Teekay Corp Ltd (TK) 2026 Q1 法說會逐字稿

Welcome to the Teekay Group first quarter 2026 earnings results conference call. (Operator Instructions) As a reminder, this call is being recorded.

歡迎參加 Teekay 集團 2026 年第一季財報結果電話會議。（接線員指示）提醒各位，本次通話將被錄音。

Now for opening remarks and introductions, I'd like to turn the call over to the company. Please go ahead.

現在進行開場致詞與介紹，我想把電話交給公司方。請開始。

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 first quarter 2026 earnings presentation. Kenneth will review this presentation during today's conference call.

在開始之前，我想請所有與會者前往我們的網站 www.teekay.com，您可在那裡找到 Teekay 集團 2026 年第一季財報簡報的副本。Kenneth 將在今天的電話會議中說明這份簡報。

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 first quarter 2026 Teekay Group earnings presentation available on our website.

請容我提醒各位，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所預測的結果有重大差異。關於可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於我們網站上提供的 Teekay 集團 2026 年第一季財報簡報中。

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

我現在把電話交給 Teekay Corporation 與 Teekay Tankers 總裁兼執行長 Kenneth Hvid 開始。

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for the Teekay Group's first quarter 2026 earnings conference call. Joining me on the call today for the Q&A session is Brody Speers, Teekay Corporation and Teekay Tankers CFO; Ryan Hamilton, our VP Finance and Corporate Development; and Christian Waldegrave, our Director of Research.

謝謝你，Ed。各位好，也非常感謝大家今天參加 Teekay 集團 2026 年第一季財報電話會議。今天在問答環節與我一同出席的有：Teekay Corporation 與 Teekay Tankers 財務長 Brody Speers；我們的財務與企業發展副總裁 Ryan Hamilton；以及研究總監 Christian Waldegrave。

Starting on slide 3 of the presentation, we will cover Teekay Tankers recent highlights. Teekay Tankers reported GAAP net income of $154 million, or $4.42 per share, and adjusted net income of $128 million or $3.69 per share in the first quarter, which are over $30 million better than last quarter and 2 times to 3 times the results posted in the same period of the prior year.

從簡報第 3 頁開始，我們將回顧 Teekay Tankers 近期重點。Teekay Tankers 在第一季公布 GAAP 淨利 1.54 億美元（每股 4.42 美元），以及調整後淨利 1.28 億美元（每股 3.69 美元）；這些數字較上季高出逾 3,000 萬美元，且為前一年同期的 2 倍至 3 倍。

Spot tanker rates during the first quarter were near record highs for first quarter, averaging approximately $61,000 per day across our mid-sized tanker fleet. With our significant spot exposure and a low free cash flow break-even, we generated approximately $143 million in free cash flow from operations, which has increased our cash position to just shy of $1 billion with no debt as of quarter end. We continue to execute on our fleet renewal strategy, which includes acquiring modern vessels while selling our older vessels. I'm pleased to announce that we have entered into agreements to acquire two Korean resale Suezmax newbuildings for a total of $190 million, which I expect to be delivered in 2027.

第一季現貨油輪運價接近第一季的歷史高點，我們的中型油輪船隊平均約為每日 61,000 美元。憑藉我們顯著的現貨曝險以及較低的自由現金流損益兩平點，我們自營運產生約 1.43 億美元自由現金流，使我們在季末於無負債情況下的現金部位提升至接近 10 億美元。我們持續執行船隊汰舊換新策略，包括收購較新船舶並出售較舊船舶。我很高興宣布，我們已簽訂協議，以總價 1.90 億美元收購兩艘韓國轉售的 Suezmax 新造船，預期於 2027 年交付。

We also sold one 2009-built Suezmax for $53.5 million, resulting in an expected gain on sale of $32.5 million dollars that will be recorded in Q2 2026. In addition, we have completed the previously announced sales of two Suezmax tankers for total proceeds of $73 million and recorded gains on sales of $22.7 million in the first quarter. Far this year, we have acquired or agreed to acquire five modern vessels for a total commitment of $332 million and have sold or agreed to sell four vessels for $211 million.

我們也以 5,350 萬美元出售一艘 2009 年建造的 Suezmax，預期出售收益為 3,250 萬美元，將於 2026 年第二季入帳。此外，我們已完成先前宣布的兩艘 Suezmax 油輪出售，總收入 7,300 萬美元，並於第一季認列 2,270 萬美元的出售收益。截至今年目前為止，我們已收購或同意收購五艘現代化船舶，總承諾金額 3.32 億美元；並已出售或同意出售四艘船舶，金額 2.11 億美元。

We also took advantage of the strong spot market as we opportunistically outchartered one Suezmax for $80,000 per day for 10 to 12 months. This past week, we outchartered one Aframax vessel for $60,000 per day for 12 months.

我們也把握強勁的現貨市場，伺機將一艘 Suezmax 以每日 80,000 美元的價格外租 10 至 12 個月。過去一週，我們將一艘 Aframax 船舶以每日 60,000 美元外租 12 個月。

Looking ahead to the second quarter, we expect even better results with tanker rates reaching record levels. So far in the second quarter, we have secured spot rates of $141,800, $121,800, and $98,000 per day for VLCC, Suezmax, and Aframax LR2 fleets respectively, with approximately 71% of spot days booked for VLCC and on average around 57% of spot days booked for our Suezmax and Aframax LR2 fleet.

展望第二季，隨著油輪運價達到創紀錄水準，我們預期表現將更佳。迄今第二季，我們分別為 VLCC、Suezmax 與 Aframax LR2 船隊鎖定的現貨運價為每日 141,800 美元、121,800 美元與 98,000 美元；其中 VLCC 約 71% 的現貨天數已訂妥，而 Suezmax 與 Aframax LR2 船隊平均約 57% 的現貨天數已訂妥。

Lastly, Teekay Tankers has declared its regular fixed quarterly dividend of $0.25 per share. In addition, we declared a special dividend of $1 per share, which like prior years, is based on the previous year's financial results.

最後，Teekay Tankers 宣布其例行固定季度股利為每股 0.25 美元。此外，我們也宣布每股 1 美元的特別股利，與往年相同，係以前一年度的財務結果為基礎。

Moving to slide 4, we look at recent developments in the spot tanker market. Spot tanker rates in Q1 were close to record highs for first quarter, just behind rates seen in the first quarter of 2023. It is worth noting that spot rates were very firm even before the recent US-Iran conflict due to a combination of rising seaborne oil trade volumes, tightening of sanctions against Russia, Iran, and Venezuela, and the impact of fleet consolidation in the VLCC sector. In particular, the removal of President Nicolás Maduro of Venezuela by the United States and the subsequent freeing up of Venezuelan crude oil exports to move on compliant tonnage to destinations such as the US Gulf, Europe, and India benefited mid-sized crude tanker demand in Q1.

接著看第 4 頁，我們回顧現貨油輪市場的近期發展。第一季現貨油輪運價接近第一季的歷史高點，僅略低於 2023 年第一季的水準。值得注意的是，即使在近期美伊衝突之前，現貨運價就已非常強勁，原因包括海運原油貿易量上升、對俄羅斯、伊朗與委內瑞拉的制裁收緊，以及 VLCC 產業船隊整併的影響。特別是，美國移除委內瑞拉總統 Nicolás Maduro，並隨後釋放委內瑞拉原油出口可由合規船舶運往美國墨西哥灣、歐洲與印度等目的地，帶動第一季中型原油油輪需求。

Mid-sized spot tanker rates have continued to rise at the start of Q2 due to the impact of recent events in the Middle East, reaching record highs of over $120,000 per day during April. I'll talk more about the reasons for these record high rates in the next few slides.

中型油輪現貨運價在第二季初持續上升，受近期中東事件影響，4 月期間一度創下每日超過 120,000 美元的歷史新高。我會在接下來幾頁進一步說明這些創高運價的原因。

Turning to slide 5, we are experiencing an unprecedented oil supply disruption with the effective closure of the Strait of Hormuz. On February 28, the United States and Israel launched a series of attacks against Iran, targeting military and government sites. Iran subsequently responded by attacking a range of military and civilian assets across the Middle East region, including vessels transiting the Strait of Hormuz. Since then, the US has also implemented a blockade aimed at preventing ships from entering or leaving Iranian ports.

看第 5 頁，我們正經歷前所未有的石油供應中斷，因荷姆茲海峽實質上關閉。2 月 28 日，美國與以色列對伊朗發動一系列攻擊，目標包括軍事與政府設施。伊朗隨後反擊，攻擊中東地區多項軍事與民用資產，包括通行荷姆茲海峽的船舶。此後，美國也實施封鎖，旨在阻止船舶進出伊朗港口。

The net result has been a significant drop in vessel traffic through the Strait of Hormuz, which in turn has led to a sharp decline in Middle East oil production and exports. While Saudi Arabia and the UAE have been able to divert some of their export volumes to ports outside of the Middle East Gulf, namely Yanbu in the Red Sea and Fujairah in the Gulf of Oman, total crude oil exports from the region have fallen approximately 10 million barrels per day compared to pre-war levels. Partially offsetting the supply loss has been a corresponding increase in crude oil exports from the Atlantic Basin and the West Coast of the Americas, where exports have increased by approximately 4.5 million barrels per day since the start of the war.

其淨結果是通過荷姆茲海峽的船舶流量大幅下降，進而導致中東原油產量與出口急劇下滑。雖然沙烏地阿拉伯與阿聯酋已能將部分出口量改道至中東灣以外的港口，即紅海的 Yanbu 與阿曼灣的 Fujairah，但該地區原油總出口量相較戰前水準仍下降約每日 1,000 萬桶。部分抵消供應損失的是大西洋盆地與美洲西岸原油出口的相應增加；自戰爭開始以來，出口量增加約每日 450 萬桶。

This has been most evident in the US Gulf, where crude oil exports reached a record high of 5 million barrels per day in April 2026, boosted by the release of oil from the US Strategic Petroleum Reserve. While an increase in supply from the Atlantic is nowhere near enough to offset the loss of exports from the Middle East Gulf, the resultant increase in voyage distances and associated trading inefficiencies have combined to boost spot tanker rates as detailed on the next slide.

這在美國墨西哥灣最為明顯：2026 年 4 月原油出口達到每日 500 萬桶的歷史新高，受惠於美國戰略石油儲備釋出。雖然大西洋供應增加遠不足以抵消中東灣出口的流失，但由此造成的航程距離拉長與相關交易效率下降，已共同推升現貨油輪運價，詳見下一頁。

Turning to slide 6, we review the trade inefficiencies which have supported tanker rates. First, a number of vessels are trapped and unable to exit the Middle East Gulf via the Strait of Hormuz, which has reduced effective fleet supply.

接著看第 6 頁，我們回顧支撐油輪運價的交易效率下降因素。首先，有不少船舶受困，無法經由荷姆茲海峽離開中東灣，降低了有效船隊供給。

At the time of writing, we count a total of 100 tankers of Aframax size or larger, which are trapped west of Hormuz, of which 59 are VLCCs, accounting for around 8% of the non-sanctioned fleet. In addition, there are a further 86 vessels of Aframax size or larger, which are currently empty and sitting idle just outside the Strait of Hormuz or off the west coast of India in anticipation of a potential reopening, of which over 50 are VLCCs. Secondly, the rush to find replacement barrels, particularly by Asian refiners, which have been most impacted by the loss of Middle East oil, has led to an increase in vessels ballasting long haul from the Pacific Basin to the Atlantic in order to secure cargoes.

在撰寫本稿時，我們統計共有 100 艘 Aframax 尺寸或更大的油輪受困於荷姆茲以西，其中 59 艘為 VLCC，約占非受制裁船隊的 8%。此外，另有 86 艘 Aframax 尺寸或更大的船舶目前空船，停泊在荷姆茲海峽外側或印度西岸外海，等待可能的重新開放，其中超過 50 艘為 VLCC。其次，為尋找替代原油（尤其是受中東原油流失影響最大的亞洲煉油商），導致更多船舶以壓艙狀態從太平洋盆地長航程前往大西洋以取得貨載。

A large proportion of these vessels are then sailing back to Asia once loaded in order to meet Asian refinery demand. Finally, the increase in vessels loading in the Atlantic and sailing long haul to Asia has not been limited to the VLCC sector, as we have also seen a significant lengthening in laden voyage distances for Aframaxes and Suezmaxes. As shown by this chart, the average Aframax voyage distances for vessels loading in the US Gulf have increased by 30% year on year, while a record 69 Suezmaxes loaded from the US Gulf during April, many of which are fixed to Asian destinations.

其中相當大比例的船舶在大西洋裝載後，為滿足亞洲煉油需求而再長航程返航亞洲。最後，大西洋裝載並長航程前往亞洲的船舶增加並不僅限於 VLCC 領域；我們也看到 Aframax 與 Suezmax 的載貨航程距離顯著拉長。如圖所示，自美國墨西哥灣裝載的 Aframax 平均航程距離年增 30%；而 4 月自美國墨西哥灣裝載的 Suezmax 達到創紀錄的 69 艘，其中許多已敲定前往亞洲目的地。

We've even seen five Suezmax cargoes load from the US Gulf and transit to Asia via the Panama Canal, which is a very unusual trade and highlights the lengths to which refiners in Asia are willing to go in order to make up for the shortfall in Middle East oil supply.

我們甚至看到有 5 批 Suezmax 貨載自美國墨西哥灣裝載，並經由巴拿馬運河轉運至亞洲；這是一條非常不尋常的航線，凸顯亞洲煉油商為彌補中東原油供應缺口所願意採取的各種方式。

Turning to slide 7, we look at the medium-term tanker supply and demand outlook. Given the ongoing conflict in the Middle East and the high degree of unpredictability regarding when and how the conflict may be resolved, it is very difficult to assess what will happen to tanker ton-mile demand should the Strait of Hormuz reopen, as it will depend on how quickly vessel transits resume and the pace at which Middle East oil producers can resume exports. What we do know is that global oil inventories are being depleted across both commercial and strategic stockpiles.

接著看第 7 頁投影片，我們檢視中期油輪供需展望。鑑於中東衝突仍在持續，且對於衝突何時以及如何解決具有高度不可預測性，因此若荷姆茲海峽重新開放，油輪噸海里需求將如何變化非常難以評估，因為這將取決於船舶通行恢復的速度，以及中東產油國恢復出口的節奏。我們確知的是，全球原油庫存正在消耗，涵蓋商業庫存與戰略儲備。

This could create additional tanker demand once the conflict is resolved, as these inventories will have to be replenished. In addition, a push for energy security could lead to some countries building or expanding their strategic reserves in order to safeguard any future disruption. Some countries may also look to diversify their sources of crude oil imports, which could lead to longer voyage distances and therefore higher ton-mile demand in the medium term.

一旦衝突解決，這可能會帶來額外的油輪需求，因為這些庫存必須補回。此外，推動能源安全的趨勢可能促使部分國家建立或擴大其戰略儲備，以防範未來任何中斷。部分國家也可能尋求分散原油進口來源，這可能導致航程距離拉長，因而在中期推升噸海里需求。

On the fleet supply side, the tanker order book continues to expand due to the relatively high pace of new vessel ordering in the recent months. However, a lack of scrapping means that the tanker fleet is rapidly aging, with the average age of the global tanker fleet currently the highest in over 30 years.

在船隊供給面，受近月新船訂造速度相對偏高影響，油輪訂單簿持續擴大。然而，由於拆船量不足，油輪船隊正快速老化，目前全球油輪船隊平均船齡為 30 多年來最高。

As such, the tanker order book is largely offset by the number of compliant tankers reaching age 20 over the same timeframe in which the order book will deliver. Not to mention the large dark fleet of tankers, which already has an average age of well over 20 years.

因此，在訂單簿交付的同一期間內，達到 20 年船齡的合規油輪數量在很大程度上抵消了訂單簿的規模。更不用說規模龐大的「暗黑船隊」油輪，其平均船齡早已遠超過 20 年。

In short, while the tanker order book appears large on the surface, these vessels are needed to replace the older fleet of tankers, which are approaching the end of their trading lives in the coming years, though the timing of when vessels will exit the fleet is uncertain.

簡言之，雖然表面上油輪訂單簿看起來很大，但這些船舶主要是用來替換老舊油輪船隊；這些老船在未來幾年將接近其營運壽命終點，儘管船舶何時退出船隊的時間點仍不確定。

Turning to slide 8, we highlight our capability to create long-term shareholder value. This includes, first, our ability to generate significant free cash flow with a low free cash flow breakeven. In the last four quarters, we have generated $386 million or $11.14 per share in free cash flow, or nearly a 30% free cash flow yield based on the closing share price at the end of Q1 2025.

接著看第 8 頁投影片，我們強調創造長期股東價值的能力。首先，包括我們能以較低的自由現金流損益兩平點，產生可觀的自由現金流。在過去四個季度，我們產生了 3.86 億美元、或每股 11.14 美元的自由現金流；以 2025 年第一季末的收盤股價計算，自由現金流殖利率接近 30%。

With our new outcharters and no debt, our current free cash flow breakeven has decreased to approximately $8,200 per day for the next 12 months, which allows us to generate significant cash flows in almost any tanker market. To emphasize the impact, every $5,000 per day increase in spot tanker rates above our low free cash flow breakeven is expected to produce about $53 million or $1.53 per share of annual free cash flow.

在我們新增期租出租（outcharters）且無負債的情況下，未來 12 個月我們目前的自由現金流損益兩平點已降至約每日 8,200 美元，使我們幾乎在任何油輪市場環境下都能產生可觀現金流。為強調其影響，現貨油輪運價每較我們的低自由現金流損益兩平點高出每日 5,000 美元，預期可帶來約 5,300 萬美元、或每股 1.53 美元的年度自由現金流。

Second, we are progressing our fleet renewal by selling older assets in today's high asset price environment and recycling that capital to acquire more modern vessels in a disciplined manner. This recalibration reduces our average age while maintaining significant operating leverage to the strong spot market.

第二，我們正透過在當前資產價格偏高的環境出售較老舊資產，並以審慎自律的方式回收資本、用於收購較現代化船舶，以推進船隊汰舊換新。此一重新校準在維持對強勁現貨市場的顯著營運槓桿之同時，也降低了我們的平均船齡。

Looking back 12 months, we have sold or agreed to sell 11 vessels for $432 million, with combined gains of $139 million, and acquired or agreed to acquire eight vessels for $490 million. Going forward, we expect to maintain our earnings capacity through this approach of trading in older assets for more modern vessels.

回顧過去 12 個月，我們已出售或同意出售 11 艘船舶，交易金額 4.32 億美元，合計處分利益 1.39 億美元；並已收購或同意收購 8 艘船舶，金額 4.90 億美元。展望未來，我們預期將透過以老換新的方式，維持我們的獲利能力。

Third, we have significant investment capacity, which allows us to incrementally progress our fleet renewal requirements while being patient for larger transactions in the future at more attractive entry points. The tanker shipping industry is capital-intensive and cyclical, and we believe having significant investment capacity, allows us to act quickly when the timing is right.

第三，我們具備可觀的投資能力，使我們能逐步推進船隊更新需求，同時也能耐心等待未來在更具吸引力的進場點進行更大型的交易。油輪航運業資本密集且具循環性，我們相信擁有充足的投資能力，能讓我們在時機成熟時迅速行動。

As we look ahead, Teekay has significant operating leverage in this strong market environment and a strong financial footing, which positions the company well to continue renewing our fleet, earning cash flow, building intrinsic value, and returning capital to shareholders.

展望未來，Teekay 在此強勁市場環境下具備顯著的營運槓桿與穩健的財務基礎，使公司能持續更新船隊、賺取現金流、累積內在價值，並回饋資本予股東。

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

以上，接線員，我們現在開放提問。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good morning. Kenneth, let's start with that last part. I mean, it's something that we've spoken about in several calls, now that the market's taken this next level higher spot, time charter, and asset values, it seems like the investment decision becomes even more complex because there's so many geopolitical factors involved. You bought those two 2027 Suezmaxes, does it feel in this period of kind of uncertainty and maybe elevated everything, that we just need to wait a little bit longer before some of the significant investment capacity is implemented?

謝謝。早安，Kenneth，我們先從你剛剛最後那段開始。我是說，這是我們在好幾次電話會議中談過的事情；現在市場把現貨、期租與資產價值都推升到更高一個層級，看起來投資決策變得更複雜，因為牽涉到很多地緣政治因素。你們買了那兩艘 2027 年交付的 Suezmax，在這段有點不確定、而且可能各方面都偏高的期間，你是否覺得在動用那部分可觀投資能力之前，我們需要再多等一段時間？

Yeah. John, good morning. Yeah, I think you hit the nail on the head here. I think that's what every operator, every owner is looking at at the moment. I think as we, I think, finished last year, we were probably more of a mindset that we could enter into a softer year this year or more flat year. We had some new events that that's certainly as we've seen bring us to record rates in Q1 and into Q2 here. That has had an impact as always on where asset prices are trading. The effect we've seen as you know, is that we've seen very high secondhand values for prompt delivery.

是的。John，早安。是的，我想你一語道破。我想這正是目前每個營運商、每個船東都在觀察的事情。我想在去年結束時，我們可能比較認為今年會進入較疲弱的一年，或是較為持平的一年。但後來出現了一些新事件，正如我們所見，讓我們在第一季以及進入第二季時達到創紀錄的運價。這一如往常也影響了資產價格的交易水準。你也知道，我們看到的結果是，即期交付的二手船價值非常高。

We're trying to capture that. It's always this balancing of how much is in the price of the secondhand asset. We sold one of our oldest vessels and captured a record rate on that. Then we saw an opportunity to redeploy into what we think is a fairly near-term good opportunity of a quality asset on a ship that we're happy to own for the next 20 years in our fleet. I think it's a little bit of that blocking and tackling at a higher watermark than what we expected we would probably have seen. I would say it's probably it's at a higher watermark as opposed to a lower watermark.

我們正試著把握這點。這一直是在權衡二手資產價格中已反映了多少。我們賣掉了一艘最老的船，並在那筆交易上取得創紀錄的價格。接著我們看到一個機會，把資本重新部署到我們認為相當近中期的良好機會上：一艘品質優良、我們也樂於在船隊中持有未來 20 年的船。我想這有點像是在比我們原先預期更高的水位上做基本功。我會說，現在大概是在較高水位，而不是較低水位。

In terms of our position at Teekay, we knew we had to get on with our fleet renewal, and that's what we're starting to do. As I said in my pre-prepared remarks, we're probably going slower on the buying side than we would have hoped to do.

就 Teekay 的立場而言，我們知道必須推動船隊更新，而這正是我們開始在做的事。如同我在事先準備的發言中提到的，我們在買船端的進度可能比我們原本希望的還要慢。

Yeah, that makes sense. Just my follow-up, I'm trying to understand the operational impact you have on the trade inefficiencies. Although I don't think anybody would be upset with $98,000 a day quarter to date for Aframaxes, when you look at your slide 4 and see that parabolic move higher in mid-size tanker rates, it feels like maybe even higher based on some of the headline rates that we've seen in that particular asset class. Is that a function of timing, where maybe some of the quarter to date was booked before rates took that next step higher? Is there a lot of excess ballast? Any, you know, curve situation or issues? Any reason why maybe the absorption of the headline rates isn't as high for that particular asset class?

了解，這很合理。我的追問是，我想理解你們在貿易低效率上的營運影響。雖然我想沒有人會對 Aframax 截至目前季度日租 98,000 美元感到不滿，但當你看第 4 頁投影片，看到中型油輪運價在中段呈拋物線式上升時，感覺可能還能更高，尤其是我們在該資產類別看到的一些頭條成交運價。這是否是時間點的因素，也就是截至目前季度有些是運價再上台階之前就已簽訂？是否有很多空載壓艙（ballast）航程？或是任何你知道的遠期曲線（curve）狀況或其他問題？有沒有任何原因，讓該資產類別對頭條運價的吸收程度看起來沒那麼高？

No. As we know, it's always a timing. I think the way we report these numbers is always, I think we look at the positioning voyage back to the next cargo again. I feel we are definitely not overpromising on the rates that we're doing. I think that they're reflective of the market that we've seen. I mean, we're globally positioned, and I think we've captured our fair share of the fixtures that have been out there when you operate on average.

沒有。如我們所知，這總是時間點的問題。我想我們呈報這些數字的方式一向如此；我想我們會把船舶定位航程、回到下一票貨載的航程也納入考量。我覺得我們絕對沒有在我們做到的運價上過度承諾。我認為這些數字反映了我們所看到的市場。我的意思是，我們在全球各地都有部署，我想以平均而言的營運方式，我們也捕捉到了市場上相當份額的租約。

I do think, I do agree that there's a huge variation on the rates that you're seeing in the different regions. Some of it is timing. Over short periods, you know how that can turn out. I mean, overall, I think we've actually secured our fair share of also some of the very strong fixtures. There is a fairly big range when the market is this volatile. As you know, it's, you're dealing with big variations in rates on the day, but also in the different areas that you're in.

我確實認同你所說，不同區域的運價差異非常大。其中一部分是時間點因素；在短期間內，你也知道結果可能會如何變化。整體而言，我想我們也確實拿到了相當份額的一些非常強勁的租約。當市場如此波動時，運價區間會相當大。如你所知，你面對的是每日運價的大幅變動，以及你所在不同區域之間的差異。

Okay. Thanks, Kenneth.

好的。謝謝你，Kenneth。

Thanks. Appreciate it.

謝謝。感謝。

Omar Nokta, Clarksons Securities.

Omar Nokta，Clarksons Securities。

Thank you. Hi, Kenneth. Good morning.

謝謝。嗨，Kenneth。早安。

Morning, Omar.

早安，Omar。

Morning, yeah. Just have a couple questions, and maybe just a first one following up on John's first question and your response in terms of fleet rejuvenation. I guess kind of the thought is from here, given just how expensive things are and the uncertainty that the market sort of, you know, it has, is the plan still to pair up, you know, acquisitions with sales as you've done here over the past several quarters? It sounds like definitely not, you know, not outpacing that in terms of making more acquisitions than sales. Just wanna get a sense, is it still a plan to kind of pair them up, or would you be more of a net seller as you had been, you know, in prior years?

早安，是的。我有幾個問題，第一個可能延續 John 的第一個問題以及你對船隊汰舊換新的回應。我想從現在開始，考量到目前價格有多昂貴，以及市場存在的那種不確定性，計畫是否仍是像過去幾個季度那樣，把收購與出售配對進行？聽起來你們肯定不會在收購數量上超過出售，也就是不會讓收購多於出售。我想了解一下，你們是否仍計畫把兩者配對，還是會更偏向淨賣方，就像你們在前幾年那樣？

I would say there's not a plan to be a net seller. I think we're balancing a number of objectives. First of all, we are very keen on preserving scale relevance and earnings capacity, and we think the level we're at now is probably close to the very minimum of exposure we want to have. It's still, as we say, it gives us a lot of very meaningful upside given that over 80% of the fleet is in the spot market. We like having that level of exposure given the size of the balance sheet, so no appetite to reduce that.

我會說我們並沒有要成為淨賣方的計畫。我認為我們是在平衡多項目標。首先，我們非常重視維持規模相關性與獲利能力，而我們認為目前的水位大概已接近我們希望保有的最低曝險程度。正如我們所說，鑑於超過 80% 的船隊是在現貨市場，這仍然能為我們帶來非常有意義的上行空間。以資產負債表的規模來看，我們喜歡維持這樣的曝險水位，因此沒有意願去降低。

Of course, in a market that's running as hot as it is right now, it's very hard to find sensibly priced secondhand values for long-term holders and operators like ourselves. I think that's why we went in and took these, which are new buildings, but one year out. The market is very dynamic and I'm sure when we speak a year from now, there will have been a number of opportunities and we'll be looking at some very different fundamentals and opportunities. I think we'll continue to do what we've been doing over the past three years. We are trying to be opportunistic, do the best deals we can as we see them.

當然，在目前市場如此火熱的情況下，對於像我們這樣的長期持有者與營運商而言，要找到價格合理的二手船舶非常困難。我想這也是為什麼我們選擇進場買這些船——它們是新造船，但距離交付還有一年。市場非常動態，我相信等到一年後我們再談時，期間會出現不少機會，而我們也會面對一些非常不同的基本面與機會。我想我們會繼續做過去三年一直在做的事：把握機會，看到好交易就盡力做出最好的決策。

At the moment, I think we're balancing continuing to create shareholder value, capture as much of the strong market as we can, and of course, keeping our eye on positioning the company for the long term, and making sure that we set the company up in a way where we continue to create long-term shareholder value.

目前，我認為我們是在平衡持續為股東創造價值、盡可能把握強勁市場帶來的收益，當然也同時關注公司的長期定位，並確保我們以能夠持續創造長期股東價值的方式來打造公司。

Thank you, Kenneth. Certainly that's quite helpful, thanks for the detail in that. Then maybe just one simple follow-up, just in terms of the fleet deployment here in the second quarter, in terms of, say, just I guess in terms of the VLCC, you know, that's gonna be sold and or delivered to the buyers in June. How many days do you expect to have for operating, I guess, during the second quarter, before she's sold?

謝謝你，Kenneth。這確實很有幫助，也謝謝你提供這些細節。那我再追問一個簡單的問題：關於第二季的船隊部署，譬如說 VLCC，你知道那艘船會在六月出售並／或交付給買方。你預期在第二季、在出售之前，還會有多少天可以營運？

And then I guess in terms of the guidance you've given, you know, the remaining, say, 29% of the period where she isn't fixed, are those regular operating days, or will they be more non-earning days related to delivery to the buyers?

另外，關於你提供的指引，你提到剩餘大約 29% 的期間她沒有被鎖定（fixed），那些是一般的營運天數，還是會是更多與交付給買方相關的非營收天數？

Hey, Omar. It's Brody. In the second quarter, we expect to have 75 operating days for the VLCC. The remaining days will just be unavailable days. We'll have delivered the ship by that time. That's the expectation.

嗨，Omar，我是 Brody。第二季我們預期這艘 VLCC 會有 75 個營運天數。剩下的天數會是不可用天數。到那時我們就會把船交付出去。這是我們的預期。

Okay. Thank you. The 71 and 29% that you referenced, that's 75 days?

好的，謝謝。你提到的 71% 和 29%，那是以 75 天為基礎嗎？

Sorry, yeah. The 71 is based on 90 days, so it's actually more like 80% to 82% of the 75 days has been fixed at that rate level.

抱歉，不是。71% 是以 90 天為基礎計算的，所以換算到 75 天的話，實際上大概是 80% 到 82% 的 75 天已經以那個費率水準鎖定了。

Got it. Understood. Okay. Thanks, Brody, and thanks, Kenneth. I'll pass it back.

了解，明白了。好的。謝謝你，Brody，也謝謝你，Kenneth。我把時間交回去。

Thank you.

謝謝。

Ken Hoexter, Bank of America.

美國銀行（Bank of America）的 Ken Hoexter。

Hey, great. Good morning, Kenneth and team. Just interesting commentary on inventories, not just the rebuild of what you would expect, but maybe some to newer areas. Have you put, I don't know, maybe pen to paper on how meaningful or how long that could go out? Would you expect that rebuild cycle maybe not to start, you know, as, you know, once we see reopening that traders would allow, I don't know, pricing to maybe come back to normal, that would be maybe a long tail leg as opposed to kind of an immediate move? Maybe just thoughts on that inventory side.

嗨，很好。早安，Kenneth 與團隊。你們對庫存的評論很有意思，不只是你們預期的重建，可能也涉及一些新的區域。你們是否有做過一些量化評估（我不知道，可能是把想法寫下來）來判斷這會有多大的影響、或會持續多久？你是否預期這個重建循環不會在我們看到重新開放後就立刻開始——也就是說，交易商可能會讓價格回到較正常水準，這會是一段較長尾的過程，而不是立即的變化？想請教你們對庫存面的看法。

Yeah. Thanks for that question. I think I'll have Christian give a bit more color on it.

是的，謝謝這個問題。我想請 Christian 再補充一些說明。

Yeah. I think our view on this, Ken, coming out once the straits reopen, there definitely will be a need to replenish inventories. The pace at which that is done, I think will be dependent on market conditions. To your point, you know, if oil prices are still over $100 a barrel, it may not be an urgency to refill the inventories. As and when Middle East production gets back to normal and we get back to a more normal situation and the oil prices come down, I think there will be a need that will probably, you know, kickstart the restocking process. I think there will be a need to rebuild the inventories that have been drawn down.

是的，Ken，我們的看法是，一旦海峽重新開放，確實會有補充庫存的需求。至於補庫的速度，我認為會取決於市場狀況。正如你所說，如果油價仍在每桶 100 美元以上，補庫可能就不會那麼急迫。當中東產量恢復正常、我們回到較正常的情況且油價回落時，我認為就會出現需求，並可能啟動補庫流程。我認為確實需要重建先前被消耗的庫存。

I think some countries also maybe that don't have strategic reserves will be looking at this in terms of energy security and there may be a need to build some strategic reserves over and above where they were pre-crisis levels. I think we'll also some countries will look at this, especially in Asia, and think that they possibly have been over-reliant on the Middle East Gulf region for their oil imports in the past. You know, I think that fear is gonna be there going forward that what if this happens again? I think you'll see more diversification of trade as well. From a tanker market perspective could lead to longer voyage distances as well. Yeah, I think there will be a tailwind from this in terms of a boost to tanker demand.

我認為有些國家可能也沒有戰略儲備，會從能源安全的角度來看待這件事，因此除了危機前的水準之外，可能還需要建立一些戰略儲備。我也認為一些國家，特別是在亞洲，會認為過去對中東海灣地區的石油進口依賴可能過高。你知道，我想未來這種擔憂會一直存在：如果再發生一次怎麼辦？我想你也會看到貿易的更多元化。從油輪市場的角度來看，這也可能導致航程距離拉長。是的，我認為這會成為推升油輪需求的順風因素。

I think to your point, though, the pace at which will happen will depend a little bit on the market conditions and the oil prices, but it might be a bit more of a longer term rebuild rather than a sudden, you know, quick rebuild once the straits reopen.

不過如你所說，發生的速度仍會在一定程度上取決於市場狀況與油價；它可能更像是一個較長期的重建，而不是海峽一重新開放就突然、快速地重建。

You don't think trading patterns go back to normal just to cut the length of haul over time? You think this structurally changes trading patterns?

你不認為交易模式會隨時間回到正常，以縮短運距嗎？你認為這會在結構上改變交易模式？

It might. I think that remains to be seen, but I think it's a bit like what's happened with Russia. Like, you know, if you think that if the Russia situation went back to normal, would Europe want to be so reliant on Russian energy? I think this energy security issue is gonna be a big driving force once this resolves itself. In the first instance, I think Asian countries will wanna take a lot of oil from the Middle East Gulf, right? Because it's the shortest distance. I think over a longer time period, I think every country is looking at these choke points now and looking at ways to mitigate that risk going forward, which could be lead to changing trade patterns.

有可能。我認為這還有待觀察，但我覺得有點像俄羅斯的情況。比如說，如果俄羅斯的情勢回到正常，歐洲還會想那麼依賴俄羅斯能源嗎？我認為一旦這件事解決，能源安全議題將會成為很大的驅動力。一開始，我認為亞洲國家仍會想從中東海灣取得大量石油，對吧？因為那是最短的距離。但在更長的時間尺度上，我認為每個國家現在都在看這些咽喉要道，並尋找降低未來風險的方法，這可能會導致貿易模式改變。

Great. Thanks for that. Just thoughts on the dividend, right? You've declared the special dividend. Thoughts on, I don't know, maybe increased frequency if the market is not accommodative to buying, maybe your thoughts on capital allocation in the near term, or how large do you want that cash board to start building?

很好，謝謝。再談談股利，好嗎？你們已宣告特別股利。若市場不利於收購，你們是否考慮提高發放頻率？或者你們對近期資本配置有何想法？以及你們希望那個現金水位累積到多大？

I think we've been pretty consistent over the past three years in terms of how we deal with the dividend. I think the question that's of course interesting is when do we have enough cash? As I said in my prepared remarks here, this industry is capital-intensive. We know sometimes opportunities come suddenly. Of course, you can do a lot more with $1 billion than you can do with half a billion dollars. I think we're probably at the point where we can see our cash position grow quite meaningfully over the next quarter as well.

我想過去三年我們在股利處理方式上一直相當一致。當然，有趣的問題是：我們什麼時候算是有足夠的現金？正如我在事先準備的發言中提到，這個產業是資本密集型的。我們知道有時機會會突然出現。當然，你用 10 億美元能做的事情，比用 5 億美元多得多。我想我們大概也到了這樣的階段：我們的現金部位在下一季也可能相當明顯地增加。

That gives us a lot of capacity. I think it's a discussion that we'll have next year again in terms of any other sweeps we may wanna do on that cash. Meanwhile, the market is so dynamic that I think we all feel very good about the strong position we're in and the incredibly strong balance sheet that we've managed to build over the past four years.

這讓我們有很大的運用空間。我想明年我們會再討論一次，是否要對這些現金做任何其他的「掃出」（sweep）安排。與此同時，市場非常動態，我想我們都對目前所處的強勢位置，以及過去四年建立起來的極其強健的資產負債表感到非常滿意。

Great. Thanks a lot for the thoughts and time. Appreciate it.

很好，謝謝你分享想法與撥冗時間。非常感謝。

Thank you.

謝謝。

At this time, there are no further questions. I'd like to turn the floor back to the company for any additional or closing remarks.

目前沒有其他問題。我想把會議交回公司，請問是否有任何補充或結語。

Thank you very much for listening in today. We look forward to reporting back to you for the next quarter in later in the year. Have a great day.

非常感謝各位今天收聽。我們期待在今年稍晚向各位回報下一季的結果。祝各位有美好的一天。

This concludes today's conference. We thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。