Teekay Corp Ltd (TK) 2025 Q3 法說會逐字稿

Welcome to the Teekay Group third quarter 2025 earnings results conference call.

歡迎參加 Teekay 集團 2025 年第三季業績電話會議。

(Operator Instructions)

（操作說明）

Now for opening remarks and introductions, I would like to turn the call over to the company.

現在，在開場致詞和介紹環節，我想把電話交給貴公司。

Before we begin, I would like to direct all participants to our website at www.tk.com, where you'll find a copy of the Teekay Group's third quarter 2025 earnings presentation.

在開始之前，我想引導所有參與者訪問我們的網站 www.tk.com，在那裡您可以找到 Teekay 集團 2025 年第三季收益簡報的副本。

Kenneth will review this presentation during today's conference call.

Kenneth 將在今天的電話會議上審閱這份簡報。

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 third quarter of 2025 Teekay Group earnings presentation available on our website.

請容許我提醒各位，我們今天的討論包含一些前瞻性陳述。實際結果可能與這些前瞻性聲明所預測的結果有重大差異。有關可能導致實際結果與前瞻性聲明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 Teekay Group 2025 年第三季度收益演示文稿。

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

現在我將把電話交給蒂凱油輪公司總裁兼執行長肯尼斯·蒂凱先生，由他開始通話。

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for the Teekay Group's third quarter 2025 earnings conference call.

謝謝 Ed。大家好，非常感謝各位今天參加 Teekay 集團 2025 年第三季財報電話會議。

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

今天與我一起參加問答環節的有：Teekay Corporations 和 Teekay Tankers 的財務長 Brody Spears，我們的財務和企業發展副總裁 Ryan Hamilton，以及我們的研究總監 Christian Waldegrave。

Starting on slide three of the presentation, we will cover Teekay Tankers recent highlights.

從簡報的第三張投影片開始，我們將介紹 Teekay Tankers 近期的亮點。

Teekay Tankers reported the best forum in the last 12 months with a GAAP net income of $92.1 million or $2.66 per share, and adjusted net income of $53.3 million or $1.54 per share in the third quarter.

Teekay Tankers 公佈了過去 12 個月以來的最佳業績，第三季 GAAP 淨收入為 9,210 萬美元，即每股 2.66 美元；調整後淨收入為 5,330 萬美元，即每股 1.54 美元。

Third quarter spot rates remained counter seasonally strong, with rates meaningfully above the historical average for the third quarter. Further, with spot rates well above our free cash flow break even levels, the company generated approximately $69 million in free cash flow from operations, and at the end of the quarter had a cash position of $775 million with no debt.

第三季即期匯率仍維持反季節性強勢，匯率顯著高於第三季歷史平均。此外，由於即期匯率遠高於我們的自由現金流盈虧平衡水平，公司從經營活動中產生了約 6,900 萬美元的自由現金流，並在季度末擁有 7.75 億美元的現金頭寸，且無任何債務。

Teekay Tangos continues to execute on its fleets renewal strategy, delivering on its previously announced transactions. Since the beginning of the third quarter, we have completed the acquisition of one modern sewers max and the remaining 50% ownership interest in the VLCC from our joint venture partner.

Teekay Tangos 繼續執行其車隊更新策略，兌現了先前宣布的交易。自第三季初以來，我們已完成從合資夥伴處收購一艘現代化的下水道船和剩餘的 50% 的 VLCC 所有權權益。

In addition, the company completed the sales of 5 of 4 Suz Max hangers which delivered to the new owners in the third and fourth quarters. The combined gross proceeds of the five vessel sales is $158.5 million and we expect an estimated book gain on sales of approximately $47.5 million recorded in the third and fourth quarters.

此外，該公司完成了 4 台 Suz Max 機庫中的 5 台的銷售，並在第三季和第四季交付給了新業主。五艘船舶出售的總收益為 1.585 億美元，我們預計第三季和第四季將確認約 4,750 萬美元的帳面銷售收益。

In addition, the strength in the spot market supported the time charter market.

此外，現貨市場的強勁表現也支撐了定期租船市場。

And the company opportunistically out chartered one Suez Max vessel for $42,500 per day and two Aromax sized vessels for an average time charter rate of $33,275 per day for periods ranging from 12 to 18 months.

該公司趁機租下了一艘蘇伊士型船舶，日租金為 42,500 美元；又租下了兩艘芳烴型船舶，平均日租金為 33,275 美元，租期為 12 至 18 個月。

Two of these charters have already commenced with the remaining charter set to start in November.

其中兩架飛機已經起飛，剩餘一架飛機將於11月起飛。

Looking at our fourth quarter to date, we have secured spot rates of $63,700, $45,500 and $35,200 per day for our VLCC, Suez Max, and Aromax2 fleets respectively, with approximately 47% to 54% of spot days booked.

回顧我們第四季至今的情況，我們已為我們的 VLCC、Suez Max 和 Aromax2 船隊分別鎖定了每日 63,700 美元、45,500 美元和 35,200 美元的現貨價格，其中約 47% 至 54% 的現貨天數已被預訂。

We believe the tanker market is well positioned for a firm winter market, which we'll discuss in more detail in the next few slides. Lastly, Teekay Tanga has declared its regular fixed dividend of $0.25 per share.

我們認為油輪市場已做好迎接冬季市場的準備，我們將在接下來的幾張投影片中詳細討論這一點。最後，Teekay Tanga宣布派發每股0.25美元的定期固定股息。

Moving to slide Four, we look at recent developments in the Spartanga market. Spartanga rates improved during the third quarter of 2025, with rates on a par with a strong levels seen over the past 3 years and well above long-term average levels. An increase in global oil supply due to the unwinding of OpEx plus supply cuts and rising production in the Atlantic basin led to a sharp increase in global seaborne crude trade volumes during September to the highest level since early 2020.

接下來，我們來看看第四張投影片，了解斯巴達加市場的最新發展。2025 年第三季度，Spartanga 利率有所改善，利率與過去 3 年的強勁水平持平，遠高於長期平均水平。由於營運支出減少、供應削減以及大西洋盆地產量上升，全球石油供應增加，導致9月份全球海運原油貿易量大幅成長，達到2020年初以來的最高水準。

Rates were further boosted by an increase in long haul crude oil movements between the Atlantic and Pacific basins, particularly in the Suez Max and VLCC segments.

大西洋和太平洋盆地之間長途原油運輸量的增加，特別是蘇伊士型油輪和超大型油輪運輸量的增加，進一步推高了運價。

As shown by the chart on the right of the slide, spot hanger rates have strengthened further at the start of the fourth quarter, with rates in October near the top of the 5 year range.

如投影片右側圖表所示，第四季初現貨空殼價格進一步走強，10 月的利率接近 5 年來的上限。

Turning to slide five, we look at the growth in global crude oil production and exports, which is underpinning the recent strength in spot tanker rates.

接下來看第五張投影片，我們來看看全球原油產量和出口的成長，這支撐了近期現貨油輪運價的強勁走勢。

Global oil production has been rising throughout the year due to increases from both OpEx plus and non-OpEx plus sources. The OpEx plus group began unwinding some of the voluntary supply cuts which had been in place since 2023. At the start of April. By September had completed the unwind of the first round of cuts totalling 2.2 million barrels per day. The group is now in the process of unwinding the next round of costs totaling 1.65 million barrels per day at a rate of 137,000 barrels per day every month over the next year.

由於營運支出增加和非營運支出增加兩方面的成長，全球石油產量今年以來一直在上升。OpEx plus 集團開始逐步取消自 2023 年以來實施的一些自願性供應削減措施。四月初。到 9 月份，第一輪減產措施已全部解除，總計每天減產 220 萬桶。該集團目前正在逐步消除下一輪成本，總計每天 165 萬桶，未來一年內每月將消除 13.7 萬桶。

Oil production has also been boosted by new supply coming online from non-OpEx plus countries, particularly in South America, where new offshore production in Brazil and Guyana is in the process of ramping up. The increase has been particularly evident during the third quarter, with supply growing by 1.6 million barrels per day compared to Q2 levels.

石油產量也因非營運支出增加國家（尤其是南美洲）的新供應上線而得到提振，巴西和圭亞那的新海上石油生產正在逐漸增加。第三季增幅尤為明顯，與第二季相比，每日供應量增加了 160 萬桶。

The net result of the higher oil production has been a sharp increase in seaborne crude oil trade volumes, most notably since September, as more Middle East crude has been made available for export following the end of the summer direct crude burn season. In fact, if we exclude the period in early 2020 when Saudi Arabia and Russia flooded the market with oil during the brief oil price war, global seaborne crude oil trade volumes are currently at a record high.

石油產量增加的最終結果是海運原油貿易量大幅成長，尤其是在 9 月之後，隨著夏季直接原油燃燒季的結束，更多的中東原油可供出口。事實上，如果我們排除 2020 年初沙烏地阿拉伯和俄羅斯在短暫的石油價格戰期間向市場大量投放石油的時期，目前全球海運原油貿易量正處於歷史最高水準。

With OpEx plus expected to continue to unwind supply crops in the coming months, we expect global seaborne trade volumes to increase further during the fourth quarter.

由於預計未來幾個月營運支出增加將導致農作物供應減少，我們預計第四季全球海運貿易量將進一步增加。

Turning to slide six, we look at some of the near term oil market fundamentals which we believe will support spotanger demand in the coming months.

接下來請看第六張投影片，我們將探討一些我們認為將在未來幾個月支撐現貨需求的近期石油市場基本面因素。

One of the consequences of higher oil production this year has been a decrease in crude oil prices.

今年石油產量增加的後果之一是原油價格下降。

As shown by the chart on the left of the slide.

如投影片左側圖表所示。

For countries outside the United States, the weaker US dollars has led to an even steeper drop in real oil prices. Lower oil prices are generally positive for tankers as it spurs oil consumption and lowers fuel prices, which is our largest operating cost.

對美國以外的國家而言，美元走軟導致實際油價跌幅更大。油價下跌通常對油輪運輸有利，因為它可以刺激石油消耗並降低燃料價格，而燃料價格是我們最大的營運成本。

Low oil prices also stimulate demand for stockpiling both for commercial and strategic purposes. Given that global oil inventories are below long-term average levels, we believe that there is enough spare capacity to absorb a prolonged period of excess oil supply.

低油價也刺激了出於商業和戰略目的的石油儲備需求。鑑於全球石油庫存低於長期平均水平，我們認為有足夠的剩餘產能來吸收長期的石油供應過剩。

Should global oil supply growth continue to exceed demand in the coming months, as many analysts predict, then we could even see a contango oil price structure emerge which could further stimulate tanker demand.

如果未來幾個月全球石油供應成長持續超過需求（正如許多分析師預測的那樣），那麼我們甚至可能會看到期貨溢價石油價格結構出現，這可能會進一步刺激油輪需求。

Turning to slide seven, we look at the geopolitical events which are creating trade inefficiencies and adding further volatility to what is already a firm underlying tanker market.

接下來看第七張投影片，我們將探討造成貿易效率低落並進一步加劇本已穩固的油輪市場波動性的地緣政治事件。

In recent weeks we've seen a number of announcements with regards to sanctions on port fees which are serving to create uncertainty and inefficiency in the tanker market. It's positive that the US-China trade agreement announced earlier today includes a postponement of the announced port and shipping fees by at least a year. As it relates to sanctions, we've seen an escalation of efforts to curb Russia's. Russia's profits from oil sales via a series of new sanctions by both the EU and the United States, most notably the recent actions to sanction Rosneft and Lugoil, who together control around 50% of Russian oil production and exports. While this is a fast evolving situation, it is reported that some refiners in India and China are backing off from Russian imports and looking to alternative suppliers in the Middle East and Atlantic basin.

最近幾週，我們看到了一些關於港口收費制裁的公告，這些公告加劇了油輪市場的不確定性和低效。今天稍早宣布的中美貿易協議中，將先前宣布的港口和航運費用推遲至少一年，這是一個積極的信號。就制裁而言，我們已經看到遏制俄羅斯的努力不斷升級。俄羅斯石油銷售利潤受到歐盟和美國一系列新制裁的影響，其中最引人注目的是最近對俄羅斯石油公司和盧戈伊爾石油公司的製裁，這兩家公司合計控制著俄羅斯約 50% 的石油生產和出口。雖然情況瞬息萬變，但據報道，印度和中國的一些煉油商正在減少從俄羅斯進口原油，轉而尋求中東和大西洋盆地的替代供應商。

This is positive for tango market.

這對探戈市場來說是個好消息。

As these volumes will need to be transported via the fleet of compliant tankers rather than the fleet of shadow tankers, which currently transport the majority of Russian crude oil to India and China.

因為這些原油需要透過符合規定的油輪船隊運輸，而不是透過目前向印度和中國運輸大部分俄羅斯原油的影子油輪船隊運輸。

We believe that these factors coupled with the strong crude oil trade volumes described earlier, as well as normal winter seasonal factors, will help drive a firm spotanger market in the coming months.

我們認為，這些因素，再加上前面提到的強勁原油交易量，以及正常的冬季季節性因素，將有助於在未來幾個月推動現貨市場走強。

Turning to slide 8, we've reviewed the key drivers for the medium term outlook. Global oil demand is projected to increase by 1.1 million barrels per day in 2026, as per the average forecast from the three major oil agencies, which is in line with the average growth levels since the end of the COVID pandemic.

接下來請看第 8 張投影片，我們回顧了中期前景的關鍵驅動因素。根據三大石油機構的平均預測，到 2026 年，全球石油需求預計將增加 110 萬桶/日，這與 COVID-19 疫情結束以來的平均成長水準相符。

Global oil supply is also set to rise with more production due to common line from non-OpEx countries. It remains to be seen how OpEx will respond should oil inventories continue to fill and oil prices come under further pressure. However, we believe that there is still plenty of room for inventories to build in 2026, particularly in China, where the government is reportedly looking to add 169 million barrels of new strategic storage by the end of the year.

由於非石油出口國的共同努力，全球石油供應量也將增加，產量也會提高。如果石油庫存持續增加，油價進一步承壓，OpEx 將如何應對，還有待觀察。不過，我們認為 2026 年庫存仍有很大的成長空間，尤其是在中國，據報道，中國政府計劃在年底前新增 1.69 億桶戰略儲備。

The fleet supply side continues to look balanced with the order book size stable in recent months at around 16% of the existing fleet. A continued lack of tanker scribing means that the fleet continues to age with the average age of the global tanker fleet now at its highest point since the 1990s. In the mid-sized tanker fleet, 344 vessels, or 20% of the total fleet, is now aged 20 years or older, most of which are sanctioned vessels engaged in shadow trades. We believe that these older tankers will not return to conventional trading even in the event that sanctions are lifted.

近幾個月來，車隊供應方面依然保持平衡，訂單規模穩定在現有車隊的 16% 左右。由於油輪註冊數量持續不足，船隊繼續老化，目前全球油輪船隊的平均船齡已達到 20 世紀 90 年代以來的最高點。在中型油輪船隊中，有 344 艘船舶（佔船隊總數的 20%）船齡已達 20 年或以上，其中大部分是受制裁的船舶，從事影子貿易。我們認為，即使製裁解除，這些老舊油輪也不會恢復常規貿易。

While the medium term tanker market outlook appears well balanced, there are a number of geopolitical uncertainties which could influence the direction of the tanker market depending on how they unfold. These include the outcome of the war in Ukraine and the fate of the shadow fleet serving Russian trade, developments in the Middle East, and disruptions to Red Sea transits, the impact of tariffs and trade barriers on the global economy, and OpEx class production policy.

儘管中期油輪市場前景似乎較為平衡，但仍存在一些地緣政治不確定因素，這些因素的發展可能會影響油輪市場的走向。其中包括烏克蘭戰爭的結果和為俄羅斯貿易服務的影子艦隊的命運、中東局勢的發展和紅海過境的中斷、關稅和貿易壁壘對全球經濟的影響以及 OpEx 等級的生產政策。

Turning to slide 9, we highlight Teekay Tanger's value proposition. First, our operating leverage remains significant, and the company is well positioned to generate substantial cash flows in nearly any tanker market. With the 3 new out charters and no debt, we have lowered our fleets, free cash flow break even from $13,000 per day to $11,300 per day.

接下來請看第 9 張投影片，我們將重點放在 Teekay Tanger 的價值主張。首先，我們的經營槓桿仍然很大，公司在幾乎任何油輪市場都有能力產生可觀的現金流。憑藉 3 筆新的包船交易且無債務，我們降低了船隊規模，自由現金流盈虧平衡點從每天 13,000 美元降至每天 11,300 美元。

With this low free cash flow break even, every $5000 per day increase in spot rates above the threshold produces $1.66 per share of annual free cash flow, or nearly 3% on a free cash flow yield basis.

由於自由現金流損益平衡點較低，即期匯率每天每上漲 5,000 美元，超過門檻，每年每股自由現金流量將增加 1.66 美元，或以自由現金流收益率計算接近 3%。

Second, Teekay Tankers has a strong balance sheet with no debt and a $775 million cash position which provides capacity for disciplined and creative fleet growth.

其次，Teekay Tankers 擁有強勁的資產負債表，沒有債務，現金儲備達 7.75 億美元，這為其有條不紊、富有創意的船隊成長提供了能力。

Third, we continue to return capital to shareholders in a disciplined manner through our quarterly dividend. And lastly, the company's performance is underpinned by our integrated platform. We believe our in-house, commercial and technical management is a competitive advantage.

第三，我們繼續以嚴謹的方式透過季度分紅向股東返還資本。最後，公司的業績得益於我們的一體化平台。我們相信，我們內部的商業和技術管理是我們的競爭優勢。

Combined with our 50 years of operating experience in the tanker industry, we provide superior service to our customers and transparency through the value chain, which drives shareholder returns.

結合我們在油輪產業 50 年的營運經驗，我們為客戶提供卓越的服務，並在價值鏈中保持透明，從而推動股東回報。

In summary, the company's strategy over the last several years has been to maximize shareholder value through our exposure to the strong stock market. This year we began taking measured action to renew our fleet by making incremental investments in more modern vessels which at the same time, while at the same time selling some of our oldest tonnages. As we look ahead.

總而言之，公司過去幾年的策略是透過參與強勁的股票市場來最大化股東價值。今年，我們開始採取有條不紊的措施來更新我們的船隊，逐步投資建造更現代化的船舶，同時出售我們的一些老舊船舶。展望未來。

Our best in class operating platform and strong financial footing positions the company well to continue renewing our fleet, earning cash flow, and building intrinsic value. With that operator, we're now available to take questions.

我們一流的營運平台和雄厚的財務實力使公司能夠繼續更新我們的機隊，賺取現金流，並創造內在價值。現在，透過該接線員，我們可以回答問題了。

(Operator Instructions)

（操作說明）

Omar Nokta with Jefferies.

Omar Nokta 與 Jefferies 合作。

I just wanted to ask maybe I had a couple of questions, but first just on the market and kind of where things sit right now. Clearly things have gotten much stronger. And when we think, I think a lot of times when we sort of talk about or think about rising OpEx production, we think a lot about say VLCCs and certainly those rates have been shot towards, past 100,000 a day. But we're also seeing some real strengths in the Suez max and Aromax segments which are, your bread and butter. Can you just talk a little bit about how these segments maybe interact with each other or maybe move together, and what's really been driving some of the strength we've seen in the mid-size segments here recently?

我只是想問幾個問題，但首先是關於市場現狀以及目前的市場狀況。顯然，情況已經好轉很多。當我們思考的時候，很多時候當我們談論或思考不斷上漲的營運成本時，我們往往會想到超大型油輪，而這些油輪的產量肯定已經飆升至每天 10 萬艘以上。但我們也看到蘇伊士型和芳烴型船市場存在一些真正的優勢，而這些正是你們的支柱產業。您能否談談這些細分市場是如何相互作用或共同發展的，以及最近我們在中型細分市場看到的強勁成長真正是由什麼因素推動的？

You are absolutely right. I mean, I think when we look at this year, I think the second half of the year has definitely been one going from strength to strength, and and I would argue maybe even stronger than most of us expected. And what we've seen just over the last week really is that that strength just continues to pick up. So the week is finishing stronger, both in the VLCC, the Suez Max and the Aromax segments, as well as the LR2s, right? So it's really moving up in in all. All of the categories. And if you look back over the last, well, since April 22, and what we had was that we had a period where the Aromax is absolutely outperformed all sectors, as and I think what we've Kind of reverted to is more of the traditional dynamics where the larger ships lead the way, they pull up the Suez maxis and they pull off the Aromaxes. And, underlying that, of course, is that we have a very strong product trade as well that's happening. So everything is really, working, in all of the different, segments, where maybe it's more a matter of that in the last three years, the Aromaxes were really the outliers because they, we really outperformed everything, but now we're kind of back to what you say would be the normal dynamics and the strong. Tanker market where everything is balanced and I think what we're seeing now is that we have, as we say, a record number of barrels that are being transported on the water. Of course, most of these barrels in the traditional sense always goes on the most efficient vessels which are VLCCs, but when there's this much oil and this type of supply, then it just pulls up the whole market, and that's, I think, in all simplicity what we're seeing here.

您說得完全正確。我的意思是，回顧今年，我認為下半年的發展勢頭非常強勁，而且我認為甚至比我們大多數人預期的還要強勁。而過去一週我們看到的情況是，這種強勁勢頭仍在持續增強。所以本週在VLCC、蘇伊士Max和Aromax板塊以及LR2板塊都呈現強勁的收官勢頭，對吧？所以它的整體排名確實在上升。所有類別。回顧過去，從 4 月 22 日開始，我們發現有一段時間，Aromax 型貨輪在所有領域都表現不佳。我認為我們現在的情況有點恢復到了更傳統的動態，即大型貨輪引領潮流，它們拉動蘇伊士運河大型貨輪，而 Aromax 型貨輪則被拉動。當然，這一切的背後，是我們目前也擁有非常強勁的產品交易。所以，在各個不同的領域，一切都運作良好。也許在過去三年裡，芳香型油輪確實是例外，因為它們的表現確實優於其他所有油輪，但現在我們又回到了你所說的正常動態和強勁勢頭。油輪市場目前處於平衡狀態，我認為我們現在看到的是，正如我們所說，水上運輸的油桶數量創下了歷史新高。當然，傳統意義上的大部分原油總是會運往效率最高的船舶——超大型油輪（VLCC），但當原油數量如此之多，供應如此充足時，就會帶動整個市場，我認為，這就是我們現在所看到的現象。

Yeah, thank you for that, helpful caller. And I guess maybe just kind of thinking about, where Teekay stands, clearly you guys have been, in a very strong financial position for the past several quarters, perhaps several years. Cash is building and, you've reiterated, several times, be patient, which makes a whole lot. Of sense, given all the unknowns, as we kind of think about where you're headed, I think it was last quarter or maybe the quarter before you had talked, when it came time to maybe reinvest or add more exposure, you were kind of looking to scale more perhaps into the MR segment into products. Is that still the case if you kind of think about where you stand if you wanted to deploy more capital or more net capital. Would you want to go into products more deeply or do you feel you'd want to either scale up into the VLCCs, or perhaps maybe just stay within your back to using the term bread and butter, but the Suez max after Max segments.

是的，謝謝你，熱心的來電者。我想，或許應該想想 Teekay 目前的狀況，顯然你們在過去的幾個季度，甚至幾年裡，財務狀況都非常穩健。現金正在積累，而且你已經多次重申要耐心等待，這會帶來很大的好處。考慮到所有未知因素，當我們思考你的發展方向時，我想應該是在上個季度或上個季度，你談到了重新投資或增加投資規模的問題，你當時似乎正在考慮擴大規模，或許會進入市場研究領域，開發相關產品。如果你仔細想想，如果你想投入更多資本或更多淨資本，你的處境會如何，情況是否仍然如此？您是想更深入研究產品，還是想擴大規模進入超大型油輪 (VLCC) 領域，或者也許就繼續留在您熟悉的領域，例如蘇伊士 Max 之後的 Max 級油輪。

Yeah, that's a great question. I mean, just to be very clear, our core business is absolutely the medium sized tankers, and we constantly look for where there's where we can find incremental value both in our core, but also the adjacent sectors.

是的，這是一個很好的問題。我的意思是，需要非常明確地說明的是，我們的核心業務絕對是中型油輪，我們不斷尋找可以在核心業務以及相鄰領域發現增量價值的地方。

I think when we had this call almost a year ago, we talked about the MR, sector, which looked interesting at the time relative to some of the other sectors. I think as we're sitting here today, we're one year further down the road here and Looking at how we've renewed the fleet or have taken action on some of our older tankers and started to renew our core fleet. Our focus is our number one priority right now is, investing in our core franchise. I wouldn't say that there never would be an opportunity in in MR, but relatively speaking now, we actually think that the better value for us is to, allocate capital towards our our core segments which are higher for axis and maxis.

我覺得我們差不多一年前開電話會議的時候，我們討論了市場研究（MR）行業，當時相對於其他一些行業來說，這個行業看起來很有意思。我認為，今天我們坐在這裡，已經過去了一年，我們正在審視我們是如何更新船隊，或者說，我們是如何對一些老舊的油輪採取行動，並開始更新我們的核心船隊的。我們目前的首要任務是投資我們的核心業務。我不會說在 MR 領域永遠不會有機會，但相對而言，我們認為對我們來說更有價值的做法是將資金分配給我們的核心業務板塊，這些板塊在 Axis 和 Maxis 的利潤更高。

Ken Hoexter with Bank of America.

Ken Hoexter，美國銀行員工。

Hi, this is Tim Chang on for Ken Hexter. Thanks for taking my question. To kind of extend on Omar's question, you've sold 11 vessels year-to-date, and while sales kind of outpaced purchases thus far, you mentioned last quarter how you're focusing on an accelerating pace of fleet renewal going forward. So do you feel you're close to the minimum fleet size now, and do you perhaps aim for purchases of new core AFRAs and Suez to offset? Any following sales.

大家好，我是 Tim Chang，代 Ken Hexter 為您報道。謝謝您回答我的問題。進一步回答奧馬爾的問題，今年到目前為止，你們已經售出了 11 艘船，雖然到目前為止銷售額超過了採購量，但你在上個季度提到，你們將專注於加快船隊更新的步伐。那麼，您覺得您現在的船隊規模是否接近最低要求？您是否計劃購買新的核心AFRA和Suez來彌補這一缺口？後續銷售。

I think the short answer is yes.

我認為簡短的答案是肯定的。

Got it. And saw your new time chartter out agreement with three vessels locking in very favorable rates. Do you expect to engage in more of those given elevated rates near term in 2026?

知道了。我看到了你們與三艘船舶簽訂的新定期租船協議，鎖定了非常優惠的價格。鑑於2026年短期內利率高企，您是否預計會參與更多此類活動？

Yeah, that's a good question. I mean, we look at every deal opportunistically. There's always the timing, and we consider what is the outlook, and it's very dynamic.

嗯，問得好。我的意思是，我們看待每一筆交易都抱著機會主義的態度。時機總是很重要的，我們會考慮前景，而前景瞬息萬變。

We think it's prudent, when you see strong time chatter rates to log it in, especially if it's with good customers. So it's an ongoing dialogue.

我們認為，當發現用戶聊天頻率很高時，最好將其記錄下來，尤其是當聊天對像是優質客戶時。所以這是一個持續進行的對話。

It's not a status strategy that we need to have an 1% of our fleet. We, we're happy to have spot exposure, but these levels, we know in historical terms are very strong levels, so we can log it in and as we pointed out in our prepared remarks, every time we do that, we lower our, free cash flow break even further.

這不是一種需要我們擁有1%艦隊規模的地位策略。我們很高興能持有現貨，但我們知道，從歷史角度來看，這些水平是非常強勁的水平，所以我們可以將其記錄下來，正如我們在準備好的發言稿中指出的那樣，每次我們這樣做，我們都會進一步降低我們的自由現金流。

So as you can see, it's a, it's a very strong position that we're in in terms of.

所以正如你所看到的，我們目前處於非常有利的地位。

Generating cash flows in the spot market, but at the same time, even if we did another couple of these at these levels, then of course our free even would go down even further. So it's, we look at it as a portfolio and on a deal by deal basis.

在現貨市場產生現金流，但同時，即使我們以這些水準再做幾筆這樣的交易，那麼我們的自由現金流當然會進一步下降。所以，我們把它看作一個投資組合，並且逐筆交易地進行評估。

Ford Medall with Clarksons Securities.

福特·梅德爾與克拉克森證券合作。

My first question is on this new Well, China US deal, I guess the Aromax is.

我的第一個問題是關於這項新的中美協議，我想Aromax就是其中之一。

Under the previous, USCR regulation was not exempt, right?

根據先前的規定，USCR法規並不豁免，對嗎？

So now with the USCR port fees being suspended for a year, does that improve the Aroma?

現在 USCR 港口費暫停一年，這是否會改善 Aroma 的風味？

Opportunities for you guys. Maybe they'll, of course, the export out of the US Gulf, but also maybe lightering opportunities. Any call you have that on that, please.

你們的機會來了。當然，他們或許會從美國墨西哥灣出口貨物，但也可能尋求駁運機會。請您就此事進行任何通話。

Yeah, obviously the deal is very new. I think.

是的，顯然這項協議是新達成的。我認為。

I think the position we took first when the USTR came in and recently also the China port fees is that.

我認為，當美國貿易代表辦公室介入以及最近中國港口收費問題出現時，我們最初採取的立場是這樣的。

With the way that our fleet is composed, we don't have massive exposure to either either sector and therefore I think the outcome of this agreement, I think overall is positive for the industry, but I don't think it has any significant impact on C per se in the same way as the port fees didn't have a significant impact on us either.

鑑於我們船隊的構成方式，我們對這兩個領域的敞口都不大，因此我認為這項協議的結果總體上對整個行業是積極的，但我認為它本身對C公司沒有任何重大影響，就像港口費用對我們也沒有產生重大影響一樣。

So overall, I think it's a positive, as it was clearly driving some inefficiencies, which I don't think serves the industry well over the long-term.

所以總的來說，我認為這是一件好事，因為它顯然造成了一些效率低下的問題，我認為這從長遠來看對產業不利。

But let's see. I mean, so far it's only one year, we know that that's been agreed.

但我們拭目以待。我的意思是，目前為止只有一年時間，我們知道這一點已經達成一致。

Next question, I guess more generally speaking, you've clearly proven, I guess that you have high total shareholder returns, right? TSR, which doesn't really require a high payout model. So, how confident are you that the stock market would I appreciate that approach today.

下一個問題，更普遍地說，您已經清楚證明，您的股東總回報率很高，對嗎？TSR 其實並不需要高回報模式。那麼，您對股市今天會如何反應有多大信心呢？我今天會欣賞這種做法。

Given that there's still a slight discount what might close the remaining valuation GAAP in your view.

鑑於目前仍有輕微折扣，您認為剩餘的估值是否符合 GAAP 標準？

I think over the past 7 years we have been very clear on that. We first focus on value before we focus on valuation, and valuation follows and I think to your point, I think that is what we are, we're happy to see that's actually being recognized by the market. So when we look at it through a 5 year lens, you're absolutely right. I think that that model is right. Companies should always focus on on value creation and that's what we're focused on here. I think it's in any business and shipping, it is about that we continue to have a strong balance sheet that we can act at times when we see good buying opportunities that we can act when we see good selling opportunities and that we have a strong operating platform with low cash flow break even and that's the fortunate position that we, after many years of hard work, have put a T bag in and.

我認為在過去的7年裡，我們在這方面一直非常明確。我們先關注價值，然後關注估值，估值隨後而來。我認為正如你所說，這正是我們所追求的，我們很高興看到這一點得到了市場的認可。所以從五年的角度來看，你的說法完全正確。我認為這個模型是正確的。公司應該始終專注於價值創造，而這正是我們在這裡所關注的。我認為在任何產業和航運業，關鍵在於我們始終保持強勁的資產負債表，以便在出現好的買入機會和賣出機會時都能採取行動，並且擁有強大的營運平台，實現低現金流盈虧平衡。經過多年的努力，我們很幸運地擁有了這樣的優勢。

Operating with that model, delivers value every day, and we think we're in a very strong position to continue to build intrinsic value and we fundamentally believe that that that will always be recognized by the markets ultimately.

按照這種模式運營，每天都能創造價值，我們認為我們處於非常有利的地位，可以繼續創造內在價值，而且我們從根本上相信，這一點最終總會得到市場的認可。

Thank you. With no additional questions holding, I'll now turn the conference back to the company for any additional or closing remarks.

謝謝。鑑於沒有其他問題需要提問，我現在將會議交還給公司，請其作補充或總結發言。

Thank you for listening into our call today. We look forward to, reporting back to you next year.

感謝您今天收聽我們的電話會議。我們期待明年向您報告情況。

Okay great thanks.

好的，非常感謝。

Thank you, ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time.

謝謝各位，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了。