Teekay Tankers Ltd (TNK) 2023 Q3 法說會逐字稿

Welcome to the Teekay Tankers LTD Third Quarter 2023 Earnings Results Conference Call. (Operator Instructions). As a reminder, this call is being recorded.

歡迎參加 Teekay Tankers LTD 2023 年第三季財報電話會議。 （操作員說明）。提醒一下，此通話正在錄音。

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

現在，我想將電話轉給公司進行開場白和介紹。請繼續。

Before we begin, I would like to direct all participants to our website at www.teekay.com, where you will find a copy of the third quarter 2023 earnings presentation. Kevin and Stewart will review this presentation during today's conference call.

在開始之前，我想引導所有參與者造訪我們的網站 www.teekay.com，您可以在其中找到 2023 年第三季收益簡報的副本。凱文和史都華將在今天的電話會議上回顧這份簡報。

Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the third quarter 2023 earnings release and earnings presentation available on our website.

請容許我提醒您，我們今天的討論包含前瞻性陳述。實際結果可能與這些前瞻性陳述預測的結果有重大差異。有關可能導致實際結果與前瞻性陳述中的結果有重大差異的因素的更多資​​訊包含在我們網站上提供的 2023 年第三季收益發布和收益演示中。

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

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

Thank you, [Ed]. Hello, everyone, and thank you very much for joining us today for Teekay Tankers' Third Quarter 2023 Earnings Conference Call. Joining me on the call today are Stewart Andrade, Teekay Tankers' CFO; and Christian Waldegrave, our Director of Research.

謝謝你，[埃德]。大家好，非常感謝您今天參加 Teekay Tankers 2023 年第三季財報電話會議。今天和我一起參加電話會議的是 Teekay Tankers 財務長 Stewart Andrade；以及我們的研究總監 Christian Waldegrave。

Moving to our recent highlights on Slide 3 of the presentation. Teekay Tankers generated total adjusted EBITDA of approximately $106 million in the third quarter, up from the $92 million we generated in the same quarter of last year. We reported adjusted net income of approximately $77 million or $2.24 per share an increase from last year's third quarter levels of $58 million or $1.70 per share, respectively.

前往簡報投影片 3 中我們最近的亮點。 Teekay Tankers 第三季調整後 EBITDA 總額約 1.06 億美元，高於去年同期的 9,200 萬美元。我們公佈的調整後淨利潤約為 7,700 萬美元或每股 2.24 美元，分別較去年第三季的 5,800 萬美元或每股 1.70 美元有所增長。

Our significant operating rate, combined with the historical high third quarter spot rates resulted in Teekay Tankers generating our highest ever third quarter adjusted net income. As a reminder, for every $5,000 increase in tanker rates above our free cash flow breakeven of $16,000 per day, we expect to generate approximately $2.60 of annual free cash flow per share. We will provide further information on this later in the presentation.

我們顯著的開工率，加上第三季即期利率的歷史高位，導致 Teekay Tankers 產生了有史以來最高的第三季調整後淨利。提醒一下，油輪運價每增加 5,000 美元，超過每天 16,000 美元的自由現金流盈虧平衡點，我們預計每股每年將產生約 2.60 美元的自由現金流。我們將在稍後的演示中提供更多相關資訊。

In line with our fixed quarterly dividend policy, we have declared a cash dividend of $0.25 per share for the third quarter of 2023. As previously announced, we completed the repurchase of 4 vessels, which were on sale leaseback arrangements for $57 million. These vessels were financed with our $350 million revolving credit facility.

根據我們的固定季度股息政策，我們宣布2023 年第三季每股現金股利為0.25 美元。正如先前宣布的那樣，我們完成了4 艘船舶的回購，這些船舶正在進行售後回租安排，價值5700萬美元。這些船舶由我們 3.5 億美元的循環信貸額度提供資金。

In the market, rates remain firm on a historical basis with average midsized rates, the highest for our third quarter in 15 years. These high average spot rates were achieved despite spot tanker rates declining in the second half of the quarter due to a combination of reduced exports from OPEC+ and normal seasonality. Spot tanker rates have, however, firmed significantly once again through the early part of the fourth quarter, and we believe the increased tanker demand and seasonal factors will continue to support rates through the winter months. While seasonality and geographical factors will continue to play a role, tanker market fundamentals point to continued strength over the next 2 to 3 years, underpinned by a very positive fleet supply outlook.

在市場上，利率在歷史基礎上保持堅挺，平均中型利率是我們第三季 15 年來的最高水準。儘管由於歐佩克+出口減少和正常季節性因素的共同作用，本季下半季油輪現貨運價有所下降，但平均即期運價仍達到了較高水準。然而，第四季初期，現貨油輪運價再次顯著堅挺，我們認為油輪需求的增加和季節性因素將繼續支撐整個冬季的運價。雖然季節性和地理因素將繼續發揮作用，但在非常積極的船隊供應前景的支撐下，油輪市場基本面表明未來 2 至 3 年將持續走強。

Finally, we extended one in-charter vessel for an additional 12 months at a rate of $21,250 per day. Our in-charter fleet vessels now has an average charter-in rate of $25,400 per day, and the company also has 2 vessels chartered out at an average of $43,500 per day.

最後，我們以每天 21,250 美元的價格將一艘包租船舶的租期延長了 12 個月。我們的包租船隊目前的平均租入費為每天 25,400 美元，公司還有 2 艘船舶的平均租費為每天 43,500 美元。

Turning to Slide 4. We look at third quarter dynamics in the spot tanker market. Spot tanker rates remained historically hot firm during the third quarter. The rates fell during the second half of the quarter due to reduced export from the OPEC+ group and normal seasonality. Saudi Arabia announced a voluntary supply cut of 1 million barrels a day in July 2023 and is pledged to keep these cuts in place to the end of the year which has negatively impacted crude tanker demand for larger ships. In addition, Russian crude oil exports fell during the third quarter as higher Russian domestic demand during the summer resulted in less crude oil available for export.

轉向幻燈片 4。我們專注於現貨油輪市場第三季的動態。第三季現貨油輪運價仍維持歷史高點。由於歐佩克+集團的出口減少和正常的季節性，利率在第二季下降。沙烏地阿拉伯於 2023 年 7 月宣布自願減產 100 萬桶/日，並承諾將減產幅度維持到年底，這對大型船舶的原油油輪需求產生了負面影響。此外，由於夏季俄羅斯國內需求增加導致可供出口的原油減少，第三季俄羅斯原油出口下降。

Seasonal factors also played a part with lower crude demand from refineries during the quarter due to normal seasonal maintenance. Despite these factors, tanker rate averages remain firm on a historical basis, with TNK recording the best midsized tanker spot rates for a third quarter in the past 15 years. At the start of Q4, spot tanker rates have increased sharply as seaborne crude oil volumes have increased, as shown by the chart on the right of the slide. We believe that this marks the start of a seasonally strong winter market and we will give more detail of our outlook for the coming months later in the presentation.

由於正常的季節性維護，季節性因素也導致本季煉油廠原油需求下降。儘管存在這些因素，油輪平均費率在歷史基礎上仍然保持堅挺，TNK 創下了過去 15 年來第三季度最好的中型油輪即期費率。第四季初，隨著海運原油量的增加，現貨油輪運價急遽上升，如投影片右側的圖表所示。我們相信，這標誌著季節性強勁的冬季市場的開始，我們將在稍後的演示中詳細介紹未來幾個月的前景。

Turning to Slide 5. We have an update on our Suezmax and Aframax size spot rates in the third quarter to date. Based on approximately 42% and 37% of revenue dated booked, Teekay Tankers' third quarter to date, Suezmax and Aframax size vessel bookings have averaged approximately $26,500 per day and $38,800 per day, respectively. As you'll see from the green dots on the chart, the current reported rates from Clarksons are now sharply higher, which speaks to the tightness in the tanker market and the effect of increased seaborne crude volumes.

轉向投影片 5。我們更新了第三季迄今的蘇伊士型和阿芙拉型型即期運價。根據約 42% 和 37% 的已預訂收入，Teekay Tankers 第三季迄今蘇伊士型和阿芙拉型船舶的平均訂單量分別約為每天 26,500 美元和 38,800 美元。正如您從圖表上的綠點中看到的那樣，克拉克森目前報告的費率現在急劇上升，這說明了油輪市場的緊張以及海運原油量增加的影響。

As voyages agreed during the latter part of Q3 and early October, are completed and replaced by those reflecting the more recent higher spot market, we expect our own spot rate results to strengthen as we move further through the quarter provided rates remain firm. Importantly, I would highlight the value being created by TNK's 8 vessel chartered in fleet with 6 trading in a strong spot market. With an average in-charter rate of $25,400 per day, the chartered-in fleet has a current mark-to-market value of approximately $56 million.

隨著第三季末和10 月初商定的航次已完成並被反映近期較高現貨市場的航次所取代，我們預計，如果費率保持堅挺，隨著本季度的進一步發展，我們自己的即期費率結果將會走強。重要的是，我要強調 TNK 在船隊中租用的 8 艘船舶所創造的價值，其中 6 艘船舶在強勁的現貨市場上進行交易。包機機隊的平均包機價格為每天 25,400 美元，目前以市值計算的價值約為 5,600 萬美元。

Turning to Slide 6. We look at our outlook for the upcoming winter tanker market. As mentioned earlier, spot tanker rates have risen sharply at the start of the fourth quarter. One of the main drivers has been an increase in crude oil exports from key load regions, including a reversal of supply cuts from both Russia and Saudi Arabia. As shown by the chart on the left, Russian crude oil exports have recovered from a low 3.1 million barrels per day in July to 3.5 million barrels per day in October. With over 90% of these volumes heading long haul to India and China on Aframaxes and Suezmaxes, this increase has resulted in the return of significant midsized tanker demand as we saw earlier in the year.

轉向幻燈片 6。我們展望即將到來的冬季油輪市場。如前所述，現貨油輪運價在第四季初大幅上漲。主要驅動因素之一是主要負載地區原油出口的增加，包括俄羅斯和沙烏地阿拉伯供應削減的逆轉。如左圖所示，俄羅斯原油出口量已從7月的低點310萬桶/日恢復至10月份的350萬桶/日。由於其中超過 90% 的貨物通過阿芙拉型油輪和蘇伊士型油輪長途運輸至印度和中國，這一增長導致中型油輪需求顯著回升，正如我們今年早些時候看到的那樣。

Similarly, crude oil exports from Saudi Arabia have increased from a low of 5.5 million barrels per day in August to an average of 6.5 million barrels per day in October. This increase comes despite Saudi Arabia's voluntary production cut of 1 million barrels per day remaining in place as lower domestic demand and refinery maintenance have made more oil available for export.

同樣，沙烏地阿拉伯的原油出口量也從8月每天550萬桶的低點增加到10月的平均每天650萬桶。儘管沙烏地阿拉伯自願減產100萬桶/日，但由於國內需求下降和煉油廠維護導致更多石油可供出口，沙烏地阿拉伯仍持續實施這項增產。

Crude oil exports have also been strong from other key midsized tanker load regions such as the U.S. Gulf and West Africa. The removal of U.S. sanctions on the Venezuelan oil industry could give a further boost in the coming months as more oil is expected to flow to the U.S. and Europe on mainstream Aframax and Suezmax tonnage at the expense of movements to China on the dark fleet.

美國海灣和西非等其他主要中型油輪裝載地區的原油出口也很強勁。美國取消對委內瑞拉石油工業的製裁可能會在未來幾個月進一步提振石油工業，因為預計更多的石油將通過主流阿芙拉型油輪和蘇伊士型油輪流向美國和歐洲，但以暗船隊運往中國為代價。

Higher refinery throughput should also support crude tanker in the coming months as refiners increased their crude purchases ahead of the winter demand season. As shown on the chart, the IEA expects the global refinery throughput will increase by 2.4 million barrels per day between October and December, which should be positive for tanker demand. 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.

隨著煉油廠在冬季需求季節之前增加原油採購量，更高的煉油廠吞吐量也應該會在未來幾個月為原油油輪提供支援。如圖所示，IEA預計10月至12月期間全球煉油廠吞吐量將增加240萬桶/日，這對油輪需求將是正面的。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。

Turning to Slide 7, we highlight the positive tanker supply fundamentals, which we believe will underpin a strong tanker market over the next 2 to 3 years. Firstly, the tanker order book remains close to historic lows at just under 6% of the existing tanker fleet size. As per Clarksons, global shipyard forward cover currently stands at 3.5 years, the highest level since 2009 with 90% of the order book comprising vessels other than tankers. This means that the delivery of the small tanker order book will be spread out over a longer than normal period and that there are limited bursts available for additional deliveries prior to 2027.

轉向幻燈片 7，我們強調了積極的油輪供應基本面，我們相信這將支撐未來 2 至 3 年強勁的油輪市場。首先，油輪訂單量仍接近歷史低點，僅佔現有油輪船隊規模的 6% 以下。根據 Clarksons 的數據，全球造船廠的遠期合約目前為 3.5 年，是自 2009 年以來的最高水平，其中 90% 的訂單包括油輪以外的船舶。這意味著小型油輪訂單的交付時間將比正常情況更長，並且 2027 年之前可用於額外交付的數量有限。

While we acknowledge the pace of tanker ordering has increased in 2023 compared to last year's historical low levels, this increase needs to be put into context. Just under 24 million deadweight tonnes of new tanker orders has been placed to date during 2023, which is in line with average level of newbuild ordering over the last 20 years.

雖然我們承認 2023 年油輪訂購速度較去年的歷史低點有所增加，但這種增長需要考慮到具體背景。迄今為止，2023 年新油輪訂單量已接近 2,400 萬載重噸，與過去 20 年新建油輪訂單的平均值一致。

Furthermore, the tanker fleet is aging with a significant portion of the fleet reaching potential replacement age in the next few years. At present, 11% of the midsized tanker fleet is aged 20 years or older, with another 14%, reaching age 20 between 2024 and 2026. The combination of a smaller tanker order book and aging tanker fleet and a lack of shipyard capacity, are expected to lead to very low levels of tanker fleet growth for at least the next 2 to 3 years. Using our internal ship supply forecast model, which is based on the current order book and assumes very conservative levels of ship recycling, we project that less than 1% fleet growth in 2024 and 2025 and negative fleet growth in 2026.

此外，油輪船隊正在老化，其中很大一部分船隊將在未來幾年內達到潛在的更換年齡。目前，11%的中型油輪船隊船齡為20年或以上，另有14%的船齡在2024年至2026年間達到20歲。油輪訂單規模較小、油輪船隊老化以及造船廠產能不足，導致油輪船齡達到20年。預計至少在未來 2 至 3 年內，油輪船隊成長水準將非常低。使用我們的內部船舶供應預測模型（基於當前訂單並假設非常保守的船舶回收水準），我們預計 2024 年和 2025 年船隊成長將低於 1%，2026 年船隊將出現負成長。

I'll now turn the call over to Stewart to cover the financial slide.

現在我將把電話轉給史都華來報道財務下滑的情況。

Thanks, Kevin. Turning to Slide 8, we highlight the significant shareholder value and increasingly strategic optionality being created by Teekay Tankers.

謝謝，凱文。轉向幻燈片 8，我們強調了 Teekay Tankers 所創造的重要股東價值和日益增長的策略選擇。

With almost all of TNK's 53-vessel fleet trading in the firm spot market, our high operating leverage once again enabled us to generate substantial free cash flow. In the third quarter, which had seasonally lower rates, particularly in August, we generated $98 million of free cash flow. If Q3 2023 spot rates are forecast for the next 12 months, we would expect to generate about $350 million in annual free cash flow or $10.25 per share annually, equating to a free cash flow yield of approximately 20%. Generating almost $100 million of shareholder value in the seasonally weakest quarter of the year clearly demonstrates how well Teekay Tankers is positioned to create value in this market.

由於 TNK 的 53 艘船隊幾乎全部在現貨市場進行交易，我們的高營運槓桿再次使我們能夠產生大量的自由現金流。第三季的利率季節性較低，尤其是 8 月份，我們產生了 9,800 萬美元的自由現金流。如果預測未來 12 個月的 2023 年第三季即期利率，我們預計將產生約 3.5 億美元的年度自由現金流，或每年每股 10.25 美元，相當於約 20% 的自由現金流收益率。在一年中季節性最弱的季度創造了近 1 億美元的股東價值，清楚地表明了 Teekay Tankers 在該市場創造價值方面的能力。

Considering a full year of spot rates, the chart on the slide also shows our free -- our forecast annual free cash flow based on average spot rates achieved by Teekay Tankers in the last 12 months. With these rates, TNK is forecast to generate over $18 per share of annual free cash flow, equating to a free cash flow yield of approximately 36%. With the tanker market now in its sixth consecutive strong quarter and with the market fundamentals pointing towards sustained strong market, we believe the company is very well positioned to continue creating shareholder value and strategic optionality.

考慮到全年的即期匯率，投影片上的圖表還顯示了我們根據 Teekay Tankers 在過去 12 個月實現的平均即期匯率預測的年度自由現金流。按照這些比率，TNK 預計每年將產生超過 18 美元的年度自由現金流，相當於約 36% 的自由現金流收益率。由於油輪市場現已連續第六個強勁季度，且市場基本面指向持續強勁的市場，我們相信該公司處於非常有利的位置，可以繼續創造股東價值和戰略選擇。

In terms of our financial position, we have leveraged our strong cash flow generation and our increasing financial strength to further optimize our balance sheet. Since March of this year, we have repurchased 19 vessels from sale leasebacks for a total of $364 million. Refinancing these vessels into a revolving loan facility has allowed us to maintain readily available capacity to take advantage of opportunities while paying down debt balances and reducing interest expense.

就我們的財務狀況而言，我們利用強勁的現金流產生和不斷增強的財務實力，進一步優化了我們的資產負債表。自今年3月以來，我們已透過售後回租方式回購了19艘船舶，總金額達3.64億美元。將這些船舶再融資為循環貸款機制，使我們能夠保持隨時可用的能力，以利用機會，同時償還債務餘額並減少利息支出。

In addition, given our financial position, we elected to terminate our $80 million working capital loan facility. These steps have allowed us to further reduce our breakeven levels and increase value creation for our shareholders. Looking forward, we have 8 vessels remaining in sale-leaseback arrangements for which we have purchase options totaling $137 million available beginning in the first quarter of 2024. While still dependent on market conditions, we anticipate exercising those options and completing that phase of our balance sheet optimization. Finally, as mentioned on the last call, we are in a net cash position, which reached $83 million at the end of the third quarter.

此外，考慮到我們的財務狀況，我們選擇終止 8,000 萬美元的營運資金貸款安排。這些步驟使我們能夠進一步降低損益平衡水準並增加為股東創造的價值。展望未來，我們還有8 艘船舶仍處於售後回租安排中，從2024 年第一季開始，我們將擁有總計1.37 億美元的購買選擇權。雖然仍取決於市場狀況，但我們預計將行使這些選擇權並完成該階段的平衡板材優化。最後，正如上次電話會議中提到的，我們的淨現金部位在第三季末達到 8,300 萬美元。

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

現在我將把電話轉回凱文來結束。

Thanks, Stewart. In summary, with vessel fleet growth is essentially fixed at a very manageable level for the next few years, we see the potential for a strong and healthy extended run for the overall tanker market and for Teekay Tankers in particular. Our spot market exposure, strong financial position and focused participating in the midsized crude segment is, in our view, putting us in a very good position over the next few years to capture both opportunities and added value for our company.

謝謝，斯圖爾特。總而言之，由於未來幾年船隊成長基本上固定在一個非常可控的水平，我們看到整個油輪市場，尤其是 Teekay Tankers 強勁、健康的長期運行潛力。我們認為，我們的現貨市場敞口、強勁的財務狀況以及對中型原油領域的專注參與，使我們在未來幾年中處於非常有利的位置，可以為我們公司抓住機會和增加價值。

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

接線員，現在我們可以回答問題了。

(Operator Instructions). Our first question is coming from John Chappell with Evercore.

（操作員說明）。我們的第一個問題來自 Evercore 的 John Chappell。

Stewart, I can start where you left off on creating significant shareholder value and strategic optionality. Should we think about this 1Q '24, 8 remaining vessels on sale and leaseback kind of the clearing event? You've generated a ton of cash. The net cash positions continue to move up, the most delevered balance sheet in the industry. One special dividend, but maybe how do we think about capital allocation going forward? Do we just have to finalize this one last piece of the balance sheet restructure and then we can think about capital returns being ratcheted up?

斯圖爾特，我可以從您上次停下來的地方開始，創造顯著的股東價值和策略選擇性。我們是否應該考慮 24 年第一季剩餘 8 艘船舶的出售和回租清算事件？你已經賺到了大量的現金。淨現金部位持續上升，是業界去槓桿化程度最高的資產負債表。一項特別股息，但也許我們如何看待未來的資本配置？我們是否只需完成資產負債表重組的最後一步，然後我們就可以考慮提高資本報酬率？

Jon, yes, thanks for the question. I think the final sale leasebacks and acquiring those is really an incremental step in terms of optimizing the balance sheet and not really a major event. It's just a progression. As we have said in our prepared remarks, we're in a net cash position. And that's not going to change significantly when we purchase those vessels back. We came out with the capital allocation plan 6 months ago, which is included a fixed dividend. When we announced it, we also paid a $1 special dividend and we put a share buyback program in place.

喬恩，是的，謝謝你的提問。我認為最終的售後回租和收購實際上是優化資產負債表的一個漸進步驟，而不是一個重大事件。這只是一個進步。正如我們在準備好的演講中所說，我們處於淨現金狀況。當我們回購這些船隻時，這種情況不會發生重大變化。我們6個月前就制定了資本配置計劃，其中包括固定股利。當我們宣布這一消息時，我們還支付了 1 美元的特別股息，並實施了股票回購計劃。

And I would say in broad terms that the market has unfolded roughly in line with what we expected when we put that in. We've been very bullish on the tanker market, and it's delivered over the last 6 months. So I don't see any change in our capital allocation in the near term. Of course, we understand that shareholders are interested in a return of capital, and we have the tools in place to do that. Anything above our quarterly fixed dividend will be subject to discussions that we have with our Board and making decisions to return anything in addition to the $0.25 a quarter. And when we announced the policy, if you recall, said that that's something that we would likely do on a periodic basis, and that's still our plan going forward.

我想說的是，從廣義上講，市場的發展大致符合我們的預期。我們一直非常看好油輪市場，而且它是在過去 6 個月中交付的。因此，我認為短期內我們的資本配置不會有任何變化。當然，我們了解股東對資本回報感興趣，並且我們擁有實現這一目標的工具。任何高於季度固定股息的金額都將經過我們與董事會的討論，並決定返還每季 0.25 美元之外的任何內容。如果你還記得的話，當我們宣布該政策時，我們說這是我們可能會定期做的事情，而且這仍然是我們未來的計劃。

Okay. And then just a follow-up to Kevin on strategic optionality. So asset values continue to move higher. You've just laid out a very optimistic view on the market for the next 2 to 3 years, which would make me think that there's more willing buyers and willing sellers have continued to put pressure -- upward pressure on asset values.

好的。然後是凱文關於戰略選擇的後續行動。因此資產價值持續走高。您剛剛對未來 2 到 3 年的市場提出了非常樂觀的看法，這讓我認為有更多願意買家和願意賣家繼續施加壓力——資產價值的上行壓力。

When you think about the modernization of your fleet, could you also consider, and I think I asked this in a different way last quarter, so forgive me, but could you modernize the fleet by selling older tonnage at pretty premium prices as opposed to, I think some people fear is a rock and a hard place of going out and buying assets at a peak?

當您考慮船隊的現代化時，您是否也可以考慮，我想上個季度我以不同的方式問過這個問題，所以請原諒我，但是您能否通過以相當高的價格出售舊噸位來實現船隊現代化，而不是，我想有些人擔心的是，高峰期出去買資產是不是遇到了困難？

Yes. I think it's an arithmetic question. If you sell older assets, your average fleet age comes down. But the way we look at it is what is the best thing to do with our fleet. And at this point in time, we're extremely comfortable with where our fleet stands today. It's in line with industry average profiles. It's in a fantastic segment in the midsized tanker space. And we're benefiting from the tonne mile increases, as a result of your banning the Russian imports.

是的。我認為這是一道算術題。如果您出售舊資產，您的平均機隊年齡就會下降。但我們看待這個問題的方式是對我們的機隊做最好的事。此時此刻，我們對我們機隊目前的狀況感到非常滿意。它符合行業平均概況。它處於中型油輪領域的絕佳地位。由於你們禁止從俄羅斯進口，我們正受益於噸英里的增加。

But the world, there's a lot going on right now. And in our view, there's really no rush to do anything. We're really in a good position. So our forward view of the market is strong. We can continue to trade our assets for several years into the future without any difficulty. We could -- as you mentioned, we could also sell and with asset prices being high, we keep our options open. And if we're offered a very nice opportunity to sell an asset and add incremental value above what our forward expectations are, we'll obviously consider that. But it's really a portfolio of views that we take on the fleet, and I don't see the need -- with the strategy that we have, I don't see the need right now to pull the trigger to do anything immediately.

但世界現在正在發生很多事情。在我們看來，確實不需要急於做任何事。我們確實處於有利位置。因此，我們對市場的前瞻性看法很強。我們可以在未來幾年內繼續毫無困難地交易我們的資產。正如您所提到的，我們也可以出售，並且在資產價格很高的情況下，我們保留選擇權。如果我們有一個非常好的機會來出售資產並增加超出我們預期的增量價值，我們顯然會考慮這一點。但這實際上是我們對艦隊採取的一系列觀點，我認為沒有必要——根據我們現有的策略，我認為現在沒有必要立即扣動扳機採取任何行動。

Our next question is coming from Omar Nokta with Jefferies.

我們的下一個問題來自傑弗里斯的奧馬爾諾克塔。

Kevin, Stewart, just following up, I guess, on Jon's line of questioning and also kind of basically the same topic that seems to come up each quarter is yes, just indeed the thought process or kind of what your strategic plans are longer term. I guess, Kevin, you pretty much laid it out that there that you comfortable you've got the fleet you want. It's generating a good amount of cash, especially in today's market, but you don't feel the pinch to go out and do anything in terms of acquiring assets. And then you mentioned if somebody were to present you with an offer on some ships, you'd be happy to entertain it if it was good enough. I guess kind of in the bigger picture grand scheme, when you think of, say, Teekay Tankers going forward, would you characterize it as perhaps maybe like a closed-end fund where you're generating strong returns, you're giving it -- right now, you're paying down debt and strengthening the balance sheet. But do you see it evolving to where it just -- it becomes a capital return story and then eventually selling the company altogether?

凱文、斯圖爾特，我想，只是跟進喬恩的提問，而且似乎每個季度都會出現基本上相同的主題，是的，確實是思考過程或您的長期戰略計劃。我想，凱文，你幾乎已經表明你已經擁有了你想要的艦隊。它產生了大量的現金，尤其是在當今的市場上，但你不會覺得有必要出去做任何收購資產的事情。然後你提到，如果有人向你提出一些船舶的報價，如果它足夠好，你會很樂意接受。我想，在更大的宏偉計劃中，當你想到 Teekay Tankers 的未來時，你是否會將其描述為可能會產生強勁回報的封閉式基金，你會給予它 - - 現在，您正在償還債務並加強資產負債表。但你是否認為它會演變為一個資本回報的故事，然後最終完全出售公司？

I think the way we look at it, Omar, is we've put ourselves in a very good position. We have a fleet that is facing a very strong market, and we believe we've got the fleet that's in the sweet spot in the tanker space, the midsized tankers. We're benefiting from what is going on in the world right now and the durable tonne miles that have increased significantly. The industry's fleet profile is aging. So there is -- and Teekay Tankers is no different in this, there is a need to do fleet renewal at some point. But we also feel that there's no need to rush into that.

奧馬爾，我認為我們的看法是，我們已經把自己放在一個非常有利的位置。我們的船隊面臨著非常強勁的市場，我們相信我們的船隊處於油輪領域的最佳位置，即中型油輪。我們受益於當今世界正在發生的事情以及顯著增加的耐用噸英里。該行業的機隊規模正在老化。所以，Teekay Tankers 在這方面也沒有什麼不同，在某個時候需要進行船隊更新。但我們也認為沒有必要倉促行事。

We've got time. And yes, we can sell some of our older assets, and we may do so. But in the meantime, we want to try and maximize our exposure to the strength of the market and keep ships bringing in rates that we're getting today at $70,000 a day. That is adding shareholder value, in our view. So in the future, we'll deal with what comes our way. But for now, it's really around maximizing the potential of the fleet we've got before we take any further steps to rejuvenate it.

我們有時間。是的，我們可以出售一些舊資產，我們可能會這樣做。但同時，我們希望嘗試最大限度地利用市場的力量，並保持船舶的運價達到我們今天每天 70,000 美元的水平。我們認為，這正在增加股東價值。所以在未來，我們會處理我們遇到的事情。但就目前而言，在我們採取進一步措施振興艦隊之前，真正的重點是最大限度地發揮我們現有艦隊的潛力。

Maybe just following up on that a little bit, Omar. If we were viewing it as a closed-end fund, I think you'd see us being a significant dividend payer and distributing the capital that we're generating. We're not doing that. We're holding on to the capital and creating capacity to be -- to reinvest in the fleet. And that wasn't in our prepared remarks this quarter, but certainly, last quarter that our focus is putting ourselves in a position to reinvest when the time is right and in an investment that we think will be accretive and add value for our shareholders.

也許只是跟進一下，奧馬爾。如果我們將其視為封閉式基金，我想您會看到我們是重要的股息支付者並分配我們產生的資本。我們不會那樣做。我們正在保留資金並創造能力對機隊進行再投資。這不在我們本季準備好的演講中，但當然，上個季度我們的重點是在時機成熟時進行再投資，並進行我們認為將為股東增值並增加價值的投資。

Okay. That's helpful. I guess you've been on this plan for perhaps maybe 4 or 5 years really, really focused on deleveraging. You went from a very high leverage ratio to now net cash. And so you've been playing the long game here. So I guess this is basically what's happened is you've taken advantage of a strong market to delever. You've gotten yourself in a great financial position. You're now harvesting all the excess cash flow and just enjoying it, providing you tremendous flexibility. But in terms of looking to invest, it's basically you just need to wait for the perhaps, I guess, the next part of the cycle, whether that takes 2 years or 3 years. If we're in this tanker market upswing that lasts into, say, '25, '26, can we just expect Teekay to -- Teekay Tankers to just hang back, generate that cash flow, build up a nice cash cushion? And then once the cycle turns, that's when you're going to deploy capital in a different manner?

好的。這很有幫助。我猜你執行這個計畫可能已經有四、五年了，真的非常專注於去槓桿化。你從非常高的槓桿率變成了現在的淨現金。所以你一直在這裡打持久戰。所以我想這基本上就是你利用強勁的市場去槓桿化所發生的事情。您已經獲得了良好的財務狀況。您現在正在收穫所有多餘的現金流並享受它，這為您提供了巨大的靈活性。但就尋求投資而言，我想，基本上你只需要等待週期的下一部分，無論這需要 2 年還是 3 年。如果我們處於油輪市場持續上升的時期，比如說，25 年、26 年，我們是否可以期望 Teekay - Teekay Tankers 會猶豫不決，產生現金流，建立良好的現金緩衝？一旦週期轉變，你就會以不同的方式部署資本？

I don't think it's that binary, Omar. I think that the opportunities arise at different times. We always are evaluating opportunities for investment, whether that's in one vessel, a fleet of vessels or what have you. So, yes. So our view is that it's not that binary. And we're always looking for ways to do deals that can create value, and we will continue to do that. I guess our message is that we are being disciplined and we'll only do deals that we think will create shareholder value.

我不認為這是二元的，奧馬爾。我認為機會出現在不同的時間。我們始終在評估投資機會，無論是一艘船、一支船隊還是您擁有的任何船隻。所以，是的。所以我們的觀點是，它不是那麼二元的。我們一直在尋找能夠創造價值的交易方式，我們將繼續這樣做。我想我們傳達的訊息是，我們正在遵守紀律，我們只會進行我們認為會創造股東價值的交易。

Our next question is coming from Ken Hoexter with Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

This is Nathan Ho dialing in for Ken Hoexter. Congratulations on the great results. I guess I just wanted to follow this train of thought on the long game that Teekay Tankers is playing here. I mean, like many times over the call, it's been referenced, rates are currently historically strong and with Afra and Suez rates here in the 70s and the 80s, I guess, I just -- I'm curious as to what management is thinking about spot exposure over the long term. As I understand that the spot fundamentals are still very much intact. But are there any considerations in bringing that 96% maybe down into, say, like the 80s or the 70s? Maybe talk a little bit about demand for longer-term charters from some of the charterers out there.

我是 Nathan Ho，正在撥打 Ken Hoexter 的電話。祝賀取得的優異成績。我想我只是想遵循 Teekay Tankers 在這裡進行的長期遊戲的思路。我的意思是，就像電話會議中多次提到的那樣，目前的利率處於歷史最高水平，阿夫拉和蘇伊士的利率處於70 年代和80 年代，我想，我只是- 我很好奇管理層在想什麼關於長期的現貨暴露。據我了解，現貨基本面仍然完好無損。但是，是否需要考慮將 96% 的比例降低到 80 年代或 70 年代？也許可以談談一些租船人對長期租船的需求。

Sure, Nathan. It's a good question, actually. At the moment, we're 96% exposed to the spot market. We're confident that the fundamentals are there for this spot market to continue at these sorts of levels we've been seeing this year. So really, in our view, it makes more sense to be more spot exposed, say, than to start locking in, in time charters. If you look at the forward order book that supports the longer view, that's why we want to be incrementally more exposed to the spot market.

當然，內森。實際上，這是一個好問題。目前，我們 96% 都接觸現貨市場。我們相信，現貨市場的基本面將繼續保持在今年我們所看到的水平。因此，實際上，在我們看來，增加現貨暴露比開始鎖定期租合約更有意義。如果你看看支持長期觀點的遠期訂單簿，這就是為什麼我們希望逐漸更多地接觸現貨市場。

Having said that, and I've said this almost on every call every quarter, is we always, on a daily basis, keep our eyes open on the time charter market, both to out-charter or to in-charter. And if we see opportunities where a customer is willing to give a fixed rate employment or a year or a number of years at rate levels that we find so attractive, then we'll deploy that ship to that customer and do those deals. Similarly, if we find an owner who is willing to give up a ship at a rate where we feel we can make a margin by trading that ship into our fleet in the spot market, you'll see us take ships as we've done with the 8 ship fleet that we've been charted over the last 18 months.

話雖如此，我幾乎在每個季度的每次電話中都說過，我們每天都始終密切關注期租市場，無論是外租還是內租。如果我們看到客戶願意以我們認為如此有吸引力的固定費率水平提供一年或幾年的費率水平的機會，那麼我們將向該客戶部署該船並進行這些交易。同樣，如果我們發現一位船東願意以我們認為可以透過在現貨市場上將該船交易到我們的船隊中賺取利潤的價格放棄一艘船，您就會看到我們像以前那樣接收船舶我們在過去18 個月內繪製了由8 艘船組成的船隊。

So it's not a mathematical equation. It's more of a sense of where we think opportunity lies. And at the moment, we feel that the -- having a higher percentage of our fleet in the spot market is where we're going to generate the most value. But as I said, that gets evaluated on a daily basis. And it could change as we move forward. A lot depends on the opportunities that get presented to us.

所以這不是一個數學方程式。這更多的是我們認為機會在哪裡的感覺。目前，我們認為，在現貨市場上擁有更高比例的機隊是我們將創造最大價值的地方。但正如我所說，每天都會對此進行評估。隨著我們的前進，它可能會改變。很大程度上取決於向我們提供的機會。

Great. That's really helpful. I mean, yes, like the $21,000, $25,000 -- $22,000 per day charter in, that was very well done. Just to follow up a little bit more on the sale/leaseback side of things. Clearly, interest rates are rising, which I'm sure was an offset. But maybe, Stewart, could you just remind us again on the financing benefits from the repurchase this quarter as well as the one in 1Q '24?

偉大的。這真的很有幫助。我的意思是，是的，就像每天 21,000 美元、25,000 美元——22,000 美元的包機一樣，做得非常好。只是為了進一步跟進銷售/回租方面的情況。顯然，利率正在上升，我確信這是一種抵消。但斯圖爾特，您能否再次提醒我們本季以及 2024 年第一季回購帶來的融資收益？

Sure. So this quarter, we repurchased 4 vessels, which were on sale leaseback for about $57 million. Those have been on leases, which were at LIBOR plus or SOFR plus 285. And we have 8 vessels that we can repurchase in Q1 of next year. The purchase option price on those is about $137 million. and those are currently on at SOFR plus 275. So about -- both of those were effectively 8.4% interest we were paying on those. So that's what we -- that's what we purchased back and we'll be purchasing back in Q1.

當然。所以本季度，我們回購了4艘船，這些船以約5700萬美元的價格回租。這些都是租賃的，價格為 LIBOR plus 或 SOFR plus 285。我們有 8 艘船可以在明年第一季回購。這些產品的購買選擇權價格約為 1.37 億美元。這些目前的利率為 SOFR + 275。所以，這兩項實際上是我們支付的 8.4% 的利息。這就是我們回購的東西，我們將在第一季回購。

So all told for 2019 -- or for 2023 and Q1 of 2024 that's -- that will be a total of $532 million of leases that we will have bought back. And that's probably in the neighborhood about $20 million a year interest savings in terms of the optimization from doing that instead of carrying those leases.

總而言之，2019 年（或 2023 年和 2024 年第一季）我們將回購總計 5.32 億美元的租約。就優化而言，透過這樣做而不是承擔這些租賃，每年可能節省約 2000 萬美元的利息。

And there are no further questions at this time. I would like to turn the conference back to you for any additional or closing remarks.

目前沒有其他問題。我想將會議轉回給您，請您發表任何補充或結束語。

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

感謝您今天加入我們，我們期待下個季度與您交談。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。