Teekay Tankers Ltd (TNK) 2025 Q3 法說會逐字稿

Welcome to the Teekay Group third-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this call is being recorded.

歡迎參加 Teekay 集團 2025 年第三季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

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

現在，在開場致詞和介紹環節，我想把電話交給貴公司。請繼續。

Before we begin, I would like to direct all participants to our website at www.teekay.com, where you'll find a copy of the Teekay Group's third-quarter 2025 earnings presentation. Kenneth 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，在那裡您可以找到 Teekay 集團 2025 年第三季收益簡報的副本。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 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 2025 年第三季度 Teekay 集團收益演示文稿。

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

現在我將把電話交給Teekay Corporation和Teekay Tankers的總裁兼執行長Kenneth Hvid，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. Joining me on the call today for the Q&A session is Brody Speers, Teekay Corporation's and Teekay Tankers' CFO; Ryan Hamilton, our VP, Finance and Corporate Development; and Christian Waldegrave, our Director of Research.

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。今天與我一起參加問答環節的有：Teekay Corporation 和 Teekay Tankers 的財務長 Brody Speers；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 3 of the presentation, we will cover Teekay Tankers' recent highlights. Teekay Tankers reported the best quarter in the last 12 months, with 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.

從簡報的第 3 張投影片開始，我們將介紹 Teekay Tankers 最近的亮點。Teekay Tankers 公佈了過去 12 個月以來最好的季度業績，第三季度 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 third quarter. Further, with spot rates well above our free cash flow breakeven 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.

第三季即期匯率逆勢走強，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點，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 Tankers continues to execute on its fleet renewal strategy, delivering on its previously announced transactions. Since the beginning of the third quarter, we have completed the acquisition of one modern Suezmax and the remaining 50% ownership interest in a VLCC from our joint venture partner. In addition, the company completed the sales of five -- of four Suezmax tankers, which delivered to their new owners in the third and fourth quarters.

Teekay Tankers 繼續執行其船隊更新策略，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蘇伊士型油輪和一艘超大型油輪剩餘的 50% 所有權權益。此外，該公司還完成了五艘蘇伊士型油輪的銷售，其中四艘已在第三季和第四季交付給新船東。

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

五艘船的出售總收益為 1.585 億美元。我們預計第三季和第四季的銷售額將帶來約 4,750 萬美元的帳面收益。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 Suezmax vessel for $42,500 per day and two Aframax-sized vessels for an average time charter rate of $33,275 per day for periods ranging from 12 to 18 months. Two of these charters have already commenced with the remaining charter set to start in November.

該公司趁機租下了一艘蘇伊士型油輪，日租金為 42,500 美元；又租下了兩艘阿芙拉型油輪，平均日租金為 33,275 美元，租期為 12 至 18 個月。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, Suezmax, and Aframax/LR2 fleets, respectively, with approximately 47% to 54% of spot days booked. 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 Tankers has declared its regular fixed dividend of $0.25 per share.

回顧第四季至今，我們已為 VLCC、Suezmax 和 Aframax/LR2 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。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 Tankers宣布派發每股0.25美元的固定股息。

Moving to slide 4, we look at recent developments in the spot tanker market. Spot tanker rates improved during the third quarter of 2025, with rates on a par with the strong levels seen over the past three years and well above long-term average levels.

接下來，我們來看看第 4 張投影片，了解一下現貨油輪市場的最新發展。2025 年第三季度，現貨油輪運價有所改善，運價與過去三年來的強勁水準持平，遠高於長期平均水準。

An increase in global oil supply due to the unwinding of OPEC+ 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.

由於歐佩克+減產協議的解除和大西洋盆地石油產量的增加，全球石油供應量增加，導致9月份全球海運原油貿易量大幅增長，達到2020年初以來的最高水平。

Rates were further boosted by an increase in long-haul crude oil movements between the Atlantic and Pacific Basins, particularly in the Suezmax and VLCC segments. As shown by the chart on the right of the slide, spot tanker rates have strengthened further at the start of the fourth quarter with rates in October near the top of the five-year range.

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。如投影片右側圖表所示，第四季初現貨油輪運價進一步走強，10 月的運價接近五年來的高峰。

Turning to slide 5, we look at the growth in global crude oil production and exports, which is underpinning the recent strength in spot tanker rates. Global oil production has been rising throughout the year due to increases from both OPEC+ and non-OPEC+ sources.

翻到第 5 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。由於歐佩克+和非歐佩克+產油國的增產，全球石油產量今年以來一直在上升。

The OPEC+ group began unwinding some of the voluntary supply cuts, which have been in place since 2023 at the start of April and by September, had completed the unwind of the first round of cuts totaling 2.2 million barrels per day. The group is now in the process of unwinding the next round of cuts totaling 1.65 million barrels per day at a rate of 137,000 barrels per day every month over the next year.

歐佩克+集團從4月初開始逐步取消自2023年以來實施的部分自願減產措施，到9月份，已完成第一輪減產的取消，總計每天減少220萬桶。該集團目前正在逐步取消下一輪減產，總計每天減產 165 萬桶，未來一年內每月減產 13.7 萬桶。

Oil production has also been boosted by new supply coming online from non-OPEC+ 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.

石油產量也因非歐佩克+國家（尤其是南美洲）新增供應的增加而得到提振，巴西和圭亞那的新海上石油生產正在逐步增加。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.

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。

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. With OPEC+ expected to continue to unwind supply cuts in the coming months, we expect global seaborne trade volumes to increase further during the fourth quarter.

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。由於預計歐佩克+將在未來幾個月繼續逐步取消減產，我們預計第四季全球海運貿易量將進一步成長。

Turning to slide 6, we look at some of the near-term oil market fundamentals, which, we believe, will support spot tanker demand in the coming months. One of the consequences of higher oil production this year has been a decrease in crude oil prices, as shown by the chart on the left of the slide.

接下來請看第 6 張投影片，我們將探討一些近期石油市場基本面，我們認為這些基本面將在未來幾個月支撐現貨油輪需求。今年石油產量增加的後果之一是原油價格下降，如幻燈片左側的圖表所示。

For countries outside the United States, a weaker US dollar 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 bunker fuel prices, which is our largest operating cost. Low oil prices also stimulate demand for stockpiling, both for commercial and strategic purposes.

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，因為它會刺激石油消耗，降低船用燃料油價格，而船用燃料油是我們最大的營運成本。低油價也刺激了人們對石油儲備的需求，無論是出於商業目的還是戰略目的。

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. 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.

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。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 7, we look at the geopolitical events, which are creating trade inefficiencies and adding further volatility to what is already a firm underlying tanker market. In recent weeks, we've seen a number of announcements with regards to sanctions and port fees, which are serving to create uncertainty and inefficiency in the tanker market.

翻到第 7 張投影片，我們來看看地緣政治事件，這些事件造成了貿易效率低下，並進一步加劇了本已穩固的油輪市場的波動。最近幾週，我們看到了一些關於制裁和港口收費的公告，這些公告加劇了油輪市場的不確定性和低效。

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 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 Lukoil who together control around 50% of Russian oil production and exports.

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，我們看到歐盟和美國透過一系列新的製裁措施，增加了遏制俄羅斯石油銷售利潤的力度，其中最值得注意的是最近對俄羅斯石油公司和盧克石油公司的製裁，這兩家公司合計控制著俄羅斯約 50% 的石油生產和出口。

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. This is positive for tanker market, 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.

雖然局勢瞬息萬變，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。這對油輪市場來說是利好消息，因為這些原油需要透過合規油輪船隊運輸，而不是透過目前將大部分俄羅斯原油運往印度和中國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 spot tanker 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油輪市場走強。

Turning to slide 8, we review 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 average growth level since the end of the COVID pandemic.

接下來請看第 8 張投影片，我們回顧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一致。

Global oil supply is also set to rise with more production due to come online from non-OPEC countries. It remains to be seen how OPEC 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.

隨著非歐佩克國家的更多產能投入運營，全球石油供應量也將增加。如果石油庫存持續增加，油價面臨進一步下行壓力，歐佩克將如何應對，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 scrapping 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 midsized 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.

車隊供應方面依然保持平衡，近幾個月來訂單規模穩定在現有車隊規模的 16% 左右。由於油輪報廢數量持續不足，船隊持續老化，目前全球油輪船隊的平均船齡已達到 20 世紀 90 年代以來的最高水準。在中型油輪船隊中，目前有 344 艘船舶（佔總船隊的 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。

We believe that these older tankers will not return to conventional trading even in the event that sanctions are lifted. 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.

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。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。

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 OPEC+ production policy.

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歐佩克+的生產政策。

Turning to slide 9, we highlight Teekay Tankers' 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 three new out-charters and no debt, we have lowered our fleet's free cash flow breakeven 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 Tankers 的價值主張。首先，我們的經營槓桿仍然很高。該公司已做好充分準備，在幾乎任何油輪市場都能產生可觀的現金流。憑藉三筆新的租船合同，且無債務，我們已將船隊的自由現金流盈虧平衡點從每天 13,000 美元降低到每天 11,300 美元。

With this low free cash flow breakeven, every $5,000 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. Second, Teekay Tankers has a strong balance sheet with no debt and a $775 million cash position, which provides capacity for disciplined accretive fleet growth.

由於自由現金流損益平衡點較低，即期匯率每天每超過門檻 5,000 美元，每年每股自由現金流將增加 1.66 美元，或以自由現金流收益率計算接近 3%。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，這為其有條不紊地實現船隊增值增長提供了可能。

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一項競爭優勢。

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. In summary, the company's strategy over the last several years has been to maximize shareholder value through our exposure to the strong spot market.

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。總而言之，公司過去幾年的策略是透過參與強勁的現貨市場來最大化股東價值。

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 tonnage. As we look ahead, 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.

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，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。

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

操作員，現在我們可以開始回答您的問題了。

(Operator instruction) Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞。

Thank you. Again, thank you for the update. Just wanted to ask maybe -- I had a couple of questions. But maybe first just on the market and kind of where things sit right now. Clearly, things have gotten much stronger.

謝謝。再次感謝您提供的最新資訊。我只是想問一下——我有幾個問題。但也許首先要看它在市場上的表現以及目前的情況。顯然，情況已經好轉很多。

And when we think -- I think a lot of times when we sort of talk about or think about rising OPEC production, we think a lot about the VLCCs. And certainly, those rates have been shot towards past 100,000 a day. But we're also seeing some real strength in the Suezmax and Aframax segments, which are your bread and butter.

當我們思考——我認為很多時候，當我們談論或思考歐佩克產量上升時，我們都會想到超大型油輪。當然，這些比率已經飆升至每天 10 萬以上。但我們也看到蘇伊士型和阿芙拉型船市場出現了一些真正的強勁勢頭，而這些正是你們的支柱產業。

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 midsized segments here recently?

您能否簡單談談這些部分是如何相互作用或協同發展的？近期中型車市場表現強勁，真正推動這趨勢的因素是什麼？

Yeah. Thanks, Omar. 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 I would argue, maybe even stronger than most of us expected. What we've seen just over the last week really is that, that strength just continues to pick up.

是的。謝謝你，奧馬爾。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，甚至可能比我們大多數人預期的還要強勁。過去一周我們看到的情況是，這種強勁勢頭仍在持續增強。

So the week is finishing stronger both in the VLCC, the Suezmax, and the Aframax segments as well as the LR2s, right? So it's really moving up in all of the categories. And if you look back over the last -- well, since April '22, what we had was that we had a period where the Aframax has absolutely outperformed all sectors, as you know.

所以，本週VLCC、蘇伊士型油輪、阿芙拉型油輪以及LR2型油輪的成交量都呈現強勁成長，對吧？所以它在所有類別中的排名都在穩步上升。回顧過去——嗯，自 2022 年 4 月以來，我們經歷了一段阿芙拉型船表現絕對優於所有其他船型的時期，正如您所知。

And I think what we've kind of reverted to is more of the traditional dynamics where the larger ships lead the way that pull up the Suezmaxes and that pull up the Aframaxes. And underlying that, of course, is that we have a very strong product trade as well that's happening.

我認為我們現在某種程度上回歸到了更傳統的動態，即大型船舶引領潮流，拉動蘇伊士型油輪和阿芙拉型油輪。當然，這一切的背後，是我們非常強勁的產品交易也在​​進行中。

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 Aframaxes were really the outliers because we really outperformed everything. But now we're kind of back to what you say would be the normal dynamics in a strong tanker market where everything is balanced.

所以，各個細分市場都運作良好，而過去三年，阿芙拉型船確實是個例外，因為我們的表現確實優於其他所有船型。但現在我們又回到了你所說的強勁油輪市場中的正常動態，一切都處於平衡狀態。

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 a traditional sense always goes on the most efficient vessels, which are VLCCs. But when there's this much oil and this tighter supply, then it just pulls up the whole market. And that's, I think, an awesome place to see what we're seeing here.

我認為我們現在看到的是，正如我們所說，透過水路運輸的桶裝貨物數量創下了歷史新高。當然，從傳統意義上講，這些油桶大部分總是會裝載到效率最高的船上，也就是超大型油輪（VLCC）。但是，當石油供應如此充足而供應如此緊張時，就會拉動整個市場。我認為，那裡是一個絕佳的地點，可以讓我們親眼目睹這裡的一切。

Yeah, thank you for that helpful color. 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, be patient, which makes a whole lot of sense given all the unknowns.

是的，謝謝你提供的這個有用的顏色資訊。我想，或許只是在思考 Teekay 的立場。顯然，你們在過去幾個季度，甚至幾年裡，財務狀況一直非常穩健。現金正在累積。你一再強調要耐心，要耐心，考慮到所有未知因素，這非常合理。

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.

當我們思考你們未來的發展方向時，我想應該是在上個季度或上個季度，你們談到過——當需要重新投資或增加投資時，你們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。

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 Suezmax, Aframax segment?

如果你仔細想想自己的處境，情況還會是這樣嗎？如果你想投入更多資本或更多淨資本，你會選擇更深入投資產品嗎？或者您覺得您應該擴大規模，進軍超大型油輪（VLCC）領域，或者也許應該繼續留在您賴以生存的蘇伊士型、阿芙拉型油輪領域？

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，說得非常清楚一點，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鄰近領域中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 are one year further down the road here and looking at how we renewed the fleet or have taken action on some of -- our older tankers have started to renew our core fleet.

我覺得我們大約一年前進行這次通話時，我們討論了市場研究領域，當時相對於其他一些領域，這個領域看起來很有意思。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的，或者說我們已經對一些老舊的油輪採取了行動——我們已經開始更新我們的核心船隊。

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 MR. But relatively speaking now, we actually think that the better value for us is to allocate capital towards our core segments, which are Aframaxes and Suezmaxes.

我們的重點是—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，我們現在認為，對我們來說更有價值的做法是將資金配置到我們的核心業務領域，即阿芙拉型和蘇伊士型貨輪。

Okay, that's very clear. I appreciate that. Thank you. I'll pass it back.

好的，這很清楚。我很感激。謝謝。我會把它還回去。

Thanks.

謝謝。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hi, this is Tim Chiang, on for Ken Hoexter. Thanks for taking my question. To kind of extend on Omar's question, you've sold 11 vessels year to date.

大家好，我是 Tim Chiang，由 Ken Hoexter 主持節目。謝謝您回答我的問題。稍微補充一下奧馬爾的問題，你們今年到目前為止已經賣出了 11 艘船。

And while sales kind of outpaced purchases thus far, you mentioned last quarter, 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?

雖然到目前為止銷售額略高於採購量，但正如您上個季度提到的，您未來將重點加快車隊更新步伐？所以你覺得你們現在的船隊規模接近最低要求了嗎？你們是否計劃購買新的核心 Afras 和 Suez 來抵消隨後的任何銷售損失？

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 charter-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 a timing, and we consider what is the outlook. And it's very dynamic. We think it's prudent when you see strong time charter rates to lock it in, especially if it's with good customers. So it's an ongoing dialogue.

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。凡事都有時機，我們都要考慮前景。而且它非常充滿活力。我們認為，當看到強勁的定期租船費率時，最好鎖定費率，尤其是當租船對像是優質客戶時。所以這是一個持續進行的對話。

It's not a stated strategy that we need to have X percentage of our fleet. We're happy to have spot exposure. But these levels, we know in historical terms, are very strong levels. So we can lock it in. And as we pointed out in our prepared remarks, every time we do that, we lower our free cash flow breakeven even further.

並沒有明確的戰略規定我們需要擁有多少比例的艦隊。我們很高興能獲得這樣的曝光機會。但從歷史角度來看，我們知道這些水位是非常高的水平。這樣我們就可以把它鎖定下來了。正如我們在準備好的演講稿中指出的那樣，我們每次這樣做，都會進一步降低我們的自由現金流損益平衡點。

So as you can see, it's a very, very strong position that we're in in terms of 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 cash flow breakeven would go down even further. So it's -- we look at it as a portfolio and on a deal-by-deal basis.

所以正如你所看到的，我們在現貨市場創造現金流方面處於非常非常有利的地位。但同時，即使我們以這樣的價格再做幾筆這樣的交易，那麼我們的自由現金流損益平衡點當然會進一步下降。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。

Thanks. I appreciate all the insight.

謝謝。感謝您提供的所有見解。

Thanks for the questions.

謝謝大家的提問。

Frode Morkedal, Clarksons Securities.

弗羅德·莫克達爾，克拉克森證券。

Thank you. Hi, guys. My first question is on this new -- well, China-US deal. I guess, the Aframax is under the previous USTR regulation was not exempt, right? So now with the USTR port fees being suspended for a year, does that improve the Aframax opportunities for you guys? Maybe they -- of course, the exports out of the US, but also maybe [light ring] opportunities? Any color you have on that, please?

謝謝。嗨，大家好。我的第一個問題是關於這項新的——嗯，中美協議。我猜想，根據先前的美國貿易代表辦公室（USTR）規定，阿芙拉型油輪並沒有被豁免，對嗎？現在美國貿易代表辦公室暫停徵收港口費一年，這是否會改善你們的阿芙拉型散裝貨船的運輸機會？或許他們－當然是指美國的出口，但也可能是[光環]機會？請問你們有這個顏色嗎？

Yeah. Obviously, the deal is very, very, very new. I think the position we took first when the USTR came in and recently also the China port fees is that with the way that our fleet is composed, we don't have massive exposure to either sector.

是的。顯然，這項交易非常、非常、非常新。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，鑑於我們船隊的構成方式，我們在這兩個領域都沒有巨大的風險敞口。

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 Teekay, per se, in the same way as the port fees didn't have a significant impact on us either.

因此，我認為這項協議的結果總體上對整個行業來說是積極的。但我認為這本身對 Teekay 並沒有什麼重大影響，就像端口費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. But let's see. I mean, so far, it's only one year, we note, that's been agreed.

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。但我們拭目以待。我的意思是，目前為止，我們注意到，這只是雙方約定的一年期限。

Yeah, sure. Makes sense. 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.

當然可以。有道理。下一個問題，我想，更普遍地說，您已經清楚地證明了您的股東總回報率 (TSR) 很高，對吧？這其實並不需要高派息模式。

So how confident are you that the stock market would appreciate that approach today? And given that there's still a slight discount to NAV, what might close the remaining valuation gap in your view?

那麼，你有多大把握股市今天會接受這種做法？鑑於目前股價仍略低於淨資產值，您認為什麼因素可以彌補剩餘的估值差距？

Yeah. I think over the past seven years, we have been very, 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 five-year lens, you're absolutely right; I think that model is right. Our company should always focus on value creation, and that's what we're focused on here.

是的。我認為在過去的七年裡，我們一直非常非常明確地表示，我們首先關注價值，然後關注估值，估值隨後而來。我同意你的觀點，我們也很高興看到市場確實認可了這一點。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。我們公司應該始終專注於創造價值，而這正是我們在這裡所關注的。

I think it's -- any business in 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 breakeven.

我認為，對於任何航運企業來說，關鍵在於我們能否保持強勁的資產負債表，以便在出現好的購買機會時採取行動，在出現好的出售機會時採取行動，以及能否擁有一個現金流盈虧平衡點較低的強大運營平台。

And that's the fortunate position that we, after many years of hard work, have put Teekay back in. And 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 will always be recognized by the markets ultimately.

經過多年的努力，我們終於讓蒂凱重新回到了那個幸運的位置。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。我們堅信，市場最終總是會意識到這一點。

Yeah, I agree. Thank you very much.

是的，我同意。非常感謝。

Thank you for the questions.

謝謝大家的提問。

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. Have a great day.

感謝您今天收聽我們的電話會議。我們期待明年向您報告工作進度。祝你有美好的一天。

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。女士們、先生們，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。