Torm PLC (TRMD) 2024 Q3 法說會逐字稿

Hello, my name is Audra, and I will be your conference operator today.

您好，我叫 Audra，今天我將擔任您的會議操作員。

At this time, I would like to welcome everyone to the TORM third quarter, 2024 results conference call.

此時，我歡迎大家參加 TORM 2024 年第三季業績電話會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Jacob Meldgaard, Chief Executive Officer.

這次，我想將會議交給執行長 Jacob Meldgaard。

Please go ahead.

請繼續。

Thank you and a warm welcome to everyone joining us on the call today.

感謝您並熱烈歡迎今天加入我們電話會議的所有人。

This morning, we released our third quarter results, and I am pleased to share that TORM has once again delivered a strong financial performance.

今天早上，我們發布了第三季業績，我很高興地告訴大家，TORM 再次實現了強勁的財務業績。

Let me start by highlighting some of the key takeaways for the quarter.

讓我先強調本季的一些關鍵要點。

Our time charter equivalent earnings rose to $263 million and EBITA amounted to $191 million.

我們的定期租船等值收益增至 2.63 億美元，EBITA 達 1.91 億美元。

Although freight rates have been lower than expected in the last part of the quarter.

儘管本季最後一部分運費低於預期。

We continue to see the market dynamics we've experienced in recent quarters driven by ongoing geopolitical tensions from both the Ukraine Russia conflict and escalating issues in the Middle East.

我們繼續看到近幾季所經歷的市場動態是由烏克蘭俄羅斯衝突和中東問題不斷升級造成的持續地緣政治緊張局勢所推動的。

These factors have resulted in vessel rerouting, longer voyages and higher ton mile demand contributing to a tight supply demand balance in the product tanker market.

這些因素導致船舶改道、航程更長和噸英里需求增加，導致成品油輪市場供需平衡緊張。

However, in the quarter, we have also seen that a significant part of the increased CPP volumes has been carried on uncoded VLCCs and Suezmaxes.

然而，在本季度，我們也看到，增加的 CPP 數量的很大一部分是由未編碼的 VLCC 和蘇伊士型油輪承載的。

And this has shifted the balance and put a temporary cap on rates.

這改變了平衡並暫時限制了利率。

Looking ahead, we believe the key fundamentals supporting a positive rate environment will remain in place.

展望未來，我們認為支持積極利率環境的關鍵基本面仍將存在。

Although we recognize that the market is very suspectable to changes in both the geopolitical scenario and potential cannibalization from cool carriers.

儘管我們認識到市場很可能受到地緣政治局勢變化和酷航母的潛在蠶食的影響。

As mentioned by us here back in August, we acquired eight second-hand MR vessels for $340 million in a partner share-based transaction.

正如我們在 8 月所提到的，我們透過合作夥伴股權交易以 3.4 億美元的價格收購了 8 艘二手 MR 船舶。

These vessels built at Hyundai Mipo Dockyard between 2014 and 2015, are part of our ongoing program to replenish our fleet.

這些船舶於 2014 年至 2015 年間在現代尾浦造船廠建造，是我們正在進行的船隊補充計畫的一部分。

And so far, we have taken delivery of six of the vessels are expected to take over the remaining two before the end of the year.

到目前為止，我們已經接收了其中六艘船，預計在今年年底前接收剩下的兩艘船。

With this rally, we believe TORM is set to continue to create significant value for our shareholders.

透過這次反彈，我們相信 TORM 將繼續為我們的股東創造巨大價值。

Also in the years ahead.

也是在未來的幾年。

It's been a profitable quarter and in line with our policy of distributing excess cash flow after debt repayment, TORM has declared a dividend of $120 per share for the quarter adding to the strong dividend flow scheme in recent periods.

這是一個盈利的季度，根據我們在償還債務後分配多餘現金流的政策，TORM 宣布本季度派發每股 120 美元的股息，增加了近期強勁的股息流計劃。

Now please turn to slide 4.

現在請翻到幻燈片 4。

Now for almost three years, geopolitical tensions first in Europe and since then, in the Middle East have driven product tanker rates to a new higher average level.

近三年來，地緣政治緊張局勢首先在歐洲，此後在中東，已將成品油輪運價推至新的更高的平均水平。

At the same time, we have also seen increased volatility in rates as seek utilization as much closer to full utilization.

同時，我們也看到，隨著利用率越來越接近充分利用率，費率波動性加大。

However, in recent months, we've seen decline in rates as short-term factors such as intensified crude tanker canalization has softened the positive impact from geopolitical factors.

然而，近幾個月來，我們看到運價下降，因為原油油輪運河開通等短期因素削弱了地緣政治因素的正面影響。

And here kindly turn to the next slide.

請轉到下一張投影片。

Turn to slide.

轉動幻燈片。

Five.

五。

If we start with a bigger picture, the main impact of the geopolitical tension has been a reshaped product tanker trade towards longer distances.

如果我們從更大的角度出發，地緣政治緊張局勢的主要影響是成品油輪貿易的重新調整，轉向更遠的距離。

The sanctions against Russia in 2023 led to a trade rerouting towards longer [haul] trade both for European imports but also for Russian exports.

2023 年對俄羅斯的製裁導致歐洲進口和俄羅斯出口的貿易轉向長途貿易。

This year, the products in the market has been strongly affected by the Houthi attacks against commercial vessels at the

今年，市場上的產品受到胡塞武裝襲擊商船的嚴重影響。

[pub in Manat Street].

[馬納特街的酒吧]。

The share of global clean petroleum products rate transiting the Suez Canal has declined from 12% to only 4%, with most of the redirected trade going along the route around the cape of good hope.

通過蘇伊士運河的全球清潔石油產品運價份額已從 12% 下降至僅 4%，其中大部分改道貿易沿著好望角周圍航線進行。

Please turn to slide 6.

請翻到幻燈片 6。

If we look closer at Seaborne trade with clean petroleum products, trade volumes have increased by 2%.

如果我們仔細觀察清潔石油產品的海運貿易，我們會發現貿易量增加了 2%。

So far, this year supported by increasing global oil demand and recent changes in the refinery landscape.

到目前為止，今年受到全球石油需求增加和煉油廠格局近期變化的支撐。

Together with longer trading distances this has led to an overall 10% increase in total demand.

再加上更長的交易距離，這導致總需求整體增加了 10%。

As the loaded volumes have though been trending down over recent months and fell to be low a year ago levels here in October.

由於近幾個月來裝載量一直呈下降趨勢，並在 10 月跌至一年前的低水平。

One of the regions affected has been the Middle East where exports have fallen by 8% month on month in October.

受影響的地區之一是中東，10 月出口量較上季下降 8%。

Given the region's market share of around 10% of the global CPP exports and the fact that the Middle East exports to the West is one of the trades most affected by the Red Sea disruption.

鑑於該地區約佔全球 CPP 出口 10% 的市場份額，而且中東向西方的出口是受紅海幹擾影響最嚴重的貿易之一。

This of course has had a strong impact on our market.

這當然對我們的市場產生了很大的影響。

Nevertheless, we've started to see improvements in refinery margins in some regions that should support high refinery runs and demand for transportation.

儘管如此，我們已經開始看到一些地區煉油廠利潤率有所改善，這應該會支持煉油廠的高開工率和運輸需求。

A lot of talk on the oil market in recent months has been about China's disappointing growth in oil consumption.

近幾個月來，石油市場上的許多討論都是關於中國令人失望的石油消費成長。

While the effect of the recent government stimulus package has yet to show in all demand.

而近期政府刺激方案的效果尚未在所有需求中顯現。

It is also important to point out that for the product tanker market, China's market share is below 5%.

還需要指出的是，對於成品油輪市場，中國的市佔率低於5%。

However, China is important for us indirectly as China accounts for around 25% of global crude oil flows and hence has an impact on the crude checker market.

然而，中國對我們間接重要，因為中國約佔全球原油流量的 25%，因此對原油檢查市場產生影響。

Please turn to slide 7.

請翻到幻燈片 7。

The unusually large spread between product and crude tanker earnings that we saw earlier this year led to a cleanup of a number of the VLCCs and Suezmaxes since the end of the second quarter.

今年早些時候，我們看到成品油輪和原油油輪收入之間異常巨大的差距，導致自第二季末以來許多超大型油輪和蘇伊士型油輪的清理工作。

These accounted for 9% to 10% of the clean petroleum product on mile here in the third quarter, offsetting a large part of the incremental ton miles.

這些佔第三季清潔石油產品英里數的 9% 至 10%，抵消了大部分增量噸英里。

However, a seasonally improving crude tanker market is reducing incentives for crude cannibalization.

然而，原油油輪市場的季節性改善正在減少原油拆解的動機。

This is already seen in both the volume of crude oil trade in the 1st month of the fourth quarter, but also in the stark decline in the volume of the products being loaded on food tankers.

這不僅體現在第四季第一個月的原油貿易量上，而且還體現在食品油輪上裝載的產品數量的大幅下降。

While CPP trade volumes are yet to increase.

而 CPP 貿易量尚未增加。

After refinery mason season and run costs, the headwinds from the crude cannibalization have reduced so far in the fourth quarter.

在煉油廠梅森季節和營運成本之後，第四季迄今為止，原油蠶食帶來的阻力已經減少。

Please turn to slide 8 on the China supply side.

請參閱投影片 8 關於中國供應的內容。

We have seen an increase in new building activity this year with the order book currently standing at 22% of the fleet.

我們看到今年新造船活動增加，目前訂單量佔船隊的 22%。

As we pointed out earlier, new building activity has largely concentrated around the LR2 segment, given the versatility of the LR2 fleet which can trade both clean and dirty products.

正如我們之前指出的，鑑於 LR2 船隊的多功能性（可以交易清潔產品和髒產品），新造船活動主要集中在 LR2 領域。

The LR2 order book should be seen in connection with the Dirty [Afrox] orderbook.

LR2 訂單簿應與 Dirty [Afrox] 訂單簿連結起來查看。

The combined order book is currently at 18% which is more or less equal to the share of combined feed being candidates for scrapping.

合併訂單目前為 18%，或多或少等於合併候選報廢的份額。

A similar trend is seen in the entire parking fleet.

整個停車場也出現了類似的趨勢。

In fact, the average age of the fleet has not been as high as it is today in two decades, with 14% of the fleet, about 20 years old, this will potentially offset a large part of the fleet growth in the coming years.

事實上，二十年來機隊的平均機齡還沒有現在這麼高，有14%的機隊機齡約為20年，這將有可能抵消未來幾年機隊成長的很大一部分。

A strong freight market result in less than expected grabbing activity as we've seen in the past two years, we still expect older vessels to leave the mainstream market and go into sanctioned or capitalized trades.

正如我們過去兩年所看到的那樣，強勁的貨運市場導致搶購活動低於預期，我們仍然預計舊船將離開主流市場並進入受制裁或資本化的交易。

Furthermore, we see that as vessels turn towards 20 years of age, their average utilization drops significantly compared to younger vessels that would lead to a growing share of the fleet operating at a lower utilization.

此外，我們發現，隨著船舶船齡接近 20 年，其平均利用率與較年輕的船舶相比顯著下降，這將導致利用率較低的船隊比例不斷增加。

Now please turn to the next slide, please turn to slide 9.

現在請翻到下一張投影片，請翻到投影片 9。

Looking further ahead in time, we expect the product tanker delivery from 2028 onwards to be much lower than what we're going to see for the next three years.

展望未來，我們預計 2028 年以後的成品油輪交付量將遠低於未來三年的預期。

This is predominantly due to Chinese shipyards opting to build container vessels, energy carriers and other vessel segments where China has strategic import interests.

這主要是由於中國造船廠選擇建造貨櫃船、能源運輸船和中國擁有戰略進口利益的其他船舶領域。

This coincides with a period where an increasing share of the fee reaches a natural scrapping edge.

這恰逢越來越多的費用達到自然報廢邊緣的時期。

Please turn to slide 10.

請翻到投影片 10。

And on this slide lastly, I'll say that behind the geopolitical factors that have reshaped refined product trade, there is a refining industry influx.

最後，在這張投影片上，我要說的是，在重塑成品油貿易的地緣政治因素背後，就是煉油業的湧入。

In recent years, new refining capacity has been added in net exporting regions such as the Middle East.

近年來，中東等淨出口地區新增煉油產能。

On the other hand, a number of refineries have been closed in net importing regions, For instance, Europe and Australia.

另一方面，歐洲和澳洲等淨進口地區的一些煉油廠已關閉。

This has led to higher trade volumes and higher demand for product tankers.

這導致貿易量增加和對成品油輪的需求增加。

Beyond the already announced closures, the refinery environment remains dynamic.

除了已經宣布的關閉之外，煉油廠環境仍然充滿活力。

The risk of falling refinery utilization rates in mature demand regions raises the likelihood of further capacity closures before the end of the decade.

成熟需求地區煉油廠利用率下降的風險增加了在本世紀末之前進一步關閉產能的可能性。

Here, especially Europe stands out with older, relatively small, and less complex Refiners that a more open to international trade than in other regions.

在這裡，尤其是歐洲，其煉油廠歷史悠久、規模相對較小、複雜程度較低，比其他地區對國際貿易更加開放。

A new wave of refinery close is likely to again increased trade with refined products.

新一波煉油廠關閉可能會再次增加成品油貿易。

And just a final note on the market, we believe that Trump's presidency is likely to imply less restrictions on the US oil industry and with potentially stricter sanctions against Iran, that would be a supportive factor for the crude tanker market.

最後一點是，我們認為川普就任總統可能意味著對美國石油工業的限制減少，並且可能對伊朗實施更嚴格的製裁，這將是原油油輪市場的支撐因素。

It remains obviously to be seen, but we expect US oil imports to be shielded from potential tariffs in order to keep gasoline prices under control.

顯然還有待觀察，但我們預計美國石油進口將免受潛在關稅的影響，以控制汽油價格。

On the new political landscape, Trump is likely to push for a faster resolution of Ukraine Russia war.

在新的政治格局下，川普可能會推動更快解決烏俄戰爭。

However, the prospects for success for Trump in negotiating a settlement remain uncertain.

然而，川普談判達成和解的成功前景仍不確定。

What matters most for the tanker market is the EU sanctions and we do not foresee a quick abolishment of these or a full return to pre-war all trade between the EU countries and Russia.

對油輪市場來說最重要的是歐盟制裁，我們預計這些制裁不會很快廢除，也不會全面恢復到戰前歐盟國家與俄羅斯之間的所有貿易。

However, with Trump's more aggressive approach to geopolitics and trade policy, uncertainty on the tanker market as well as in the global economy is likely to increase in the coming years.

然而，隨著川普對地緣政治和貿易政策採取更加激進的態度，未來幾年油輪市場以及全球經濟的不確定性可能會增加。

Now, with these comments, I conclude my part of the, the presentation, I'll hand it over to my colleague, Kim who will walk us through the financials.

現在，透過這些評論，我結束了我的演示部分，我將把它交給我的同事 Kim，他將向我們介紹財務狀況。

Thank you, Jacob.

謝謝你，雅各。

Now please turn to slide 11 for the financial highlights.

現在請翻到投影片 11 了解財務要點。

In the third quarter, TCE amounted to $263 million and based on this, we achieved $191 million in EBITDA and $131 million in net profit that is slightly up compared to same quarter last year.

第三季度，TCE 達到 2.63 億美元，在此基礎上，我們實現 EBITDA 1.91 億美元，淨利潤 1.31 億美元，與去年同期相比略有上升。

Fleet-wide, our average TCE rates were close to $34,000 per day while LR2 is pulling in close to $41,000 , LR1 at over $33,000 and MR at more than $31,000.

在整個車隊範圍內，我們的平均 TCE 費率接近每天 34,000 美元，而 LR2 接近 41,000 美元，LR1 超過 33,000 美元，MR 超過 31,000 美元。

While rates were strong early in the quarter, they softened significantly in September due to seasonal factors as well as crude tanker [change], some of the additional from my demand.

雖然本季初期費率強勁，但由於季節性因素以及原油油輪[變化]（部分來自我的需求），費率在 9 月顯著走軟。

Overall, we had 8,253 earning days this quarter up from 7,949 days last year, but LR2 making up a larger share of the total.

整體而言，本季我們的獲利天數為 8,253 天，高於去年的 7,949 天，但 LR2 所佔比例更大。

We are proud of these results which reflect TCE rate per day increase of $700 compared to Q3, 2023.

我們對這些結果感到自豪，與 2023 年第三季相比，每日 TCE 費率增加了 700 美元。

Moreover, our return on invested capital have amounted to 20.3% demonstrated a very healthy business environment in the third quarter.

此外，我們的投資資本報酬率達到20.3%，這顯示第三季的商業環境非常健康。

Once again, our business is developing substantially profit and cash flow and we are committed to continuing our practice of returning a significant portion of these earnings to our shareholders.

我們的業務再次大幅成長利潤和現金流，我們致力於繼續將這些收益的很大一部分返還給股東。

Now please turn to slide 12.

現在請翻到投影片 12。

The chart in the over left corner show how vessel values have steadily risen over recent quarters, bringing the total value of up to $3.9 billion.

左上角的圖表顯示了最近幾季船舶價值如何穩定上升，總價值高達 39 億美元。

The growth in it as in value, mirrors proper value of our vessels as well as the expansion of our fleet.

它的價值成長反映了我們船舶的適當價值以及我們船隊的擴張。

On the lower left, we have highlighted the trend in our net interest-bearing debt which now stands at $825 million that is flat relative to the same quarter last year despite the three expansions that we have made.

在左下角，我們強調了淨帶息債務的趨勢，儘管我們進行了三次擴張，但淨帶息債務目前為 8.25 億美元，與去年同期持平。

Right now, our net loan to value ratio is at 23.1 that is lower than the same quarter last year.

目前，我們的淨貸款與價值比率為23.1，低於去年同期。

And after subtracting the detailed dividend for Q3, it will move closer to 26%, maintaining a solid financial foundation as we move forward.

在扣除第三季的詳細股息後，它將接近 26%，在我們前進的過程中保持堅實的財務基礎。

And now please turn to slide 13.

現在請翻到投影片 13。

Based on the result in this quarter, the board of directors have declared a Q3, 2024 dividend of $1.2 per share.

根據本季的業績，董事會宣布 2024 年第三季股利為每股 1.2 美元。

And as usual, we derive this dividend by [sotra] repayments of debt from our free cash flow and relative to basic EPS, this equals a payout ratio of a healthy of 89%.

像往常一樣，我們透過從自由現金流中償還債務來獲得股息，相對於基本每股收益，這相當於 89% 的健康派息率。

This slide gives you the full overview of the dividend distribution and the key days to observe.

這張投影片為您提供了股息分配和需要觀察的關鍵日期的完整概述。

Dividend date for the shares on NASDAQ, Copenhagen will be on the November 20 and for the shares on NASDAQ, New York on the November 21, as shares are now trading T plus one in New York, but otherwise the same procedure as you.

哥本哈根納斯達克股票的股息日期為 11 月 20 日，紐約納斯達克股票的股息日期為 11 月 21 日，因為股票現在在紐約交易為 T 加一，但其他程序與您相同。

And now please turn to slide 14 for the outbreak.

現在請翻到投影片 14，了解疫情的狀況。

Based on the result we have published today and the coverage we have for the fourth quarter of 2024, we have close to full visibility for the year.

根據我們今天發布的結果以及我們對 2024 年第四季的報道，我們對這一年的情況已經接近全面了解。

The table shows that we in the fourth quarter of 2024 is paid to have 8,086 early days and as of November 4, 2024, we have fixed a total of 52% of those at a fleet-wide rate of $29,044 per day.

表格顯示，我們在 2024 年第四季獲得了 8,086 個提早付款，截至 2024 年 11 月 4 日，我們已將其中的 52% 固定為每天 29,044 美元的全機隊費率。

Compared to the current spot rates, this reflect is relatively high.

與目前的即期匯率相比，這反映相對較高。

Thus, you if you assume that [someone will achieve rates in line with] the current spot rates for the remaining part of the quarter, then the fleet-wide rate will be affected accordingly.

因此，如果您假設[某人將實現與本季度剩餘部分的當前即期費率一致的費率]，那麼整個機隊的費率將受到相應影響。

Thus, for the full year.

因此，全年。

We are now at 87% coverage at a fleet-wide rate of $38,379 per day.

目前，我們的覆蓋率達到 87%，整個機隊的費率為每天 38,379 美元。

This compares to 2023 fleet-wide rates of $37,124 per day.

相比之下，2023 年整個機隊的費率為每天 37,124 美元。

At this point, what looks like to be an overall very satisfactory year with an a with average rates for each segment close to last year's levels.

從這一點來看，今年總體上看起來非常令人滿意，每個細分市場的平均費率都接近去年的水平。

As you may recall, three months ago, we narrowed our guidance range by increasing the low end of the guidance range.

您可能還記得，三個月前，我們透過提高指導範圍的下限來縮小我們的指導範圍。

This time, we primarily bring down the high end of the range thereby taking into account the current spot rate environment.

這次，我們主要降低該範圍的高端，從而考慮到目前的即期匯率環境。

Thus, we expect TCE earnings for 2024 of $1.11 billion to $1.16 billion and EBITDA of $810 million to %860 million.

因此，我們預計 2024 年 TCE 收益為 11.1 億美元至 11.6 億美元，EBITDA 為 8.1 億美元至 8.6 億美元。

And I please to emphasize 15 for a short summary of our priorities and commitments.

我謹強調 15，這是對我們的優先事項和承諾的簡短總結。

We continue to maintain a strong cash position which provides us with significant financial flexibility, enable us to seize opportunities in the market when they arrive.

我們繼續保持強勁的現金狀況，這為我們提供了巨大的財務靈活性，使我們能夠在市場機會到來時抓住機會。

Our debt maturity profile remains secure, creating long term financial stability that is essential as it allows us to focus on securing our strategies without concerns of any major debt refinancing.

我們的債務到期狀況仍然安全，創造了至關重要的長期財務穩定，因為它使我們能夠專注於確保我們的策略，而不用擔心任何重大債務再融資。

It also provides comfort to our investors knowing that our financial applications are well managed and spread out over a period of time.

它也讓我們的投資者感到安心，因為他們知道我們的金融應用程式得到了良好的管理並分散在一段時間內。

We have no major [CBAs] commitments at the moment, and this enabled us to be more agile and responsive to market conditions focusing on investments that generate higher returns.

目前我們沒有重大的 [CBA] 承諾，這使我們能夠更靈活地回應市場狀況，專注於產生更高回報的投資。

We have successfully enhanced our operational leverage allowing us to capitalize on the market dynamics in the previous quarter.

我們成功地增強了營運槓桿，使我們能夠利用上一季的市場動態。

Leveraging these dynamics allow us to optimize performance and stay competitive.

利用這些動力使我們能夠優化績效並保持競爭力。

We've continued to take a prudent approach to financial leverage by using [CBAs] funding for our recent vessel acquisitions.

我們透過使用 [CBA] 資金進行最近的船舶收購，繼續對財務槓桿採取審慎的態度。

This ensures that our net loan to value ratio remains unaffected which is important for maintaining our strong financial health by structuring these deals.

這確保了我們的淨貸款與價值比率不受影響，這對於透過建立這些交易來維持我們強勁的財務健康非常重要。

In this way, we have expanded our fleet without increasing our financial leverage, keeping our balance sheet strong.

透過這種方式，我們在不增加財務槓桿的情況下擴大了機隊規模，並維持了強勁的資產負債表。

And finally, we may remain firmly committed to delivering value to our shareholders.

最後，我們可能仍然堅定地致力於為股東創造價值。

Consistent with our strategy, we are distributing 100% of free cash after debt repayments on a quarterly basis.

根據我們的策略，我們每季償還債務後分配 100% 的自由現金。

This ensures that our shareholders continue to benefit from our financial performance, reinforcing trust and confidence in our long term business model.

這確保了我們的股東繼續從我們的財務表現中受益，增強了對我們長期業務模式的信任和信心。

With this, it concludes my part of the presentation and I will hand it back to the operator who will take care of the Q&A session.

至此，我的演示部分就結束了，我會將其交還給負責問答環節的操作員。

Thank you.

謝謝。

(Operator Instructions) Emily Harkins, Jefferies.

（操作員說明）Emily Harkins，Jefferies。

Hi, this is Emily Harkins.

嗨，這是艾米麗·哈金斯。

Thank you for taking our questions.

感謝您接受我們的提問。

I first like to ask, how are you thinking about the product market thus far into four Q?

我首先想問，到目前為止，您如何看待產品市場的四個問題？

The cannibalization by the VLCCs and Suezmaxes impacted product tanker demand in three Q, but those ships are now going back to their normal trades.

超大型油輪和蘇伊士型油輪的拆解影響了第三季成品油輪的需求，但這些船舶現在正在恢復正常貿易。

However, product rates have fallen.

然而，產品價格有所下降。

So what do you make of that?

那麼你對此有何看法？

Yeah, good morning.

是的，早安。

And thanks for bringing up that.

感謝您提出這一點。

So I think we tried to illustrate also in the prepared remarks that, we think that the Q3 was affected by crude cannibalization and that is more or less so far, at least a Q3 story.

因此，我認為我們也試圖在準備好的評論中說明，我們認為第三季受到了粗暴蠶食的影響，到目前為止，至少是第三季的故事。

So we are seeing that here in the fourth quarter, there is no over and above utilization of crew tankers in the CPP trade from what we would normally experience.

因此我們看到，在第四季度，CPP 貿易中的載人油輪利用率並沒有超出我們通常所經歷的水平。

So there is a normalization taking place.

所以正在發生正常化。

So why have rates not reacted?

那為什麼利率沒有做出反應呢？

Well, at least as I mentioned, one factor to look at is that the absolute volumes are of the largest market for exports of CPP and globally is the Middle East.

嗯，至少正如我所提到的，需要考慮的一個因素是，絕對數量是 CPP 出口的最大市場，而全球範圍內是中東。

And that market, we can see that actual volumes here in October fell by about 8%.

而那個市場，我們可以看到10月的實際成交量下降了約8%。

So I think it is, it is quite logical that yes, we have had a dent from cannibalization from the crude carriers that is not so much longer the case.

所以我認為，這是非常合乎邏輯的，是的，我們已經因原油運輸船的蠶食而受到了影響，但情況不再如此了。

However, when we, you then prolong sort of the softness in the rate environment by the fact that we have lower volumes to transport.

然而，當我們的運輸量減少時，您就會延長費率環境的疲軟狀態。

So one softening of rates could be seen as a factor of supply.

因此，利率的軟化可以被視為供應因素。

Whereas the current softness in rates, we would attribute more to the demand having been lower due to refinery outages and refinery maintenance.

儘管目前費率疲軟，但我們更將其歸因於煉油廠停運和煉油廠維護導致需求下降。

Thank you so much.

太感謝了。

And as a follow up, you tended to be active with fleet renewal on an ongoing basis, including the MR that you mentioned that you acquired this past summer.

作為後續行動，您傾向於持續積極地進行機隊更新，包括您提到的去年夏天獲得的 MR。

Do you have your eyes set on more transactions or do you prefer to take a wait and see approach given the software market now?

鑑於現在的軟體市場，您是否著眼於更多交易，還是更願意採取觀望態度？

I think it's clear that the buyers and sellers in a market where we're sort of reestablishing where we headed, that we need to see a new sort of clearance prices of assets before we can actually engage both on buying or selling of assets.

我認為很明顯，在我們正在重新確定前進方向的市場中，買家和賣家需要看到一種新的資產清算價格，然後才能真正參與資產的購買或出售。

So far there's not much actual transactions taking place.

到目前為止，沒有發生太多實際交易。

So I think we will we are staying agile.

所以我認為我們會保持敏捷。

We could do either or we could be in dialogue potentially on acquiring a share-based transaction for the assets, but we could also potentially of course look at the letting go and selling of assets.

我們可以這樣做，或者我們可以就收購資產的股份交易進行潛在的對話，但我們當然也可以考慮放棄和出售資產。

Currently, there is no specific plans around this Emily.

目前，關於這個艾米麗還沒有具體的計劃。

Thank you so much.

太感謝了。

I will turn it over.

我會把它翻過來。

(Operator Instructions) [Bendi Fold in nine], at Clarkson Securities AS.

（操作員說明）[Bendi Fold in nine]，克拉克森證券 AS。

Thank you.

謝謝。

Just building on the previous question here.

只是在此基礎上建立上一個問題。

You, you have previously been successful at US like in your share as currency in, in less acquisition, which, which was great and, and a creative way to, to grow while keeping the [O TV] stable when you were priced at sort of a higher level.

你，你以前在美國取得了成功，就像你作為貨幣的份額一樣，在較少的收購中，這是偉大的，也是一種創造性的方式，當你的定價達到一定水平時，可以在保持[O TV]穩定的同時成長。

But with the recent, I would say with the product and based trading down recently, how are you thinking about sort of this strategy going, going forward?

但就最近而言，我想說的是，隨著產品和基礎交易最近的下降，您如何看待這種策略的未來發展？

I think.

我認為。

Thanks for that.

謝謝你。

And to be very clear, we do not see that as a very potent tool in the toolbox, given the current discrepancy between the public market pricing and our Navy.

需要非常明確的是，考慮到目前公共市場定價與我們海軍之間的差異，我們並不認為這是工具箱中非常有效的工具。

So to your point, if the snapshot that we see today of the price in the public market, it would persist, then it is not realistic for us to contemplate the type of deals that we, for instance did earlier this year.

因此，就您的觀點而言，如果我們今天看到的公開市場價格快照將持續下去，那麼我們考慮今年早些時候進行的交易類型是不切實際的。

And also last year, I think something needs to give before that would be on the, on the table again.

同樣是在去年，我認為在這再次被擺上桌面之前，需要付出一些努力。

Okay.

好的。

Thank you.

謝謝。

That is good to hear.

很高興聽到這個消息。

I will change you too.

我也會改變你。

(Operator Instructions) Emily Harkins, Jeffrey's.

（操作員說明）Emily Harkins，Jeffrey's。

Oh, sorry.

哦，抱歉。

I do not have a follow up okay, thank you.

我沒有後續，好吧，謝謝。

No further questions that conclude our Q&A session and I will turn the conference back over to Jacob for closing remarks.

我們的問答環節沒有其他問題了，我將把會議轉回雅各進行閉幕致詞。

Yes.

是的。

Thank you very much.

非常感謝。

Thanks for listening in here to the Q3 2024.

感謝您收聽 2024 年第三季。

Wish you all a great day.

祝大家有個愉快的一天。

Thank you.

謝謝。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。