Torm PLC (TRMD) 2026 Q2 法說會逐字稿

Good morning, and thank you for standing by. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM Second Quarter 2026 Results Conference Call. (Operator Instructions)

早安，感謝您耐心等候。我叫 Jenny，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 TORM 2026 年第二季業績電話會議。（接線員指示）

I would now like to turn the conference over to Jacob Meldgaard, CEO. You may begin.

現在我想將電話會議交給執行長 Jacob Meldgaard。您可以開始了。

Well, thank you, and welcome to everyone joining us today. We are pleased to report a record second quarter, reflecting both exceptionally strong market conditions and the strength of the platform we have built over many years. Before turning to the quarter itself, I would like to briefly revisit what continues to differentiate TORM and creates value for our shareholders across market cycles. At the core is what we call the One TORM advantage. This is our integrated operating model where commercial, technical and operational decisions are aligned across the organization. It allows us to react quickly to changing market conditions, optimize fleet deployment and consistently capture opportunities as they emerge. Our culture is equally important. Through a unified organization and centralized decision-making process, we are able to execute faster and more effectively than many of our peers. This alignment creates accountability, improves utilization and supports disciplined cost management throughout the business. The results are measurable. Over the period from 2023 through 2025, our MR fleet generated more than USD200 million of additional TCE earnings compared to the peer average. This demonstrates the strength of our commercial platform and our ability to consistently create value across different market environments.

好的，謝謝，也歡迎今天加入我們的各位。我們很高興報告創紀錄的第二季，這反映了極為強勁的市場狀況，以及我們多年來打造的平台實力。在談到本季表現之前，我想先簡要回顧，究竟是什麼持續讓 TORM 與眾不同，並在不同景氣循環中為股東創造價值。核心在於我們所稱的「One TORM」優勢。這是我們的整合式營運模式，使商務、技術與營運決策在整個組織內保持一致。它讓我們能快速因應市場變化、最佳化船隊部署，並在機會出現時持續有效掌握。我們的企業文化同樣重要。透過統一的組織與集中式決策流程，我們能比許多同業更快、更有效地執行。這種一致性帶來問責、提升使用率，並支持全公司範圍內嚴謹的成本管理。成果是可衡量的。在 2023 至 2025 年期間，我們的 MR 船隊相較同業平均多創造了超過 2 億美元的額外 TCE 盈利。這證明了我們商務平台的實力，以及我們在不同市場環境中持續創造價值的能力。

At the same time, we remain committed to active fleet renewal and disciplined capital allocation. Recent investments in resale and newbuilding vessels demonstrate our confidence in the long-term fundamentals of the product tanker market while helping ensure that TORM maintains a modern and efficient fleet. Our approach to fleet growth has always been driven by value creation and customer needs. Over recent years, we have primarily expanded through vessels already on the water. But the relative economics have evolved. With secondhand vessel prices continuing to increase, we now see attractive opportunities in newbuildings. As a result, we have established a phased pipeline of resale and newbuilding deliveries from 2027 through 2029 and potentially into 2030. This ensures that we continue to renew our fleet, maintain a modern offering for our customers and secure future earnings capacity in a disciplined manner.

同時，我們仍致力於積極更新船隊並嚴守資本配置紀律。近期對轉售船與新造船的投資，展現我們對成品油輪市場長期基本面的信心，也有助於確保 TORM 維持現代化且高效率的船隊。我們的船隊成長策略一向以價值創造與客戶需求為導向。近年來，我們主要透過已在水上營運的船舶來擴張。但相對經濟性已出現變化。隨著二手船價格持續上升，我們現在在新造船上看見具吸引力的機會。因此，我們已建立分階段的轉售船與新造船交付管線，交付期自 2027 年至 2029 年，並可能延伸至 2030 年。這確保我們能持續更新船隊、為客戶維持現代化的服務供給，並以審慎方式鎖定未來的獲利能力。

Importantly, these initiatives have not come at the expense of shareholder returns. Our approach remains to balance growth and investment with attractive cash distributions, ensuring that shareholders benefit from both today's earnings and tomorrow's value creation.

重要的是，這些舉措並未以犧牲股東報酬為代價。我們的做法仍是兼顧成長與投資，以及具吸引力的現金分配，確保股東同時受惠於今日的獲利與明日的價值創造。

Please turn to Slide 4. The second quarter was the strongest in TORM's history, driven by exceptionally strong freight markets, following heightened geopolitical tensions in the Middle East and the resulting disruption to global oil trade flows. During the quarter, we generated TCE earnings of USD512 million, more than doubling the level achieved in the same period last year. The market benefited from significant inefficiencies created by disruptions around the Strait of Hormuz, which supported freight rates across all vessel classes. This translated into EBITDA of USD416 million and net profit of USD338 million, highlighting both the strength of the market and the operating leverage embedded in One TORM platform. Reflecting the continued strength in freight markets and the visibility provided by our contract coverage, we are also increasing our full year guidance. Thus, we now expect to generate the highest annual TCE earnings in TORM's history, surpassing all previous years, and underscoring the exceptional market conditions currently supporting the product tanker sector. Reflecting these results, our Board has approved an interim dividend of USD2.4 million per share, corresponding to a total distribution of USD26 million. Fleet renewal also remained a key priority during the quarter. Our fleet stood at 97 vessels at quarter end, and we further strengthened our growth pipeline through investments in resale newbuildings with deliveries scheduled from first quarter of 2027 through 2029.

請翻到第 4 張投影片。第二季是 TORM 歷史上最強的一季，主要受惠於極為強勁的運價市場；此前中東地緣政治緊張升高，並導致全球石油貿易流向受擾動。本季我們創造 TCE 盈利 5.12 億美元，較去年同期水準增加逾一倍。市場亦受惠於荷姆茲海峽周邊中斷所造成的顯著低效率，支撐各船型的運價。這帶動 EBITDA 達 4.16 億美元、淨利達 3.38 億美元，凸顯市場強度以及 One TORM 平台所內含的營運槓桿。鑑於運價市場持續強勁，以及我們合約覆蓋所提供的能見度，我們也上調全年指引。因此，我們目前預期將創下 TORM 歷史上最高的年度 TCE 盈利，超越以往所有年度，並凸顯目前支撐成品油輪產業的卓越市場環境。反映這些成果，我們董事會已核准每股 2.4 百萬美元的期中股利，合計配發 2,600 萬美元。船隊更新在本季仍是關鍵優先事項。季末我們船隊共有 97 艘船，並透過投資轉售新造船進一步強化成長管線，交付期自 2027 年第一季至 2029 年。

Overall, we ended the second half of the year from a position of strength, supported by a modern fleet, a robust balance sheet and a market environment where geopolitical uncertainty continues to create opportunities for product tanker owners with scale, flexibility and strong execution capabilities. And here, finally turn to the next slide, to Slide 5. And a key element of TORM's strategy is maintaining a balanced approach to capital allocation. While we are committed to growing organically and renewing the business, it has been equally important to ensure that shareholders directly benefit from the strong earnings generated by the company. Since 2023, we have distributed USD15.1 per share in dividends, returning a significant share of our earnings to shareholders. In total, this amounts to EUR 1.5 billion, representing a very significant sum of money relative to the total market capitalization of TORM. This reflects our philosophy that value generation and creation should translate into tangible cash returns, allowing investors to participate directly in the strong cash generation of the business.

整體而言，我們以下半年強勢開局，受惠於現代化船隊、穩健的資產負債表，以及地緣政治不確定性持續為具規模、彈性與強大執行能力的成品油輪船東創造機會的市場環境。最後，請翻到下一張投影片，第 5 張。而 TORM 策略的一個關鍵要素，是維持均衡的資本配置方式。在我們致力於有機成長與更新業務的同時，同樣重要的是確保股東能直接受惠於公司所創造的強勁獲利。自 2023 年以來，我們已累計配發每股 15.1 美元的股利，將相當大比例的獲利回饋給股東。合計約為 15 億歐元，相對於 TORM 的總市值而言，這是一筆非常可觀的金額。這反映我們的理念：價值的產生與創造應轉化為具體的現金回饋，使投資人能直接參與公司強勁的現金創造能力。

At the same time, we have continued to invest in the platform. Over the same period, we have expanded the fleet from 78 vessels at the end of 2022 to 97 vessels today, increasing our earnings capacity while also renewing the fleet profile. This balance is important. Shipping remains a cyclical industry, and our objective is not only to maximize returns today, but also to ensure that TORM continues to have a modern and competitive fleet in the years ahead. By maintaining our pipeline of vessel acquisitions and newbuilding deliveries extending through 2029, we position ourselves to participate fully in future market opportunities. We believe this approach creates long-term shareholder value. It allows us to distribute meaningful cash today while ensuring that we continue to have vessels on the water here now as well in the years ahead, particularly during periods when market conditions are exceptionally attractive.

同時，我們也持續投資於平台。在同一期間，我們將船隊規模自 2022 年底的 78 艘擴增至目前的 97 艘，在提升獲利能力的同時也更新船隊結構。這種平衡很重要。航運仍是景氣循環產業，我們的目標不僅是最大化當前報酬，也要確保 TORM 在未來數年仍擁有現代化且具競爭力的船隊。透過維持延伸至 2029 年的船舶收購與新造船交付管線，我們得以在未來市場機會中充分參與。我們相信此一做法能創造長期股東價值。它讓我們今天能配發具意義的現金，同時確保我們現在以及未來數年仍有船舶在水上營運，特別是在市場條件極具吸引力的期間。

Importantly, the pipeline of vessel acquisitions and newbuilding deliveries, we also gradually replace older vessels that over time, resonates well divestment becomes the most attractive option. As illustrated in the appendix on Slide 27, the delivery profile through 2029 and potentially 2030 supports a continuous renewal of the fleet while preserving earnings capacity and maintaining a modern fleet for our customers. In short, our strategy is to keep high operational leverage, renew the fleet, maintain financial discipline and return excess cash to shareholders.

同樣重要的是，透過這條船舶收購與新造船交付管線，我們也能逐步汰換較老舊的船舶；隨著時間推移，當出售（divestment）成為最具吸引力的選項時，這一點也能與我們的策略相契合。如附錄第 27 張投影片所示，至 2029 年並可能延伸至 2030 年的交付時程，支持船隊持續更新，同時保留獲利能力並為客戶維持現代化船隊。總而言之，我們的策略是維持高營運槓桿、更新船隊、保持財務紀律，並將多餘現金回饋給股東。

And now please turn to Slide 7. The product tanker market remains exceptionally strong. The reason Middle East tensions have further tightened what was already a fundamentally robust market. Disruptions to key trade routes had increased voyage distances and reduced effective fleet availability directly supporting freight rates. This is reflected in our commercial performance where average earnings in the second quarter exceeded USD59,000 per day, while third quarter bookings secured to date averaged USD38,600 per day across vessel classes. It is also worth highlighting the historical perspective shown on this slide. Market conditions were already robust prior to the latest geopolitical developments. Limited effective fleet growth and sanctions had already created a favorable supply-demand balance. The 5-year average earnings levels for both MRs and LR2 show that product tankers have generated solid returns under changing market conditions. The wide gap between historical highs and lows illustrates the significant volatility inherent in our industry with freight rates sometimes moving sharply from one month to the next. What we are experiencing today is a market operating well above historical averages, supported by geopolitical disruptions and structural inefficiencies.

現在請翻到第 7 張投影片。成品油輪市場仍然異常強勁。原因在於中東緊張局勢進一步收緊了原本基本面就相當穩健的市場。關鍵貿易航線的中斷拉長了航程距離，並降低了有效船隊可用性，直接支撐運價。這反映在我們的商業表現上：第二季平均日收益超過 59,000 美元，而截至目前第三季已鎖定的訂艙在各船型的平均日收益為 38,600 美元。也值得強調本頁所呈現的歷史視角。在最新的地緣政治發展之前，市場狀況就已經相當強勁。有限的有效船隊成長與制裁早已形成有利的供需平衡。MR 與 LR2 的 5 年平均收益水準顯示，成品油輪在不同市場環境下都能創造穩健回報。歷史高低點之間的巨大差距，凸顯本產業內在的高度波動性，運價有時會在月與月之間劇烈變動。我們今天所處的是一個遠高於歷史平均的市場，並由地緣政治干擾與結構性低效率所支撐。

At the same time, the volatility shown by the historical ranges reinforces the importance of maintaining a flexible commercial platform that can respond quickly to changing market conditions and capture opportunities as they emerge.

同時，歷史區間所呈現的波動性也再次強化了維持一個具彈性的商業平台之重要性，使我們能快速回應不斷變化的市場環境，並在機會出現時加以掌握。

And now please turn to Slide 8. Despite major disruptions to global oil flows, the product tanker market has remained highly resilient. While the closure of the Strait of Hormuz reduced order volumes, the loss was more than offset by longer haul movements and extensive trade rerouting. Fewer barrels moved, but they travelled significantly farther. Following the temporary ceasefire, oil flows improved from roughly 17% below pre-conflict levels in April and May to around 10% below by July demonstrating how quickly global LNG markets adapt. However, renewed facilities are again disruptions, disrupting trade, rising tensions around the Strait of Hormuz and rising threats against Saudi Arabia are forcing additional rerouting and creating further inefficiencies across the supply chain. For tanker owners, those inefficiencies matter because they increased vessel utilization and support freight rates. Let me illustrate that on the next slide. And here, please turn to Slide 9. And the closure of the Strait of Hormuz immediately disrupted oil flows equivalent to roughly 20% of global oil consumption. Part of the disruption was absorbed through increased pipeline exports from Saudi Arabia and the UAE as well as higher exports from the Atlantic Basin. Nevertheless, lower crude availability in Asia and reduced refinery runs and clean product exports from the region. Since then, rerouting inventory releases and the ceasefire period have stabilized trade flows. What is particularly interesting is how Gulf producers have adapted. The UAE and others are increasingly using dedicated shuttle operations and ship-to-ship transfers to sustain exports. Today, more than 30 VLCCs and around 14 LR2s are engaged in these activities. To restore pre-closure export volumes entirely, these short operations could require 2 to 3x more VLCCs and over 3x more LR2s than currently employed. Even before reaching that level, every additional vessel tied up in shuttle trades reduces effective market supply and creates incremental support for freight rates.

現在請翻到第 8 張投影片。儘管全球石油流向遭遇重大干擾，成品油輪市場仍展現高度韌性。雖然荷姆茲海峽關閉降低了訂單量，但更長航程的運輸與大規模貿易改道，已遠遠抵銷了這部分損失。運輸的桶數變少了，但航行距離顯著拉長。在短暫停火之後，石油流量從 4 月與 5 月約較衝突前水準低 17%，改善至 7 月約低 10%，顯示全球 LNG 市場的調適速度之快。然而，設施再度出現干擾、貿易受阻、荷姆茲海峽周邊緊張升高，以及對沙烏地阿拉伯的威脅增加，正迫使更多改道並在供應鏈中造成進一步低效率。對油輪船東而言，這些低效率很重要，因為它們提高了船舶利用率並支撐運價。我將在下一張投影片加以說明。在此請翻到第 9 張投影片。荷姆茲海峽的關閉立即擾亂了相當於全球石油消費量約 20% 的石油流動。部分衝擊透過沙烏地阿拉伯與阿聯酋增加管線出口，以及大西洋盆地出口提高而被吸收。然而，亞洲原油供應減少，且該地區煉油廠開工率下降、潔淨成品油出口減少。此後，改道、庫存釋出與停火期間使貿易流向趨於穩定。特別有意思的是海灣產油國的調適方式。阿聯酋及其他國家正愈來愈多採用專用接駁（shuttle）作業與船對船（STS）轉運，以維持出口。目前有超過 30 艘 VLCC 與約 14 艘 LR2 參與這些活動。若要完全恢復關閉前的出口量，這些短程作業可能需要 2 到 3 倍於目前投入的 VLCC，以及超過 3 倍的 LR2。即使尚未達到該水準，每增加一艘被綁定於接駁貿易的船舶，都會降低市場的有效供給，並對運價形成額外支撐。

Please turn to Slide 10. The latest escalation around the Strait of Hormuz combined with the continued Red Sea disruptions is driving another round of Strait rerouting. Cargoes that previously moved on direct routes are increasingly being diverted through the Suez Canal and around the Cape of Good Hope. In some cases, these changes add weeks to voyage duration. We have experienced firsthand. In July, our LR1 vessel TORM innovation was fixed to load in Yanbu for Dias in Asia. The original routing was through Bab el-Mandeb, following renewed security concerns, the voyage was redirected via Suez and around Cape of Good Hope under the terms of the charter party.

請翻到第 10 張投影片。荷姆茲海峽周邊最新一輪升級，加上紅海持續受干擾，正推動新一輪的海峽改道。先前走直航路線的貨載，正愈來愈多改經蘇伊士運河並繞行好望角。在某些情況下，這些變更會使航程時間增加數週。我們也有第一手經驗。7 月，我們的 LR1 船舶 TORM innovation 以租約固定自延布（Yanbu）裝貨，運往亞洲的迪亞斯（Dias）。原先航線是經由巴布艾曼德海峽（Bab el-Mandeb）；在安全疑慮再起後，依租船契約條款，該航次改道經蘇伊士並繞行好望角。

The result was an extension of more than 30 days. A single voyage extension of more than 30 days effectively removes a vessel from the market from additional months. When this is replicated across the industry, the impact on effective supply becomes significant. This serves as a practical example of how geopolitical events translate directly into increased ton mile demand and tighter vessel supply.

結果是航程延長超過 30 天。單一航次延長超過 30 天，等同於在額外數個月內將一艘船自市場中移除。當這種情況在全產業被複製時，對有效供給的影響就會變得顯著。這是一個實際例子，說明地緣政治事件如何直接轉化為噸海里需求增加與船舶供給收緊。

Please turn to Slide 11. And let's now look in more detail on supply. While vessels trapped in the Persian Gulf were gradually released during the ceasefire, another and potentially more important trend has emerged. A record number of LR2 vessels have shifted from clean product transportation into crude transportation, a process known in the industry as dirty up. By the end of July, approximately 70 fewer LR2s were available for CPP transportation than at the start of the year. As a result, the effective CPP capacity overall has declined by roughly 5%, despite nominal fleet growth of a similar magnitude. In other words, headline fleet growth suggests more supply. The reality is that the fleet available to transport clean petroleum products has become tighter.

請翻到第 11 張投影片。現在讓我們更詳細地看看供給面。雖然在停火期間，受困於波斯灣的船舶逐步獲釋，但另一個、且可能更重要的趨勢已經浮現。創紀錄數量的 LR2 船舶已從潔淨成品油運輸轉向原油運輸，業界稱此過程為「dirty up」。截至 7 月底，可用於 CPP（潔淨石油產品）運輸的 LR2 數量，較年初約少了 70 艘。因此，整體有效 CPP 運力約下降 5%，儘管名目船隊規模成長幅度大致相當。換言之，表面上的船隊成長顯示供給增加。但實際上，可用於運輸潔淨石油產品的船隊變得更為吃緊。

And now please turn to Slide 12. All those strong markets have encouraged additional newbuilding orders, particularly in product tankers, fleet growth remains constrained by an aging fleet profile and sanctions. In the combined LR2 and Aframax segments approximately 1 in 4 vessels is currently subject to U.S., EU or U.K. sanctions.

現在請翻到第 12 張投影片。這些強勁的市場鼓勵了更多新造船訂單，尤其是在成品油輪方面；但由於船隊老化結構與制裁，船隊成長仍受到限制。在 LR2 與 Aframax 合併的區隔中，目前約每 4 艘船就有 1 艘受到美國、歐盟或英國的制裁。

Importantly, around 60% of those sanctioned vessels are more than 20 years old. Given the age, many are unlikely to return to mainstream trading, even if sanctions were eventually lifted. As a result, headline fleet growth overstates the increase in effective market supply. Taken together, sanctions, fleet ageing and replacement requirements suggest that effective fleet growth is likely to remain limited for the next several years. Please turn to the next slide. The key message is simple. This is unlikely to be a temporary market event. It looks increasingly like a structural reset. We will not speculate on when the Strait of Hormuz may fully reopen. Our focus is on operating the business prudently and maintaining flexibility. What matters equally is what happens after reopening. Even if transits normalized, the market will not immediately return to its previous state. Vessel repositioning, trade normalization and fleet rebalancing will take time and create additional friction throughout the system.

重要的是，約 60% 的受制裁船舶船齡超過 20 年。考量其船齡，即使未來制裁最終解除，許多船舶也不太可能回到主流市場交易。因此，表面上的船隊成長高估了有效市場供給的增加幅度。綜合而言，制裁、船隊老化與汰換需求顯示，未來數年有效船隊成長很可能仍將受限。請翻到下一張投影片。關鍵訊息很簡單。這不太可能只是短暫的市場事件。它看起來愈來愈像是一種結構性的重置。我們不會臆測荷姆茲海峽何時可能完全重新開放。我們的重點是審慎經營業務並維持彈性。同樣重要的是重新開放之後會發生什麼。即使通行恢復正常，市場也不會立刻回到先前狀態。船舶重新部署、貿易正常化與船隊再平衡都需要時間，並會在整個系統中造成額外摩擦。

At the same time, strategic and commercial inventories will need to be rebuilt. As an illustration, replenishing inventories depleted so far could add approximately 1% to 2% to global trade volumes over the next 12 months. With further upside if stock rebuilding accelerates or sourcing patterns become more geographically diverse. Just as importantly, the product tanker market was already supported by strong fundamentals before the Strait of Hormuz disruption. Those supportive fundamentals remain in place.

同時，戰略性與商業性庫存也需要重建。例如，補回迄今已消耗的庫存，可能在未來12個月為全球貿易量額外貢獻約1%至2%。若補庫速度加快或採購模式在地理上變得更為多元，則仍有進一步上行空間。同樣重要的是，在荷姆茲海峽受干擾之前，成品油輪市場已受到強勁基本面支撐。這些支撐性的基本面仍然存在。

Our view is, therefore, that reopening this Strait should not be viewed at the end of the story, but rather at the beginning of a new phase of market adjustment that can continue to support tanker demand. Slide 14, please. To conclude on the market, the tanker industry is operating in an environment increasingly shaped by geopolitics. Sanctions, security risk, shifting energy flows are making global trade more complex and less efficient. This is not a temporary phenomenon. Since 2022, the number and significance of geopolitical factors influencing our industry has increased materially, and this continues to reshape global trade patterns. For the tanker market, greater inefficiency means longer voyages, higher vessel demand, fleet dislocation and increased volatility. For TORM, it reinforces the value of our scale, commercial agility and operational execution. And with that, I will hand it over to Kim, who will take us through the financial results.

因此，我們認為，重新開放該海峽不應被視為故事的終點，而應視為市場調整新階段的起點，而此調整可持續支撐油輪需求。請看第14頁投影片。就市場作結，油輪產業正處於一個日益受地緣政治塑造的環境中運作。制裁、安全風險、能源流向轉移，使全球貿易更為複雜且效率更低。這並非暫時現象。自2022年以來，影響本產業的地緣政治因素之數量與重要性已顯著增加，並持續重塑全球貿易型態。對油輪市場而言，效率降低意味著航程更長、船舶需求更高、船隊錯置以及波動性上升。對TORM而言，這更凸顯我們規模、商業敏捷性與營運執行力的價值。接下來我把時間交給Kim，由她帶領大家回顧財務結果。

Thank you, Jacob.

謝謝你，Jacob。

Now please turn to Slide 16, and let me walk you through some of the drivers behind our performance. The second quarter delivered the strongest financial performance in TORM's history, driven by exceptionally strong freight markets, following the disruption to global oil trade flows in the Middle East. TCE earnings reached USD512 million compared to USD208 million in the same quarter last year, increase was driven by significantly higher freight rates across all vessel classes, reflecting the tighter market conditions and efficiencies that developed across global energy transportation networks during the quarter. The strong market environment translated directly into earnings. EBITDA increased to USD416 million from USD127 million a year ago, while net profit reached USD338 million compared to USD59 million in the second quarter of 2025. On a fleet-wide basis, we achieved an average TCE rate of USD59,300 per day, more than double the level realized in the corresponding quarter last year. Performance was strong across all segments with LR2 vessels earning approximately USD67,000 per day and both LR1 and MR vessels generating just above USD57 per day to $7,000 per day.

現在請翻到第16頁投影片，讓我帶各位了解推動我們表現的一些因素。第二季創下TORM歷史上最強的財務表現，主要受益於中東地區全球原油貿易流向受干擾後，運價市場異常強勁。TCE收益達到5.12億美元，較去年同期的2.08億美元大幅增加；此增長來自所有船型運價顯著上升，反映本季全球能源運輸網路在更緊俏的市場條件下所形成的效率與緊縮。強勁的市場環境直接轉化為獲利。EBITDA由一年前的1.27億美元增至4.16億美元，而淨利達到3.38億美元，對比2025年第二季的5,900萬美元。以全船隊計，我們達成平均TCE日租金59,300美元，較去年同期水準高出一倍以上。各分項表現皆強勁：LR2船舶日租約67,000美元，而LR1與MR船舶日租均略高於57,000美元至57,000美元。

At the same time, operating expenses remained well controlled at USD8,315 per day. The increase versus last year was mainly driven by higher crew change expenses and consumable costs. Despite these pressures, operating costs remain at competitive levels.

同時，營運費用仍維持良好控管，為每日8,315美元。相較去年增加主要來自較高的船員輪換費用與耗材成本。儘管面臨這些壓力，營運成本仍維持在具競爭力的水準。

The result was basically earnings per share of USD3.31, reflecting the significant operating leverage embedded in our business when freight market strengthen. Finally, the Board has approved an interim dividend of USD2.4 per share corresponding to a total distribution of USD246 million. This reflects our commitment to returning capital to shareholders while maintaining a better capital allocation approach.

因此，每股盈餘基本上為3.31美元，反映當運價市場走強時，我們業務中所蘊含的顯著營運槓桿。最後，董事會已核准每股2.4美元的期中股利，對應總配發金額2.46億美元。這反映我們在維持更佳資本配置方式的同時，致力於回饋股東的承諾。

Please turn to Slide 17. This slide illustrates the strong progression in our earnings over the past 5 quarters and highlights the extraordinary step-up we achieved during the second quarter of 2026. The most notable takeaway is the significant increase in both TCE and EBITDA compared to previous quarters. TCE earnings increased, as mentioned to USD512 million from USD286 million in the first quarter but EBITDA rose to USD416 million from USD201 million. This performance reflects a combination of exceptionally strong freight markets and TORM's ability to capture value through our fully integrated operating platform. During the quarter, market conditions were heavily influenced by disruptions in Middle East oil flows, increasing geopolitical uncertainty and continued rerouting of vessels, all of which contribute to higher ton-mile demand and significantly stronger freight rates. Fleet-wide TCE rates increased to USD59,300 per day compared to USD34,937 per day in the first quarter. What is particularly noteworthy is how efficiently this increase in revenue translated into earnings. TCE increased by USD226 million from Q1 to Q2, while EBITDA increased by approximately USD215 million. In other words, the incremental TCE converted almost on 1:1 into EBITDA, demonstrating the strong operating leverage embedded in our business model. With our largely fixed base costs, higher freight rates have a very direct impact on profitability and this means that when market conditions strengthen a substantial share of the incremental revenue flows directly into EBITDA and eventually cash generation.

請翻到第17頁投影片。本頁展示過去5個季度我們獲利的強勁進展，並突顯我們在2026年第二季達成的非凡躍升。最重要的重點是，TCE與EBITDA相較前幾季均大幅增加。如前所述，TCE收益由第一季的2.86億美元增至5.12億美元，而EBITDA則由2.01億美元升至4.16億美元。此表現反映運價市場異常強勁，以及TORM透過我們完全整合的營運平台捕捉價值的能力。本季市場狀況深受中東原油流向中斷、地緣政治不確定性上升，以及船舶持續改道所影響；上述因素皆推升噸海里需求並使運價顯著走強。全船隊TCE日租金升至59,300美元，較第一季的34,937美元提高。特別值得注意的是，收入增加轉化為獲利的效率非常高。TCE自第一季到第二季增加2.26億美元，而EBITDA約增加2.15億美元。換言之，新增的TCE幾乎以1:1轉換為EBITDA，展現我們商業模式中強勁的營運槓桿。由於我們的成本基礎多為固定，運價上升對獲利能力具有非常直接的影響；這意味著當市場條件轉強時，相當大比例的新增收入會直接流入EBITDA，並最終轉化為現金創造。

Overall, the quarter highlights both the strength of the current market environment and the earnings power of the One TORM platform. It demonstrates our ability to convert a favorable freight market into substantial earnings, cash flow and shareholder value.

整體而言，本季突顯了當前市場環境的強勢，以及One TORM平台的獲利能力。這證明我們能將有利的運價市場轉化為可觀的獲利、現金流與股東價值。

Now please turn to Slide 18. This slide highlights the development in net profit, earnings per share and dividend per share over the past 5 quarters. As illustrated, the exceptional market conditions we experienced during the second quarter translated into record profitability. Net profit reached USD338 million compared to USD122 million in the first quarter and USD59 million in the same period last year.

現在請翻到第18頁投影片。本頁重點呈現過去5個季度淨利、每股盈餘與每股股利的變化。如圖所示，我們在第二季所經歷的特殊市場條件轉化為創紀錄的獲利能力。淨利達到3.38億美元，較第一季的1.22億美元以及去年同期的5,900萬美元大幅提升。

Correspondingly, earnings per share increased to USD3.31, reflecting both strong freight markets and the operating leverage embedded in our business model. The strong earnings also resulted in substantial free cash flow generation during the quarter. And as a result, the Board has approved an interim dividend of USD2.4 per share corresponding to the total distribution of approximately USD246 million to shareholders. This distribution reflects our dividend policy and means that all free cash flow generated during the quarter after debt installments will be returned to our shareholders. We believe this demonstrates a strong cash generative nature of TORM's business model and our continued commitment to delivering direct and tangible returns to shareholders when market conditions are favorable.

相應地，每股盈餘提高至3.31美元，反映運價市場強勁以及我們商業模式中所蘊含的營運槓桿。強勁獲利亦使本季產生可觀的自由現金流。因此，董事會已核准每股2.4美元的期中股利，對應向股東配發總額約2.46億美元。此配發反映我們的股利政策，亦意味著本季在支付債務分期款後所產生的全部自由現金流將回饋給股東。我們認為，這展現了TORM商業模式強勁的現金創造特性，以及在市場條件有利時，我們持續致力於為股東提供直接且具體回報的承諾。

I now turn to Slide 19. Starting on the left side, broker valuation of our fleet increased to approximately USD4.1 billion at the end of the second quarter reflecting the continued strength of both freight markets and tanker asset prices. As a result, our net asset value increased to USD3.7 billion, representing another quarter of significant value creation for our shareholders. Increase in asset values demonstrates the strong earnings expectation currently embedded in the product tanker market and highlights the quality and attractiveness of our fleet.

我現在轉到第19頁投影片。先看左側，於第二季末，我們船隊的經紀估值上升至約41億美元，反映運價市場與油輪資產價格持續走強。因此，我們的淨資產價值提升至37億美元，代表本季再次為股東創造顯著價值。資產價值的上升顯示目前成品油輪市場已反映強勁的獲利預期，並突顯我們船隊的品質與吸引力。

Moving to the center chart, Net interest-bearing debt increased, sorry, decreased to USD715 million from USD894 million at the end of the first quarter.

轉到中間的圖表，淨計息負債增加了，抱歉，是從第一季末的8.94億美元下降至7.15億美元。

At the same time, our net loan-to-value ratio improved further into 2.4% despite continued investments in fleet growth and renewal. The reduction in net interest-bearing debt was primarily driven by exceptionally strong cash flow generated from operations during the quarter. Strong earnings translated into significant cash generation, enabling us to simultaneously fund fleet investments, distribute substantial cash to shareholders and further strengthened the balance sheet.

同時，儘管我們持續投資於船隊擴張與汰舊換新，我們的淨貸款價值比（net loan-to-value ratio）仍進一步改善至2.4%。淨計息負債的下降主要是由本季營運所產生的異常強勁現金流所帶動。強勁獲利轉化為可觀的現金創造，使我們得以同時為船隊投資提供資金、向股東分配大量現金，並進一步強化資產負債表。

Importantly, we have achieved this reduction in leverage while operating the largest fleet in TORM's history. Net loan-to-value ratio in the low 20s provide considerable financial flexibility. It allows us to purchase, sorry, pursue attractive investment opportunities, continue renewing the fleet and maintaining resilience through market cycles, while preserving significant capacity for further shareholder returns.

重要的是，我們在營運TORM史上最大船隊的同時，仍達成了槓桿的降低。淨貸款價值比落在20%出頭，提供了相當可觀的財務彈性。這使我們能夠把握、抱歉，是追求具吸引力的投資機會，持續更新船隊並在市場循環中維持韌性，同時保留可觀的能力以進一步回饋股東。

Finally, on the right side, you see our debt maturity profile. We have USD237 million of borrowings maturing over the next 12 months with maturities thereafter, well distributed across future years and no significant refinancing concentration.

最後，在右側你可以看到我們的債務到期結構。未來12個月內將有2.37億美元借款到期，其後到期日也分散於未來各年度，沒有顯著的再融資集中風險。

Overall, we believe TORM enters the second half of 2026 with a strong balance sheet, supported by higher asset values, moderate leverage, strong liquidity and substantial financial flexibility to support both growth and shareholder returns going forward.

整體而言，我們認為TORM在2026年下半年將以強健的資產負債表進入市場，並受惠於較高的資產價值、適度的槓桿、充裕的流動性，以及可觀的財務彈性，以支持未來的成長與股東回饋。

Now please turn to Slide 20. Following a record first half of the year and continued strength we have seen in the freight market during the third quarter, we are once again updating our financial guidance for 2026. Compared to our previous guidance, there are 2 important changes: First, the sustained strength in freight rates has increased our earnings expectations for the year. Product tanker markets have remained significantly stronger than anticipated, supported by ongoing geopolitical uncertainty, trade disruptions, and continued inefficiencies across global oil and product flows. As a result, we are increasing the midpoint of our TCE guidance from USD1.3 billion to USD1.5 billion.

現在請翻到第20頁。在上半年創下紀錄、且我們在第三季於運價市場看到持續強勢之後，我們再次更新2026年的財務指引。相較於先前的指引，有兩項重要變動：第一，運價持續強勁提高了我們對全年獲利的預期。成品油輪市場維持顯著強於先前預期，受持續的地緣政治不確定性、貿易中斷，以及全球原油與成品油流向持續低效率所支撐。因此，我們將TCE指引的中位數從13億美元上調至15億美元。

Second, with more than half of the year now behind us, a substantially larger share of our earnings is already secured. The number of remaining open days has therefore been reduced meaningfully now at 10,270 days, 30% of total days providing greater visibility on our full year outcome. This allows us to narrow the guidance range compared to early in the year. Accordingly, we now expect full year TCE of 1.4 billion to 1.6 billion, corresponding to a range of plus/minus USD100 million around the midpoint. This compares with our previous guidance of USD1.15 billion to USD1.45 billion. Reflecting the high expected revenue generation and the operating leverage inherent in our business model, we are also increasing our EBITDA guidance to between USD1 billion and USD1.2 billion. This compares with our previous guidance of USD800 million to USD1.1 billion. The tighter range reflects increased earnings visibility. While we continue to monitor developments in the Middle East and other geopolitical events closely, a much larger portion of this year's earnings is now either reported or covered, reducing the impact of volatility in the remaining months of the year.

第二，隨著今年已過半，我們已有相當更大比例的獲利被鎖定。因此，剩餘未鎖定天數已明顯下降，目前為10,270天，占總天數的30%，使我們對全年結果有更高的能見度。這讓我們得以相較年初縮小指引區間。因此，我們目前預期全年TCE為14億至16億美元，對應於中位數上下各1億美元的區間。這與我們先前的指引11.5億至14.5億美元相比。反映預期的高營收創造能力以及我們商業模式固有的營運槓桿，我們也將EBITDA指引上調至10億至12億美元。這與先前8億至11億美元的指引相比。較緊的區間反映獲利能見度提升。雖然我們仍密切關注中東局勢及其他地緣政治事件的發展，但今年更大部分的獲利如今已經公布或已被覆蓋，降低了今年剩餘月份波動的影響。

Overall, we believe the updated guidance appropriately reflects both the exceptionally strong market environment and the visibility we have today, and it also highlights the earnings power of the One TORM platform when supported by favorable market conditions. And with that, I will hand it back to the operator for questions.

整體而言，我們認為更新後的指引恰當反映了目前異常強勁的市場環境以及我們當前的能見度，同時也凸顯在有利市場條件支持下，One TORM平台的獲利能力。接下來我把時間交還給接線生進行提問。

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

(接線生指示) 第一個問題來自Evercore ISI的Jon Chappell。

Jacob, if you spend a lot of time talking, Jacob, you spent a lot of time talking about the justification for the newbuildings, both on this call and apparently in the press this morning. I think it makes complete sense given the discrepancy between newbuilding prices and secondhand values. Looking at it from the other side, it looks like roughly 30% of the fleet almost is 15 years or older. You have these incredible prices for secondhand vessels, including older tonnage at present. Have you considered an acceleration of maybe some divestitures to lock in some of these elevated prices on the resale side?

Jacob，你花了很多時間談新造船的合理性，無論是在這通電話上，顯然今天早上在媒體上也是。考量新造船價格與二手船價值之間的落差，我覺得這完全合理。從另一個角度看，船隊中看起來大約有將近30%是船齡15年或以上。目前二手船（包含較老船舶）的價格非常驚人。你們是否考慮加速一些資產處分，以在轉售端鎖定這些偏高的價格？

Yes. Well, that's a good question. We have considered that what we have found so far is that when we take the NPV of, obviously, of a potential sale of any of our assets versus what I would say, conservative then estimate that we will be earning until sort of our usual life, then that calculation will detail whether we do this or not. And yes, I'm not seeing any signs of that we should accelerate based on that calculation.

是的。嗯，這是個好問題。我們確實有考慮；到目前為止我們發現，當我們計算任何資產潛在出售的淨現值（NPV），並與我會說相對保守地估計該資產在我們通常的使用年限內可賺取的收益相比時，這個計算結果會決定我們是否要這麼做。而是的，基於這個計算，我沒有看到任何跡象顯示我們應該加速處分。

Okay. The second question I had relates to Slide 7. So the LR2 benchmark being near the all-time highs make sense given the dirtying up that you discussed. The MRs had a nice little spike when the conflict broke out in the Middle East in late winter, early spring, but they've since kind of normalized back to these long-term averages. Is there any other difference? Is it just a trade flow amount of products leading the Middle East, the disruption impact of ton miles variance between kind of bigger crude carriers and smaller product. That's meant that the MRs have been probably like the most consistent performers as opposed to every other subsegment of the market being exceptionally stronger year-to-date. And I guess if I can add a second to that as well. Is there kind of a catch-up trade to the MRs that you foresee once there is some return on normalization in global trade flows?

好的。我的第二個問題與第7頁有關。LR2基準接近歷史高點，考量你提到的「變髒」（dirtying up）趨勢，這是合理的。MR在中東衝突於冬末、春初爆發時有一波不錯的上衝，但之後似乎已回到這些長期平均水準附近。還有其他差異嗎？是否只是因為中東外流的產品貿易流向，以及噸海里（ton-miles）在較大型原油船與較小型成品油船之間的差異所造成的擾動影響？這是否意味著MR可能是表現最一致的子市場，而不是像其他每個子市場那樣在今年以來都異常強勁？另外我也想再補充一點。你是否預期MR會有某種「補漲」交易，一旦全球貿易流向回歸某種正常化之後？

Yes. That's a very good observation. And of course, being in this day to day, we are making the same observation. I think that there is, of course, a lot of elements in the details. But I think if we lifted up. Our conclusion so far, Jon, is that every day, we are depleting inventory globally. And the crude oil and the product that is being moved is obviously lower volumes than what it would have been before the current effective closure, more or less, of the Strait of Hormuz. And it means that crude is definitely moving to a higher degree. And it is arriving at destination of where is the end user the refinery side. But sort of what you would then have a spillover for the MRs to pick up of marginal trades, those marginal trades in an environment where there's not enough cargoes are simply less simply don't occur as often. So it's not a lot for the MRs and you would need, in our opinion, to see that you have more volumes of crude that meets or exceeds the daily consumption before you will see that refineries and sort of the arbitrage phase will really in early start to reopen so that the MRs can come in to us. Can you follow? So as long as we're in this sort of environment where there's just an oval for there to be enough the spillover trades from the refinery side is less than the day when we see that you have a normalization of the amount of crude that goes to market.

是的。這是非常好的觀察。當然，我們每天都在市場裡，也有同樣的觀察。我認為細節中當然有很多因素。但如果我們拉高一點來看。Jon，我們目前的結論是：全球庫存每天都在被消耗。而正在運輸的原油與成品油，顯然其量低於在目前霍爾木茲海峽實質上或多或少被封鎖之前的水準。這意味著原油的運輸確實在更大程度上發生。而它會抵達終端需求所在地，也就是煉油端。但你所說MR可承接的那些邊際交易（marginal trades），在一個貨量不足的環境下，這些邊際交易就是更少、也就是不會那麼常發生。所以MR能吃到的量不多；依我們看法，你需要看到原油供給量增加到達到或超過每日消耗量，之後你才會看到煉油廠以及套利活動在早期階段真正開始重新開啟，讓MR能夠進來承接。你能理解嗎？因此，只要我們仍處於這種環境——也就是原油量不足——來自煉油端的外溢交易就會少於我們看到原油供給量回到正常、進入市場的那一天。

Your next question comes from the line of Frode Morkedal with Clarkson Securities.

您的下一個問題來自 Clarkson Securities 的 Frode Morkedal。

Yes. Yes. So it's really interesting times, right? Hormuz, at close, Red Sea, Black Sea, even Panama Canal disruptions. So I mean, I have to go back way back in the history books to find these type of conditions. But I just wanted to pick your brain on this. How important are these disruptions behind the recent. Let's say, rebound in LR2 rates versus, let's say, cargo flows, right? So they obviously had the refinery shutdown that meant less in port volumes. And now you have this inefficiencies and rerouting and shuttle sales and so what's driving the recent pullback in rates in view.

是的。是的。所以這真的是很有意思的時期，對吧？荷姆茲海峽、紅海、黑海，甚至巴拿馬運河的中斷。我的意思是，我得翻回很久以前的歷史書，才能找到這類型的情況。但我只是想請教一下您的看法。這些中斷在近期的背後有多重要。比如說，LR2 運價的反彈，相較於比如說貨物流向，對吧？所以他們顯然有煉油廠停工，意味著港口吞吐量更少。而現在你又有這些低效率、改道、穿梭式銷售，所以從您的角度看，近期運價回落是由什麼驅動的。

So the reason it again for I'm sure that'll add you a final question. Just repeat your question...

所以原因是——我相信這會讓你再問最後一個問題。請再重複一下你的問題……

Yes LR2 rate coming up okay, is it driven by the trading inefficiencies or part of those?

是的，LR2 運價上來了，好的，是由交易低效率或其中一部分所驅動嗎？

So I think there's 2 things on the supply side. Clearly, what we mentioned earlier that going into the year, I think we all recall that there was some discussion among analysts and of course, people like ourselves around the magnitude of the order book on LR2s and that, that could have potentially a negative effect on the freight rates because simply of supply coming to market. And the fact that we see 70 fewer LR2s today has, of course, proven that, that was not the story on total. It was more that volumes have kept coming down because of the disruptions, especially in the Middle East, that a lot of the naphtha, a lot of the sort of long-haul LR2 natural cargoes, the diesel from Middle East to Europe have not been moving in these spots. So volumes have gone down, but of course, the effective supply of clean trading LR2 have also been coming down and sort of keeping the market more or less at bay. Now the inefficiencies caused that you mentioned, then you only need a little more volume. You just need a little more of the ship-to-ship transfer to occur. And our understanding is that currently there is a movement is also discussed in the public press that the national states in Middle East are contemplating having this oil bridge, which is basically that you looked in the Middle East, and you don't go for your end destination, but make the ship-to-ship transfer that I think that is maxed out more or less on the capacity that they have and that they're looking to increase that further. As a strategic response to the closure and sort of the Iranians and America currently having a tit-for-tat around who is controlling this. And there, I think they are basically saying we would like to control our own destiny. So we will up the ante on this oil bridge because we don't know when the situation. So I think that is, is 2 things: a, so volume has come down, but also supply. And now we're starting to see a little more tickling around that this strategic choice to have also LR2s hauling cargoes up to the Omani waters and make it to transfer is creating a stronger dent.

所以我認為供給面有兩件事。很明顯，我們先前提到，進入今年時，我想大家都記得，分析師之間以及當然像我們這樣的人，曾討論過 LR2 訂單簿的規模，以及那可能會對運費造成負面影響，因為單純是供給進入市場。而我們看到今天 LR2 比以前少了 70 艘，當然已經證明那並不是整體的主軸。更多是因為受中斷影響，尤其在中東，運量持續下滑；很多石腦油、很多那種長航程的 LR2 傳統貨盤——從中東到歐洲的柴油——在這些航線上並沒有在運。所以運量下降了，但當然，從事清潔油品交易的 LR2 的有效供給也在下降，某種程度上讓市場大致維持在可控範圍。至於你提到的那些低效率，只要再多一點點運量就會被放大。你只需要多一點船對船（ship-to-ship）轉運發生。我們的理解是，目前也有一個動向——公共媒體也在討論——中東的國家正在考慮建立這座所謂的「油橋」，基本上就是你在中東裝貨後，不是直接去最終目的地，而是先做船對船轉運；我認為這在他們現有能力上差不多已經接近滿載，並且他們正尋求進一步擴充。作為對封鎖的策略性回應，以及伊朗與美國目前就誰在控制這件事而進行的你來我往。在那裡，我認為他們基本上是在說：我們希望掌控自己的命運。所以我們會加碼這座油橋，因為我們不知道這個情勢何時會結束。所以我認為這是兩件事：a，運量下降了，但供給也下降了。而現在我們開始看到一些跡象：這個策略選擇——也讓 LR2 把貨載運到阿曼水域再進行轉運——正在造成更強的影響。

That's interesting. So yes, so I guess it multiple notice the crude shut business, but you're also seeing the sale of products, right? So how important is that? And is that something that is going to expand? Do you think going forward?

這很有意思。所以是的，我想這不只是原油的穿梭業務，但你也看到成品的銷售，對吧？所以那有多重要？而且那會擴大嗎？你認為未來會如何？

Yes. So when we had our Q1 results in May, I think we alluded to that we started to see a few of our vessels being engaged in this ship-to-ship transfer. And our estimation is that at that time, you would be seeing about 1 million barrels in totality of crude and CPP moving per day on this sort of shuttle. Now fast forward today, we estimate that it's about 6 million barrels of crude and 1 million barrels of CPP. So obviously, not the same level as we saw before, but significantly more than in May. Our expectation is that as a strategic answer again to that it is being communicated almost daily that Strait of Hormuz is either closed or open. To take it into our own destiny and sort of control the value chain for the producers where the oil is stuck they will, in our opinion, more likely than not increase the volume, both on crude but also on CPP in the months to come in order to sort of normalize their economic stance and also, of course, to normalize their relation in terms of that they are not under the gun of somebody else saying there's a war or there's not a war. So we believe that we are seeing a trend that will continue. Of course, that's a long way to 20 million barrels that was what we saw prior to this conflict. It doesn't need to go to there. But as I mentioned, if you imagine that the volumes go back to that, instead of using, let's say, 15 LR2s you're probably closer to 50 LR2s in that shuttle trade. And that would be beneficial for LR2 in our opinion.

是的。所以在我們 5 月公布第一季（Q1）業績時，我想我們有提到，我們開始看到有幾艘船參與這種船對船轉運。我們當時的估計是，這種穿梭模式下，每天合計大約有 100 萬桶的原油與 CPP（潔淨石油產品）在移動。而快轉到今天，我們估計大約是每天 600 萬桶原油與 100 萬桶 CPP。所以顯然，還不到我們之前看到的同一個水準，但比 5 月顯著增加。我們的預期是，作為再次的策略性回應——因為幾乎每天都在傳達荷姆茲海峽不是關閉就是開放——為了把命運掌握在自己手中，並為那些原油受困的生產商掌控價值鏈，他們在我們看來，很可能會在未來幾個月提高運量，不僅是原油，也包括 CPP，以便某種程度上讓其經濟狀態正常化，當然也讓他們的關係正常化，避免被別人拿槍指著說「有戰爭」或「沒有戰爭」。

Yes, so very interesting. I mean how about the impact on asset values? I mean, at least you've seen on the crude side, other these Middle Eastern companies basically buying up whatever tonnage they can get hold of to just fulfil the shuttle services? Are you seeing the same dynamics on products perhaps?

是的，所以非常有意思。那資產價值的影響呢？我的意思是，至少在原油那邊，你看到其他這些中東公司基本上在能買到的範圍內盡量買進船噸，只為了滿足穿梭服務？你在成品油這邊也看到同樣的動態嗎？

We are not seeing this. We, of course, with interest noted what you also described, we have not seen that yet on the clean side. It has been so far more a crude story, especially on VLCCs, but also to some degree, as we can note also on Suezmax and to a lesser degree, I don't think it has played out on the product side yet. It's also, so if you're overflowing and you are an oil producer, I think it is most important right now. The first sort of dilemma that you would like to solve is what do I do with my crude and you clearly engaged with these in order to have that shuttle service. And then sort of I think it is in the, as a second step, I think you would strategically evaluate can we resume our operation at the refinery side and how do we then solve the distribution problem around that. So I think it's natural that we have not seen anything yet.

我們沒有看到這種情況。當然，我們也很關注你所描述的現象，但在潔淨油品這一側我們還沒有看到。到目前為止，這更多是原油的故事，尤其是在 VLCC 上，但在某種程度上，我們也看到 Suezmax 有一些，而更小的程度上——我認為在成品油端還沒有真正發酵。另外，如果你是產量外溢的產油國，我認為眼下最重要的是——你首先想解決的兩難是：我的原油要怎麼辦？你就會很明確地投入這些安排，以便建立那個穿梭服務。然後我想作為第二步，你會策略性地評估：我們能否恢復煉油端的運作，以及接著要如何解決相關的分銷問題。所以我認為我們目前還沒看到任何動作是很自然的。

Yes. Makes sense. But you are seeing the Chinese ramping up refining runs. So hopefully, that will add some volumes going into the fall. So how comfortable are you and how bullish are you on the next few months of products?

是的。有道理。但你看到中國正在提高煉油開工率。所以希望這會在進入秋季時增加一些供給量。那麼，你對未來幾個月成品油市場的把握程度如何？你有多看多？

Well, we are constructive around it. But I mean, as we've just discussed, we have all these choke points. And probably, historically, we've never seen more. But Our thinking is that most of these choke points with either remain more or less as they are or be positive for product tankers. So that could be the Panama Canal. We have clearly not seen that play out yet. And I think in Strait of Hormuz I don't think that the current status quo is how it will stay. I think that either we will find a solution and/or you will see that this oil bridge will be expanded. Both those scenarios are positive in our opinion for product tankers.

嗯，我們對此持建設性看法。但我的意思是，正如我們剛才討論的，我們有所有這些瓶頸。而且可能從歷史上看，我們從未見過這麼多。但我們的想法是，這些瓶頸大多要麼會或多或少維持現狀，要麼會對成品油油輪有利。例如巴拿馬運河。我們顯然還沒有看到這一點完全發酵。而在荷姆茲海峽方面，我不認為目前的現狀會一直維持。我認為要麼我們會找到解決方案，和/或你會看到這條「石油橋」將被擴建。在我們看來，這兩種情境都對成品油油輪是正面的。

Your next question comes from the line of Bendik Nyttingnes with Danske Bank.

下一個問題來自丹斯克銀行（Danske Bank）的 Bendik Nyttingnes。

I have on the newbuilding program as well. You're sort of doubling down on the MRs here. Can you talk a bit through your reasoning on by doing MR newbuilds as opposed to LR2s?

我也想問一下新造船計畫。你們在 MR 上算是加碼了。能否談談你們選擇建造 MR 新船、而不是 LR2 的理由？

Yes, absolutely. Thank you, Bendik. So we are not in love with any particular of the segments that we are active in. And the way we come to our investment decisions is basically that we look at what is the cost of an asset and what is our expected cash flow from that investment. And I want to take here in the second and into the third quarter. It has been the better choice for our investment to place our money on the MR that we have alluded to the prices, the delivery, the specification rather than alternative investment. So that is what, it doesn't mean that we could not do LR1s or LR2 at any time. But it just means that currently, that has been the best choice for the investment for our shareholders.

是的，當然可以。謝謝你，Bendik。所以我們並不特別偏愛我們所涉足的任何一個細分市場。我們做投資決策的方式基本上是看資產成本是多少，以及我們對該投資的預期現金流。我想以第二季到第三季這段時間為例。就我們所提到的價格、交付期與規格而言，把資金投在 MR 上一直是更好的投資選擇，而不是其他替代投資。所以這就是原因；這並不表示我們任何時候都不能做 LR1 或 LR2。但這只是表示目前而言，這是對我們股東來說最好的投資選擇。

Makes sense. And I guess you haven't disclosed any prices on the new fixed plus 2 vessels. But can you talk a bit about what we should expect in terms of financial leverage as a percentage?

了解。我想你們尚未披露新簽固定加 2 艘船的價格。但能否談談我們在財務槓桿（以百分比計）方面應該預期什麼？

Yes. Pretty standard on that currently. So we would normally finance our business at 50% leverage. So that's a nice sweet spot, it can grow higher. Of course, not to go lower, but I think for us, it's the situation we are in gives us ample flexibility. Here, you have a sweet spot of very low margins, fairly long funding structures. So of course, we're trying to find the sweet spot. We think this is a very good place to be.

可以。目前這方面相當標準。所以我們通常會以 50% 的槓桿來為業務融資。這是一個不錯的甜蜜點，也可以更高。當然，不會往更低走，但我認為就我們而言，我們目前所處的狀況給了我們充足的彈性。在這裡，你有一個甜蜜點：利差非常低、資金結構期限相當長。所以當然，我們正努力找到那個甜蜜點。我們認為這是一個非常好的位置。

There are no further questions at this time. I will now turn the conference back over to Jacob Meldgaard for closing remarks.

目前沒有進一步的問題。我現在把電話會議交回給 Jacob Meldgaard 作結語。

Yes. Thank you very much, and thank you to everyone for listening in to our results for the second quarter 2026. Have a nice day.

好的。非常感謝，也感謝各位收聽我們 2026 年第二季的業績說明。祝各位有美好的一天。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。