼思。是的，不，我很欣賞這一點。所以看起來更像是一樣的，一致的策略是有條不紊的。是的，在此之後方法沒有真正的重大變化——這就是簡化。

That's absolutely correct. Yeah, absolutely correct. I mean, we've been very aligned on that from day one, but obviously, we have some legacy things. And then, and now I think we are really back to, as I said, also in my remarks, if you think some years back, we had the Teekay, which was the fully integrated company, and that's really what Teekay Tankers has become.

這是絕對正確的。是的，絕對正確。我的意思是，我們從第一天起就在這方面非常一致，但顯然，我們有一些遺留的東西。然後，現在我認為我們真的回到了，正如我在演講中所說的那樣，如果你想想幾年前，我們有Teekay，這是一家完全整合的公司，而這確實是Teekay Tankers 所成為的樣子。

So I think that's a very exciting point to finally have reached that again. And I think that sets us up well and gives us a lot of flexibility for where we can go in the next years.

所以我認為最終再次達到這一點是非常令人興奮的。我認為這為我們奠定了良好的基礎，並為我們未來幾年的發展方向提供了極大的靈活性。

Yeah, no, absolutely. And then maybe just one final one just for me on the market. And you talked about the set up, I did want to ask kind of as we think about how things are set up at this point. You could say perhaps that you got a relatively stable, say global (inaudible) fleet versus say last year or over the past 12 months.

是的，不，絕對是。然後也許市場上只有最後一款適合我。你談到了設置，我確實想問一下，因為我們正在思考目前的情況是如何設置的。您可能會說，與去年或過去 12 個月相比，您擁有一支相對穩定的全球（聽不清楚）機隊。

But you've now introduced this new trade pattern out of Vancouver via the TMK's expansion. Clearly in the tanker market today and we're looking at stock prices and sort of overall sentiment, there's a sense that rates are unexciting, but winter is on approach, typically things get tighter as you're highlighting in your remarks.

但現在您已經透過 TMK 的擴張將這種新的貿易模式引入了溫哥華。顯然，在今天的油輪市場上，我們正​​在關注股價和整體情緒，有一種感覺是費率並不令人興奮，但冬天即將來臨，正如您在演講中強調的那樣，情況通常會變得更加緊張。

How do you think this winter plays out with TMK here at or near full capacity? Do you think the market is prepared for this, are charters prepared? How do you think about that as we get closer to winter?

您認為 TMK 在滿載或接近滿載的情況下今年冬天會怎樣？您認為市場為此做好準備了嗎？隨著冬天的臨近，您對此有何看法？

Yeah, I would say there is the winter is absolutely not over. It's not even begun. I think that's the key point. Feels a little bit like the market has called the winter over before it started. But there is absolutely a pause in the markets, and we are not quite seeing the takeoff that we saw at this time last year, as also said. But when you look at the curve, we're pretty close sitting at the same level that we actually we're at, at this time.

是的，我想說冬天絕對還沒結束。事情還沒開始。我認為這是關鍵點。感覺有點像市場在冬天開始之前就已經結束了。但市場確實出現了停頓，正如我們所說，我們還沒有看到去年這個時候看到的起飛。但當你看一下曲線時，我們現在非常接近實際所處的水平。

And I think we have a few new dynamics this year. TMX is up and running, and it continued to increase the loadings this month as well, the last month in October, I think they were up to 24 loading. I think the capacity is just over 30 loadings a month.

我認為今年我們有一些新的動態。TMX 已啟動並運行，本月的負載量也繼續增加，10 月份的最後一個月，我認為負載量達到了 24 個。我認為每月的裝載量剛剛超過 30 次。

We see more of the voyages going to Asia. I think nine of the cargoes went through to Asia direct and the four of them went down, and did an [STS]. So that's all helpful obviously to the volume. And I think that's the thing on the medium size tanker fleet, right?

我們看到更多的航行前往亞洲。我認為其中九批貨物直接運往亞洲，其中四批貨物沉沒，並發生了[STS]。所以這顯然對音量有幫助。我認為這就是中型油輪船隊的情況，對吧？

I mean, we continue to see how those flows, they ebb and flow, right? And it's about being able and being global and being positioned to benefit from them. So we see variability, but there's absolutely a pulse on the market I can tell you.

我的意思是，我們會繼續觀察它們如何流動，它們潮起潮落，對吧？這關係到能夠實現全球化並且能夠從中受益。所以我們看到了變化，但我可以告訴你市場上絕對有脈搏。

Very good. Great, thanks. Thanks, Kenneth. Thanks, Brody. I'll turn it over.

非常好。太好了，謝謝。謝謝，肯尼思。謝謝，布羅迪。我會把它翻過來。

Thanks.

謝謝。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, good morning. So I just want to revisit the question earlier, if you're buying all of the stuff and then you said now Teekay, TNK looks more like what Teekay did. Can you clarify why you still have the dual listing and what we see further consolidation into that?

嘿，早安。所以我想再回顧一下之前的問題，如果你買了所有的東西，然後你說現在 Teekay，TNK 看起來更像 Teekay 所做的。您能否解釋為什麼您仍然擁有雙重上市以及我們認為進一步整合的內容是什麼？

Yeah, I mean, we've had, we've been listed, Teekay been listed since '95. And so it's a historical, it's a legacy ownership structure that we have when we started the (inaudible) companies. We've kind of been evolving it. I think what we are highlighting here, I know it's a little bit of an unusual structure where we have two listed companies essentially invested in the same underlying business.

是的，我的意思是，我們已經上市了，Teekay 自 95 年以來就已經上市。所以這是一個歷史，這是我們在創辦（聽不清楚）公司時所擁有的遺留所有權結構。我們一直在改進它。我認為我們在這裡強調的是，我知道這是一個有點不尋常的結構，我們有兩家上市公司基本上投資於相同的基礎業務。

But I think we've done a pretty good job now, hopefully in illuminating the underlying value in TNK. And then we see that should really be flowing through to Teekay going forward. I think the cost of combining or the two, maybe it's something we'll consider it at some point. But for now, I think it gives us added flexibility that we have two strong balance sheets.

但我認為我們現在已經做得相當不錯了，希望能夠闡明秋明的潛在價值。然後我們看到，這確實應該流向 Teekay 的未來。我認為將兩者結合起來的成本，也許我們會在某個時候考慮。但就目前而言，我認為我們擁有兩個強大的資產負債表，這給我們帶來了更大的靈活性。

And in this market, I think having one strong balance sheet is always a great thing, but having two is arguably even better. So as I said in my earlier remarks as well, as you all know, we have a legacy ownership structure. TNK has always been a controlled company by Teekay, and we like that structure, and it's been beneficial for us over the years.

在這個市場上，我認為擁有強大的資產負債表總是一件好事，但擁有兩個可以說更好。正如我在先前的演講中所說，眾所周知，我們有一個遺留的所有權結構。TNK 一直是 Teekay 控股的公司，我們喜歡這種結構，多年來它對我們有利。

I get it kind of, but I think it brings or harkens back to the days of also a lot of concern about the daughter companies being the controlled entity and having no ability. I mean, look at the stocks, one's up 13%, the one that is sending stuff down to the daughter, and the daughter being at least down at the open here this morning.

我明白這一點，但我認為這讓人回想起過去人們對子公司是受控實體且沒有能力的擔憂。我的意思是，看看股票，一隻上漲了 13%，一隻正在給女兒寄東西，而女兒今天早上開盤時至少下跌了。

I guess, it just confuses a little bit why there's still the need for the two, if it's all operating in one that ended, but I'll that we'll figure it out over time. Does this represent the end of Teekay focusing then on other sectors or making investments in others, obviously, you started off with that balance sheet to be able to invest in LNG, (inaudible) shadow tankers. Will it now be only crude tankers and still be at TNK?

我想，這只是有點令人困惑，為什麼仍然需要兩者，如果這一切都在一個結束的情況下運作，但我會隨著時間的推移我們會解決這個問題。這是否代表 Teekay 不再專注於其他行業或對其他行業進行投資，顯然，您從資產負債表開始就能夠投資液化天然氣（聽不清楚）影子油輪。現在它會只是原油油輪並且仍然停泊在 TNK 嗎？

Yeah, I think you probably asked Kevin that question in the past as well. I think what's important about the company that we have is that the model we have at Teekay is that we are an integrated shipping company. And what that means to us at least is that we have in-house technical management, we have in-house commercial management, we have a global presence, and we think that's a value add, and a differentiator in the market that we're in today.

是的，我想你過去也可能問過凱文這個問題。我認為我們公司的重要之處在於，Teekay 的模式是我們是一家綜合航運公司。這至少對我們意味著我們擁有內部技術管理，我們擁有內部商業管理，我們擁有全球影響力，我們認為這是一種增值，也是我們所在市場的差異化因素在今天。

Of course, that's also a capability that gives us the ability to grow into other sectors. So should we go to adjacent sectors, and for example, decide to run as Kevin said, any other conventional shipping assets like product tankers or MRRs or BLCCs, we could do so.

當然，這也是我們向其他領域發展的能力。因此，我們是否應該去鄰近的行業，例如，決定像 Kevin 所說的那樣，運行任何其他傳統的航運資產，如成品油輪、MRR 或 BLCC，我們都可以這樣做。

That's not the focus at the moment. But I think what's important is that we have the capacity to do so. And that's actually how we looked at the world also in the past that we've always grown out from our internal capability to move into other sectors. So I would say Teekay Corp has looked at a number of different sectors over the past two years, and there's been a very dynamic shipping market in different segments.

這不是目前的重點。但我認為重要的是我們有能力這樣做。這實際上也是我們過去看待世界的方式，我們總是從我們的內在能力中成長起來，進入其他領域。所以我想說，Teekay Corp 在過去兩年裡關注了許多不同的行業，並且不同細分市場的航運市場非常活躍。

But I got to say that that the market that we like the best and we've always been heavily invested in it, but it's performed extremely well has been crude oil tankers. And when we look around at the different sectors today, we still like that profile, we like the profile we have in TNK, where we're able to generate a lot of cash flow. And that's quite frankly.

但我必須說，我們最喜歡、一直投入大量資金、表現非常好的市場是原油油輪。當我們今天環顧不同的行業時，我們仍然喜歡這種情況，我們喜歡 TNK 的情況，在那裡我們能夠產生大量現金流。坦白說。

And then we like -- well, we don't like where the share prices are, but the valuation that we have in them, we think we present good value, and that's why we've been buying back stock at Teekay, we've been buying more TNK stock. So for us, it's all about creating value over the long term using our in-house skills to service our customers. And that's really what guides us.

然後我們喜歡 - 嗯，我們不喜歡股價，但我們的估值，我們認為我們具有良好的價值，這就是為什麼我們一直在 Teekay 回購股票，我們'我一直在購買更多 TNK 股票。因此，對我們來說，一切都是為了利用我們的內部技能來服務客戶，並長期創造價值。這確實是我們的指南。

What was viewed a the advantage for TNK and selling the Australian asset down to TNK, and was an independent review, I presume was right of independent directors on the valuation.

將澳洲資產出售給 TNK 被認為是 TNK 的優勢，並且是一項獨立審查，我認為獨立董事對估值的看法是正確的。

Yeah, I mean, the timing of it was really so we could make the final step of this streamlining. So, we have consolidated management in one of the companies. You can argue that that Teekay is becoming a bit more of the holding company.

是的，我的意思是，時機確實如此，這樣我們就可以完成精簡的最後一步。因此，我們對其中一家公司進行了統一管理。你可以說 Teekay 正在變得更像是一家控股公司。

It was very important for us to find the value that was exactly middle of the road. And I think that's actually what we've done. There was a review done by, of course, the TNK Board, but also its independent director separately on the fairness of this, and I think when we had external valuation done of the company as well, and it was very important for us to find exactly the middle of the road of this valuation. I think that's exactly what we've done here.

對我們來說，找到正中間的價值非常重要。我認為這實際上就是我們所做的。當然，TNK 董事會及其獨立董事也分別對此事的公平性進行了審查，我認為當我們對公司進行外部評估時，這對我們來說非常重要正好處於這個估值道路的中間。我認為這正是我們在這裡所做的。

All right, wonderful. Excuse me, sorry. On the business, Kenneth, you mentioned the move to balance spot or future the potential to look at some more time charter outs, and balance when the right time in the market is away from spot.

好吧，太棒了。對不起，對不起。關於業務，肯尼斯，您提到了平衡現貨的舉措，或者未來有可能考慮更多的期租，並在市場上合適的時間遠離現貨時進行平衡。

Is that something you think we'll see in the near term? Where do you think we are in the cycle in terms of rates that would get you to make that move? I think that's a little bit different than maybe Kevin had talked about in the past.

您認為我們近期會看到這種情況嗎？您認為我們處於週期中的哪個利率可以促使您採取這項行動？我認為這可能與凱文過去談到的有點不同。

Yeah, I mean, obviously every quarter we want for further into the cycle, right? So, but I think sitting here at the winter and looking at the liquidity and the number of time channels that are being done, I think we're comfortable with the continued exposure to the spot market.

是的，我的意思是，顯然每個季度我們都希望進一步進入這個週期，對吧？所以，但我認為，在冬天坐在這裡，看看流動性和正在完成的時間管道數量，我認為我們對持續接觸現貨市場感到滿意。

But of course, selectively, I mean, yeah, it would make sense. There isn't a ton of liquidity, there aren't a lot of one, two or three year deals that are being done on time charter at the moment. So I think we just need to get a bit further into the winter to see how those opportunities will arise. But it's been a fairly quiet Q3 when it comes to opportunities in that perspective, or something we're looking at constantly.

但當然，有選擇地，我的意思是，是的，這是有道理的。目前沒有大量的流動性，也沒有很多一年、兩年或三年期的定期租船交易。所以我認為我們只需要再進入冬天一點，看看這些機會將如何出現。但從這個角度來看，或者說我們一直在關注的機會方面，第三季是相當安靜的。

On the flip side, do we keep watching the time charter in fade away, then if we're not seeing much time charter activity.

另一方面，我們是否會繼續觀察期租的逐漸消失，然後我們是否沒有看到太多的期租活動。

Yeah, I mean, that's an option as well at our price point. I think we're quite -- we're there where there's everybody's kind of watching this market equilibrium, right? And I think that's always an interesting time, and that's where we say, okay, well, at the right levels, we would put some vessels away on time charter, and without giving you the exact number here.

是的，我的意思是，在我們的價位上這也是一個選擇。我認為我們每個人都在關注這個市場均衡，對吧？我認為這始終是一個有趣的時刻，我們會說，好吧，在適當的水平上，我們會按期租合約存放一些船隻，但這裡不會給您確切的數字。

But at the same time, given that we have a very low cash flow break even, we can also stomach keeping on the exposure to what we still think should be a pretty healthy winter here, and then see where next year goes.

但同時，鑑於我們的現金流收支平衡非常低，我們也可以繼續承受我們仍然認為應該是一個相當健康的冬天的風險，然後看看明年會發生什麼。

Great, appreciate the time. And thank you.

太好了，珍惜時間。謝謝你。

Thanks, thanks Ken.

謝謝，謝謝肯。

And that does conclude the question and answer session, I'll now hand the conference back over to the company.

問答環節到此結束，我現在將會議交還給公司。

Well, thank you very much for listening to our earnings call today, and we look forward to reporting back to you next quarter. Have a great day.

非常感謝您今天收聽我們的財報電話會議，我們期待下個季度向您報告。祝你有美好的一天。

Well, thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

嗯，謝謝。今天的會議到此結束。我們非常感謝您的參與。祝你有美好的一天。