Torm PLC (TRMD) 2023 Q3 法說會逐字稿

Thank you for standing by. My name is Dana Ken and I'll be your conference operator today. At this time, I would like to welcome everyone to the TORM plc 9 Months and Third Quarter 2023 Results Conference Call. (Operator Instructions)

謝謝你的支持。我叫達納‧肯 (Dana Ken)，今天我將擔任您的會議操作員。此時，我謹歡迎大家參加 TORM plc 9 個月和 2023 年第三季業績電話會議。 （操作員說明）

I would now like to turn the call over to Andreas Abildgaard-Hein. Please go ahead.

我現在想將電話轉給 Andreas Abildgaard-Hein。請繼續。

Welcome to TORM's conference call. We are pleased to have you with us. Today, we will present the results for the third quarter and first 9 months of 2023. We will refer to the page numbers during the presentation. During the call, you can ask questions via the webcast, which we will address at the end of the conference. If you are joining via phone conference, you can ask live questions at the end. After this conference call, you will be able to listen to a recording. And as usual, you can find our presentation and other relevant data on our website.

歡迎參加 TORM 的電話會議。我們很高興您能和我們在一起。今天，我們將展示 2023 年第三季和前 9 個月的業績。我們將在演示過程中參考頁碼。在通話期間，您可以透過網路廣播提出問題，我們將在會議結束時解決這些問題。如果您透過電話會議加入，您可以在最後提出即時問題。電話會議結束後，您將能夠收聽錄音。像往常一樣，您可以在我們的網站上找到我們的簡報和其他相關數據。

Please turn to Slide 2. Before we start presenting the results, I would like to draw your attention to our safe harbor statement.

請參閱投影片 2。在我們開始展示結果之前，我想提請您注意我們的安全港聲明。

Please turn to Slide 3. Today's presenters are, as usual, Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle.

請參閱幻燈片 3。像往常一樣，今天的演講者是執行董事兼首席執行官 Jacob Meldgaard；和財務長金·貝爾。

Please turn to Slide 4. I will now hand over to Jacob.

請翻到投影片 4。我現在將會議交給 Jacob。

Well, thank you, Andreas, and good afternoon, good morning to all. Thank you for connecting with us for our third quarter 2023 results presentation. And we are pleased to present yet another quarter with healthy financial performance. Our results in the first 9 months of 2023 were historically strong despite temporary softness in the third quarter, which was related to a decline in freight rates over the summer.

嗯，謝謝你，安德烈亞斯，大家下午好，早安。感謝您與我們聯繫，以了解我們的 2023 年第三季業績示範。我們很高興再次呈現財務業績健康的季度。儘管第三季因夏季運價下降而暫時疲軟，但我們 2023 年前 9 個月的業績仍處於歷史最高水平。

We realized a TCE of USD 244 million in the third quarter and an EBITDA of USD 178 million. The decline in earnings in the third quarter is, as I mentioned, the result of a temporary drop in freight rates over the summer across all vessel types. And while the product stocks in the third quarter of last year were being replenished before the sanctioning of Russian oil. This year, we still see that stocks are being drawn down to very low levels.

第三季我們實現了 2.44 億美元的 TCE，EBITDA 為 1.78 億美元。正如我所提到的，第三季收益下降是夏季所有船舶類型運費暫時下降的結果。而去年第三季的產品庫存則在俄羅斯石油製裁之前補充。今年，我們仍然看到庫存降至非常低的水平。

If we look at our own fleet and capacity, available earning days increased 9% to 7,658 as we have grown the fleet by net 8 vessels to 86 vessels in total over the past 12 months. TORM's Board of Directors has approved a dividend of USD 1.46 per share based on our strong balance sheet corresponding to a payout ratio of 99%.

如果我們看看我們自己的船隊和運力，由於我們在過去 12 個月內將船隊淨增 8 艘，達到 86 艘，因此可用盈利天數增加了 9%，達到 7,658 天。基於我們強勁的資產負債表（相當於 99% 的派息率），TORM 董事會已批准每股 1.46 美元的股息。

The product tanker market has, in general, remained strong, but volatile here in the third quarter, and freight rates were negatively impacted by seasonal refinery maintenance and stock growth. As I'll explain later, we expect a strong ending to the year-end and a market recovery, and we have already now covered 64% of Q4 of this year at USD 38,822 per day.

成品油輪市場整體保持強勁，但第三季波動較大，運價受到煉油廠季節性維護和庫存成長的負面影響。正如我稍後將解釋的那樣，我們預計年底將有一個強勁的收官和市場復甦，我們現在已經以每天 38,822 美元的價格覆蓋了今年第四季度的 64%。

In the third quarter, we sold and delivered 1 MR vessel, which reduced the fleet to 86 vessels at the end of September. Here after the third quarter, we've been active with respect to optimizing the fleet, therefore, spend a few minutes on our recent trades.

第三季度，我們出售並交付了 1 艘 MR 船，使船隊數量在 9 月底減少到 86 艘。第三季之後，我們一直在積極優化機隊，因此，請花幾分鐘時間討論我們最近的交易。

And here, please turn to Slide 5. As mentioned, we've been active here in the first 9 months of the year, we acquired 10 vessels and divested 4 vessels in total. Now since the end of September, we have acquired 4 fuel-efficient MR vessels built in 2015 and 2016. This deal will be financed by a 50% cash consideration of USD 75 million and 50% by issuance of 2.68 million new shares based on a share price of USD 28.

這裡，請轉到幻燈片 5。如前所述，我們在今年前 9 個月一直在這方面很活躍，我們總共收購了 10 艘船並剝離了 4 艘船。自9月底以來，我們已收購了4艘2015年和2016年建造的節能型MR船舶。本次交易的資金來源為50%現金7500萬美元，50%透過發行268萬股新股融資。股價28美元。

Since the end of September, we have also acquired 8 LR2 vessels built in 2010 to 2012. This deal will be financed by a 60% cash consideration of USD 239 million and 40% by issuance of 5.5 million new shares based on a share price of USD 30.72, adjusted for the Q3 dividend of USD 1.46.

自9月底以來，我們也收購了8艘2010年至2012年建造的LR2船舶。本次交易的資金來源為60%現金2.39億美元，40%透過發行550萬股新股融資，每股價格為30.72美元，根據第三季股息1.46 美元進行調整。

Together with the 7 LR1 vessels we acquired earlier this year, we, in total, have added 15 LR vessels to our fleet, adding approximately 7% to our average [deadweight ton]. This is in line with our belief that the expected changes to the refinery landscape will support the LR market. Once again, we managed to use our shares to add vessels to the fleet.

加上我們今年稍早收購的 7 艘 LR1 船舶，我們總共為我們的船隊增加了 15 艘 LR 船舶，使我們的平均[載重噸]增加了約 7%。這符合我們的信念，即煉油廠格局的預期變化將支持 LR 市場。我們再次成功地利用我們的股份將船隻添加到船隊中。

Since the end of September, we have also divested 2 older MR vessels and 1 older LR2 vessel and now on a fully delivered basis, TORM will have a fleet of 93 vessels.

自 9 月底以來，我們還剝離了 2 艘舊 MR 船和 1 艘舊 LR2 船，現在在完全交付的基礎上，TORM 將擁有一支由 93 艘船組成的船隊。

Please turn to Slide 6. The purpose of our One TORM platform is to ensure that the fleet has the highest possible credibility. We believe that we do this best with our own integrated commercial and technical management where people, vessels and systems work together in service for all possibilities. In our view, optimal performance is obtained by setting such high-quality standards for vessels, newer or older that any customer would charter them at any time and in any geography.

請參閱投影片 6。我們 One TORM 平台的目的是確保車隊擁有盡可能高的可信度。我們相信，透過我們自己的綜合商業和技術管理，我們可以最好地做到這一點，其中人員、船舶和系統共同努力，為所有可能性提供服務。我們認為，透過為新船或舊船設定高品質標準，任何客戶都可以在任何時間、任何地理位置租用它們，以獲得最佳性能。

It's extremely important to us that customers will not deselect the TORM vessel because of quality or safety-related reasons. When this high quality is obtained, optimal vessel positioning is key. The One TORM platform is set up for predicting in which places the market are optimal for the coming period. By maximizing and optimizing the ability for our customers, we can obtain superior earnings.

對我們來說極為重要的是，客戶不會因為品質或安全相關的原因而取消選擇 TORM 船舶。當獲得這種高品質時，最佳的船舶定位是關鍵。 One TORM 平台的建立是為了預測未來一段時間內哪些地方的市場是最佳的。透過最大化和優化客戶的能力，我們可以獲得卓越的收益。

In addition, the One TORM platform also works on minimizing resource leakage by across the fleet monitoring and information sharing. We constantly look for reducing the resources we spent both for the benefit of the environment and for lowering cost. If a vessel does not run optimally, we want to know sooner rather than later. In short, we all have a common goal with no conflicts of interest and no income sharing, and the One TORM platform will continue to optimize and improve whilst driving for best-in-class return on invested capital for the benefit of our shareholders.

此外，One TORM平台還致力於透過跨車隊監控和資訊共享來最大限度地減少資源洩漏。我們不斷尋求減少資源消耗，以保護環境並降低成本。如果一艘船沒有以最佳狀態運行，我們希望儘早知道。簡而言之，我們都有一個共同的目標，沒有利益衝突，也沒有收入分享，One TORM 平台將繼續優化和改進，同時推動一流的投資回報，造福我們的股東。

Please turn to Slide 7. Taking a look at the development in the product tanker market (inaudible) Russian and Ukraine war and the introduction of sanctions against Russia, we've seen a steep change in the product tanker freight rates towards a higher average level as sanctions have led to a recalculations of freight rates towards longer businesses. This has also brought along a higher volatility level as the product tanker field has moved closer to the point of full utilization where even small changes in the underlying demand and supply are creating high volatility in freight rates.

請看幻燈片7。看看成品油輪市場的發展（聽不清楚）俄羅斯和烏克蘭戰爭以及對俄羅斯的製裁，我們看到成品油輪運價急劇變化，走向更高的平均水平因為制裁導致針對時間較長的企業重新計算運費。這也帶來了更高的波動水平，因為成品油輪領域已接近充分利用的程度，即使潛在需求和供應的微小變化也會導致運費的大幅波動。

In recent weeks, another devastating geopolitical conflict in the Middle East has shaken the world. So far, the impact on the product tanker market has been marginal and more indirect via the oil price volatility, but a potential escalation of the Israel and Hamas conflict to a broader region could have a more significant impact.

最近幾週，中東又一場毀滅性的地緣政治衝突震驚了全世界。到目前為止，油價波動對成品油輪市場的影響很小，而且更為間接，但以色列和哈馬斯衝突可能升級到更廣泛的地區，可能會產生更重大的影響。

On top of the geopolitical factors there are, of course, also other drivers that have affected the market, such as refinery maintenance and temporary export ban in Russia, just to mention a few. The impact of this has nevertheless been smaller and up temporary in nature. Although some other factors that have supported the market such as delays and restrictions on the number of transits at the Panama Canal, will stay in place for at least another 3, 4 months, continuing to reshape the trade flows.

當然，除了地緣政治因素之外，還有其他影響市場的因素，例如煉油廠維護和俄羅斯臨時出口禁令等。然而，這種影響較小，而且本質上是暫時的。儘管其他一些支撐市場的因素，例如巴拿馬運河的延誤和過境次數限制，將至少再持續 3,4 個月，繼續重塑貿易流向。

Please turn to Slide 8. Let us take a closer look at the sanctions against Russia, which have been the main market driver for more than 1.5 year now. Since the EU introduced sanctions against Russian oil products, the ton-mile associated with EU imports have increased by 41% as the EU now predominantly imports from longer-haul regions. And this is in spite of the fact that EU imports have been 10% lower, driven by weaker macroeconomic situation and recently also on relatively mild temperatures.

請參閱幻燈片 8。讓我們仔細看看對俄羅斯的製裁，1.5 年多來，制裁一直是市場的主要推動力。自歐盟對俄羅斯石油產品實施制裁以來，與歐盟進口相關的噸英里增加了 41%，因為歐盟現在主要從長途地區進口。儘管受宏觀經濟形勢疲軟以及近期氣溫相對溫和的影響，歐盟進口量下降了 10%。

Similarly, Russia has been successful in redirecting its clean products to markets in North and West Africa, Turkey, Brazil, Middle East and Asia and thereby, utilizing a larger part of the global product and thus impacting ton-mile demand.

同樣，俄羅斯成功地將其清潔產品轉移到北非和西非、土耳其、巴西、中東和亞洲市場，從而利用了全球產品的大部分，從而影響了噸英里需求。

Please turn to the next slide. Please turn to Slide 9. I already mentioned that EU imports after the introduction of sanctions have been lower than usual, and partly, it has also been a result of the stock building ahead of the sanctions, which meant that a portion of demand was supplied by stockpiles instead of imports.

請翻到下一張投影片。請看幻燈片9。我已經提到製裁實施後歐盟的進口量低於平時，部分原因也是製裁前庫存增加的結果，這意味著部分需求得到了滿足通過庫存而不是進口。

After months of stock growing, Northwest Europe is entering the first winter season without Russian supplies, with diesel stockpiles close to 14-year lows. The need to replenish stocks, not leased for energy security purposes will likely give tailwind to the product tanker market demand over the coming months.

經過幾個月的庫存成長，西北歐即將進入第一個沒有俄羅斯供應的冬季，柴油庫存接近 14 年來的最低點。補充庫存的需要，而不是出於能源安全目的而租賃的庫存，可能會在未來幾個月內推動成品油輪市場需求。

On the other hand, the product exports from the Middle East and India have been recently limited by maintenance at some of the key exporting refineries, which is expected to have peaked in October. The current rate level even without these refineries illustrates the fundamental strength of the product tanker market.

另一方面，中東和印度的產品出口近期因一些主要出口煉油廠的維修而受到限制，預計10月將達到高峰。即使沒有這些煉油廠，目前的費率水準也說明了成品油輪市場的基本實力。

What is also important to mention here is that we have seen a number of new refineries coming online in the Middle East this year. However, because of several start-up issues, the incremental production from these new refineries has been limited. This means that the full impact of the new refining capacity on the product tanker market will first be seen in the coming months when these refiners reach their full utilization and full export potential.

這裡也值得一提的是，今年我們在中東看到了許多新的煉油廠上線。然而，由於一些啟動問題，這些新煉油廠的增量產量受到限制。這意味著新煉油能力對成品油輪市場的全面影響將在未來幾個月內首次顯現，屆時這些煉油廠將充分利用並充分發揮出口潛力。

Kindly turn to Slide 10. The new refining capacity coming online in the Middle East has been one part of the refinery dislocation story. The other part is refinery closures that we have seen in the recent years, mostly taking place in net-importing regions. As an example of the impact of the refinery closures, we have seen -- a good example here is Australia and New Zealand, where recent refinery closures have led to a 60% increase in the region's clean oil product imports. What makes it more important is that imports to Australia and New Zealand are traveling 20% longer distances than what is global average, and vessels are returning to exporting regions entry. That means there is no triangulation possibilities. Hence, the region's increased need for imports is an important contributor to higher ton-mile demand for product tankers.

請參閱投影片 10。中東上線的新煉油產能是煉油廠混亂故事的一部分。另一部分是近年來我們看到的煉油廠關閉，主要發生在淨進口地區。作為煉油廠關閉影響的一個例子，我們看到澳洲和紐西蘭就是一個很好的例子，最近煉油廠的關閉導致該地區的清潔油產品進口量增加了 60%。更重要的是，澳洲和紐西蘭的進口運輸距離比全球平均長 20%，而且船隻正在返回出口地區。這意味著不存在三角測量的可能性。因此，該地區進口需求的增加是成品油輪噸英里需求增加的重要因素。

Please turn to Slide 11. Yes, when we look -- we will look at the supply side drivers. And after years of subdued new building activity, the product tanker ordering in shipyards have peaked up this year, and currently, the order book stands at 11% of the fleet. This is almost double the order book-to-fleet ratio from end of last year. However, what is important to mention here is that the current order book is spread across 3.5 years, translating into a 3% growth rate on an annualized basis.

請翻到投影片 11。是的，當我們看時，我們將看供給側驅動因素。經過多年的新造船活動低迷後，造船廠的成品油輪訂單今年已達到頂峰，目前訂單量佔船隊的 11%。這幾乎是去年年底訂單與船隊比率的兩倍。然而，這裡值得一提的是，目前的訂單簿分佈在 3.5 年期間，即年化成長率為 3%。

In fact, for the coming calendar year 2024, we expect fee growth at below 1%, which compares with an average growth of 4% per year for the past 10 years. Furthermore, if we compare the order book for product tankers with a share of fleet at above 20 years old, we see that the fleet growth will be relatively balanced and the 18 product tanker fleet means that the net fleet growth could even turn negative in the second half of this decade.

事實上，對於即將到來的 2024 年，我們預計費用成長率將低於 1%，而過去 10 年的平均每年成長率為 4%。此外，如果將成品油輪訂單量與20年以上船隊比例進行比較，我們發現船隊增長將相對均衡，18艘成品油輪意味著20年船隊淨增長甚至可能出現負增長。這十年的後半段。

Another aspect important to mention is that the recent pickup in the new building activity has largely concentrating around LR2 segment. But given the versatility of the LR2 fleet, we can straight both clean and dirty products, the LR2 order book should be seen in connection with the dirty Aframax order book. The combined order book is currently at 7%, which compares with 12% of the combined fleet being candidates for recycling.

值得一提的另一個重要面向是，近期新建築活動的回升主要集中在 LR2 領域。但考慮到 LR2 船隊的多功能性，我們可以直接區分清潔產品和髒產品，LR2 訂單簿應該與髒阿芙拉型訂單簿連結起來。目前，合併訂單量為 7%，而合併機隊中有 12% 可供回收。

Slide 12, please. To conclude my remarks here on the product tanker market, we expect the main demand and supply drivers on the product tanker market to continue to be supportive. The trade recalibration effect that has led to a step change towards higher freight rates as according to our calculations, added 7 percentage points to the ton-mile since end of 2021, even with weaker EU imports and without the new refining capacity in the Middle East having reached full utilization. Trade recalibration has been accompanied by other drivers, such as demand growth and refinery dislocation, which has added 3 to 4 percentage points to the ton-mile over the past 7 quarters.

請投影片 12。結束我對成品油輪市場的評論，我們預計成品油輪市場的主要需求和供應驅動因素將繼續提供支援。根據我們的計算，貿易調整效應導致運費逐步上漲，自 2021 年底以來，即使在歐盟進口疲軟且中東沒有新煉油產能的情況下，噸英里也增加了 7 個百分點已達到充分利用。貿易重新調整伴隨著其他驅動因素，例如需求成長和煉油廠混亂，在過去 7 個季度中，噸英里增加了 3 至 4 個百分點。

At the same time, net fleet growth has been limited to 2% per year, leading to the very positive demand-supply growth balance we have experienced. With sanctions, again, Russia expected to remain in place, coupled with low net fleet growth, we do expect the market balance next year to stay positive.

同時，機隊每年淨成長被限制在 2%，從而實現了我們所經歷的非常積極的供需成長平衡。由於俄羅斯的製裁預計將繼續存在，加上船隊淨增長較低，我們預計明年的市場平衡將保持正值。

Now, I will hand it over to my colleague, Kim.

現在，我將把它交給我的同事 Kim。

Thank you, Jacob. Please turn to Slide 13. Our earnings development during the third quarter of 2023 once again showed a strong performance, and for the first 9 months of 2023 was the strongest in TORM's history. TCE was USD 244 million in the third quarter, impacted by temporary lower freight rates over the summer, while the third quarter last year was exceptionally strong due to the stock building prior to the implementation of Russian sanctions. This year, we have had strong quarter despite stock draws.

謝謝你，雅各。請參閱投影片 13。我們在 2023 年第三季的獲利發展再次表現出強勁的表現，2023 年前 9 個月是 TORM 史上最強勁的。受夏季運費暫時下降的影響，第三季的 TCE 為 2.44 億美元，而去年第三季因俄羅斯制裁實施前庫存增加而異常強勁。今年，儘管庫存減少，但我們的季度表現依然強勁。

Our EBITDA for the third quarter was USD 178 million and included unrealized losses on FFA agreements of minus USD 8.4 million. After adjusting for this, our adjusted EBITDA was USD 187 million. And over the 4 past quarters, we have achieved a total EBITDA of USD 881 million.

我們第三季的 EBITDA 為 1.78 億美元，其中包括負 840 萬美元的 FFA 協議未實現損失。對此進行調整後，我們調整後的 EBITDA 為 1.87 億美元。在過去的 4 個季度中，我們的 EBITDA 總額為 8.81 億美元。

During the fourth quarter, TORM has declared dividends of a total of USD 583 million, including the dividend announced earlier today while also reducing our leverage and increasing the fleet from 78 to 86 vessels as Jacob alluded to.

在第四季度，TORM 宣布派發總計5.83 億美元的股息，包括今天早些時候宣布的股息，同時還降低了我們的槓桿率，並將船隊從78 艘船增加到86 艘船，正如Jacob 提到的那樣。

Please turn to Slide 14. If we dive into the details of our TCE rates, the average rate for MR in the third quarter was $32,632 per day, for LR1s $32,641 per day, and for LR2s $35,054 per day. The average across the fleet rate was USD 33,010 per day. Based on our rates and coverage for as of 6 November 2023, we have fixed a total of 64% of our earning days at $38,822 per day in the fourth quarter across the fleet. With a high coverage for Q4 and the average rate significantly higher than the Q3. Average across vessel classes, we expect an increase in rates in the fourth quarter compared to the third quarter.

請參閱幻燈片 14。如果我們深入了解 TCE 費率的詳細信息，第三季度 MR 的平均費率為每天 32,632 美元，LR1 的平均費率為每天 32,641 美元，LR2 的平均費率為每天 35,054 美元。整個機隊的平均費用為每天 33,010 美元。根據截至 2023 年 11 月 6 日的費率和覆蓋範圍，我們將第四季度整個機隊總共 64% 的獲利天數固定為每天 38,822 美元。第四季覆蓋率較高，平均覆蓋率明顯高於第三季。就不同船舶類別而言，我們預計第四季的平均運價將較第三季有所上升。

Part of the mentioned coverage has been made with FFA contracts. And during the third quarter, TORM entered into 2 TDR contracts of 24 months each with rates of $43,000 per day. In the third quarter, we had 7,658 earning days, and we expect to have 7,495 earning days in the fourth quarter, based on a full effect of the vessels sold during the third quarter and taking into account that TORM Ismini, TORM Estrid, TORM Kansas, TORM Thyra, and TORM Marina was sold and are expected to be delivered to the new owners in the fourth quarter. And that our 4 MR vessels and 8 LR2 vessels were acquired and are expected to be delivered in the fourth quarter this year and the first quarter of next year.

上述保險範圍的一部分是透過 FFA 合約進行的。第三季度，TORM 簽訂了兩份 TDR 合同，每份合約為期 24 個月，費率為每天 43,000 美元。第三季度，我們有 7,658 個獲利天數，我們預計第四季度將有 7,495 個獲利天數，這是基於第三季出售船舶的全部影響，並考慮到 TORM Ismini、TORM Estrid、TORM Kansas 、TORM Thyra 和TORM Marina 已出售，預計將於第四季度交付給新業主。我們已採購4艘MR船和8艘LR2船，預計今年第四季和明年第一季交貨。

Please turn to Slide 15. As Jacob mentioned, we continue to evaluate our opportunities for fleet expansion and renewal. Thus, we have acquired and taken delivery of a total of 10 secondhand vessels in the first 9 months of this year, just as we have sold 2 vessels, excluding the recent published transactions. This means that as of 30 September 2023, the value of the 86 vessels that we have in our fleet -- in our fleet reached USD 3.055 billion, which is an increase of USD 421 million since the same time in 2022.

請參閱投影片 15。正如 Jacob 所提到的，我們將繼續評估機隊擴張和更新的機會。因此，今年前 9 個月，我們總共收購並交付了 10 艘二手船，正如我們出售了 2 艘二手船一樣，不包括最近公佈的交易。這意味著截至2023年9月30日，我們船隊中86艘船舶的價值達到30.55億美元，比2022年同期增加了4.21億美元。

The vessel value increase resulted in a net asset value of USD 2.5 billion at the end of June -- at the end of the quarter, which is USD 444 million higher than the same time last year. Over the past 12 months, we have used the strong markets to strengthen our financial position while at the same time, paying out a total of USD 583 million, equivalent to 84% of the net profit generated in the same period.

船舶價值的增加導致截至 6 月底的季度末資產淨值達到 25 億美元，比去年同期增加了 4.44 億美元。在過去的12個月裡，我們利用強勁的市場來增強我們的財務狀況，同時總共支付了5.83億美元，相當於同期淨利潤的84%。

Please turn to Slide 16. A couple of years back, we set our targets for important sustainability KPIs with respect to safety, diversity and climate. Taking a view of the status, TORM reached a level of 0.26 accidents per 1 million working hours and while we always strive for 0 accidents, the level is below our 2030 target. With respect to women and leadership positions, onshore, TORM has been on a stable level for a number of years. Despite that TORM has large diversity within nationality, et cetera, TORM will close even further on gender diversity and leadership to meet the 2030 target of 35% of women in leadership in 2030.

請參閱投影片 16。幾年前，我們為安全、多樣性和氣候方面的重要永續發展 KPI 設定了目標。從現狀來看，TORM 達到了每 100 萬工時 0.26 起事故的水平，雖然我們一直努力實現零事故，但該水平低於我們 2030 年的目標。在境內女性和領導職位方面，TORM 多年來一直保持穩定水平。儘管 TORM 在國籍等方面具有很大的多樣性，TORM 將進一步關注性別多樣性和領導力，以實現 2030 年領導層中女性比例達到 35% 的 2030 年目標。

In 2022, we also set our target to meet IMOs 2030 target already in 2025. In our most recent update, we have almost reached the target with a reduction of 39%. The One TORM platform will continue its efforts to be ahead of the curve.

2022 年，我們也設定了在 2025 年實現 IMO 2030 年目標的目標。在最近的更新中，我們幾乎已經達到了目標，減少了 39%。 One TORM 平台將繼續努力保持領先地位。

Please turn to Slide 17. Summing up, our results in the first 9 months of 2023 were historically strong with Q3. That was also strong despite drawing on product stock price. The results reflected a continued strong product tanker market, our good performance and with the just published largest driven fleet in TORM's history of 93 vessels on a fully delivered basis.

請參閱投影片 17。總而言之，我們在 2023 年前 9 個月的第三季業績處於歷史最高水平。儘管利用了產品股價，但這一表現也很強勁。結果反映了持續強勁的成品油輪市場、我們良好的業績以及剛剛公佈的 TORM 歷史上最大的驅動船隊，共有 93 艘船舶完全交付。

Market fundamentals and dynamics are pointing towards a strong fourth quarter which is also evidenced by our coverage for the fourth quarter of 63% at USD 38,822 per day. We are pleased that strong earnings and balance sheet has allowed for another high quarterly dividend payout this quarter of $1.46 per share and $7.01 per share over the past 4 quarters.

市場基本面和動態表明第四季度將表現強勁，我們第四季度的覆蓋率為 63%（每天 38,822 美元）也證明了這一點。我們很高興看到強勁的獲利和資產負債表使得本季再次派發高額股息，分別為每股 1.46 美元和過去 4 個季度的每股 7.01 美元。

All in all, our delivered results confirmed that TORM's operating model consistently performed strongly also compared to peers, resulting in a superior return on invested capital and a high dividend payout. We attribute this to our One TORM platform and our dedicated TORM employees.

總而言之，我們交付的結果證實，與同業相比，TORM 的營運模式始終表現強勁，從而實現了卓越的投資資本回報和高股息支付。我們將此歸功於我們的 One TORM 平台和我們敬業的 TORM 員工。

With that, we will let the operator open for questions.

這樣，我們就可以讓操作員提問。

(Operator Instructions) Your first question comes from the line of Jon Chappell with Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Jon Chappell。

Jacob, I want to start with Slide 9 because I think it's probably the most important part for the next few months at least. We've been noticing the same from an inventory drawdown perspective. And I think maybe some people forget the Russian sanctions didn't kick in until February 5 of this year, which means that you've had exposure to Russian diesel all through last winter and took advantage of that, as you noted. When do you think you start to see maybe a little bit more sense of urgency as it relates to preparing for the winter, warm winter last year, maybe that can't be repeated this year, inventories of 14-year lows. Have you started to already see a pickup as the refineries have come back? Or do you think in a couple more weeks with maybe 1 cold blaster weather, there's a bit more of an urgency and even a greater pickup in the momentum of rates?

Jacob，我想從幻燈片 9 開始，因為我認為它可能是接下來幾個月至少最重要的部分。從庫存縮減的角度來看，我們也注意到了同樣的情況。我想也許有些人忘記了俄羅斯的製裁直到今年 2 月 5 日才開始生效，這意味著你在去年冬天一直接觸俄羅斯柴油，並利用了這一點，正如你所指出的。你認為你什麼時候開始看到可能有點緊迫感，因為這涉及到為冬天做準備，去年暖冬，今年可能不會重演，庫存創14年低點。隨著煉油廠的恢復，您是否已經開始看到回升的跡象？或者您認為在接下來的幾週內，可能會出現一場寒冷的天氣，利率的勢頭會更加緊迫，甚至會出現更大的回升？

I'm Jacob here. So no, I actually don't think that we have started to see anything noticeable about creating or having the sensibility. I think we, as a company, believe that it is -- that it would be right thing from sort of energy security and just the fact that you really, I think, as a society, don't want too many bottlenecks.

我是這裡的雅各。所以不，我實際上不認為我們已經開始看到任何關於創造或擁有情感的值得注意的事情。我認為，作為一家公司，我們相信，從某種能源安全角度來看，這將是正確的事情，而且我認為，作為一個社會，您真的不希望出現太多瓶頸。

So in that sense, I'm a little surprised that we are not seeing any sort of general trend and that people are starting to stock draw. Because, of course, the lead time of any further draws, the lead time to fill up is different this year than what you could expect last year, just simply from a logistical point of view.

因此，從這個意義上說，我有點驚訝的是，我們沒有看到任何整體趨勢，而且人們開始減少庫存。當然，因為從後勤的角度來看，今年任何進一步抽獎的準備時間、填滿的準備時間都與去年的預期不同。

So -- but I don't think we've seen it yet. It's going to be very, very interesting to follow over the next couple of weeks and months. Middle East refiners are coming back from maintenance as we speak. So I would expect it to actually translate into further volumes of especially diesel coming from Middle East into Europe over the coming weeks and months. But we have not seen it yet.

所以——但我認為我們還沒有看到它。在接下來的幾週和幾個月裡，這將是非常非常有趣的事情。就在我們說話的時候，中東煉油廠正在從維修中恢復過來。因此，我預計它實際上會在未來幾週和幾個月內轉化為更多數量的柴油，尤其是從中東進入歐洲的柴油。但我們還沒有看到它。

Okay. That's good to understand. And also the reaching out proactively and the time to get it there also means that once it starts, it sounds like the momentum would be pretty strong. Just from a corporate perspective, seeing these vessel sales of the 20-year-old ships makes complete sense, even the MR purchase makes sense. But as far as the LR2s, 2010 to 2012 ships, those are be 13, 14 years next year. Can you just help us understand the thought process behind maybe buying still some older tonnage? And as you mentioned in your One TORM strategy, the willingness of charters is to continue to used ships that are at 15 years or older.

好的。這很好理解。而且主動伸出援手和實現目標的時間也意味著一旦開始，聽起來勢頭會非常強勁。僅從企業角度來看，看到這些20年船齡船舶的銷售是完全合理的，甚至購買MR也是有意義的。但就 LR2 而言，2010 年至 2012 年的船舶，明年就已經有 13、14 年了。您能否幫助我們了解購買一些舊噸位背後的思考過程？正如您在 One TORM 策略中提到的，包租的意願是繼續使用船齡 15 年或以上的船舶。

So what we are experiencing? Is that especially for the larger vessels that, that asset class in general have a longer production life because you can switch between clean and crude as the vessels group full age. So we are very comfortable with the assets that we have acquired, will actually be meaningful contributing to the platform for a considerable number of years and do not see for this particular asset at 15-year as a particular interesting point for these assets.

那我們正在經歷什麼呢？特別是對於大型船舶來說，該資產類別通常具有更長的生產壽命，因為當船舶組達到滿齡時，您可以在清潔和原油之間切換。因此，我們對所收購的資產感到非常滿意，它們實際上將在相當長的時間內為平台做出有意義的貢獻，並且不認為15 年後的這一特定資產是這些資產的特別有趣的點。

Our next question comes from Bendik Nyttingnes from Clarkson Securities.

我們的下一個問題來自克拉克森證券公司的 Bendik Nyttingnes。

I just wanted to touch on contract coverage. You entered into a couple of 2-year time charters for your LR2s. How are you thinking around the balance between cost exposure and time charters going forward? And is there sort of a structure you would like on those time charters to be confident in entering them?

我只想談談合約範圍。您為 LR2 簽訂了幾份為期 2 年的期租合約。您如何考慮未來成本風險和期租之間的平衡？您是否希望這些期租合約有某種結構，以便有信心簽訂這些合約？

Yes, Bendik. Jacob here. Well, I think that it's going to be really up to how we see the market when we struck the deal for a couple of charters out these are assets where we think that the rates we obtained are meaningful for that period when we compare to our thinking about what we would get in the spot. So it felt like the right thing to do for -- in this particular -- on these particular assets at the time. We don't have a particular wish for a balance between spot and period we believe in the market, but cost, when and if there are opportunities like the one that you mentioned here, then we will be constructive to look at that one of the vessels that we have acquired have a similar term contract attached.

是的，本迪克。雅各在這裡。好吧，我認為這實際上取決於我們如何看待市場，當我們達成幾項租船協議時，這些資產是我們認為與我們的想法相比，我們獲得的利率在那段時期是有意義的。關於我們在現場會得到什麼。因此，在當時，特別是在這些特定資產上，感覺這是正確的做法。我們並沒有特別希望在現貨和期限之間取得平衡，我們相信市場，但成本，當並且如果存在像您在這裡提到的那樣的機會時，那麼我們將建設性地考慮其中之一我們購買的船隻都附有類似的期限合約。

So we'll have -- and even we'll have 3, which are very much in line and similar. So I think it will depend on how the market evolves. When and if term rates are sufficiently high we can look at locking them. But at the same time, we don't see any constraints on keeping our vessel spot.

所以我們會有——甚至我們會有 3 個，它們非常一致且相似。所以我認為這將取決於市場如何發展。當期限利率足夠高時，我​​們可以考慮鎖定它們。但同時，我們認為保持船舶停泊位置沒有任何限制。

Okay. Perfect. And if I could just have one more question. With regards to fleet renewal and expansion, do you have any targets you're working towards with regards to average fleet age or total fleet sites?

好的。完美的。我還能再問一個問題嗎？關於機隊更新和擴張，您是否有關於平均機隊年齡或機隊站點總數的目標？

No, we really don't want to be taking any particular view on size, I think as we mentioned, also on previous quarterly results. Our thinking is that the current size gives us the flexibility to both out of certain assets as we have also done, we've sold 7 vessels this year. And then we have the flexibility to also look at incremental acquisitions where our preference is for the cash share-based transactions as we've just done. So I think it would be rather opportunistic that you will see us uploading assets as they sort of on our platform is coming through the end of their useful life. And at the same time, we are happy to engage in dialogue on vessels transactions that are in the sort of in the sweet spot that we think, which is the structure itself being between considerable cash component versus a considerable stock component when we look at acquisitions.

不，我們真的不想對規模採取任何特定的觀點，我認為正如我們所提到的，也不想對先前的季度業績採取任何特定的觀點。我們的想法是，目前的規模使我們能夠靈活地利用某些資產，就像我們今年已經出售的 7 艘船一樣。然後，我們還可以靈活地考慮增量收購，我們優先選擇基於現金股份的交易，就像我們剛剛所做的那樣。因此，我認為您會看到我們上傳資產，因為它們在我們平台上的使用壽命即將結束，這是相當機會主義的。同時，我們很高興就船舶交易進行對話，這些交易處於我們認為的最佳位置，當我們考慮收​​購時，結構本身介於大量現金部分與大量股票部分之間。

But there's not a clear cut with the size we have. I think we have a lot of flexibility to go down or go up as the case may be with our integrated platform.

但我們的規模並沒有明確的界線。我認為我們有很大的靈活性，可以根據我們的整合平台的情況進行下降或上升。

I'm going to hand it back to Andreas. Please proceed.

我要把它還給安德烈亞斯。請繼續。

Thank you. We have a couple of questions from the webcast. One for you, Jacob. Oaktree attempted to bring down their share in TORM in March this year. Can you comment on the wish to reduce their stake in TORM and if they are somehow required to?

謝謝。我們從網路廣播中有幾個問題。給你一份，雅各。今年 3 月，橡樹資本試圖降低在 TORM 的份額。您能否評論一下他們希望減少在 TORM 中的股份以及他們是否被要求這樣做？

So I think it's a good -- it's probably a good question. I have -- in the , we have no knowledge of the intent or the strategies of our shareholders. So I think you will -- unfortunately, part of that you need to direct it to the shareholders.

所以我認為這是一個很好的問題——這可能是一個很好的問題。我——在這方面，我們不了解股東的意圖或策略。所以我認為你會 - 不幸的是，你需要將其中一部分直接交給股東。

Then we have a question for you, Kim. Can you comment on how you will finance the MR and LR2 acquisitions made recently?

那我們有一個問題要問你，金。您能否評論一下您將如何為最近收購的 MR 和 LR2 提供資金？

Yes, I will do that. Thank you for the question on the 4 MR vessels, we are financing them via one of our long-term [relationship banks] on very strong competitive terms. So we're happy about that. And regarding the LR2s, it will be -- we have full commercial support from our core banks to the deal. And we know that at least 3 of them will be financed through a bank and the others, we are considering bank financing or alternatives. But that is to be decided.

是的，我會這麼做。感謝您提出有關 4 艘 MR 船舶的問題，我們正在透過我們的長期[關係銀行]以極具競爭力的條件為它們提供融資。所以我們對此感到高興。至於 LR2，我們的核心銀行將為這筆交易提供全面的商業支援。我們知道其中至少有 3 個將透過銀行融資，其他的我們正在考慮銀行融資或替代方案。但這還有待決定。

And we have one more question on the webcast here. Can you give some color around how earmark proceeds will develop in Q4 to Q1 with respect to the divestments and acquisitions we made?

我們在網路廣播中還有一個問題。您能否詳細說明我們進行的撤資和收購中的專用收益將如何在第四季度到第一季發展？

Yes. Thank you very much. That's also a very good question. And we have written it in our Q3 report. So there's full transparency on Page 5. By the end of the third quarter, we -- on the distribution, you can see we have USD 76.5 million in earmark proceeds. And in the Note 10, we have described and when we take all these transactions into account, we will have USD 184 million in earmark proceeds. I hope that answers your question in regard to the earmark proceeds.

是的。非常感謝。這也是一個非常好的問題。我們已經將其寫入第三季報告中。因此，第 5 頁完全透明。到第三季末，我們在分配方面可以看到我們有 7,650 萬美元的專用收益。在附註 10 中，我們已經描述了，當我們考慮到所有這些交易時，我們將有 1.84 億美元的專案收益。我希望這能回答您關於專款收益的問題。

And then we just got one more question with regards to financial policy, how are you balancing dividends and leverage going forward?

然後我們又收到了一個有關金融政策的問題，您將如何平衡未來的股利和槓桿？

Yes. I can answer that. So our distribution policy is very clear, and you've seen the results of that over the last quarters, there is currently no ambition to change that. So that means that dividends would then be deriving from the operating cash flow and that once we have a certain threshold of cash on account, then we will be dividending or distributing the balance up. And on average, we are comfortable with current levels. We think we can even increase leverage a little in the current environment, but basically, you should expect more of the same.

是的。我可以回答這個問題。因此，我們的分配政策非常明確，而且您已經看到了過去幾季的結果，目前沒有改變這一點的雄心壯志。因此，這意味著股利將來自營運現金流，一旦我們的帳戶現金達到一定門檻，我們就會對餘額進行股利或分配。平均而言，我們對當前水準感到滿意。我們認為，在當前環境下，我們甚至可以稍微提高槓桿率，但基本上，你應該期待更多相同的情況。

Thank you. We have no further questions. So this concludes the earnings conference call regarding the results for the third quarter and first 9 months of 2023. Thank you for participating.

謝謝。我們沒有其他問題了。關於 2023 年第三季和前 9 個月業績的收益電話會議到此結束。感謝您的參與。

Thank you, everyone, for joining. You may now disconnect.

謝謝大家的加入。您現在可以斷開連線。