Teekay Tankers Ltd (TNK) 2026 Q2 法說會逐字稿

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

歡迎參加 Teekay 集團 2026 年第二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 would like to turn the call over to the company. Please go ahead.

現在進入開場致詞與介紹，我想把電話交給公司代表。請開始。

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 Teekay Group's second-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 年第二季財報簡報的副本。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 second-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存在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 年第二季財報簡報中。

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

我現在把電話交給 Teekay Corporation 與 Teekay Tankers 的總裁暨執行長 Kenneth Hvid 開始。

Thank you, (inaudible). Hello, everyone, and thank you very much for joining us today for the Teekay Group's second-quarter 2026 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 of Finance and Corporate Development; and Christian Waldegrave, our Director of Research.

謝謝，(聽不清楚)。各位好，非常感謝今天加入我們參加 Teekay 集團 2026 年第二季財報電話會議。今天與我一同參與問答環節的還有：Teekay Corporation 與 Teekay Tankers 的財務長 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 $226 million or $6.49 per share. And adjusted net income of $194 million or $5.56 per share in the second quarter, which was 50% better than our results posted last quarter. This quarter also marks the highest ever quarterly adjusted net income for the company, surpassing the previous record set in the first quarter of 2023.

從簡報第 3 頁開始，我們將回顧 Teekay Tankers 近期重點。Teekay Tankers 第二季 GAAP 淨利為 2.26 億美元，或每股 6.49 美元。第二季調整後淨利為 1.94 億美元，或每股 5.56 美元，較上季公布的結果高出 50%。本季亦創下公司史上最高單季調整後淨利，超越 2023 年第一季所創下的前一項紀錄。

Spot tanker rates during the second quarter were the highest ever as well, averaging $109,200 per day and $74,100 per day for our Suezmax and Aframax LR2 fleets, respectively. With our significant spot exposure and a low free cash flow breakeven, we generated approximately $200 million in free cash flow from operations, which along with the vessel sale has increased our cash position to over $1.2 billion with no debt as of quarter end.

第二季即期油輪運價同樣創下歷史新高，我們的 Suezmax 與 Aframax LR2 船隊平均日租金分別為 109,200 美元與 74,100 美元。在我們具備顯著即期曝險且自由現金流損益兩平點偏低的情況下，我們自營運產生約 2 億美元自由現金流；再加上船舶出售，使我們在季末的現金部位提高至逾 12 億美元，且無任何負債。

We continue to execute on our fleet renewal strategy, which includes acquiring modern vessels by selling our older vessels. In the second quarter, we completed the previously announced transactions, including acquiring two Korean Suezmax new buildings for a total of $190 million, which I expected to be delivered in 2027.

我們持續執行船隊汰舊換新策略，包括透過出售較老舊船舶來收購較新型船舶。第二季我們完成先前公告的交易，包括以總價 1.90 億美元收購兩艘韓國建造的 Suezmax 新造船，預計於 2027 年交付。

And we sold one 2009-built Suezmax for $53.5 million, recording a gain on sale of $32.3 million during the quarter. At the beginning of July, we completed the previously announced VLCC sale for $84.5 million, and we expect to record a gain on sale of approximately $23 million in the third quarter. In addition, I want to highlight that all three Aframaxes acquired at the beginning of the year have been redelivered from the bareboat charters and are now being operating under Teekay technical and commercial management and trading in the strong spot tanker market.

我們也以 5,350 萬美元出售一艘 2009 年建造的 Suezmax，並於本季認列 3,230 萬美元的處分利益。7 月初，我們完成先前公告的 VLCC 出售交易，售價為 8,450 萬美元，預期於第三季認列約 2,300 萬美元的處分利益。此外，我也要強調，今年年初收購的三艘 Aframax 均已自光船租約交還，現已納入 Teekay 的技術與商業管理並在強勁的即期油輪市場中營運與交易。

Looking ahead to the third quarter, we have secured spot rates of $104,800 per day and $59,900 per day for our Suezmax and Aframaxes LR2 fleets, respectively, for approximately 44% spot rates booked. I'll stop on the market more in the next slide. Lastly, Teekay Tankers has declared its regular fixed quarterly dividend of $0.25 per share.

展望第三季，我們已就約 44% 的即期部位鎖定運價：Suezmax 船隊為每日 104,800 美元，Aframax LR2 船隊為每日 59,900 美元。下一頁我會更進一步談市場。最後，Teekay Tankers 已宣告其例行固定的季度股利，每股 0.25 美元。

Moving to slide 4, we look at recent developments in the spot tanker market. Spot tanker rates in the second quarter of 2026 reached a record high with Teekay Tankers achieving average mid-sized tanker rates of approximately $91,000 per day.

接著看第 4 頁，我們回顧即期油輪市場的近期發展。2026 年第二季即期油輪運價創下新高，Teekay Tankers 的中型油輪平均運價約為每日 91,000 美元。

This beat the previous record of just over $60,000 per day in the first quarter of 2023 by 50%, highlighting the incredible strength in the spot tanker market. The strengths continued in the Suezmax tanker segments with rates remaining at near-record levels so far in the third quarter.

這比 2023 年第一季略高於每日 60,000 美元的前一項紀錄高出 50%，凸顯即期油輪市場驚人的強勁。這股強勢也延續至 Suezmax 油輪區隔，第三季迄今運價仍維持在接近歷史高點的水準。

In the Aframaxes sector, we experienced some softening of rates mid-quarter due to a build-up of tonnage in the Atlantic and a lack of arbitrage opportunities. However, spot rates have strengthened again in the Aframaxes sector during July, particularly in the Atlantic, where we are currently seeing rates of over $100,000 per day.

在 Aframax 區隔方面，由於大西洋船噸累積以及缺乏套利機會，我們在季中看到運價略有走弱。然而，7 月 Aframax 區隔的即期運價再度轉強，尤其在大西洋地區，我們目前看到的運價已超過每日 100,000 美元。

Turning to slide 5, we highlight several geopolitical events which have caused a series of disruptions to trade flows in recent months. While these events have not directly impacted the safety or operations of our vessels, they are driving volatility in the oil and tanker markets.

接著看第 5 頁，我們重點說明近期數起地緣政治事件，這些事件在近幾個月造成貿易流向一連串的干擾。雖然這些事件並未直接影響我們船舶的安全或營運，但正推升石油與油輪市場的波動。

The war between the US and Iran has significantly impacted vessel transits and oil flows through the Strait of Hormuz, which I'll cover in more detail on the next slide. More recently, the resumption of attacks by Houthi rebels in the Red Sea is impacting the flow of oil heading south via the Bab el-Mandeb Strait, should this continue a safer outlet for Saudi Arabian crude loading from the Red Sea port of Yanbu through the Suez Canal, which would potentially add to tanker ton-mile demand through longer voyage distances.

美國與伊朗之間的戰爭已顯著影響荷姆茲海峽的船舶通行與石油流向，我將在下一頁更詳細說明。近期，胡塞叛軍在紅海恢復攻擊，正影響經由曼德海峽（Bab el-Mandeb Strait）向南運輸的石油流量；若此情況持續，沙烏地阿拉伯原油可能改由紅海延布（Yanbu）港裝載並經蘇伊士運河外運，這可能因航程距離拉長而增加油輪的噸海里需求。

Recent bonds have also seen an increase in attacks on Russian oil infrastructure, including the targeting of vessels loading from the Caspian Pipeline Consortium or CPC terminal in the Black Sea. As a result, we are now in an unprecedented situation whereby attacks on vessels are occurring in three separate regions that are vital to the global oil trade.

近期轟炸也使針對俄羅斯石油基礎設施的攻擊增加，包括鎖定自黑海裏海管線聯盟（Caspian Pipeline Consortium，CPC）終端裝載的船舶。因此，我們正處於前所未有的情況：在三個對全球石油貿易至關重要的不同區域，同時發生針對船舶的攻擊。

Not only does this represent a severe risk to ships and crews operating in these regions, but it also adds further complexity to global oil trade flows and creates fresh trading inefficiencies, which leads to further spot rate volatility.

這不僅對在這些區域作業的船舶與船員構成嚴重風險，也使全球石油貿易流向更為複雜，並造成新的交易效率損失，進而導致即期運價波動加劇。

Despite the severe disruption to oil markets, to oil exports and attacks on commercial vessels, the crude oil and shipping markets have remained resilient due to a combination of rising exports from other regions, oil inventory drawdowns, and lower demand, particularly in Asia. These trends are most clearly demonstrated when looking at the United States and China. US crude oil export reached a record high in June, supported by the release of oil from strategic reserves, which boosted mid-sized tanker demand in the Atlantic.

儘管石油市場、石油出口以及對商船的攻擊遭受嚴重干擾，原油與航運市場仍展現韌性，原因包括其他地區出口增加、石油庫存去化，以及需求下降（尤其在亞洲）。觀察美國與中國時，這些趨勢最為明顯。美國原油出口在 6 月創下歷史新高，受惠於戰略儲備釋油，帶動大西洋地區中型油輪需求。

Meanwhile, Chinese crude oil imports fell to a 10-year low in June due to refinery run cuts and inventory drawdowns, which offered some relief to global oil markets and prevented oil prices from spiraling out of control. How these dynamics play out in the coming months will be key to determining whether the oil market can continue to cope with the loss of oil from key export regions.

同時，由於煉油廠開工率下調與庫存去化，中國 6 月原油進口降至 10 年低點，這為全球石油市場帶來一定程度的緩解，並避免油價失控飆升。未來幾個月這些動態如何發展，將是判斷石油市場是否能持續因應關鍵出口地區供油流失的關鍵。

Turning to slide 6, we provide an update on the Strait of Hormuz disruption. As shown by the chart on the left, transit through the vital Strait of Hormuz waterway collapsed in March before undergoing a partial recovery in June after the US and Iran signed the framework agreement aimed at ending hostilities. However, renewed hostilities at the start of July, including attacks on vessels transiting the Strait of Hormuz, have led to a collapse of the agreement and a sharp slowdown and movement through the strait.

接著看第6頁，我們提供霍爾木茲海峽中斷情況的最新進展。如左側圖表所示，穿越這條至關重要的霍爾木茲海峽航道的通行量在3月崩跌，之後在美國與伊朗簽署旨在結束敵對行動的框架協議後，於6月出現部分回升。然而，7月初敵對行動再起，包括對通行霍爾木茲海峽的船舶發動攻擊，導致協議破裂，並使海峽通行量與通行活動大幅放緩。

As mentioned on the previous slide, the oil market has adjusted to the loss of Middle Eastern exports through a combination of Saudi Arabia and the UAE diverting supply to alternative ports, including Yanbu and Fujairah, which lie outside of the Middle East Gulf and rising output from the Atlantic Basin. While this doesn't fully cover the loss of supply from the Middle East, a combination of longer voice distances and increased trading inefficiencies have supported spot tanker rates.

如前一頁所提到，石油市場已透過多種方式因應中東出口的流失，包括沙烏地阿拉伯與阿聯將供應改道至替代港口（如延布與富查伊拉），這些港口位於中東波斯灣之外，以及大西洋盆地產量上升。雖然這仍無法完全彌補中東供應的缺口，但更長的航行距離與交易效率下降的綜合作用，支撐了即期油輪運價。

Finally, the tanker market has also benefited from vessels being kept off market, either because they are trapped behind the Strait of Hormuz or because they are empty and sitting idle outside of Hormuz waiting for resolution. Should Asian refiners look to increase supply from the Atlantic basin in light of new disruptions, a large number of tankers will have to ballast again to the Atlantic, which will stretch the fleet and give support to overall tanker demand. In short, the ongoing disruption to trade flows and resulting inefficiencies could benefit spot tanker rates.

最後，油輪市場也受惠於部分船舶被迫退出市場：不是被困在霍爾木茲海峽後方，就是空船在霍爾木茲外海閒置等待問題解決。若亞洲煉油商因新的中斷而尋求增加自大西洋盆地的供應，將有大量油輪必須再次以壓艙航行返回大西洋，這會拉緊船隊運力並支撐整體油輪需求。總之，持續的貿易流向中斷及其造成的低效率，可能有利於即期油輪運價。

Turning to slide 7, we look at the medium-term tanker supply and demand outlook. Given recent events in the Middle East and the ongoing war between Russia and Ukraine, it is difficult to predict the future pathway for oil supply and demand. However, it is clear that global oil inventories are being depleted due to the reduction in supply from the Middle East with strategic and commercial inventories in the OECD currently at a 20-year low. The eventual replenishment of these inventories once-market conditions allow should provide a significant boost to oil and tanker demand.

接著看第7頁，我們檢視中期油輪供需展望。鑑於近期中東事件以及俄烏戰爭仍在持續，難以預測未來石油供需的走向。然而，可以明確的是，由於中東供應減少，全球原油庫存正在被消耗；目前經合組織（OECD）的戰略與商業庫存處於20年低點。一旦市場條件允許，這些庫存最終的回補應可顯著提振石油與油輪需求。

On the fleet supply slide, a high level of new tanker orders in 2026 has expanded the order book, which now stretches into 2030. Scrapping activity remains limited, though pressure is building on the dark fleet of older vessels due to fewer trading markets as sanctions are lifted and as regulatory scrutiny increases. In addition, the tanker fleet continues to age with the average age of the mid-sized tanker fleet now the oldest in over 30 years. We believe the eventual removal of these older vessels should help in reducing the impact of rising tanker deliveries in the coming years.

在船隊供給方面，2026年新油輪訂單量偏高，擴大了手持訂單，且目前已延伸至2030年。拆船活動仍然有限，但隨著制裁解除導致可交易市場減少，以及監管審查加強，對老舊「暗黑船隊」的壓力正在上升。此外，油輪船隊持續老化，中型油輪船隊的平均船齡目前為30多年來最高。我們認為，這些老舊船舶最終退出市場，將有助於降低未來幾年油輪交付量上升所帶來的影響。

Turning to slide 8, we continue to build value and have significant financial strength and optionality. This includes, first, our ability to generate significant free cash flow with low free cash flow breakeven. With the majority of our vessels trading in the strong spot market, we generated near-record free cash flows in the first half of 2026. As an illustrative example, if we annualize our first half 2026 free cash flows, T&K would generate free cash flows of $684 million or almost $20 per share by the end of the year. With a free cash flow breakeven of approximately $9,700 per day over the next 12 months, we believe our operating leverage provides a powerful platform for continued cash generation and long-term value creation.

接著看第8頁，我們持續創造價值，並具備顯著的財務實力與選擇權。首先，這包括我們在低自由現金流損益兩平點下，仍能產生可觀自由現金流的能力。由於我們大多數船舶在強勁的即期市場營運，我們在2026年上半年創造了接近歷史新高的自由現金流。舉例而言，若將2026年上半年自由現金流年化，T&K在年底前可產生6.84億美元自由現金流，或每股接近20美元。未來12個月自由現金流損益兩平點約為每日9,700美元，我們相信營運槓桿為持續現金創造與長期價值創造提供了強而有力的平台。

Second, we're executing our fleet renewal strategy by selling older assets in today's high asset price environment and recycling that capital to acquire more modern vessels in a disciplined manner. Looking back 12 months, we have sold nine older vessels for $369.5 million with combined gains of $125 million and acquired or committed to seven modern vessels for approximately $427 million, including two Suezmax new buildings delivering in 2027. These transactions have lowered our average fleet rates while maintaining significant operating through the strong tanker market, as highlighted by our record adjusted net income during the second quarter.

第二，我們正執行船隊汰舊換新策略：在當前資產價格偏高的環境下出售較老舊資產，並以紀律方式將資本回收再投入，以收購更現代化的船舶。回顧過去12個月，我們已出售9艘老舊船舶，交易金額3.695億美元，合計處分收益1.25億美元；並已收購或承諾收購7艘現代化船舶，總額約4.27億美元，其中包括2艘將於2027年交付的蘇伊士型新造船。這些交易在維持於強勁油輪市場中顯著營運曝險的同時，降低了我們的平均船隊船齡，並如第二季創紀錄的調整後淨利所示。

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, cyclical and increasingly dynamic, and we believe having significant investment capacity provides financial flexibility to pursue opportunities swiftly 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，同時耐心等待未來在更具吸引力的進場點出現更大型的交易。油輪航運業資本密集、具循環性且日益動態，我們相信擁有充足投資能力可提供財務彈性，讓我們在時機成熟時迅速把握機會。

Although the near-term tanker market outlook remains complex, unpredictable and subject to significant influence from geopolitical events, we believe Teekay Tankers' low cash flow breakeven levels, significant free cash flow generation, and sizable investment capacity positions us well to simultaneously renew our fleet and create shareholder value.

儘管短期油輪市場展望仍然複雜、難以預測，且深受地緣政治事件影響，我們相信 Teekay Tankers 低現金流損益兩平水準、強勁的自由現金流創造能力，以及可觀的投資能力，使我們能同時更新船隊並為股東創造價值。

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

接下來，接線員，我們現在開放提問。

(Operator Instructions) Omar Nakta, Clarksons Securities.

(接線員指示) Omar Nakta，Clarksons Securities。

Thank you. Hi, Kenneth. Good morning. Thank you for the detail, and congrats on a record quarter. Had a couple of questions, maybe one a bit more market-specific and then one on Teekay Tankers. And you referenced this in your presentation just in terms of how this market's really been evolving into something quite a bit different than what we've been used to seeing or at least saw in the past.

謝謝。嗨，Kenneth。早安。感謝你提供的細節，也恭喜創下單季新高。我有幾個問題，可能一個比較偏市場面，另一個關於 Teekay Tankers。你在簡報中也提到，就這個市場如何演變而言，它確實正在變成與我們過去習慣看到的、或至少過去曾看到的情況相當不同的樣貌。

Can you talk about how you're seeing the Suezmax, Aframax segments react in this environment that we're in today? Specifically, now that you may be seeing a shift in some of those, as you referenced, those Saudi barrels going up to the Med now, there's been a lot of conversation the past week or two about how VLCC activities really picked up to handle some of those cargoes. But I guess maybe long term, how do you think about it, if indeed that becomes a new trade, where did the Suezmax, Aframax fit in in that market?

你能談談在目前這樣的環境下，你觀察到蘇伊士型（Suezmax）、阿芙拉型（Aframax）這些船型板塊的反應嗎？具體來說，既然你提到可能看到一些轉變，例如那些沙烏地的原油現在運往地中海，過去一兩週市場上也有很多討論，談到超大型油輪（VLCC）的活動大幅增加以承接部分貨載。但我想從長期角度，如果那確實成為一條新的貿易航線，你如何看待蘇伊士型、阿芙拉型在那個市場中的定位？

Good morning, Omar. Thanks for the question here. I think it's a great question. I should say, we're definitely seeing patterns at the moment which are unprecedented. I think if we look at what happened in the quarter at our fleet, we saw -- as I said in my prepared remarks, that Suezmax has held up really well. And I think they were basically just following, trailing the VLCC rates throughout.

早安，Omar。謝謝你的提問。我認為這是個很好的問題。我得說，我們目前確實看到一些前所未見的模式。如果回頭看我們船隊在本季的表現，正如我在事先準備的發言中提到的，蘇伊士型表現非常穩健。我認為它們基本上就是一路跟隨、緊貼VLCC運價走勢。

So we saw good utilization, good demand. They're still incredibly flexible vessels. There's a lot of ports where the VLCCs can't go in fully latent. So, for example, if you take a VLCC through Suez up north, you can only do it partially laden.

因此我們看到良好的使用率與需求。它們仍然是非常具彈性的船舶。有許多港口VLCC無法滿載進港。例如，若讓VLCC通過蘇伊士運河往北走，只能部分載貨通行。

So you'll need to do STS. All depending on where that VLCC is going, you will have a consideration whether it's more beneficial to use a Suezmax instead for a shorter route. I think you're going to see a lot of those decisions that are going to be going around. And that's before we get to what size of parcels that are being traded. So I think what we've seen for the first half of this year is basically, yeah, the Suezmax is performing extremely well-being pulled up by a very, very strong VLCC market.

因此你會需要進行船對船轉運（STS）。這完全取決於該VLCC要前往哪裡，你會考量是否改用蘇伊士型在較短航程上更有利。我認為你會看到很多這類決策在市場上發生。而這還沒談到交易貨盤的批量大小。所以我認為我們在今年上半年看到的情況基本上是：是的，蘇伊士型表現極佳，並受到非常、非常強勁的VLCC市場帶動。

And I think the Aframaxes, if you look at them, have always continued at time to fill some of the slots where, again, you have parcels, you have ports where the Suezmaxes can't go into where the Aframax come in. For the first time in actually four years, we saw a bigger divergence on the Aframax versus the Suezmax rates.

我認為Aframax型油輪，如果你觀察它們，一直以來都會在某些時候填補一些空缺；也就是說，當你有分批貨載（parcels）、以及有些港口是Suezmax型油輪無法進入時，就會由Aframax型油輪補上。實際上是四年來第一次，我們看到Aframax相對於Suezmax的運價出現更大的分歧。

I think it's more better explained by actually that the [Bs] and the Suezmaxes outran the medium-sized segment or the Aframax segment. But when we look at it in absolute terms, of course, the Aframax rate was just very, very strong.

我認為更好的解釋其實是，[Bs]以及Suezmax型油輪的表現跑贏了中型船舶區間，也就是Aframax區間。但如果我們看絕對水準，當然，Aframax的運價就是非常、非常強勁。

What we've seen just over the last couple of weeks is that we've actually seen a couple of examples where we are fixing now our Aframax is out at higher rates than what we're fixing the Suezmax vessels out at. So all I can say is that it's incredibly dynamic and we seem to be utilizing all of the assets on the water depending on what position that they're in, and I think all three sectors are performing extremely well.

我們在過去幾週看到的是，實際上出現了幾個例子：我們現在敲定（fixing）Aframax的租約時，租出運價高於我們敲定Suezmax船舶的租出運價。所以我只能說，這個市場極其動態；我們似乎會依據資產所在的位置來動用水上所有資產，而我認為三個子市場的表現都非常好。

Yeah, certainly. Thanks, Ken. That's a helpful detail in terms of just thinking about this market. And I guess maybe as you were talking about, obviously, the balance sheet is exceptionally strong, the best it's ever been for Teekay.

是的，當然。謝謝你，Ken。這些細節對於思考這個市場很有幫助。我想也許如你所說，顯然資產負債表非常強勁，是Teekay有史以來最強的一次。

And you're continuing to just fine-tune the business, and then maybe there's an opportunity that comes your way at a better entry point than obviously where prices are today. But I guess maybe in that context, given capital allocation the way it's set up at the moment, wanted to ask about the dividend. At this point, you've got the special payout that comes out in the first quarter of each year. At least, that's been the case the past three or four years. But in terms of, say, the base payout of $0.25, which has been in place since the beginning, I think, of '23, you're in a completely different world today, both earnings-wise and in balance sheet-wise.

而你們也持續在微調業務，或許會有機會在比目前價格更好的切入點出現。但我想在這樣的背景下，考量目前的資本配置方式，想請教股利的問題。目前你們在每年第一季會有一次特別配息。至少過去三到四年都是如此。但就例如每股0.25美元的基本配息而言，我想自2023年初以來一直維持至今；而今天無論在獲利面或資產負債表面，你們都處在完全不同的世界。

Does it make sense to revisit that base dividend? Not saying it needs to be transitioning to a high payout model, but do you see a world in which, say, TNK starts to ratchet up the payout on an ongoing basis rather than keep it flat at this $0.25 the past three-plus years?

重新檢視這個基本股利是否合理？我不是說一定要轉向高配息模式，但你是否認為有一種情境是，TNK開始逐步上調常態配息，而不是像過去三年多一樣維持在每股0.25美元不變？

Yeah, first of all, I would say that obviously, I think we all agree this year has turned out much, much stronger for the Tanker markets than any one of us saw and even what we saw when we reviewed it with our Board in March here. I think we've had a good cadence in terms of having the fixed dividend and then the special discussion after the first quarter every year. We like that cadence, but it's clear it's something that we need to continue to discuss with our Board, at our Board meetings.

是的，首先我會說，顯然我想我們都同意，今年油輪市場的表現遠遠強於我們任何人原先預期，甚至也強於我們在3月與董事會檢討時所看到的情況。我認為我們在固定股利、以及每年第一季後討論特別配息方面，節奏一直掌握得不錯。我們喜歡這樣的節奏，但很明顯，這也是我們需要在董事會會議上持續與董事會討論的事項。

We normally would signal it to the market that we do it on an annual basis. I don't expect that that's going to change. But it's clear that when we have this unprecedented cash flow generation, then, of course, we are intensifying our capital allocation discussions with the Board because the position we are in right now is a high-class problem to have, but we have generated a lot of excess cash here.

我們通常會向市場表明，我們是以年度為基礎來做這件事。我不預期這會改變。但很明顯，當我們出現這種前所未有的現金流創造能力時，當然，我們會加強與董事會的資本配置討論，因為我們目前所處的位置是一個「高級的煩惱」（high-class problem），但我們確實產生了大量的超額現金。

So we're looking at it. Our plan when we entered into the year, and we're very clear on that, I think, on our previous calls was that we expected to have faster fleet renewal. What happens when we see rates like this going on for a couple of quarters is that we're also seeing the highest premiums for underwater tankers that we've seen in probably ever, I think, when you go back.

所以我們正在評估。我們在年初進入今年時的計畫——我想我們在先前的電話會議也講得很清楚——是預期會加快船隊汰舊換新。當我們看到這樣的運價連續維持幾個季度時，我們也看到「水下油輪」（underwater tankers）的溢價達到可能是有史以來最高的水準，回頭看大概都是如此。

So that makes it a little bit harder and requires that discipline to do that. But of course, we totally understand that by the end of the day, we work for our shareholders. We are always focused on, first and foremost, creating the value. We have a strong conviction in that eventually, the market will recognize the value that we're creating as a company and whether we change the dividend a little bit here. I think it just signals what we believe, but I think our cash flows that we generate, I think, is a clear demonstration that we're creating a lot of value and making the company a lot more valuable.

因此這讓事情變得更困難一些，也更需要紀律來執行。但當然，我們完全理解，歸根結底我們是為股東工作。我們始終把創造價值放在第一優先。我們堅信最終市場會認可我們作為一家公司所創造的價值；至於我們是否在這裡稍微調整股利，我認為那只是傳達我們的信念，但我認為我們所產生的現金流，已清楚證明我們正在創造大量價值，並讓公司變得更有價值。

Yeah, absolutely. Thanks, Kenneth. I appreciate your comments. I'll turn it back.

是的，完全同意。謝謝你，Kenneth。我很感謝你的評論。我把時間交回去。

Thanks, Omar.

謝謝你，Omar。

Ken Hoexter, Bank of America.

美國銀行的Ken Hoexter。

Good morning, Kenneth. I guess maybe just real quick, you mentioned some of the threats and dangers to the ships in multiple regions now that it has changed. Anything you can talk to in actions you've taken or routes that you've changed or insurance cost changes? That's just a preliminary question.

早安，Kenneth。我想先很快問一下，你提到目前多個地區對船舶的威脅與風險有所變化。你能否談談你們採取了哪些行動、是否更改了航線，或保險成本是否有變化？這只是個初步問題。

My question was going to be on your chart on page 7, given the oil inventories, which you're going to need restocking. Are we still -- are you seeing accelerating drawdowns in this third quarter, which is normally a period of fixing some drawdowns, or is that, you mentioned what China was doing, are you still seeing that drawdown at this point?

我原本的問題是關於你們第7頁的圖表：考量到原油庫存，而你們將需要補庫存。我們是否仍然——你們是否看到第三季的庫存去化（drawdowns）正在加速？第三季通常是去化有所收斂的時期；或者如你提到中國在做的事情，你們目前仍看到這樣的去化嗎？

Yeah. Good morning, Ken. Thanks for the questions. I'll take the first part and then I'll pass it on to Christian for the second part. I think in terms of trade routes that we're seeing, I think what we're seeing in the world right now is that we're seeing an unprecedented number of attacks on commercial shipping in more regions than we've ever seen historically, and that's a fact.

是的。早安，Ken。謝謝你的問題。我先回答第一部分，然後把第二部分交給Christian。我想就我們看到的貿易航線而言，我認為我們現在在全球看到的是：在比歷史上任何時候都更多的地區，商業航運正遭遇前所未有數量的攻擊，這是事實。

I think -- and that just means that there are fewer areas or more areas where we have to apply our security principles, which is no different from when we had specific regions in the past. I mean, we would always go and assess whether it was safe to go in, and we always have a policy that if we don't deem it to be safe for our crews and vessels, and then we won't make the call.

我想——這只意味著可供我們運作的安全區域更少，或是有更多區域需要我們套用安全原則；這與過去我們面對特定區域時並沒有不同。我的意思是，我們一向會去評估進入是否安全，而且我們一直有一項政策：如果我們認定對船員與船舶不安全，那我們就不會靠港（make the call）。

So as an example, we haven't been transiting south through the Red Sea for a long time. We haven't gone into the Strait of Hormuz. That's a decision we've made. Some people have. We have not. There is the ongoing at the moment in the Black Sea. Do you go into the terminals? That's a very dynamic situation as it is right now. And as of this morning, we saw that there were attacks into the Med.

例如，我們已經很長一段時間沒有從紅海南部通行（transiting）了。我們也沒有進入荷姆茲海峽。這是我們做出的決定。有些人有這麼做。我們沒有。目前黑海也仍在持續發生相關情勢。你要不要進入那些碼頭（terminals）？就目前而言，這是一個非常動態的情況。而且截至今天早上，我們看到地中海也遭到攻擊。

So I would say in terms of how we approach it, it's always safety and security first, irrespective of what region we're looking at. And I think the sheer number of ports that we consider unsafe today, that's definitely at a higher number today than I can recall we've ever had. So the world is getting a lot more complex and much more dynamic because these windows, they open and close, but -- and that just leads to a lot of inefficiencies, as I said in my remarks.

因此我會說，就我們的應對方式而言，無論我們關注的是哪個地區，始終都是以安全與保安為先。而且我認為，如今我們認定為不安全的港口數量之多，肯定比我記憶中任何時候都要高。所以世界正變得更加複雜、也更具動態性，因為這些窗口會開啟也會關閉，而這——正如我在發言中所說——只會導致大量低效率。

On your second question, I'll pass it on to Christian to weigh in on the inventory drawdowns and which numbers we know and what we don't know at the moment.

關於你的第二個問題，我會請 Christian 來補充談談庫存去化，以及目前哪些數字我們知道、哪些我們還不知道。

Yeah, hi, Ken. With regards to the inventory situation, obviously, when inventories get restocked will depend on the situation in the Middle East at the moment. Obviously, we're still in a supply deficit with Hormuz being closed. So inventories continue to get drawn down. So the timing of when inventories might start to get restocked is wholly dependent on that situation getting resolved.

是的，嗨，Ken。就庫存情況而言，顯然庫存何時會開始回補，將取決於目前中東的局勢。很明顯，在荷姆茲海峽關閉的情況下，我們仍處於供應缺口。因此庫存仍在持續被消耗。所以，庫存可能何時開始回補的時間點，完全取決於該局勢何時獲得解決。

Once that situation is resolved, there should theoretically be plenty of oil in the world to restock inventories. If you look at just projections by the likes of the IEA, they're forecasting quite a big supply surplus next year should Middle East production get back to somewhat normal levels. At that point, obviously, if there's an oversupply of oil, it should push down prices. And that will be the stimulus for oil inventories to start restocking again. And there's a big need for it.

一旦該局勢獲得解決，理論上全球應該會有充足的石油可用來回補庫存。如果你看像 IEA 這類機構的預測，他們預估若中東產量回到某種程度的正常水準，明年將出現相當大的供應盈餘。在那個時點，顯然如果石油供應過剩，應會壓低價格。而這將成為油品庫存再次開始回補的刺激因素。而且確實非常需要回補。

As we showed on slide 7, oil inventories are at a 20-year low in the OECD. Look at the US SPR is down to just over 300 million barrels, which is the lowest in 43 years. I think prior to COVID in 2020, it was at 635 million barrels. So that's over 300 million barrels of oil that I think the US would like to restock.

如同我們在第 7 頁投影片所示，OECD 的石油庫存處於 20 年低點。再看美國 SPR，目前降至略高於 3 億桶，為 43 年來最低。我記得在 2020 年 COVID 之前，大約是 6.35 億桶。所以這超過 3 億桶的石油，我認為美國希望能回補。

China has been probably drawing down their inventories at a rate of about 1 million barrels per day for the past three months, so that's another 100 million barrels of oil. Japan has been drawing down stocks. Europe has released a lot of product inventories.

中國在過去三個月可能以約每日 100 萬桶的速度在去化庫存，因此那又是另外 1 億桶石油。日本也在降低庫存。歐洲釋出了大量成品油庫存。

So the need is definitely there. But the pace, the timing of it will depend on a successful resolution to the situation of the Middle East. And the pace of the restocking will depend on market conditions, specifically oil price. But I think it will definitely provide a tailwind to tanker demand as and when it comes. But we just can't actually predict right now when that might happen.

所以需求確實存在。但其速度與時間點將取決於中東局勢能否成功解決。而回補的速度將取決於市場條件，特別是油價。但我認為，一旦發生，肯定會對油輪需求形成順風。只是我們目前確實無法預測那會在何時發生。

Great, thanks, Christian. And then I guess two quick ones. Kenneth, I think it's on page 16. You had a 3Q outlook. Thanks for the detail there. Maybe you can just fill us in on your thoughts on what's included there. I know you've got 48% of days booked. I don't know if you want to talk about what the assumptions are to get to the full numbers.

很好，謝謝你，Christian。然後我想再問兩個很快的問題。Kenneth，我想是在第 16 頁。你有第三季展望。謝謝你提供那麼多細節。也許你可以再補充一下你對其中包含內容的想法。我知道你已經鎖定了 48% 的營運天數。我不確定你是否願意談談要達到完整數字所採用的假設。

And then just -- I'm sorry, but a dumb one on drydocking. Is there any movement on those? I mean, just you talk about these record rates in the third quarter and what is normally seasonally low pricing, so I understand why you'd ramp up the number of days. But given where rates are, is there anything you can do to push that out? Would you want to, or do you definitely want the vessels ready for the fourth quarter run-up, maybe just your thoughts on that timing?

然後還有——抱歉——一個有點笨的關於進塢維修（drydocking）問題。那些安排有任何變動嗎？我的意思是，你提到第三季在通常屬於季節性低價的時段卻出現創紀錄的運價，所以我理解你為何會增加天數。但在目前這樣的運價水準下，有沒有什麼辦法可以把它往後延？你會想這麼做嗎？還是你確實希望船舶能為第四季的上行行情做好準備？也請談談你對這個時間安排的看法。

Yeah, I can take the drydocking timing first, and then I'll pass on to Brody on some of the other details there. Yeah, I think the reality is we push them out from Q2 to Q3. So we don't have a ton of flexibility. As you know, we have these anniversaries where everybody needs to drydock their ships and hours are coming due this year.

好的，我先回答進塢維修的時間安排，然後我會把其他細節交給 Brody。是的，我想現實是我們已經把它們從第二季推到第三季。所以我們沒有太多彈性。如你所知，我們有這些到期日（anniversaries），每家公司都需要讓船舶進塢，而我們今年的工時也到期了。

It's -- I'm glad we didn't -- that we did -- that we pushed it out to Q3, but I think but I think we need to get on with them now and get them done and then get them out. And of course, the focus is on getting good voyages into the region where we're dry docking, get them turned around as quickly as possible and then get them out again and pick up the cargo. But yeah, we need to get on with them. So I don't think we'll see a lot of movement in the actual dry dockings that we're doing in Q3.

我——我很高興我們沒有——我們確實——把它推到第三季，但我認為——我認為我們現在需要著手進行並把它們做完，然後讓船舶重新投入營運。當然，重點是在進塢地區安排良好的航次，盡可能快速周轉，然後再出來承接貨載。但沒錯，我們需要開始做了。所以我不認為我們在第三季實際要做的進塢維修會有太多變動。

Helpful.

很有幫助。

Yeah. Ken, I can take the outlook question. Yeah, on the revenue side, as Ken mentioned, we have a number of dry dockings in Q3. So we're projecting 260 days of off-hire related to that. And outside of that, it's just the remaining unfixed days on the spot market.

是的。Ken，我可以回答展望的問題。是的，在營收方面，如 Ken 提到的，我們在第三季有多次進塢維修。因此我們預估因此產生的停租（off-hire）天數為 260 天。除此之外，就是剩餘尚未鎖定的天數在即期市場上承作。

On the cost side, we're expecting OpEx and G&A to come down a little bit in Q3 versus Q2. So we'll see about a $3 million reduction there is what we're expecting. And a little bit lower tax expense in Q3 as well. But otherwise, it's obviously largely rate-dependent on where we end up.

在成本方面，我們預期第三季的營運費用（OpEx）與一般及行政費用（G&A）會較第二季略為下降。因此我們預期大約會減少 300 萬美元。第三季的稅費支出也會略低一些。但除此之外，顯然很大程度仍取決於我們最終所處的運價水準。

Sure. Thanks, guys. Appreciate the time and thoughts. Thank you.

好的。謝謝各位。感謝你們撥冗與分享想法。謝謝。

Thank you.

謝謝。

And it appears there are no additional questions at this time. I will turn the call back to the company for any additional and closing remarks.

看起來目前沒有其他問題。我將把電話交回公司，請其進行任何補充與結語。

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

非常感謝各位今天收聽。我們期待在下個季度向各位回報。祝各位有美好的一天。

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。感謝各位的參與。您現在可以掛線。