Torm PLC (TRMD) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM plc First Quarter 2023 Results Conference Call. All lines have been placed on mute to prevent any background in way. After the speaker's remarks, there will be a question-and-answer session.(Operator Instructions) I would now like to turn the conference over to Andreas Abildgaard-Hein, Head of Investor Relations. Please go ahead...

你好，謝謝你的支持。我叫 Regina，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 TORM plc 2023 年第一季度業績電話會議。所有線路都已靜音，以防止任何背景干擾。演講者發言後，將進行問答環節。（操作員說明）我現在想將會議轉交給投資者關係主管 Andreas Abildgaard-Hein。請繼續...

Thank you, and welcome to TORM's conference call. We are pleased to have you with us, and we have been looking forward to presenting to you the results for the first quarter of 2023. We -- we will refer to the page numbers that we present during our presentation. And at the end, you can ask questions if you are on the phone conference. If you are joining via webcast, you have access to ask questions during the presentation as well. After this conference, you'll be able to listen to a recording and as usual, you can find our presentation and other resident data on our website. Please turn to Slide 2.

謝謝，歡迎來到 TORM 的電話會議。我們很高興與您在一起，我們一直期待著向您介紹 2023 年第一季度的結果。我們將參考我們在演示過程中提供的頁碼。最後，如果你在電話會議上，你可以提問。如果您通過網絡廣播加入，您也可以在演示過程中提問。會議結束後，您將能夠收聽錄音，並且像往常一樣，您可以在我們的網站上找到我們的演示文稿和其他常駐數據。請轉到幻燈片 2。

Before we start presenting the results, I would like to draw your attention to the safe harbor statement. Please turn to Slide 3. Today's presenters are as usual, Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle. Please turn to Slide 4. I will now hand over to Jacob.

在我們開始展示結果之前，我想提請您注意安全港聲明。請翻到幻燈片 3。今天的主持人和往常一樣，是執行董事兼首席執行官 Jacob Meldgaard；和首席財務官 Kim Balle。請轉到幻燈片 4。我現在將交給 Jacob。

Thank you, Andreas, and good afternoon, good morning to all. Thanks for connecting with us today for our first quarter 2023 results presentation. During here, the first quarter of 2023, the product tanker market has remained strong with continued high volatility. We have achieved an EBITDA of USD 199 million and a profit before tax of USD 155 million, both of which are reduced by USD 15 million due to unrealized losses on FFA contracts that we have incurred to secure strong earnings on part of our earning days here in 2023 and into early 2024.

謝謝你，安德烈亞斯，大家下午好，早上好。感謝您今天與我們聯繫，了解我們 2023 年第一季度的業績報告。在此期間，也就是 2023 年第一季度，成品油輪市場保持強勁，波動性持續高企。我們實現了 1.99 億美元的 EBITDA 和 1.55 億美元的稅前利潤，兩者都減少了 1500 萬美元，原因是我們在 FFA 合同上發生了未實現的虧損，以確保我們在這裡的部分盈利日獲得強勁收益2023 年和 2024 年初。

We Return on invested capital ended at 29.2% for the quarter. And our balance sheet remains strong at net LTV of 26% and available liquidity of USD 575 million. This morning, Torm's Board of Directors approved a dividend of USD 1.46 per share based on the first quarter, and we expect that we'll distribute around USD 121 million here in early June.

我們本季度的投資資本回報率為 29.2%。我們的資產負債表保持強勁，淨 LTV 為 26%，可用流動資金為 5.75 億美元。今天早上，Torm 的董事會批准了基於第一季度的每股 1.46 美元的股息，我們預計我們將在 6 月初在這里分配約 1.21 億美元。

As of today, we have taken delivery of all of the 7 LR1 vessels that we acquired a little earlier this year back in January. We expect that the 3 MR vessels that we announced to be acquired here in March will be delivered to us by the end of this month. As of the 5th of May, we have covered 64% of the second quarter tonnage days at USD 4,086 per day. And here, please turn to Slide 5. Since the start of the Russian invasion of Ukraine now back in February 2022, we've seen strong improvements in product tanker rates, increased trade growth, longer trade distances, mainly due to the EU sanctions on Russia, but partly also due to more fundamental factors such as the oil demand recovery, recent refinery closures and consequently, increased import needs. This has moved the product tanker fleet closer to the point of full utilization, which again has led to higher freight rates. And this is where even small changes in the underlying demand and supply are creating high volatility in freight rates. And this is what we have experienced in the past year.

截至今天，我們已經接收了今年早些時候在 1 月份收購的所有 7 艘 LR1 船。我們預計我們宣佈於 3 月份在這裡收購的 3 艘 MR 船將在本月底交付給我們。截至 5 月 5 日，我們以每天 4,086 美元的價格覆蓋了第二季度 64% 的噸位天數。在這裡，請轉到幻燈片 5。自從俄羅斯於 2022 年 2 月開始入侵烏克蘭以來，我們看到成品油輪運價大幅改善、貿易增長加快、貿易距離拉長，這主要是由於歐盟對烏克蘭的製裁俄羅斯，但部分原因還在於更基本的因素，如石油需求復蘇、近期煉油廠關閉以及隨之而來的進口需求增加。這使成品油輪船隊更接近充分利用點，這再次導致運費上漲。這就是潛在需求和供應的微小變化都會導致運費大幅波動的原因。這就是我們在過去一年中所經歷的。

Please turn to Slide 6. This rate volatility can be demonstrated by movements in the average freight rates. But in the past months, we have also seen increased rate volatility across the different regions, which has, in turn, led to even more MR vessels ballasting over longer distances to optimize vessel earnings. -- these more inefficient saving patterns have tightened the availability of vessels on the market and further support freight rates.

請轉到幻燈片 6。這種費率波動可以通過平均運費的變動來證明。但在過去幾個月中，我們還看到不同地區的費率波動加劇，這反過來又導致更多的 MR 船舶在更遠的距離上壓載水以優化船舶收益。 ——這些效率低下的儲蓄模式收緊了市場上的船隻供應，進一步支撐了運費。

Now in this environment where we see increased volatility, being able to then position our fleet towards the premium trades and the regions is even more important. And this means that having access to the right customers, the right cargo combinations is really essential.

現在，在我們看到波動性增加的環境中，能夠將我們的船隊定位於高端貿易和地區更為重要。這意味著獲得合適的客戶、合適的貨物組合是非常重要的。

We can see that we -- with the One Torm integrated platform continue to have really strong support from our customers, and we remain confident that we will have access to the cargoes and the trades that will enable us to position our fleet towards the premium regions. Now please turn to Slide 7. -- when we look more closely at the main market drivers, the geopolitical conflict in Europe and the resulting EU ban on Russian oil products has been the most important demand driver for more than a year now.

我們可以看到，憑藉 One Torm 集成平台，我們繼續得到客戶的大力支持，我們仍然相信我們將能夠獲得貨物和貿易，這將使我們能夠將我們的船隊定位於高端地區.現在請轉到幻燈片 7。——當我們更仔細地審視主要市場驅動因素時，歐洲的地緣政治衝突以及由此產生的歐盟對俄羅斯石油產品的禁令一直是一年多來最重要的需求驅動因素。

As a result, the composition of EU imports has undergone a significant change from being mainly short-haul to being now predominantly long haul. This has translated into a 48% increase in EU import ton mile during the post sanction period compared to the same period a year ago. And this is in spite of the fact that EU imports are almost 20% lower year-on-year, which itself has been a result of higher imports and product stockpiling ahead of the sanctions as well as the fact that EU oil demand has seen some weakness so far this year.

因此，歐盟進口的構成發生了重大變化，從以短途為主轉變為現在以長途為主。與去年同期相比，這意味著在製裁後期間歐盟進口噸英里增加了 48%。儘管事實上歐盟進口同比下降近 20%，這本身是製裁前進口和產品庫存增加的結果，而且歐盟石油需求有所下降今年到目前為止的疲軟。

Similarly, Russia has so far been successful in redirecting its clean products to markets in North and West Africa, Turkey, sun to Brazil, the Middle East and also Asia, again, increasing ton miles, although recently, we have seen some slowdown in Russian volumes presumably due to refinery maintenance. And here, I kindly ask you to go to Slide 8, please. Looking at some of the more fundamental drivers, so not related to (inaudible), Changes in the refinery landscape are also an important driver on the market. Since 2020, around 3 million barrels per day of refining capacity has been closed down permanently.

同樣，俄羅斯迄今已成功地將其清潔產品重新定向到北非和西非、土耳其、巴西、中東和亞洲的市場，再次增加了噸英里，儘管最近我們看到俄羅斯的一些放緩產量可能是由於煉油廠維護。在這裡，我懇請你轉到幻燈片 8。查看一些更基本的驅動因素，因此與（聽不清）無關，煉油廠格局的變化也是市場的重要驅動因素。自 2020 年以來，每天約有 300 萬桶煉油產能被永久關閉。

Most of the affected capacity is located in regions which are already large importers of refined oil products such as Australia, New Zealand, South Africa, just to mention some of the examples. These regions import needs have increased in conjunction with the refinery closures and are expected to increase further as oil demand is still picking up with especially jet fuel demand still recovering. On the other hand, these refinery closures coincide with new capacity coming online, mainly in the Middle East and also in China, regions that already today are large exporters of all products. Much of this capacity, especially the Jazan and Al Zour refineries in the Middle East are currently ramping up to reach their full capacity. These refiners are, to a large extent, concentrated around middle distillates, which we believe will further facilitate the trade recalibration triggered by the EU ban on Russian oil.

大多數受影響的產能位於澳大利亞、新西蘭、南非等已經是成品油進口大國的地區，這裡僅舉幾個例子。這些地區的進口需求隨著煉油廠的關閉而增加，並且由於石油需求仍在回升，尤其是航空燃料需求仍在復蘇，預計將進一步增加。另一方面，這些煉油廠關閉恰逢新產能上線，主要在中東和中國，這些地區如今已成為所有產品的大出口國。其中大部分產能，尤其是中東的 Jazan 和 Al Zour 煉油廠，目前正在加速生產以達到其全部產能。這些煉油廠在很大程度上集中在中間餾分油，我們認為這將進一步促進歐盟對俄羅斯石油禁令引發的貿易重新調整。

Refinery capacity increases in China this year are likely to cater more for the increasing oil demand domestically. -- after the country listed all of the COVID lockdowns. So in the short term, we do not model any significant increase in exports from China. But should China increase its export quotas in the coming months. This would be another leg up on the market. Please turn to Slide 9.

今年中國煉油產能的增加可能會更多地滿足國內不斷增長的石油需求。 - 在該國列出所有 COVID 封鎖之後。因此，在短期內，我們不會模擬中國出口的任何顯著增長。但如果中國在未來幾個月增加出口配額。這將是市場上的另一條腿。請轉到幻燈片 9。

The positive outlook for the demand for product tankers in the next 2, 3 years coincides with the supply side, which remains supportive. Despite we've seen reasonable increase in newbuilding ordering. Indeed, the recent orders, especially in the LR2 segment have resulted in the order book to feed ratio increasing to 8% from 6% just 2 months ago. But our fleet growth assumptions for the coming 2 to 3 years have not changed as these new orders are mostly for the second half of 2025 or 2026, and we expect some of the late 2025 deliveries to be pushed into 2026.

未來 2、3 年成品油輪需求的積極前景與供應面保持一致。儘管我們已經看到新造船訂單的合理增長。事實上，最近的訂單，尤其是 LR2 部分的訂單，導致訂單與進給率從 2 個月前的 6% 增加到 8%。但我們對未來 2 至 3 年的船隊增長假設沒有改變，因為這些新訂單大多是 2025 年下半年或 2026 年的，我們預計 2025 年末的部分交付將推遲到 2026 年。

Please turn to Slide 10. When we look at the fleet supply over a longer time horizon, it is possible that there will be more availability for product tanker orders at shipyards. And subsequently, we could see higher deliveries of new builds, not least due to the need to renew the aging fleet. However, this will coincide with a significant increase in the scrapping potential as the fleet built in the 2000s is reaching their natural scrapping age.

請轉到幻燈片 10。當我們從更長的時間範圍來看船隊供應時，船廠可能會有更多的成品油輪訂單。隨後，我們可以看到更多的新建築交付，尤其是由於需要更新老化的艦隊。然而，隨著 2000 年代建造的船隊達到自然報廢年齡，報廢潛力將顯著增加。

Consequently, the net fleet growth could even to negative here in the second half of this decade. Please turn to Slide 11. Another aspect that one needs to take into account in connection with the recent pickup in the LR2 ordering is that given the versatility of the LR2 fleet, they can both trade clean and dirty products, the LR2 order book should be seen in connection with the Aframax order book, which, of course, relates to dirty products.

因此，在本十年的下半年，這裡的淨船隊增長甚至可能出現負增長。請轉到幻燈片 11。與 LR2 訂單中最近的皮卡有關的另一個需要考慮的方面是，鑑於 LR2 機隊的多功能性，它們既可以交易清潔產品，也可以交易髒產品，LR2 訂單簿應該是與 Aframax 訂單簿相關，這當然與臟產品有關。

The combined order book is currently at 9%, still relatively low in historical terms, and this compares with 5% of the combined fleet reaching 25 years of age during the same period. And we consider that this segment has normally a lower average scrapping age which has historically been 21 years, still regularly even all the way up to 24% of the fleet could be removed from the primary market in the next 3.5 years.

合併訂單目前為 9%，從歷史角度來看仍然相對較低，而同期機齡達到 25 年的合併機隊的比例為 5%。我們認為該細分市場的平均報廢年齡通常較低，歷史上為 21 年，但在未來 3.5 年內，甚至高達 24% 的機隊可能會從主要市場移除。

Now here kindly turn to Slide 12. On the concluding remarks here on the product singer market, it's clear that we see the main demand and supply drivers on the product an market continue to be very supportive. The trade recalibration changes in the refinery landscape, which already started last year, we continue to support the market also this year with the new large refineries ramping up in the Middle East being an important driver in this development. Around a year ago, we estimated that the full recalibration of the EU Russia trade would add 7% to the ton mile demand for product tankers. And according to our calculations, 6% of this has already happened despite the fact that EU imports have been down so far this year. With an expected pickup in European imports later this year, the Ton-miles could increase by a further 2% to 3% and in fact, exceed our original estimates.

現在請轉到幻燈片 12。關於產品歌手市場的結論，很明顯我們看到產品市場的主要需求和供應驅動因素繼續非常支持。去年已經開始的煉油廠格局的貿易重新調整變化，我們今年也繼續支持市場，中東新建的大型煉油廠是這一發展的重要推動力。大約一年前，我們估計歐盟與俄羅斯貿易的全面重新調整將使成品油輪的噸英里需求增加 7%。根據我們的計算，儘管今年迄今為止歐盟進口量有所下降，但其中 6% 已經發生。預計今年晚些時候歐洲進口量將回升，噸英里數可能會進一步增加 2% 至 3%，實際上超過我們最初的估計。

Of course, we should not disregard the fact that the current environment with high inflationary pressure on the global economy could slow down the growth pace of the global oil demand. Nevertheless, we believe that even those effects will be overweighted by the effects of the redistribution of the energy supply chain and that a potential effect caused by -- so demand growth will not from the redistribution. Furthermore, the positive demand side is complemented, as I mentioned by the support of supply type situation, securing low fee growth for at least the next 2 to 3 years. I'll pause, and I now hand it over to my colleague, Kim.

當然，也不能忽視當前全球經濟通脹壓力大的環境，可能會減緩全球石油需求的增長步伐。儘管如此，我們認為，即使是這些影響也會因能源供應鏈重新分配的影響而被超重，並且由 - 因此需求增長不會來自重新分配。此外，積極的需求面得到補充，正如我提到的供應類型情況的支持，至少在未來 2 到 3 年內確保低費用增長。我會暫停一下，現在將它交給我的同事 Kim。

Thank you, Jacob. Please turn to Slide 13. Despite the strong TCE rates achieved on average in 2022, we have achieved even higher TCE rates in the first quarter of 2023.

謝謝你，雅各布。請轉到幻燈片 13。儘管 2022 年平均 TCE 率很高，但我們在 2023 年第一季度實現了更高的 TCE 率。

We increased our rate from $34,154 per day in 2022 to above $41,700 per day over a total of 6,732 earning days in the first quarter across the fleet. For MRs, the average rates for the first quarter ended at $36,461 per day, LR1s at $4,047 per day and for LR2s at $65,551 per day.

我們將費率從 2022 年的每天 34,154 美元提高到每天 41,700 美元以上，第一季度整個機隊共賺取了 6,732 個工作日。對於 MR，第一季度的平均費率為每天 36,461 美元，LR1 為每天 4,047 美元，LR2 為每天 65,551 美元。

Once again, the one on platform demonstrated a very strong performance also when comparing to our peers. Based on our rates and coverage for as of 5th May 2023, we had effected a total of 64% of our days at $4,086 per day in the second quarter across the fleet. For MR, 68% were fixed at $350,804 per day for MRs. 62% was fixed at $450,578 per day for LR1s and 51% were fixed at $59,197 per day for Alts. Part of the coverage has been made with SFA contracts. And as for 5th May 2023, the cover for the second quarter of 2023 was 744 days fixed at $42,026 per day -- for the third quarter, 1,116 days were fixed at $42,199 per day. And for first quarter, 1,116 days were fixed at INR 42,402 -- sorry, $42,405 per day and as per first quarter of 2024, 443 days were fixed at $41,849 per day. These contracts are accounted for in CCE and FX on net results.

再一次，與我們的同行相比，平台上的表現也非常出色。根據我們截至 2023 年 5 月 5 日的費率和覆蓋範圍，我們在第二季度以每天 4,086 美元的價格在整個機隊中實現了總天數的 64%。對於 MR，68% 的 MR 固定為每天 350,804 美元。 LR1 的 62% 固定為每天 450,578 美元，Alts 固定為每天 59,197 美元的 51%。部分保險已通過 SFA 合同進行。至於 2023 年 5 月 5 日，2023 年第二季度的保險期限為 744 天，固定為每天 42,026 美元——第三季度為 1,116 天，固定為每天 42,199 美元。第一季度，1,116 天固定為 42,402 印度盧比——抱歉，每天 42,405 美元，而根據 2024 年第一季度，443 天固定為每天 41,849 美元。這些合同在淨結果中計入 CCE 和 FX。

In the first quarter of 2023, they gave an unrealized loss of $15.2 million, and we expect unrealized gains and losses on these contracts impacting our P&L, while they are outstanding.

在 2023 年第一季度，他們給出了 1520 萬美元的未實現虧損，我們預計這些合同的未實現損益會影響我們的損益，同時它們還未償付。

As of 11th May 2023, the market value of our FFAs and related bunker hedges was a plus of $25 million. Similarly, the results are fixed at strong levels for the second quarter, where we are expecting 7,546 earning days and in Q3 when all additional secondhand vessels will have been delivered, we expect 7,761 earning days. Torm had 299 drive-in days in Q1 2023, which is 29% of the expected write-down in days for the full year. Please turn to Slide 14. The continued strong markets have provided us with an EBITDA of $199 million from our operations in the first quarter of 2023. And over the past 4 quarters, we have achieved an EBITDA of USD 881 million.

截至 2023 年 5 月 11 日，我們的 FFA 和相關燃油對沖的市值增加了 2500 萬美元。同樣，第二季度的結果固定在強勁水平，我們預計第二季度有 7,546 個盈利天數，而在第三季度，當所有額外的二手船都已交付時，我們預計有 7,761 個盈利天數。 Torm 在 2023 年第一季度有 299 天的免下車服務，佔全年預期減記天數的 29%。請轉到幻燈片 14。持續強勁的市場使我們在 2023 年第一季度的運營中獲得了 1.99 億美元的 EBITDA。在過去的 4 個季度中，我們實現了 8.81 億美元的 EBITDA。

During the same period, Torm has paid dividends of total $51 million to our shareholders, together with the dividend announced earlier today. At the same time, while acquiring 10 secondhand vessels to the fleet, we have reduced our net loan-to-value to 26% before dividends by the end of Q1 2022.

同期，Torm 向我們的股東支付了總計 5100 萬美元的股息，以及今天早些時候宣布的股息。與此同時，在為船隊收購 10 艘二手船的同時，到 2022 年第一季度末，我們已將股息前的淨貸款價值比降至 26%。

Our CapEx commitments increased during the first quarter of 2023, and the increase is driven mainly by purchased but not yet delivered vessels and scrubber investments. Please turn to Slide 15. Torm continues to evaluate our opportunities for fee expansion and renewal. As mentioned, we acquired a total of 10 secondhand vessels in the first quarter this year. This means that as of 31st March 2023, the value of the 3 vessels that we have on a fully delivered basis in our fleet at that time, reached $2.9 billion, an increase of USD 936 million since the same time in 2022.

我們的資本支出承諾在 2023 年第一季度有所增加，增加的主要原因是已購買但尚未交付的船舶和洗滌器投資。請轉到幻燈片 15。Torm 繼續評估我們的費用擴展和更新機會。如前所述，我們在今年第一季度共收購了 10 艘二手船。這意味著截至 2023 年 3 月 31 日，我們當時船隊中已完全交付的 3 艘船舶的價值達到 29 億美元，比 2022 年同期增加了 9.36 億美元。

Existing measures increased by 3% since the end of 2022, and we added 5 vessels to the fleet amounting to $172 million. Since the end of the quarter, further 2 vessels have been delivered and further 3 vessels will be delivered before the end of May, corresponding to SEK 166.9 million.

自 2022 年底以來，現有措施增加了 3%，我們在船隊中增加了 5 艘船，總計 1.72 億美元。自本季度末以來，又交付了 2 艘船，另外 3 艘將在 5 月底前交付，相當於 1.669 億瑞典克朗。

Our net asset value reached $2.6 billion as of 31st March 2023, also impacted by significant cash generation. By the end of the second quarter 2023, we expect to have 8 vessels in our fleet. Furthermore, we have seen that the secondhand vessels for especially in one 50-year-old MRs have increased further since the end of Q1 2023.

截至 2023 年 3 月 31 日，我們的資產淨值達到 26 億美元，這也受到大量現金產生的影響。到 2023 年第二季度末，我們的船隊預計將擁有 8 艘船。此外，我們已經看到，自 2023 年第一季度末以來，尤其是一位 50 歲的 MR 的二手船進一步增加。

Please turn to Slide 16. We -- as mentioned, we will distribute around $121 million or $1.46 per share based on our end of first quarter cash balance. Consistent with our distribution policy or distribution is derived from our cash position of $411 million and our available funding sources of $115 million, we deduct restricted cash primarily related to FFAs of $30 million and cash in Marine and estate technologies of around $5 million. And finally, (inaudible) proceeds, which were partly used for the 50 vessels of $23 million. Our minimum cash reserve for $83 vessel was $149 million at the end of the first quarter. Our payout ratio remained high at a level of 78% of the profit before tax of $155 million.

請轉到幻燈片 16。如前所述，我們將根據第一季度末的現金餘額分配約 1.21 億美元或每股 1.46 美元。根據我們的分配政策或分配來自我們 4.11 億美元的現金頭寸和 1.15 億美元的可用資金來源，我們扣除主要與 3000 萬美元 FFA 相關的受限現金和約 500 萬美元的海洋和房地產技術現金。最後，（聽不清）收益，部分用於價值 2300 萬美元的 50 艘船。第一季度末，我們對 83 美元船隻的最低現金儲備為 1.49 億美元。我們的派息率保持在 1.55 億美元稅前利潤的 78% 的高水平。

Please turn to Slide 17. During the past months, Torm has utilized the strong market to strengthen our financial position. Comparing to our first quarter performance last year, our net loan-to-value has reduced significantly from 51% to 26%. In addition, we have obtained refinancing and acquisition commitment of $556 million, while extending debt maturity from 2026 to 2028 with a further possibility to extend to 2029. The commitment further secures an interest rate margin reduction of $433 million of Torm's existing debt. Margin reduction is an all-in 65 basis points. This includes the loan margin reduction and the new loan priced SOFR as an interest rate, which is lower than the U.S. LIBOR. The refinancing underlines the strong position we have with European shipping banks in addition to the strong relationship that we have with Asian lending houses. All in all, a conservative funding structure coming from well diversed in funding sources. We have had 90% and 84.4% of our interest rate exposure for the next 3 and 5 years, respectively.

請轉到幻燈片 17。在過去幾個月中，Torm 利用強勁的市場來加強我們的財務狀況。與去年第一季度的業績相比，我們的淨貸款價值比從 51% 大幅下降至 26%。此外，我們已獲得 5.56 億美元的再融資和收購承諾，同時將債務期限從 2026 年延長至 2028 年，並有可能進一步延長至 2029 年。該承諾進一步確保 Torm 現有債務的息差減少 4.33 億美元。保證金減少是 65 個基點。這包括降低貸款保證金和以低於美國 LIBOR 的利率將 SOFR 定價的新貸款。再融資凸顯了我們與歐洲航運銀行的強勢地位，以及我們與亞洲貸款機構的牢固關係。總而言之，來自多元化資金來源的保守資金結構。未來 3 年和 5 年的利率風險敞口分別為 90% 和 84.4%。

Our 5-year interest rate exposure was hedged at 1.47% plus margin, either by interest rate swaps or by fixed rate agreements. On the cash side, we have also seen significant improvements during the past year.

我們的 5 年期利率風險通過利率掉期或固定利率協議以 1.47% 加保證金對沖。在現金方面，我們在過去一年也看到了顯著改善。

Available liquidity increased from USD 139.6 million in the first quarter of 2022 to USD 574.6 million in the first quarter of 2023, including funding commitments related to acquisition of the marine 2 LR1s segment business. Our distribution policy where we hold back $1.8 million per vessel provide a strong liquidity buffer. Further, with the coverage already obtained, we have fixed 31% of our earning days at USD 40,721 per day for the rest of the year. With that, I will let the operator open up for questions.

可用流動資金從 2022 年第一季度的 1.396 億美元增加到 2023 年第一季度的 5.746 億美元，其中包括與收購 marine 2 LR1s 部門業務相關的資金承諾。我們保留每艘船 180 萬美元的分配政策提供了強大的流動性緩衝。此外，在已經獲得保險的情況下，我們將今年剩餘時間的 31% 的收入天數固定為每天 40,721 美元。有了這個，我會讓接線員公開提問。

At this time, if you'd like to ask a question, simply press star followed by the #1 on your telephone keypad. You may also ask a question on the webcast. Our first question will come from the line of Jon Chappell with Evercore.

此時，如果您想提問，只需按電話鍵盤上的星號，然後按#1。您也可以在網絡廣播中提問。我們的第一個問題將來自 Evercore 的 Jon Chappell。

Jacob, I want to start with the market one. Just a little bit of clarification, but also a little bit of recency. I thought it was interesting that you said the 7% of ton-mile benefit that you foresaw let's call it, 12 to 15 months ago from what's going on in Europe. You had 6% of that already. But then you'd also laid out another 3% from kind of refinery dislocation, et cetera.

雅各布，我想從市場開始。只是一點點澄清，但也有點近因。我認為有趣的是，您說 12 到 15 個月前歐洲正在發生的事情讓我們稱其為 7% 的噸英里收益。你已經擁有了其中的 6%。但隨後你還會從某種煉油廠錯位等方面佈局另外 3%。

So when we put it all together, the 10%, I guess, aggregate ton-mile benefit, you think you're already 60% of the way there. Is that an accurate assessment if we add it all together? And then the second part of that is, given some of the recent volatility, maybe to the downside, can you explain some of maybe the seasonality or some of the other issues that you think have caused a little bit of downward volatility of late.

因此，當我們將所有內容放在一起時，我猜這 10% 的總噸英里收益，您認為您已經完成了 60%。如果我們把它們加在一起，這是一個準確的評估嗎？然後第二部分是，考慮到最近的一些波動，可能是不利的，你能否解釋一些季節性因素或你認為導致近期下行波動的一些其他問題。

Yes, absolutely. So the way we think about this, clearly, the sanctions are working the way that they intended to. So oil is flowing as crude out of Russia. And you're seeing that Europe is replenishing on the refined product side with products from further away. What we have not seen so far is that the volumes that we are experiencing are lower than what they were on average last year at this stage because there's been some stockpiling taking place towards the end of last year.

是的，一點沒錯。所以我們考慮這個問題的方式，很明顯，制裁正在按照他們預期的方式發揮作用。所以石油正以原油的形式流出俄羅斯。你會看到歐洲正在從更遠的地方補充精煉產品。到目前為止，我們還沒有看到的是，我們目前的銷量低於去年現階段的平均水平，因為去年年底發生了一些庫存。

So the differentiator here is that actually the sort of the trade recalibration, we say it's 6% so far, but there's more to come. And that more to come stems from a normalization in the import levels. So that is what it hinges is a volume game that is a little different.

所以這裡的區別實際上是貿易重新校準的類型，我們說到目前為止是 6%，但還有更多。而這更多源於進口水平的正常化。所以這就是它的關鍵是一個有點不同的體積遊戲。

So actually, the fact that we called 7%, that was based on those volumes. We are not seeing exactly 7% yet, only 6% because of volumes being down, but transportation distances being slightly higher. So we think it's (inaudible), but it's, of course, hinting on that you would see that imports into EU would grow from where they are now.

所以實際上，我們稱之為 7% 的事實是基於這些數量。我們還沒有看到確切的 7%，只有 6%，因為銷量下降，但運輸距離略長。所以我們認為它是（聽不清），但它當然暗示你會看到歐盟的進口將從現在的位置增長。

So that's number one. Number two, to some of the recent weakness, which is primarily seen from our perspective, actually a European MR or Atlantic MR game. Much of that has to do with what we don't have so much insight into, which is the Russian refinery sector being closed down for maintenance.

所以這是第一。第二，對於最近的一些弱點，這主要是從我們的角度來看，實際上是歐洲 MR 或大西洋 MR 遊戲。這在很大程度上與我們沒有太多洞察力的事情有關，即俄羅斯煉油廠部門因維修而關閉。

I think that is the one key component into, I would say, understanding the seasonality of the rate environment for MRs in the Atlantic that currently, some of the vessels that would be engaged in export out of Russian refiners. They are now reentering so to say, the market that we've been operating in and many of our peers all along, which is non-Russian trades.

我認為這是了解大西洋 MR 費率環境季節性的一個關鍵組成部分，目前，一些將從事俄羅斯煉油廠出口的船隻。可以說，他們現在正在重新進入我們一直經營的市場以及我們的許多同行，即非俄羅斯貿易。

Our opinion is that Russia will not necessarily come back to exactly where they were on their exports but close to. And at that point, that will take tonnage up and the efficiency in our market will in that sense, go down, leading to a higher freight rate environment.

我們的觀點是，俄羅斯不一定會回到他們出口的確切水平，但接近。到那時，這將增加噸位，從這個意義上講，我們市場的效率將下降，從而導致更高的運費環境。

I'm not seeing big signs of change currently in the 8 years. It is, of course, on a day-to-day, it's quite sensitive, but I don't think that's a good indicator of what is taking place. We saw that MR rates, for instance, in were, let's say, in the low to mid-20s yesterday and today, they're in the low to mid-30s. But is that a sign of that there's any dramatic change in the underlying freight, not really. It's just that there's a little more cargoes coming in the market and then immediately freight rates react. And I think we will see a lot of that that intraday almost ends today or is intraweek, rates will be quite volatile.

在這 8 年裡，我目前沒有看到重大變化的跡象。當然，在日常工作中，它非常敏感，但我認為這不是正在發生的事情的良好指標。例如，我們看到 MR 率在昨天和今天處於 20 多歲的低至中期，它們處於 30 多歲的低至中期。但這是否表明基礎運費發生了任何顯著變化，並非如此。只是市場上有更多的貨物進入市場，然後運價立即做出反應。而且我認為我們會看到很多盤中今天幾乎結束或在周內，利率將非常波動。

That's a very good perspective. My second question, I think the strategy has been very clear over the last couple of years or so. You've been selling quite well. You've been adding to the fleet, getting good returns on new tonnage, the refinancing of the balance sheet, the dividend policy. There's a little confusion this morning, I think, around your numbers because of that FFA exposure. I'm just wondering why. There's 88 ships, you have a lot of exposure to the market already. Why are you getting involved in FFAs? And when does that kind of unwind fully...

這是一個非常好的觀點。我的第二個問題，我認為過去幾年左右的戰略非常明確。你賣得很好。你一直在增加船隊，獲得新噸位的良好回報，資產負債表的再融資，股息政策。我認為，由於 FFA 曝光，今天早上你的數字有點混亂。我只是想知道為什麼。有 88 艘船，你已經對市場有很多接觸。你為什麼要參與 FFA？什麼時候才能完全放鬆……

So I can answer that. We already laid out in the last reporting that we are using FSA as a tool to hedge the forward when we see that there is value in it. So what we did was that we took the rolling 12 months. I think on LR1, it was around 45 on MRs around 40. And we use the FFA as an instrument to hedge part of it.

所以我可以回答。我們已經在上一份報告中指出，當我們看到 FSA 有價值時，我們正在使用 FSA 作為對沖遠期的工具。所以我們所做的是我們花了 12 個月的時間。我認為在 LR1 上，它在 40 左右的 MR 上大約是 45。我們使用 FFA 作為一種工具來對沖它的一部分。

Now on an intraday basis, again, the mark-to-market of that could be lower, it could be higher. Now on the day of issuance is $15 million unrealized loss. If we did it again today, it's positive around $20 million positive.

現在，在盤中，按市值計價的價格可能會更低，也可能會更高。現在在發行當天是 1500 萬美元的未實現虧損。如果我們今天再做一次，它就會產生大約 2000 萬美元的收益。

So that's a swing of that we have on paper created EUR 35 million. But we don't look at it that way. This is just -- it's actually a head instrument, but it's being mark-to-market in our accounting. We will continue to realize this way when we see that as value. But I cannot have a avoid that there will be a -- on the day that we are reporting, we will have these mark-to-market -- and we are very cool around that, to be honest. We think we're doing the right thing.

所以這是我們在紙面上創造的 3500 萬歐元的波動。但我們不這樣看。這只是 - 它實際上是一種主要工具，但它在我們的會計中按市值計算。當我們將其視為價值時，我們將繼續以這種方式實現。但我無法避免 - 在我們報告的那一天，我們將有這些按市值計算 - 老實說，我們對此非常冷靜。我們認為我們在做正確的事。

That's very helpful. Thanks for all the perspective Jacob...

這很有幫助。感謝雅各布的所有觀點...

(Operator Instructions). We have no further audio questions at this time. Andreas, I'll hand the call back to you...

（操作員說明）。我們目前沒有進一步的音頻問題。安德烈亞斯，我會把電話轉給你...

Thank you. We have no further questions now. So this concludes the earnings conference call regarding the results for the first quarter of 2023. Thank you for participating.

謝謝。我們現在沒有其他問題了。關於 2023 年第一季度業績的收益電話會議到此結束。感謝您的參與。

Ladies and gentlemen, that does conclude today's meeting. Thank you all for joining. You may now disconnect.

女士們，先生們，今天的會議到此結束。謝謝大家的加入。您現在可以斷開連接。