Teekay Tankers Ltd (TNK) 2024 Q2 法說會逐字稿

Welcome to Teekay Tankers Ltd. second-quarter 2024 earnings conference call (Operator Instructions). As a reminder, this call is being recorded. Now for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

歡迎參加 Teekay Tankers Ltd. 2024 年第二季財報電話會議（操作員說明）。提醒一下，此通話正在錄音。現在，我想將電話轉給公司進行開場白和介紹。請繼續。

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

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

Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the second quarter 2024 earnings release and earnings presentation available on our website. I will now turn the call over to Kevin Mackay, Teekay Tankers' President and CEO, to begin.

有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們網站上提供的 2024 年第二季度收益發布和收益演示。現在我將把電話轉給 Teekay Tankers 總裁兼執行長 Kevin Mackay。

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for Teekay Tankers' second-quarter 2024 earnings conference call. Joining me on the call today are Stewart Andrade, Teekay Tankers' CFO; and Christian Waldegrave, our Director of Research. Moving to our recent highlights on slide 3 of the presentation, Teekay Tankers has another strong quarterly result, generating total adjusted EBITDA of $124 million, down from $151 million we generated last quarter. The company reported adjusted net income of $107 million or $3.11 per share, a decrease from $132 million or $3.96 per share in the first quarter of 2024.

謝謝你，艾德。大家好，非常感謝您今天參加 Teekay Tankers 2024 年第二季財報電話會議。今天和我一起參加電話會議的是 Teekay Tankers 財務長 Stewart Andrade；以及我們的研究總監 Christian Waldegrave。轉向演示幻燈片 3 中我們最近的亮點，Teekay Tankers 的季度業績再次強勁，調整後 EBITDA 總額為 1.24 億美元，低於上季度的 1.51 億美元。該公司報告調整後淨利潤為 1.07 億美元，即每股 3.11 美元，較 2024 年第一季的 1.32 億美元，即每股 3.96 美元有所下降。

With our fleet of midsized tankers, trading almost entirely in the strong spot market, Teekay Tankers' high operating leverage enabled us to continue generating significant earnings and free cash flow. As a reminder, for every $5,000 increase in tanker rates above our free cash flow breakeven of $15,000 per day, we expect to generate approximately $2.36 of annual free cash flow per share. Stewart will provide further information on our ability to generate value for shareholders later in the presentation. In line with our capital allocation plan, we have declared a fixed quarterly cash dividend of $0.25 per share for the second quarter of 2024.

我們的中型油輪船隊幾乎全部在強勁的現貨市場進行交易，Teekay Tankers 的高營運槓桿使我們能夠繼續產生可觀的收益和自由現金流。提醒一下，油輪運價每增加 5,000 美元，超過每天 15,000 美元的自由現金流盈虧平衡點，我們預計每股每年將產生約 2.36 美元的自由現金流。斯圖爾特將在稍後的演示中提供有關我們為股東創造價值的能力的更多資訊。根據我們的資本配置計劃，我們宣布 2024 年第二季固定季度現金股利為每股 0.25 美元。

Midsized tanker spot rates remained strong during the second quarter. Start-up and ongoing increase of exports from the Trans Mountain pipeline expansion has been an important source of additional Aframax demand and have helped support rates during the second quarter. I'll give more detail on TMX later in the presentation. Looking ahead, tanker supply and demand fundamentals continue to look positive and point towards multiyear strength in the tanker market.

第二季中型油輪現貨價格依然強勁。跨山管道擴建導致的出口量的啟動和持續增長是阿芙拉型油輪需求增加的重要來源，並有助於支撐第二季度的運價。我將在稍後的演示中提供有關 TMX 的更多詳細資訊。展望未來，油輪供需基本面持續樂觀，並預示油輪市場將持續多年走強。

Since our last earnings call, the company sold two of our older ships for a combined fund price of nearly $65 million and redeployed that capital into the purchase of a 2021 built in modern eco-design Aframax for $70.5 million. And then finally, in the Pouncharter market, we extended an existing in-chartered Aframax for a further 12 months at a rate of $34,000 per day and secured an additional one-year option period on that charter. While also out chartering in Aframax for 12 months at $49,750 per day. The spread between these two charter deals illustrates the value of an active time charter portfolio.

自我們上次財報電話會議以來，該公司以近6500 萬美元的總資金價格出售了兩艘舊船，並重新部署該資金，以7050 萬美元的價格購買了一艘2021 年建造的現代生態設計阿芙拉型油輪。最後，在 Pouncharter 市場，我們以每天 34,000 美元的價格將現有的阿芙拉型油輪再延長 12 個月，並在該租約上獲得了額外的一年期權期。同時也以每天 49,750 美元的價格出租阿芙拉型油輪 12 個月。這兩筆租船交易之間的價差說明了活躍的定期租船投資組合的價值。

Turning to slide 4, we look at recent dynamics in the spot tanker market. As mentioned in the highlights, midsized crude tanker spot rates remained strong and stable during the second quarter. In fact, Q2 marked the third quarter in a row in which midsized tanker spot rates averaged above $40,000 per day, demonstrating both the elevated historical level and stability of Aframax and Suezmax rates over the last nine months. Spot tanker rates were supported by a combination of factors during the second quarter, including the start of crude oil exports on the Trans Mountain pipeline expansion and disruptions in the Red Sea region due to ongoing attacks on merchant shipping.

轉向幻燈片 4，我們來看看現貨油輪市場的最新動態。如要點中所提到的，第二季中型原油油輪現貨價格保持強勁且穩定。事實上，第二季度是中型油輪即期運價連續第三個季度平均每天超過40,000 美元，這表明阿芙拉型油輪和蘇伊士型油輪運價在過去九個月中處於較高的歷史水平和穩定性。第二季現貨油輪運價受到多種因素的支撐，包括跨山管道擴建開始原油出口以及由於商船持續受到攻擊而導致紅海地區中斷。

In addition, a strong product tanker market has led to some LR2s that were previously trading crude oil to switch to clean product trading increasing tightness in an already firm crude tanker market. With global oil demand set to remain firm and the other factors underpinning tonne mile demand for midsized tanker remaining intact, we expect spot tanker rates to remain well supported through the second half of the year. Turning to slide 5, we provide an update on our Suezmax and Aframax size spot rates in the third quarter to date. Based on approximately 40% and 41% of revenue days booked, Teekay Tankers' third quarter to date Suezmax and Aframax size vessel bookings have averaged approximately $40,800 per day and $45,300 per day, respectively, well above our spot tanker rates secured in Q3 of last year.

此外，強勁的成品油輪市場導致一些先前從事原油貿易的LR2轉向清潔產品貿易，加劇了本已堅挺的原油油輪市場的緊張狀況。由於全球石油需求將保持堅挺，並且支撐中型油輪噸英里需求的其他因素保持不變，我們預計現貨油輪運價將在今年下半年保持良好支撐。轉向投影片 5，我們提供了迄今為止第三季蘇伊士型和阿芙拉型型即期運價的最新資訊。根據約40% 和41% 的預訂收入天數，Teekay Tankers 第三季迄今的蘇伊士型和阿芙拉型船舶預訂量平均每天分別約為40,800 美元和45,300 美元，遠高於我們去年第三季確定的現貨油輪價格。

Importantly, I once again highlight the value being created by Teekay Tankers a vessel chartered in fleet, of which seven are trading in the strong spot market. With an average in-charter rate level of $26,800 per day, the chartered-in fleet has a current mark-to-market value of approximately $53 million. Turning to slide 6, we look at supply and demand factors, which we believe point towards continued tanker market strength. Looking at the oil market, global oil demand is projected to grow by around $1.5 million per day in both 2024 and 2025, as per the average of forecast from the three major energy agencies.

重要的是，我再次強調 Teekay Tankers 所創造的價值，這是一艘在船隊中租用的船舶，其中七艘船在強勁的現貨市場上進行交易。包機機隊的平均包機費用為每天 26,800 美元，目前以市值計算的價值約為 5,300 萬美元。轉向幻燈片 6，我們研究了供需因素，我們認為這些因素顯示油輪市場持續走強。從石油市場來看，根據三大能源機構的平均預測，2024年和2025年全球石油需求預計每天增加150萬美元左右。

A substantial portion of this demand growth is expected to be met by increased oil supply from non-OPEC countries in the Atlantic Basin led by the United States, Brazil, Guyana, and Canada, which will be positive for tanker demand. In addition, the OPEC+ Group announced their intention to unwind 2.2 million barrels per day of voluntary production cuts over the course of 12 months, starting in October this year. Which could give further support to crude tanker demand from the fourth quarter onwards. Turning to seaborne oil trade, the Aframax market received a boost in the second quarter from the start-up of the TMX pipeline with the first vessel loading from Vancouver in mid-May.

預計需求成長的很大一部分將透過以美國、巴西、圭亞那和加拿大為首的大西洋盆地非歐佩克國家增加石油供應來滿足，這將對油輪需求產生積極影響。此外，OPEC+集團宣布打算從今年10月開始，在12個月內取消每天220萬桶的自願減產。這可能會從第四季開始進一步支持原油油輪需求。談到海運石油貿易，第二季度阿芙拉型油輪市場因 TMX 管道啟動以及 5 月中旬第一艘船從溫哥華裝載而受到提振。

As all exports in this terminal are via Aframax tankers, the opening of TMX is a positive for Aframax specific demand. Exports from the pipeline totaled approximately 300,000 to 350,000 barrels per day in June and July or approximately 20 Aframax loadings per month. As shown in the middle graph on the slide, Aframax loading TMX cargoes, a discharge on the US West Coast East in Asia and at specific area Lightering zone off California for ship-to-ship transfer to larger tankers. Volumes are expected to increase towards the full capacity of 550,000 barrels per day in the coming months, or approximately one Aframax loading every day, further supporting Aframax demand in the Pacific region.

由於該碼頭的所有出口均透過阿芙拉型油輪進行，因此 TMX 的開通對阿芙拉型油輪的特定需求是正面的。6 月和 7 月，該管道的出口總量約為每天 30 萬至 35 萬桶，或每月約 20 艘阿芙拉型油輪。如幻燈片中圖所示，阿芙拉型油輪裝載 TMX 貨物，在美國西海岸東部、亞洲以及加州附近的特定區域駁運區卸貨，以便將船對船轉移到大型油輪上。未來幾個月，預計產量將增加至每天 55 萬桶的滿載，即每天約裝載一艘阿芙拉型油輪，進一步支持太平洋地區的阿芙拉型油輪需求。

Geopolitical events continue to impact seaborne trade flows, most prominently the ongoing attacks on shipping in the Red Sea, which are causing vessels to divert on longer haul voyages by the Cape of Good Hope. This has been particularly evident in the product tanker sector. We refined product movements by the Cap of Good Hope increasing from an average of 0.8 million barrels per day in 2023 to 2.7 million barrels per day in 2024 to date. Given the long-haul nature of these movements, the LR2 sector has been the primary beneficiary from these diversions with elevated spot rates in the first half of the year in that segment.

地緣政治事件持續影響海運貿易流量，最突出的是紅海航運持續受到的襲擊，導致船隻在好望角進行長途航行時改道。這在成品油輪領域尤其明顯。我們改進了好望角的產品運輸，從 2023 年的平均每天 80 萬桶增加到 2024 年迄今的平均每天 270 萬桶。鑑於這些運輸的長途性質，LR2 產業一直是這些改道的主要受益者，今年上半年該產業的即期運價上升。

As a result, a number of LR2s, we switched from trading crude oil to clean products, with the clean trading LR2 fleet increasing by between 30 to 35 vessels since the start of the year, which has also had a knock-on effect on tightening fleet supply in the crude Aframax sector. Turning to tanker fleet supply, just 3.5 million deadweight tons of new tankers delivered into the global tanker fleet during the first half of this year. And deliveries this year are on track to the lowest total since the late 1980s. As such, we expect minimal tanker fleet growth this year.

因此，我們的一些 LR2 從原油貿易轉向清潔產品貿易，自今年年初以來，清潔貿易 LR2 船隊增加了 30 至 35 艘船，這也對緊縮產生了連鎖反應阿芙拉型原油船隊供應。談到油輪船隊供應，今年上半年，全球油輪船隊僅交付了350萬載重噸的新油輪。今年的交付量預計將達到 20 世紀 80 年代末以來的最低水準。因此，我們預計今年油輪船隊的成長將微乎其微。

Although the pace of new tanker ordering has increased in recent months. The order book as a percentage of the existing fleet is still relatively modest at around 11% versus the long-term average of 20%. In addition, shipyard capacity is becoming increasingly scarce, as yards fill up with orders, particularly from the containership and LNG carrier sectors. We estimate that the main shipyards capable of building tankers back from exercise or larger are now full through 2026 and are almost 80% full through 2027.

儘管近幾個月來新油輪訂購的步伐有所增加。訂單量佔現有船隊的比例仍然相對較低，約為 11%，而長期平均為 20%。此外，由於船廠充斥著訂單，特別是來自貨櫃船和液化天然氣運輸船行業的訂單，造船廠的產能變得越來越稀缺。我們估計，到 2026 年，能夠建造演習後或更大的油輪的主要造船廠目前已滿載，到 2027 年，幾乎已滿載 80%。

As such, the tanker order book now stretches out over the next 3.5 years with little scope to add meaningfully to tanker fleet until the second half of 2027, with some yards already taking orders for 2028 delivery. The combination of a modest tanker order book and aging tanker fleet and a lack of shipyard capacity until the second half of 2027 should ensure that tanker fleet growth remains at low levels over the next two years to three years. Combined with positive demand growth, we believe that conditions remain in place for a continuation of firm spot tanker rates. It is worth noting that our customers also appear to share this view, as we are seeing an increase in time charter inquiries and activity from customers to secure vessels for periods of up to three years at firm rates.

因此，油輪訂單簿目前將持續 3.5 年，直到 2027 年下半年之前，油輪船隊的大幅增加空間有限，一些船廠已經接受了 2028 年交付的訂單。油輪訂單量不大、油輪船隊老化，以及到 2027 年下半年船廠產能不足，這些因素結合在一起，應確保油輪船隊成長在未來兩年至三年內維持在較低水準。結合積極的需求成長，我們認為現貨油輪運價持續堅挺的條件仍然存在。值得注意的是，我們的客戶似乎也同意這一觀點，因為我們看到客戶以固定費率獲得長達三年期限的船舶的期租查詢和活動有所增加。

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

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

Turning to slide 7, we highlight how well Teekay Tankers is positioned to continue creating significant shareholder value in this period of firm spot tanker rates. With 96% of our 52-vessel fleet deployed in the spot market, we continue to generate a significant amount of free cash flow. It is worth taking a moment to put this into context. While our share price has approximately tripled over the last two years, at Teekay Tankers' current share price, our free cash flow yield is expected to be approximately 20% if freight rates remain at the levels achieved in the last 12 months.

轉向幻燈片 7，我們強調了 Teekay Tankers 在現貨油輪運價堅挺時期繼續創造顯著股東價值的能力。我們的 52 艘船隊中有 96% 部署在現貨市場，我們繼續產生大量的自由現金流。值得花點時間將其置於上下文中。雖然我們的股價在過去兩年中上漲了約兩倍，但按照 Teekay Tankers 目前的股價計算，如果運費保持在過去 12 個月的水平，我們的自由現金流收益率預計約為 20%。

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

由於油輪市場基本面將長期保持強勁，我們有能力繼續受益於公司的高營運槓桿，即期運價每天比我們的自由現金增加 5,000 美元，我們的自由現金流收益率將增加約 3.6%流量盈虧平衡。現在我將把電話轉回凱文來結束。

Thanks, Stewart. In summary, the fundamentals which have driven midsized tanker outperformance in the past two years remains clear and intact. While we expect normal spot rate volatility and seasonality, we are optimistic about the prospects for continued strength in the tanker market. Meanwhile, Teekay Tankers remains in a great position to continue generating significant free cash flow and building value for our shareholders. With that, operator, we're now available to take questions.

謝謝，斯圖爾特。總而言之，過去兩年推動中型油輪表現優異的基本面仍然清晰且完整。雖然我們預期即期匯率波動和季節性會正常，但我們對油輪市場持續走強的前景持樂觀態度。同時，Teekay Tankers 仍處於有利地位，可以繼續產生大量自由現金流並為股東創造價值。接線員，現在我們可以回答問題了。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

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

謝謝。嗨，凱文和史都華。我這邊有幾個問題。我想，首先，順便祝賀你一段時間以來的第一次收購。我認為自從 Teekay Tankers 購買一艘船以來，已經至少有六年到七年了，也許不會更久。

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

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

Omar, yes, good question. I think I'll tackle it from a couple of angles. First of all, I think it's important to recognize that. It's been a while since we've been in a position to be able to deploy capital and have a balanced capital allocation plan. So, we're extremely happy with where our fleet is today and to have the ability to look at different options in how we deploy the capital.

奧馬爾，是的，好問題。我想我會從幾個角度來解決這個問題。首先，我認為認識到這一點很重要。我們已經有一段時間沒有能夠部署資本並制定平衡的資本分配計劃了。因此，我們對我們機隊目前的狀況非常滿意，並且能夠在如何部署資本方面考慮不同的選擇。

We're in a business that's cyclical, it's industrial and over time, our fleet ages. So, we do recognize, and I think it's important for our investors to recognize that we have to keep reinvesting in our fleet. Having said that, I think it's important that we do the timing right. And while there is a need to deploy a significant amount of capital towards fleet renewal, given where asset prices are, we feel that at this point in time, it will be more prudent to be more selective in how we go about renewing our fleet.

我們所處的行業是週期性的、工業性的，隨著時間的推移，我們的機隊會老化。因此，我們確實認識到，而且我認為我們的投資者認識到我們必須繼續對我們的機隊進行再投資非常重要。話雖如此，我認為我們選擇正確的時機很重要。儘管需要部署大量資金來更新機隊，但考慮到資產價格的情況，我們認為，在這個時候，我們應該更加謹慎地選擇更新機隊的方式。

So, what you've seen us do in the past few quarters and the last few years is to sell down some of our older assets and crystallize some of the value out of the elevated asset prices that we're seeing in the market today. And then more recently, taking some of that capital and redeploying it into more modern efficient ships that give us longevity on our fleet and continue the exposure to the spot market that we believe, is going to remain strong, as I pointed out in the presentation. So yes, we will deploy capital towards fleet renewal, but I think it will be done, and I think it's important for investors to understand in this environment, it will be done in a measured and prudent manner. It won't be a wholesale fleet renewal on a mass scale at this point in time.

因此，您在過去幾個季度和過去幾年中看到我們所做的就是出售一些舊資產，並從我們今天在市場上看到的資產價格上漲中具體化一些價值。最近，正如我在演講中指出的那樣，將其中一些資本重新部署到更現代、高效的船舶上，這些船舶可以延長我們船隊的壽命，並繼續接觸現貨市場，我們相信，這將保持強勁。 。所以，是的，我們將部署資金用於機隊更新，但我認為這將會完成，而且我認為投資者在這種環境下了解這一點很重要，這將以謹慎和審慎的方式完成。目前，這不會是大規模的機隊更新。

Understood, Kevin. And I guess does that mean clearly, as you sold those 205, it looks like those proceeds matched up a bit nicely in terms of acquiring the modern ship of the 21 built. Are you willing to shrink the fleet, I guess, perhaps moving forward, given you already have a critical master I guess, it sounds like you're willing to shrink the fleet to modernize? Is that right?

明白了，凱文。我想這是否清楚地表明，當您出售 205 艘時，這些收益看起來與購買 21 艘現代船舶相當匹配。我想，你是否願意縮小艦隊，也許會繼續前進，因為你已經有了一個關鍵的主人，我想，聽起來你願意縮小艦隊以實現現代化？是這樣嗎？

Yes. We're not beholden to a specific fleet size, I think I mentioned on the call last quarter that scale is obviously important. It gives us the ability to deploy assets in different markets and capture the volatility that's inherent in tanker trading. But at the same time, we're not fixated on the number of ships we have. And when we're in an environment where asset prices are elevated, it's important that we keep our eye on value.

是的。我們不受特定機隊規模的影響，我想我在上個季度的電話會議上提到，規模顯然很重要。它使我們能夠在不同市場部署資產並捕捉油輪交易固有的波動性。但同時，我們並不專注於我們擁有的船隻數量。當我們處於資產價格上漲的環境時，關注價值非常重要。

And if we can sell off some of the older units, you have a limited lifespan left, we'll look at doing that. But on the other hand, we're also generating an awful lot of free cash flow from those older assets. So, it's a question of doing the math and seeing which one provides us the best value. But we're not scared to sell. And at this point, you've seen us also deploy some of that capital to renew.

如果我們可以賣掉一些舊的單位，你的使用壽命有限，我們會考慮這樣做。但另一方面，我們也從這些舊資產產生了大量的自由現金流。因此，問題是進行數學計算，看看哪一個為我們提供了最佳價值。但我們不害怕出售。此時，您已經看到我們也部署了一些資本來更新。

Yes. Got it. Great. And then just a final one from me. The Aframax one-year charter that you announced today, $49,750 pretty solid and basically what you captured last year on the spot market for the full year, which was a record year. And so, I don't know if you've disclosed the vessel specifically that is earning that charter. But was this for the acquisition of the '21 built Aframax?

是的。知道了。偉大的。然後是我的最後一篇。你們今天宣布的阿芙拉型油輪一年期租船合約價格為 49,750 美元，相當穩定，基本上與去年全年現貨市場上獲得的價格相當，這是創紀錄的一年。因此，我不知道您是否具體披露了獲得該租船合約的船隻。但這是為了收購 21 年建造的阿芙拉型油輪嗎？

And then, is derisking the investments what drove the entry into this charter? Or was it just simply too good of a deal to pass up? Anything you're willing to share on that?

那麼，降低投資風險是促使我們加入章程的原因嗎？還是只是這筆交易太划算了，不容錯過？對此您有什麼願意分享的嗎？

Yes. We look at our fleet as a portfolio. So, it doesn't matter which specific ship gets put out or deployed. We look at the opportunity set that's in front of us. And in this case, we felt that for locking in $50,000 a day basically for the next 12 months, it was a good hedge.

是的。我們將我們的機隊視為一個投資組合。因此，哪艘特定的船隻被投入或部署並不重要。我們著眼於擺在我們面前的機會。在這種情況下，我們認為基本上在接下來的 12 個月內每天鎖定 50,000 美元，這是一個很好的對沖。

So, we decided to deploy our ship to that business. But it's still $50,000 a day that's coming in, that's guaranteed over the next 12 months. It doesn't really appoint to any specific ship. It's more of how we look at the portfolio.

因此，我們決定將我們的船部署到該業務。但每天仍有 5 萬美元收入，並在接下來的 12 個月內得到保證。它並不真正指定給任何特定的船舶。這更多的是我們如何看待投資組合。

And just real quick, would say, we've all done, I guess, in terms of what you guys have been able to accomplish over the past several years, you've been very methodical, And been very, very patient. You finally got the debt to where you wanted it to be, which has obviously gone. Introduced a dividend last year and now you're acquiring ships. So, it's a very, very nice development. I will turn it over, thank you.

很快，我想，就你們過去幾年所取得的成就而言，我們都已經完成了，你們非常有條理，而且非常非常有耐心。你終於把債務還到了你想要的地方，顯然已經消失了。去年引入了股息，現在您正在收購船舶。所以，這是一個非常非常好的發展。我會轉過來，謝謝。

Ken Hexter, Bank of America.

肯‧赫克斯特，美國銀行。

This is Adam Rusckowski [ph] on for Ken Hexter. Thank you for taking my question. I just wanted to talk about the LR2 ships shifting to the clean trade. We heard one of your competitors, well, on the product side, peers, talk about seeing this as more of a temporary impact. So, the question is, how do you see the sustainability of this trend and some of the tightness that it's creating on the Aframax side?

我是 Ken Hexter 的 Adam Rusckowski [ph]。感謝您回答我的問題。我只是想談談 LR2 船舶轉向清潔貿易的情況。我們聽到你的一位競爭對手，嗯，在產品方面，同行，談論將這更多地視為暫時的影響。那麼，問題是，您如何看待這一趨勢的可持續性以及它在阿芙拉型油輪方面造成的一些緊張？

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

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

We, in recent months, as the LR2 market has remained strong. We've deployed more than half of our LR2s into that trade rather than fixing crude oil. And I think other owners will look at the same. I think the interesting thing for the immediate term is that we're sort of at the shoulder of the product tanker sector and going forward, that market should see some pickup, but some strength whether that's a temporary phenomenon of ships moving over in the immediate term. I don't think so. But over a longer period of time, yes, they are fungible assets that come and go between the two trades.

我們近幾個月來，LR2市場一直保持強勁。我們已將一半以上的 LR2 部署到該貿易中，而不是用於原油加工。我認為其他業主也會有同樣的看法。我認為，短期內有趣的事情是，我們處於成品油輪行業的肩膀上，展望未來，該市場應該會有所回升，但會有所增強，無論這是否是船舶在短期內移動的暫時現象學期。我不這麼認為。但在較長一段時間內，是的，它們是在兩種交易之間來來去去的可替代資產。

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

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

Yes. I think with the Transmantan pipeline last quarter when we reported, we said that it could create demand for up to 25 to 30 Aframaxes depending on where they're going. I think what we've seen in the first couple of months is we're not quite up to full capacity yet. We're loading about 20 Aframaxes per month, whereas the full capacity is 30 to 35 Aframaxes or approximately one per day. And in terms of where they're going, it's moved around a little bit.

是的。我認為，在我們上季度報道時，我們說過 Transmantan 管道可能會創造多達 25 至 30 艘阿芙拉型油輪的需求，具體取決於它們要去的地方。我認為我們在前幾個月看到的是我們還沒有完全達到滿載狀態。我們每月裝載約 20 艘阿芙拉型油輪，而滿載能力為 30 至 35 艘阿芙拉型油輪，即每天約一艘。就他們要去的地方而言，它發生了一些變化。

I think the first four months in June, we saw most of the ships go down to the US West Coast or to the Pacific area lightering zone. In July, we saw more ships going direct to Asia, and that's obviously more of a ton mile driver if they go long haul to Asia. In truth, I think it's going to take several weeks and months for the sort of trade patterns to fully develop. So, we certainly think there's more to come from TMX in terms of driving Aframax demand. But I think for the first couple of months here, it's been a nice start, and it's definitely added demand for Aframaxes in the Pacific.

我想在六月的前四個月，我們看到大多數船隻都前往美國西海岸或太平洋地區的駁運區。七月，我們看到更多的船隻直接前往亞洲，如果他們長途航行到亞洲，這顯然需要更多的噸英里驅動力。事實上，我認為這種貿易模式需要幾週甚至幾個月的時間才能完全形成。因此，我們當然認為 TMX 在推動阿芙拉型油輪需求方面將發揮更多作用。但我認為，在最初的幾個月裡，這是一個好的開端，這無疑增加了太平洋地區對阿芙拉型油輪的需求。

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

問答環節到此結束。我想將電話轉回公司以聽取結束語。

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

感謝您今天加入我們，我們期待下個季度與您交談。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。