Golden Ocean Group Limited (NASDAQ:GOGL) Q2 2019 Results Conference Call August 15, 2019 9:00 AM ET
Birgitte Vartdal - CEO
Per Heiberg - CFO
- Birgitte Vartdal - 首席执行官
- Per Heiberg - 首席财务官
Greg Lewis - BTIG
- 格雷格刘易斯 - BTIG
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to today’s Golden Ocean Group Limited Q2 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today, Thursday, the 15th of August 2019.
I would now like to hand the conference over to your speaker today, Birgitte Vartdal. Please go ahead, madam.
女士们，先生们，下午好，谢谢你们的支持。 欢迎参加今日金海集团有限公司2019年第二季度盈利电话会议。 此时，所有参与者都处于只听模式。 会有一个演讲，然后是问答环节。 [操作员说明]我必须告知您，本次会议将于今天，即2019年8月15日星期四进行。
我现在想把会议交给你的发言人Birgitte Vartdal。 夫人，请继续。
Thank you. Good morning and good afternoon, and welcome to the second quarter 2019 earnings call for Golden Ocean Group Limited. My name is Birgitte Vartdal, I’m the CEO of Golden Ocean management. Together with me I have Per Heiberg, CFO.
We are very happy to see how the market has developed so far in the third quarter, even though we are reporting our weakest quarter in years, for the second quarter of 2019.
As usual, Per will take you through the Company update and I will revert on some comments about the current market and about our strategic positioning.
谢谢。 早上好，下午好，欢迎来到2019年第二季度金海集团有限公司的财报。 我的名字是Birgitte Vartdal，我是Golden Ocean管理公司的首席执行官。 和我一起，我有Per Heiberg，首席财务官。
Okay. Thank you, Birgitte.
Golden Ocean reported a net loss for the quarter of $33.1 million, and a loss per share of $0.23 for the second quarter of 2019. This compares to a net loss of $7.5 million and a loss per share of $0.05 for the first quarter. This result includes a mark-to-market loss of $13.3 million, mainly related to falling U.S. interest rate levels and a reversal of the mark-to-market profit on FFA contracts.
Adjusted EBITDA ended at $21.1 million, down from $36 million in the previous quarter. We have declared the remaining four options to install exhaust gas cleaning systems, so called scrubbers, bringing the total amount of scrubber installations to 23 for the Company.
During second quarter, we completed the refinancing of the 14 vessels bought from Quintana, back in 2017, which will significantly reduce interest rates -- or interest expenses and cash break even going forward.
In the second quarter, we invested in Singapore Marine that has set the goal to be a significant operator in the larger vessel classes. I’m sure that will contribute to our existing operations through both valuable trading knowledge and profitable return on the investments.
As we announced earlier this week, the Company has entered into a term sheet to establish a joint venture with Frontline and Trafigura for supply of marine fuels. And on the back of the current strong markets, the Company announced a dividend of $0.10 per share for the second quarter of 2019.
Moving on to the P&L. Despite a slightly stronger average market index in second quarter compared to first quarter of time charter equivalent or TCE, revenue decreased by $8 million compared to the previous quarter. The decrease is a reflection of the weak market at the start of the quarter, which -- with fix things affecting most of the quarter. The market did not see material improvement until June, which was a bit late to be reflected in our quarterly P&L.
Ship operating expenses including dry dock and estimated OpEx on short-term lease in vessels, ended up $48.7 million for the quarter, of this $6.7 million related to dry docking of 8 vessels compared to $1.4 million of 3 vessels in first quarter and $4.7 million relates to estimated OpEx on these vessels. Effectively, the running OpEx on our own fleet is marginally down compared to previous quarter.
The G&A was stable over the quarter at approximately $3.5 million, while we had an extraordinary depreciation in the quarter, resulting in an increase of $1.1 million compared to the prior quarter.
Next, financial expenses are down by $1.1 million compared to the prior quarter. This is mainly due to the full quarter of reduced interest cost on the convertible bond that was repaid in January together with lower margin on the refinanced debt.
In second quarter, we booked a net loss of $11.8 million related to marketable securities and derivatives. This is mainly related to a loss on our U.S. interest rate swaps entered into for hedging purposes, but we booked that mark-to-market, and it’s a reversal of earlier mark-to-market profit on FFA options since the market recovered during second quarter, following the downturn, leading to a profit in the first quarter. These losses were partly offset by an unrealized profit of $1.6 million related to our shareholding in Scorpio Bulkers. [Ph]
在第二季度，我们在2017年完成了从Quintana购买的14艘船的再融资，这将显着降低利率 - 或利息支出和现金收支平衡。
在第二季度，我们预订了与有价证券和衍生品相关的净亏损1180万美元。这主要与我们为对冲目的而进行的美国利率掉期亏损有关，但我们预订了按市价计价，这是因为市场在第二次市场复苏后，FFA期权的早期盯市利润出现逆转在经济低迷之后的一个季度，第一季度实现盈利。这些损失部分被与我们持有的Scorpio Bulkers股份相关的160万美元的未实现利润所抵消。 [PH]
Adjusted EBITDA came in at $21.5 million for the quarter, and achieved TCE per day worth $11,629 compared to $13,131 for the previous quarter.
Looking at the cash flow for the quarter. We entered it with $199.2 million and ended approximately $36 million lower. Despite that, we have that positive cash flow from operations and net cash from financing of the non-recourse debt into the new full recourse debt added $3.5 million, and ordinary repayment of existing debt was $16.6 million during the quarter.
The Company used $18 million on investing activity, of which $10 million was invested in Singapore Marine and the remaining $8 million related to investment in scrubber installations and ballast water treatment system. The Company also paid $3.6 million or $0.025 in dividends for the first quarter, during second quarter. Following other months’ [ph] cash outflow, we ended the quarter at still relatively strong cash balance of $163.3 million.
Looking at the balance sheet. The most notable change this quarter is in addition to the cash flow effect is the impact of refinancing of the non-recourse debt which is reduces the current portion of long-term debt by $73 million and net of ordinary repayment of long-term debt, the regular long-term debt has increased correspondingly.
At the end of the quarter, the Company’s book equity was at 51%.
Following refinancing related to 14 vessels bought from Quintana in 2017, all long-term debt is now aligned on structure and on covenants. Long-term debts in the Company are backed by assets and we have no outstanding long-term corporate debt.
In addition, we have a separate loan tranche available on certain of the vessels to be fitted with scrubbers. Going forward, the Company will pay $21.2 million in regular repayment of debt on a quarterly basis, and average interest rate of the debt has been reduced to 225 basis points above LIBOR.
As you can see from the graph, the various loans mature over six-year period starting with one facility that matures at the very end of this year. We are in the process of refinancing that facility and expect that to be completed well ahead of its maturity date.
In the P&L, the Company shows fully burdened OpEx cost including drydocking and fees to external managers. The running OpEx is relatively stable at 5,200 of Panamaxes and 5,600 for Capes.
During 2019, we expect 19 vessels in total to be dry-docked and 9 of them will also have ballast water treatment system installed during the same drydocking. Installation of scrubbers has commenced and so far three vessels are completed, while we expect 12 more scrubbers to be installed during the remainder of this year. And the last eight of the 23 in total to be installed early 2020.
Looking at the fleet, and at this, the core fleet was unchanged since previous quarter and still consists of 77 sailing vessels of which 46 are Capes, 16 Panamax/Kamsarmaxes, 12 ice class Panamaxes and 3 Ultramaxes.
During the most recent uptick on markets rate, the Company has taken some more cover for the remainder of 2019, and some for 2020 as well. In this context, it’s worth noting that we only include long-term cover in this overview. Voyage fixtures and short-term charter contracts are not included as we see those as a part of the spot business, even if such voyages can last up to 90 to 100 days and give cover well into the common quarter. These also include good cover on our ice class Panamaxes trading on pre-agreed COA during third quarter
For the Capesizes, we have then currently fixed out the equivalent of 8 vessels at fixed rate on an average of $20,440 for the remaining year -- or remainder of this year, and one vessel has been converted from index linked to a fixed rate of $20,500 throughout 2020. The cover for the Panamax vessels is more or less unchanged from previous quarter, with 8 vessels fixed out from now and until the end of 2021, with some various expirations, with the net average of $18,690 per day. The various charters -- and yes, as I said, between April 2020 and throughout end of 2021.
On top of this cover, we have six floor/ceiling Capesize contracts for 2019 and 2 for 2020, securing the downside at approximately 15,000 by giving away an upside about 29,500. These contracts are proven to be highly effective during the downturn experienced in first half of the year.
And that ends my presentation, and I’ll hand over the word to Birgitte, who will take you through the macro and the strategic outlook.
对于海岬型船，我们目前已确定相当于8艘船的固定费率，剩余年份平均为20,440美元 - 或今年剩余时间，而一艘船已从指数转换为固定费率20,500美元 整个2020年。巴拿马型船舶的保险范围与上一季度相比基本保持不变，从现在开始到2021年底，有8艘船舶停运，并有不同的到期，平均每天18,690美元。 各种章程 - 是的，正如我所说，在2020年4月到2021年底之间。
Thank you, Per.
As an introduction to the macro, I think it’s fair to say that talking about the macro environment in dry bulk is obviously impacted by the volatile signs that we see in the global economy. I think, however, there are some interesting effects as well that can positively impact dry bulk, and I will touch base on those, when I go through the presentation.
Looking back at utilization. During the second quarter, we saw a slight increase compared to the prior quarter. Fleet supply grew modestly with new deliveries partially offset by scrapping of older vessels.
Looking at demand, the seaborne transportation was mostly unchanged compared to the last quarter and the second quarter of 2018. However, the quarter started on a very weak note caused by the sharp reduction in iron ore volumes following the Vale accident earlier in the year, which has been well covered.
Iron ore production has begun to come back on line. Rates have surged and have been at profitable levels since the start of June. And we expect to see a report -- to report increased utilization rates in the next report.
Focusing on demand, volumes, measured at the time it’s been imported, so there is a slight delay compared to if you measure at the time of export, were remarkably stable quarter-over-quarter, despite adjusting iron ore and the impact of trade war on the agri trade. Aside from iron ore, coal imports remained high with growth driven by China and India. Agri volumes grew compared to the first quarter, but reduced relative to the second quarter of last year, and other bulks continued its positive trend, showing strong growth quarter-over-quarter. I would like to mention bauxite in particular, which is having a strong growth and which is currently around 6% of the Cape trade.
Moving on to iron ore. As we discussed on the last call, market expectations for growth in iron ore changed following the tragic accident in Brazil at the end of January. In total, 90 million tons of Vale iron ore production was halted at the end of first quarter. While Vale continued for a while to supply volumes from port stockpile, this wasn’t sustainable and Cape rates fell to very low levels, by the end of March.
On top of this, which maybe has been a bit under-communicated, there were several weather-related issues in the northern system in Brazil, which also put pressure on exports. Since the end of the first quarter, 42 million of halted production has been restored, which had a dramatic impact on rates. The halt and the restart in production created a supply imbalance of vessels as there were more than 17 [ph] vessels waiting outside Brazil for cargo at one point. As the cargo came back, most of those vessels were heading front hall at more or less the same time, and Vale had to secure other vessels in the markets to cover up for the lack of volume access available. We expect when these vessels arrive in China, quite a few of them will have to install scrubbers which will keep capacity constraint and which will be very interesting to follow going forward.
铁矿石生产已开始恢复生产。自6月初以来，利率飙升并且一直处于盈利水平。我们希望看到一份报告 - 报告下一份报告中提高的利用率。
Vale anticipates to restore an additional 20 million tons of production by the end of the year and the remainder within the next two to three years. If you compare to last year, Vale was initially guiding on an increase for 2019 over 30 million tons. So, based on what they actually anticipate to restore the production should be more or less in line with the 2018 production. over time.
Australian production as well has rebounded following a cyclone item in March that constrained the production in the west of the country. And the Q2 export was strongly ahead of their financial year close.
Steel production is key to the iron ore trade and the thermal coal trade. And due to supply constraints, iron ore prices went very high in the first half of the year. Despite this, global steel production increased in the quarter, growing 5% year-over-year, led by nearly 11% increase in Chinese steel production, while it was flat in the rest of the world. This follows additional stimulus program from the Chinese government, which has had a positive impact on investments and infrastructure spending, and steel margins continued to be positive despite the high cost of raw materials. This also responds to the international trade wars and uncertainties in the global economy, and as I mentioned at the beginning, this has been a positive factor for the dry bulk market this year.
Higher iron ore prices, and following the disruptions of Brazil, and the weather-related supply disruptions have led to a drawdown of stocks in Chinese ports and their steel mills. And with iron ore prices now coming down and volumes of iron ore coming back in international markets, we expect to see a flattening of stockpiles of iron ore and potentially we can see also return of stock building of iron ore later in the year.
Moving on to coal. As mentioned earlier, coal imports to China increased after the import restrictions at the end of last year were listed. And volumes in the second quarter were actually up to 17% year-over-year. However, coal stocks in China are relatively high and there are reports that the Chinese government will cast the 2019 imports at the same level as last year, which would negatively impact the fourth quarter volumes.
Imports into India have been up an impressive 30% compared to last year. Stockpiles are high in the historical context but not significant compared to the growing demand. In India, like China, would like to support their local coal production and look to increase their domestic production. But as opposed to China, the growth has not been sustainable in the domestic production and import volumes have been compensating for the lack of growth in the domestic production.
Chinese electricity production grew by 5% year-over-year in the second quarter and thermal coal makes 70% of the total balance of production. This is a decline from past quarter, due to seasonal higher hydropower electricity production, which should continue for a few months, before it drops back going into the winter season. Despite the decline in thermal coal electricity as part of the total energy mix, coal consumption continued to grow on an absolute basis.
The U.S.-China trade war continues to have significant effect on U.S. grain exports as can be seen on the bottom graph. The swine flu in China has also impacted demand for grain. South American export volumes declined in the second quarter along with the U.S. volumes. The trade war had an extremely negative impact, and unless there is a relief, volumes from the second harvest season may be lost.
Total export volumes, however, remained healthy. Brazil has compensated most of the shortfall in U.S. exports. And we saw that the Chinese came back in the market and immediately bought more soybean from East Coast, South America, once the U.S. announced increased tariffs last week. From a shipping perspective, the exports from Brazil or export from the U.S. is more or less similar in terms of days.
Moving on to supply. Despite deliveries in the second quarter totaling 10 million tons, up from 8.6 million in the first quarter, fleet growth in most segments had been moderate. In the Cape segment, 4 million deadweight has also been scrapped so far this year. So, the growth -- net fleet growth rate for Cape had a decline in the two quarters in a row. In the Panamax segment, there was an increase in the net fleet growth, as very few vessels have been taken out of the market.
Looking ahead, currently the order book represents around 10.5% of the current fleet, and in nominal terms are as low as in a very long time. And it’s not changed a lot lately. Few new orders have been reported over the last few months. These data represent an estimated fleet growth gross for around 6%, which to me, seems to be a bit high as we expect some delays and possibly some of the orders are not historic orders that may not materialize. Around 13 million deadweight tons were ordered in 2015 or earlier of the current order book. Final deliveries should therefore not be as high as the order book numbers indicate.
Net growth fleet will, in addition to demolition, be affected by the IMO 2020 disruptions, including offhire for scrubber installations, cleaning of tanks and timely availability of new types of fuel. We believe that offhire related to scrubber installations is impacting the market positively as we speak and this should last at least through the first quarter of -- be a supporting factor at least through the first quarter of next year.
The scrapping activity picked up earlier in the year, also in a period where the markets were weaker and a total scrap of 4.2 million deadweight tons at this time. This is a level not seen since the market was low in 2016. The majority occurred in the first quarter of the year, but almost 2 million tons was also scrapped in the second quarter.
This is a natural reaction to a weak freight environment. The historical relationship between strong rates and lower scrapping may be disrupted over the next year as all the vessels become less viable in a higher fuel price environment. In a weak market environment, vessels above 15 years of age are more likely to be scrapped, as investments in ballast water treatment systems, the dry dock itself, and the lack of a scrubber will both imply higher costs and lower earnings potential.
继续供应。尽管第二季度的交付总量为1000万吨，高于第一季度的860万吨，但大多数细分市场的船队增长都很温和。在开普段，今年迄今已有400万载重量被废弃。因此，Cape的增长 - 净船队增长率连续两个季度出现下滑。在巴拿马型船市场，净船队增长有所增加，因为很少有船只被撤出市场。
除拆除外，净增长船队还将受到IMO 2020中断的影响，包括用于洗涤器安装，清洗油箱和及时提供新型燃料的废钢。我们认为，与洗涤器安装相关的非重要性正在影响市场，因为我们发言并且至少应该持续到第一季度 - 至少在明年第一季度成为支撑因素。
Looking at the sales and purchase market, it was very muted activity at the beginning of the year. The activity has picked up a bit lately but the transactions have been focused on the Panamax and Supramax segments and the middle aged to older vessels mainly. And there has not been a lot of activity in the Capesize this year.
Secondhand values have remained relatively steady lately, and time charter rates have picked up recently in contrast.
We would like to remind the fact that in the resale market, there is a clear preference for modern ECO tonnage. And in this slide we have data for a modern and ECO and non-ECO vessels. The value spread between the five-year old of the two different classes is quite big and then ECO vessel commands a significant premium.
Following the implementation of IMO 2020 sulfur regulations, one should expect that less fuel efficient vessels unless they are retrofitted with scrubbers, will fall further out of favor due to higher fuel consumption.
Looking ahead, the implementation of IMO 2020 is just over four months away. We expect to have scrubbers installed on 23 of our Capes by the end of the first quarter of 2020. This is an investment we believe will lead to strong earnings potential.
The 23 vessels represent 50% of our Cape fleet and two-third of the part of the fleet where we have economic interest and exposure to fuel prices as 10 vessels are charted out for a longer period on index linked time charters. We have consistently installed the scrubbers in line with our dry dock schedule, although a few of the 2020 dockings have been moved into the first quarter of that year.
We are also pleased to have announced earlier this week that Golden Ocean together with Frontline and Trafigura Group have entered into a non-binding term sheet for a joint venture that aims to be one of the world’s leading suppliers of marine fuels. Trafigura is one of the largest physical commodities trading groups in the world and has an existing physical bunkering business that has a broad geographic footprint and will be contributed into the joint venture.
Subject to agreements and final terms, the joint venture will commence operations in the third quarter and Golden Ocean will have a 10% equity ownership. From an operational point of view, having access to a wide variety of marine fuels at competitive prices is important as the industry prepares for potential logistical issues that may limit availability in certain ports, and also for issues relating to different fuel blends and specifications.
We believe that our joint venture with Trafigura and Frontline will ensure that we have prompt access to both high sulfur fuels and compliant fuels.
Setting aside the economic opportunity, we have either created a further competitive advantage or at least protected ourselves against the significant potential risk.
After a disappointing first half of the year the saw rates collapse with the disruption in iron ore, we’re obviously pleased with the current market environment. Rates are well above cash breakeven level, and we are clearly well-positioned to generate significant cash flow in the third quarter. We are also certain that the market will continue to be volatile and not without complications. And for this reason, we continued to opportunistically add coverage at profitable levels through fixed contracts and contracted floor/ceiling structures at the time when the forward curve was at its high in July.
我们也很高兴本周早些时候宣布，Golden Ocean与Frontline和Trafigura Group签订了一份合资企业的非约束性条款清单，旨在成为世界领先的船用燃料供应商之一。托克是世界上最大的实体商品交易集团之一，现有的物流加油业务具有广阔的地理覆盖范围，并将为合资企业做出贡献。
The forward curve is in backwardation, and the spreads between the current spot rates and the calendar 2020 is now huge. So, at the moment, we will play with spot market mainly and wait until we potentially see an adjustment in the forward curve before we add coverage at the further end of the curve.
Headlines continue to move both the freight and equity markets, but our outlook remains constructive and we are focused on controlling things we can control and maintain our strong financial profile with low cash breakeven levels.
Our balance sheet is strong, and we have a significant liquidity position. And as a reflection of this and performance so far in the third quarter, the Board has decided to declare a dividend of $0.10 per share. We will also continue to review additional measures to create value for our shareholders, including potentially additional share repurchases.
We have limited CapEx requirements related to installation of ballast water treatment systems, a requirement for all vessels that were built without this, which typically is for vessels built earlier than 2014. And 48 of our vessels have ballast water treatment systems installed. The remaining cost is marginal and spread out over several years. And we believe, this is the competitive advantage of having a young fleet, which has not been so high in focus.
We are on the contrary investing significantly in upgrading our fleet this year with 23 scrubber installations. The competitive advantage of the modern fleet is reflected in the way asset prices for modern prices have held up, and should together with scrubber installations significantly impact our earnings potential as we approach 2020, and in an environment where higher fuel prices are very likely.
We are confident that the investments on the strategic initiatives we are undertaking will provide additional cash flow benefit, heading into 2020.
And this ends our presentation for today. We’re open to answer questions you may have. Thank you.
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Your first question comes from the line of Greg Lewis. Please ask your question.
谢谢。 女士们，先生们，我们现在开始问答环节。 [操作员说明]你的第一个问题来自Greg Lewis的系列。 请问你的问题。
Yes. Thank you, and good afternoon.
Good afternoon, good morning.
Yes. In the slide deck, you clearly did a good job of explaining the overall macro picture. But, could we just dive a little bit deeper into what’s going on in the Cape market? It seemed like it was really moving higher in July than pulled back a little bit here in August and then, as we’re looking at it over the last week, it seems like it’s really got like a second leg behind it. Any kind of color, what you’re seeing in the markets that kind of you think is helping push rates, kind of reverse downward slide we started to see as July was ending?
是。 在幻灯片中，你清楚地完成了解释整体宏观图片的工作。 但是，我们能不能更深入地了解开普市场的情况？ 看起来它在7月真的走高了，而不是在8月份稍稍拉回来，然后，正如我们在上周看到的那样，看起来它真的像是第二回合。 任何一种颜色，你在市场上看到的那种你认为有助于推动利率，我们开始看到7月即将结束的反向下滑趋势？
I think, it’s a bit back, on and off, with sort of the cargoes and when the miners are out fixing the vessels. Also, things like holidays or typhoons, et cetera. So, there is like the short-term volatility is maybe reflecting such elements. And we feel that there is still a good demand in the market, and there is good activity on the spot fixtures. Obviously, with where the rates are now and where the fuel prices are, you potentially can see some speed increases over time. But, the demand side is there. And combined with fewer vessels in the Atlantic market, potentially an imbalance with more vessels in the Pacific also preparing for scrubber installations and offhire scrubber installations, that is supporting the market as we see now.
我认为，有些货物以及当矿工们正在修理船只时，它会有所回复。 此外，还有假期或台风等等。 因此，短期波动可能反映了这些因素。 而且我们认为市场上仍有很好的需求，而现场灯具也有很好的活动。 显然，现在的费率和燃油价格在哪里，你可能会看到一些速度随着时间的推移而增加。 但是，需求方面存在。 与大西洋市场上的船只数量减少相结合，太平洋地区更多船只的不平衡也可能为洗涤器装置和废钢洗涤装置做准备，这正在支持我们现在所看到的市场。
Okay, great. And then, just -- clearly, there was a nice increase in the dividend this quarter. I mean, as I look at Q2 versus Q1, maybe that doesn’t sort of lay out a reason to really be pushing the dividend. But as we look forward, is that kind of how we should -- how should we be thinking about the dividend as it stands today, and as we’re looking into the back half of the year, in this sort of strong rate environment?
好，太棒了。 然后，只是 - 显然，本季度的股息有了很大的增长。 我的意思是，当我看到第二季度与第一季度时，也许这并没有说明真正推动股息的理由。 但是，正如我们所期待的那样，我们应该如何应对 - 我们应该如何考虑今天的股息，以及在这种强势的利率环境中我们正在考虑今年下半年？
I think, you are right. I think, the decision on the dividend is very much taken also in the -- when you are in the midst of the next quarter. So, it’s not only a reflection of the quarter that we are reporting on but also a reflection of the quarter we are in. And so, in a sense, you can say that the cut we did from 5 to 2.5 was in a way a reflection of Q2 and how the increase is a reflection of Q3. And since -- I mean, we have the investments in scrubbers and ballast water and dry docks, but beyond that we don’t have CapEx, and we are fully financed. So, it’s how we see the running cash flow and what the capacity we have, but still to maintain a decent cash position and a strong balance sheet. So, we don’t have a very formula based dividend but we are willing to pay out dividend when we view that we generate the cash flow to support it.
我想你是对的。 我认为，当你处于下一季度时，对股息的决定也非常重要。 因此，它不仅反映了我们正在报道的季度，而且反映了我们所处的季度。因此，从某种意义上说，你可以说我们从5到2.5做的削减是一种方式 Q2的反映以及增加如何反映Q3。 从那时起 - 我的意思是，我们在洗涤器，压载水和干船坞方面进行了投资，但除此之外我们还没有资本支出，而且我们的资金充足。 因此，这就是我们如何看待正在运行的现金流以及我们拥有的产能，但仍然要保持良好的现金状况和强劲的资产负债表。 因此，我们没有基于公式的股息，但是当我们认为我们产生现金流来支持股息时，我们愿意支付股息。
Okay, great. And then, just one last thing on the scrubbers. Clearly, it’s still early days, but as you’re monitoring the market, are you seeing any examples where charterers are willing to pay a premium for vessels that have scrubbers on them?
好，太棒了。 然后，在洗涤器上最后一件事。 显然，现在还处于早期阶段，但是当你监控市场时，你是否看到过租船人愿意为有洗涤器的船只支付溢价的例子？
They are willing to pay a premium but not necessarily the premium you want to see, if you look at the spread in the fuel prices. And so, mainly the fixtures that we have seen have been fixture on the time charter rates but with a profit split for instance on the scrubber, so that the charterer gets 50% and the owner gets 50% or some with fixed rate, but then not getting the full benefit. But, in my mind, it looks -- or what we have seen so far is more of a profit split on the scrubbers.
如果你看一下燃料价格的差价，他们愿意支付溢价但不一定是你想看的溢价。 所以，主要是我们所看到的固定装置已经固定在时间租赁费率上，但是例如在洗涤器上有利润分配，因此租船者获得50％而业主得到50％或者一些具有固定利率，但是 没有得到全部的好处。 但是，在我看来，它看起来 - 或者我们到目前为止看到的更多的是洗涤器的利润分配。
Okay, perfect. Thank you very much.
Okay. We would like to thank you for listening in today. And we will speak again in three months from now. Thank you.
好的。 我们今天要感谢您的收听。 我们将在三个月后再次发言。 谢谢。
That does conclude our conference call today. Thank you for participating. You may all disconnect.
这确实结束了我们今天的电话会议。 感谢您的参与。 你可能都断开了。
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