Odfjell SE (ODJAF) 首席执行官 KristianMørch 在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月26日 · 41 次阅读
· 场外交易市场代码:ODJAF

Odfjell SE (OTC:ODJAF) Q2 2019 Results Conference Call August 21, 2019 5:00 AM ET

Odfjell SE([场外交易市场代码:ODJAF])2019年第二季度业绩电话会议2019年8月21日美国东部时间上午5:00

公司参与者

Kristian Mørch - Chief Executive Officer
Terje Iversen - Chief Financial Officer

  • KristianMørch - 首席执行官
  • Terje Iversen - 首席财务官

KristianMørch

So good morning. And welcome to the presentation of the Second Quarter and First Half Results Presentation for Odfjell SE. We are presenting here in Bergen, and I apologize that we have to do this in English, but we are streaming the presentation, live streaming as well, so people can follow. And for those of you watching online, I'm sorry we are little bit late as we were -- everybody got in into the room.
So as we normally do, I'm going to start giving you some headlines on the numbers for today. And then the Terje Iversen will come on and talk about the financials in more detail. Then I will come back with a operational review, and also some prospects and some market forecasts for the coming quarter. I also want to apologize that we did not bring enough hard copies of the presentation and the report. These are really for our speakers. We released them about an hour and a half ago, and we had the Board meeting this morning, so it's been an eventful morning so far. So I apologize for that. But you can find all the documents online on our Web site already.
So if we just start with the headlines, the headline for the second quarter was that the chemical tanker market continued to improve into the second quarter, and that has helped us. The EBITDA for Odfjell SE in the second quarter was $57 million, which is up $10 million compared to the first quarter. Those $10 million came from improvements in our Odfjell Tankers. The results from our Terminal division was more or less in line with what it was last quarter. So it was driven by the upturn in the chemical tanker market that I will speak about a little bit more in a moment.
The net result was a loss of $10 million compared to a loss of $15 million in the previous quarter. So there's no cause for major celebration, but it is nice to see that things are finally improving. As I said, the main reason for the improved figures is that our spot rates on the main trade lanes improved by 7% in the second quarter compared to the previous quarter. But I think more importantly is that our COA renewal, which is our contract portfolio, on average has been up 6% in this quarter. And that is kind of more a testament to the fact that the long-term market is also improving. Subsequent events after the end of the quarter, three things have happened. We announced that we had sold our indirect shareholdings and our terminal in Jiangyin, in China. That resulted in an equity gain of $14 million for Odfjell and a cash effect -- cash gain of $21 million, so that's helping us. That was a good sale and I'll talk a little bit more in detail under the operational review about the logic behind that and what our plans are for the remaining terminals in Asia.
Also, we were hoping today to announce that today we took delivery of the world's largest and most efficient stainless steel chemical tanker that has been postponed until Monday to make sure that she's as squeaky clean and nice when we get her. So it says that we will take delivery in August but we are very excited about the new series of ships that we're building in China.

早上好。欢迎来到Odfjell SE的第二季度和上半年结果演示。我们在卑尔根这里介绍,我很抱歉我们必须用英语做这个,但我们正在播放演示文稿,现场直播,所以人们可以关注。对于那些在网上观看的人,我很抱歉我们有点迟到了 - 每个人都进了房间。

正如我们通常所做的那样,我将开始给你一些关于今天数字的头条新闻。然后Terje Iversen会更加详细地讨论财务问题。然后我会回来进行一次运营评估,以及下一季度的一些前景和一些市场预测。我还要道歉,我们没有提供足够的演示文稿和报告的硬拷贝。这些都是我们的发言人。我们大约一个半小时前发布了它们,今天早上我们召开了董事会会议,所以到目前为止这是一个多事的早晨。所以我为此道歉。但您可以在我们的网站上找到所有在线文档。

因此,如果我们只是从头条新闻开始,第二季度的标题是化学品油轮市场继续改善到第二季度,这对我们有所帮助。 Odfjell SE第二季度的EBITDA为5700万美元,与第一季度相比增加了1000万美元。这1000万美元来自Odfjell油轮的改进。我们的终端部门的结果或多或少与上一季度的结果一致。因此,化学品油轮市场的好转推动了我将在稍后谈一点点。

最终结果是损失了1000万美元,而上一季度则损失了1500万美元。因此没有理由进行重大庆祝活动,但很高兴看到事情终于有所改善。正如我所说,数据改善的主要原因是,与上一季度相比,第二季度主要贸易通道的现货价格上涨了7%。但我认为更重要的是,我们的COA续约,即我们的合约组合,平均在本季度增长了6%。这更充分证明了长期市场也在改善。季度结束后的后续事件,发生了三件事。我们宣布已经在中国江阴出售了我们的间接持股和终端。这导致Odfjell获得1400万美元的股权收益和现金效应 - 现金收益2100万美元,这对我们有所帮助。这是一个很好的销售,我将在关于其背后的逻辑以及我们对亚洲其余终端的计划的运营评估中详细讨论。

此外,我们希望今天宣布,今天我们接收了世界上最大,最高效的不锈钢化学品船,已经推迟到周一,以确保当我们得到她时,她的吱吱作响干净而且很好。因此它表示我们将在8月接收货物,但我们对我们在中国建造的新系列船舶感到非常兴奋。

And finally, we have -- it says here that we have secured attractive financing for the bond that gets -- matures in September, $61 million. That's not entirely true. It is true but it's not entirely the right way to put it. And we have not gone out and taken $61 million in debt to repay it. We can repay it with the cash that we have in hand, because we have had all the refinancings done. And whether we will go to the market for -- to replace that bond or not, time will show. We are not ready to do it at the current pricing. But Terje will talk more about that.
So the quote you're seeing on the right hand side of this slide is, we are pleased to report that the way we put it is the medicine is beginning to work. All the things that we have worked very hard on in terms of improving our efficiency and our cost base and the competitiveness of the company, efficiency of the fleet is beginning to work. And of course, now we're being helped by the markets are coming up. So it's really satisfying to see that that medicine is beginning to work and also the weather seems to be improving a little bit with the markets coming up.
At this point, I want to hand it over to Terje. I forgot to say one thing in the beginning. We are happy to take as many questions as you want. But if we can please take them after the presentation and because of the webcast going on. Okay. Over to you, Terje.

最后,我们已经 - 它在这里说我们已经获得了有吸引力的债券融资 - 这个债券在9月份到期,为6100万美元。这不完全正确。这是事实,但它并不完全是正确的方式。而且我们还没有出去拿走6100万美元的债务来偿还它。我们可以用现有的现金偿还,因为我们已经完成了所有的再融资。我们是否会去市场 - 取代这种关系,时间会显示出来。我们还没准备好以目前的价格做到这一点。但是Terje会更多地谈论这个问题。

因此,您在本幻灯片右侧看到的引用是,我们很高兴地报告,我们提出的方式是药物开始起作用。我们在提高效率和成本基础以及公司竞争力方面所做的所有工作都非常努力,车队的效率开始发挥作用。当然,现在我们正受到市场的帮助。因此,看到该药开始起作用,并且随着市场的出现,天气似乎也在改善,这真的令人满意。

在这一点上,我想把它交给Terje。我开始时忘了说一件事。我们很乐意根据您的需要提出尽可能多的问题。但是,如果我们能够在演示之后以及因为网络直播而取悦它们。好的。对你而言,Terje。

Terje Iversen

Thank you, Kristian. I will then go into the detailed figures in the second quarter. I'll start with the chemical tankers where we saw increase in the gross revenue from $218 to $223 million this quarter. And as Kristian mentioned, that is mostly related to improved spot rates, improved contract rates and also some slightly increase in volumes in this quarter. Voyage expenses is slightly down to 88.4, mostly its related to lower bunker costs this quarter. While we see that the pool distribution, which is kind of the earnings for external vessels that are in our -- in the Odfjell managed pools, are increasing from $13 million to $16 million this quarter.
Then on your left time-charter earnings of $118.7 million compared to $115 million in the first quarter. Time-charter expenses decreased from 15.4 to 10.7 this quarter. That is twofold, the reason for that is twofold. One is that we are replacing some expensive time-charter vessel with less expensive time-charter vessels, but also that we are reducing the total number of time-charter vessel this quarter compared to the first quarter.
Operating expenses, quite comparable, and stable if you compare to the first quarter and also last quarters in 2018. G&A is slightly down to 15.4 compared to 17.6. Part of that is due to the currency exchange rate between U.S. dollar and Norwegian kroner where we have a lot of the D&A expenses are in Norwegian kroner, which has weakened towards the U.S. dollar, which is impacting our figures positively in this quarter.
So then we are left an EBITDA for tankers at 49.9 compared to 39.7 in the first quarter. Depreciations, very much at the same level as the previous quarter. Then we are left with EBIT of 14.4 compared to 5.4. We are net financed of negative 21.4 compared to 19.4 in the first quarter. Included in this net interest expenses of 20.9 is $3 million related to operating leases that has been capitalized and part of that is then booked at interest costs, so that is included in the net finance of 21.4.
After taxes we are left with a net result for tankers for negative $8 million compared to negative $15.2 in the first quarter. If you look at the terminals, see a slight increase in the gross revenue from 17.6 to 17.9. There's also slight increase in the G&A from 4 to 4.8, while operating expenses are at the same level as in the first quarter. Then we are left an EBITDA of 6.2 compared to 6.7 in the first quarter. Then we have depreciation, same level as the first quarter. And we have a small impairment of $1.6 million in the second quarter, impacting the EBIT, taking up into negative 0.7 compared to positive 0.8 in the first quarter.
The impairment is related to the ethylene project at the Houston terminal, which we have decided to not go through it based on lack of markets, interest and lack of comfort around the revenue side of that investment. So we have then expensed or written down all the project expenses that has been capitalized on that project.
After finance, we are left with -- and taxes, we are left with negative net result of $2.7 million compared to negative $1 million in the first quarter. As Kristian mentioned, we have sold one terminal in this quarter, the Jiangyin terminal, which will lead to book gain in the third quarter. And if you look into the historical figures for that terminal being the Jiangyin terminal, we had revenue -- gross revenue for that terminal in 2018 of around $2 million and EBITDA contribution was around $1 million. So taking that out of the portfolio is not material impacting our figures going forward in any material way beside the gain we will get from that transaction.

谢谢你,克里斯蒂安。然后我将进入第二季度的详细数据。我将从化学品油轮开始,我们看到本季度总收入从218美元增加到2.23亿美元。正如克里斯蒂安所说,这主要与提高即期汇率,提高合同利率以及本季度的数量略有增加有关。航程费用略微下降至88.4,主要与本季度较低的燃油成本有关。虽然我们看到池中的分配,即Odfjell管理池中的外部船只的收益,在本季度从1300万美元增加到1600万美元。

然后你的左边租约收入为1.187亿美元,而第一季度为1.15亿美元。本季度的租船费用从15.4降至10.7。这是双重的,原因是双重的。一个是我们用较便宜的定期租船取代一些昂贵的定期租船,而且我们正在减少本季度定期租船总数与第一季度相比。

如果与2018年第一季度和上一季度相比,运营费用相当可观且稳定。与17.6相比,G&A略微降至15.4。部分原因是由于美元与挪威克朗之间的货币汇率,我们有大量的D&A费用是挪威克朗,这对美元走弱,这对本季度的数据产生了积极的影响。

因此,我们留下的油轮的EBITDA为49.9,而第一季为39.7。折旧,与上一季度处于同一水平。然后我们留下了14.4的EBIT,而5.4。我们的净资金为负21.4,而第一季为19.4。该净利息支出20.9包括与已经资本化的经营租赁相关的300万美元,其中一部分以利息成本入账,因此包含在21.4的净财务中。

税后我们留下的净油价为800万美元,而第一季度为负15.2美元。如果你看一下终端,看到总收入从17.6增加到17.9。 G&A也从4增加到4.8,而运营支出与第一季度相同。然后我们留下了6.2的EBITDA,而第一季度则为6.7。然后我们有折旧,与第一季度相同。我们第二季度的减值损失为160万美元,影响息税前利润,与第一季度的0.8正相比,下降至负0.7。

减值与休斯敦码头的乙烯项目有关,我们决定不根据该投资的收入方面缺乏市场,兴趣和缺乏舒适度而对其进行调整。因此,我们将所有已在该项目上资本化的项目费用支出或减记。

在融资之后,我们留下了 - 和税收,我们留下了270万美元的负净结果,而第一季度的负数为100万美元。正如克里斯蒂安所说,本季度我们已售出一个终端,即江阴终端,这将导致第三季度的账面收益。如果你看一下该码头作为江阴码头的历史数据,我们的收入 - 2018年该终端的总收入约为200万美元,EBITDA贡献约为100万美元。因此,从我们将从该交易获得的收益旁边,以任何重大方式对我们的数据产生重大影响并不会对我们的投资组合产生影响。

If we then look at the total, we are left with revenue increasing somewhat, mostly related to the tanker business to $243.2 million compared to $238.3 million in the first quarter. EBITDA is going from $47.2 million to $56.8 million, and EBIT is from $7 million in the first quarter to $14.4 million in the second quarter. After the finance, we are left then with -- and taxes, we are left with negative net result of $10.2 million compared to negative $15.4 million in the first quarter. If we're looking at earnings per share, we are down around $0.10 negative this quarter compared to $0.20 in the preceding quarter, negative.
This is a slide that we have shown a few quarters now. This is related to the changes in accounting regulations beginning of this year, where we had to capitalize our operating leases being time-charter leases and bareboat leases with more than 12 months tenure, and that has been capitalized and is now being written off in the balance sheets, and also decomposed into operating expenses, interest and depreciations. But we are showing comparable figures to hope the figures would have looked like before this new changes came in accounting practice. So here we are showing, in the second quarter what we have reported.
And we are showing adjusted column, showing what would the figures looked like if it didn't change accounting rules according to IFRS16, and the 1st of January. Then we see that the EBITDA, comparable EBITDA before this new accounting standard came into effect, would have been $36.3 million compared to $49.9 million, which we have reported this quarter. You also see that the EBIT is slightly impacted, but not that much. Positive $13.7 million with the figures been compared to $14.4 million as we have reported.
And also, net result slightly different. We are now reporting negative $7.9 million from the tanker business, while it had been negative $5.5 million before IFRS 16 came into effect. As I said, we've guided on this a few quarters now and this may be like last quarter we are kind of showing comparable figures before the new IFRS 16 regulation came into effect beginning of this year.
Here we're showing the time-charter portfolio, we have in the balance sheet. We are showing here the graph showing what we have on long-term charters, being charters more than 12 months tenure. And as you can see here, we booked -- in this quarter, we booked depreciations of $12 million, interest of $3 million and $5 million in OpEx. But the actual cash layouts related to the time charter payment was $21 million in this quarter. We expect that to be stable, slightly increasing through the next few quarters, because we are going to take delivery of two new bareboat vessels being built in Japan. So that will slightly increase.
And if you look at the short-term time-charters, we pay this quarter around $11 million, and expect that to be stable for the coming few quarters. But the overall picture is that we have a long-term view, long-term portfolio of time-charter and bareboat vessels that we have secured in today's market. The bunker expenses, that is, of course, one of our main cost components. And even though we saw that the cost price increased around, that will be -- or down this quarter, we had actually a slight decrease in the bunker costs for Odfjell SE being at 39.3 compared to 40.8 in the preceding quarter. The main reason is that we have this bunker adjustment clauses where we are compensated from the customer from increase in the bunker expenses, and also that we have slightly less days this quarter than we had in the previous quarter. And we also have a kind of effect from the FIFO principle that they use when we book the bunker expenses, so it might be a bit different between the quarters compared to what is actual price or what that is developing.

如果我们再考虑总量,我们的收入会有所增加,主要与油轮业务相关,为2.432亿美元,而第一季度为2.383亿美元。 EBITDA从4720万美元增加到5680万美元,息税前利润从第一季度的700万美元增长到第二季度的1440万美元。在融资之后,我们留下了 - 和税收,我们留下的负净结果为1,020万美元,而第一季度为负1540万美元。如果我们看一下每股收益,那么本季度我们的收益率将下降0.10美元左右,而上一季度则为负0.20美元。

这是我们现在已经展示了几个季度的幻灯片。这与今年开始的会计法规的变化有关,我们必须将我们的经营租赁资本化为定期租赁和租船租约,租期超过12个月,且已经资本化,现在正在注销资产负债表,也分解为经营费用,利息和折旧。但我们正在展示可比较的数据,希望在会计实践中出现这种新的变化之前,这些数字会是什么样子。所以我们在第二季度展示了我们所报告的内容。

我们正在显示调整后的列,显示如果根据IFRS16和1月1日没有更改会计规则,数字会是什么样子。然后我们看到,在这个新会计准则生效之前,EBITDA与EBITDA相比,将达到3630万美元,而本季度我们已经报告了4990万美元。您还看到EBIT受到轻微影响,但影响不大。根据我们的报告,这些数字为1,170万美元,相比之下为1,440万美元。

而且,净结果略有不同。我们现在从油轮业务报告负790万美元,而在IFRS 16生效之前它已经负550万美元。正如我所说,我们现在已经指导了几个季度,这可能就像上一季度我们在新的IFRS 16监管在今年年初生效之前显示的可比数据。

在这里,我们将在资产负债表中显示时间租赁投资组合。我们在这里显示的图表显示了我们对长期包机的看法,包括超过12个月的租期。正如你在这里看到的,我们预订了 - 在本季度,我们预订了1200万美元的折旧,300万美元的利息和500万美元的运营支出。但本季度与定期租船相关的实际现金布局为2100万美元。我们预计未来几个季度将保持稳定,略有增长,因为我们将接收两艘正在日本建造的新型光船。所以这会略有增加。

如果你看看短期定期租船合约,我们将在本季度支付约1,100万美元,并预计未来几个季度会保持稳定。但总的来说,我们有一个长期的观点,即我们在今天的市场上获得的定期租船和光船的长期组合。燃料费用,当然,也是我们的主要成本组成部分之一。尽管我们看到成本价格上涨,或者说本季度下降,但实际上我们实际上略微下降了Odfjell SE的燃油成本为39.3,而上一季度为40.8。主要原因是我们有这个燃油调整条款,我们从客户那里获得燃油费用增加的补偿,而且我们这个季度的天数比上一季度略少。而且,当我们预订燃料费用时,我们也会使用FIFO原则产生一种效果,因此与实际价格或正在开发的产品相比,它们可能会有所不同。

Going forward, we have the bunker adjustment clauses in our contracts, that is hedging a large parts of the bunker exposure around 60%. And we also done some smaller financial hedging to increase the total hedging for our business. Kristian will come back to more on the IMO 2020 and how we look at that, and how we position ourselves towards that when it's coming into effect beginning of '19 -- '20, sorry.
Our balance sheet, this quarter is not very many changes compared to last quarter. Obviously, that's right of use of assets increases somewhat. That's related to a new bareboat vessel being capitalized on the balance sheet. We see that the cash is decreasing somewhat from 138 to 104.6. That is mostly related to installments on external debt this quarter being quite heavily, and it's also according to our expectations.
Looking at equity, we are now at $564.2 million, around 28%. If you exclude IFRS 16 liabilities, which came into the balance sheet at the beginning of this year, we're around 32% book equity based on the balance sheet per end of second quarter. Looking at also on the debt side, we have current liabilities, as you can see, of $366 million and if you compare that to total current asset of 240, that's not a very pretty picture. The same time we have quite good control of that.
And you also have to remember that included in current liabilities, we have now included and the right of use of assets, liabilities we've not -- was not include in the balance sheet before with around $46 million. And we also have large current portion of interest bearing debt that is considered as short-term, because it's maturing within the next 12 months. At the same time, and I will go through that in more details later that we are kind of in control of that. And we have, of course, prepared for that and making sure that we have a long-term view. And we have already refinanced a large part of the current portion of interest bearing debt.
The cash flow second quarter, quite comparable to the first quarter. We have an increase in the cash flow from operating activities due to improved results going from 11.2 to 17.2 this quarter. At the same time, we have a negative development in working capital. We are increasing the current liability -- the current assets, so that is taking down the cash flow somewhat. So we actually had a better operating cash flow than we are showing here, if should normalize the working capital going forward. Cash flow investment activities under the negative 14.2 that is related installments on the new builds around $6 million and then also other investment in dockings for our fleets.
Going on in the finance activities, as I said, we had a lot of installments this quarter around $25 million, and also payment on lease at around $11 million. So that's under negative $36.7 million compared to the $25.2 million in the first quarter, and then leading to a net cash flow this quarter of negative $33.6 million. Here we show the debt developments, going forward. We are showing here what we expect or plan to repay in the coming quarters. You can see there is a quite substantial amount in the third quarter, most of that is related to the bond maturing in September, around $60 million and the plan today, as Kristian mentioned, will be to redeem that based on the cash we have on our balance sheet per maturing dates.

展望未来,我们在合同中有了燃油调整条款,即对冲大部分燃油暴露约60%。我们还做了一些较小的金融对冲,以增加对我们业务的总对冲。克里斯蒂安将回顾IMO 2020的更多内容以及我们如何看待这一点,以及当它在'19 - '20开始生效时我们如何定位自己,对不起。

我们的资产负债表,本季度与上一季度相比变化不大。显然,资产使用权有所增加。这与在资产负债表上资本化的新型光船相关。我们看到现金从138减少到104.6。这主要与本季度外债分期付款相关,而且也符合我们的预期。

从股票看,我们现在为5.642亿美元,约为28%。如果您排除在今年年初进入资产负债表的IFRS 16负债,我们根据第二季度的资产负债表计算的账面资产约为32%。从债务方面来看,我们还有3.66亿美元的流动负债,如果将其与240的总流动资产进行比较,那就不是很漂亮。同时我们对此有很好的控制。

而且你还必须记住,包括在流动负债中,我们现在已经包括了资产的使用权,我们没有的负债 - 以前没有包括在资产负债表中,大约有4600万美元。而且我们还有大部分有息债务被视为短期债务,因为它在未来12个月内到期。与此同时,我将在后面详细介绍我们对此的控制。当然,我们已为此做好准备,并确保我们有长远的眼光。我们已经为当前有息债务的很大一部分再融资。

第二季度的现金流量与第一季度相当。由于本季度业绩从11.2改善至17.2,我们的经营活动现金流量有所增加。与此同时,我们的营运资本也有负面发展。我们正在增加当前的负债 - 即流动资产,这样就可以减少现金流量。因此,我们实际上有比我们在这里显示的更好的经营现金流,如果应该规范未来的营运资金。负面14.2下的现金流量投资活动是新建的相关分期付款约600万美元,然后是我们车队的其他投资。

正如我所说,继续进行金融活动,本季度我们有大量分期付款,大约2500万美元,还有约1,100万美元的租赁付款。因此,与第一季度的2520万美元相比,这是负3670万美元,然后导致本季度的净现金流为负3360万美元。在这里,我们展示了未来的债务发展。我们在这里展示了我们期望或计划在未来几个季度偿还的产品。你可以看到第三季度存在相当可观的数额,其中大部分与9月到期的债券相关,约为6,000万美元,而今天的计划,如克里斯蒂安提到的,将根据我们现金的现金来赎回。我们的资产负债表每个到期日。

Fourth quarter, we also have some balance maturing, that has been more or less also refinanced already today. And also looking forward into third quarter 2020 and fourth quarter 2021 where we have quite large maturities coming towards us. Most of that has been refinanced during the last six months and they are now in the [indiscernible] phase. So that has been managed and taken good care, I would say.
On the bottom on this stage, we show expected debt going forward based on what we have for today, what we have refinanced and what we are taking in new vessels, including the financing of those vessels. And we see it will increase somewhat in 2020 based on our increasing fleets and the debt related to that, but then we are expecting that to decrease for the years ahead. And also that is, of course, our plan to deleverage as we have communicated over to leverage our balance sheet in the coming years.
We have been quite active, as I mentioned in the last six months, I would say, on the refinance side, that we have secured attractive financing, I would say, which will reduce upcoming refinance needs and also the breakeven, the cash breakeven for our vessels. And we also have that -- through that secured more than sufficient liquidity to take out the bond maturing in September. So looking at the 2019, 2020 and '21 refinance needs that has quite decreased during what we have done in the latest period. And also, we're happy to see that the daily breakeven for the vessels involved, we've reduced going forward around $1,000 per day, because we also had standard the profile for many of these vessels and new financing compared to the historical financing we've had on these vessels.
We're also happy to see that the margin compared to the bond are more kind of on the positive side. We are now refinancing with a margin in the range of 250 basis points to 320 basis points compared to a bond that now is maturing at 558 basis points above the LIBOR. We are considering to -- we are following the bond market also, going forward. We may issue a new bond at some stage. We may also tap on existing bonds, if we find the price to be right for Odfjell. But today, there's no need for us to be in any rush with that regard.
CapEx, going forward we have six Hudong vessels to be delivered. As Kristian mentioned, hopefully, one of -- the first one will be delivered next Monday. Then there is also expected for a second vessel to be delivered this year, and then the remaining vessels from Hudong be delivered in 2020. We also -- of course, we have secured financing as we have reported earlier. Meaning that actually we have no equity installments needed to take over to these six vessels all that have been secured with external financing and having paid equity installments for necessary equity installments for all these vessels.
So actually, going forward, there are no equity needed for the six vessels to be delivered. And we also are looking at our balance sheet. We have rather limited needs when it comes to the terminal business. We've included our planned expansion over share for tank terminals for $3 million. We expect that to increase for sure when it comes to especially using terminal where we are interested in growth opportunities. But at the same time, we have to sit down with our new partner and agree on the expansion plans, going forward. We will come back and report the figures there when we have more defined and clear strategy together with our new partners at terminal. And listen of course, we have maintenance CapEx. We also have docking expenses, which is estimated around $50 million per year.

第四季度,我们也有一些平衡日趋成熟,今天已经或多或少地进行了再融资。并且还期待着2020年第三季度和2021年第四季度,我们有很长的期限。其中大部分已在过去六个月进行了再融资,现在处于[音频不清晰]阶段。我会说,这已得到妥善管理。

在这个阶段的底部,我们根据我们今天的情况,我们已经再融资的内容以及我们在新船上采取的措施,包括这些船舶的融资,显示预期的债务。我们认为,基于我们增加的车队和与此相关的债务,它将在2020年有所增加,但随后我们预计未来几年会有所减少。当然,这也是我们计划去杠杆化的计划,因为我们已经通过这些计划在未来几年利用我们的资产负债表。

正如我在过去六个月中所提到的那样,在再融资方面,我们已经非常积极地表示,我们已经获得了具有吸引力的融资,这将减少即将到来的再融资需求以及盈亏平衡,现金盈亏平衡我们的船只。而且我们也有这种情况 - 通过这种方式获得了足够的流动性来取消9月份到期的债券。因此,看看2019年,2020年和21年的再融资需求在最近一段时间内已经大大减少了。此外,我们很高兴看到所涉船舶的每日盈亏平衡,我们每天减少约1,000美元,因为我们也为这些船舶和新融资提供了标准配置,与历史融资相比在这些船只上有过。

我们也很高兴看到与债券相比的利润率更具有积极意义。我们现在正在进行再融资,利润率在250个基点至320个基点之间,相比之下现在的债券已经在LIBOR以上558个基点到期。我们正在考虑 - 我们也在继续关注债券市场。我们可能会在某个阶段发行新债券。如果我们发现Odfjell的价格合适,我们也可以利用现有的债券。但今天,我们没有必要在这方面匆忙。

资本支出,未来我们将交付六艘沪东船只。正如克里斯蒂安所说,希望其中一个 - 第一个将于下周一交付。此外,预计今年还将交付第二艘船,然后在2020年交付剩余的沪东船。我们当然也按照我们之前的报告获得融资。这意味着实际上我们没有股权分期付款需要接管这六艘船只,这些船只都是通过外部融资担保的,并已为所有这些船舶分配必要的股权分期付款。

因此,实际上,未来,六艘船只无需交付资产。我们也在查看资产负债表。在终端业务方面,我们的需求相当有限。我们计划以300万美元的价格将我们计划扩展的油罐码头份额扩大。我们期望在特别使用对增长机会感兴趣的终端时确实增加。但与此同时,我们必须与新的合作伙伴坐下来,并就未来的扩张计划达成一致。当我们与终端的新合作伙伴一起制定更明确,更明确的战略时,我们将回过头来报告这些数据。当然听,我们有维护CapEx。我们还有对接费用,估计每年约5000万美元。

I think I will leave it you again, Kristian.

我想我会再次离开你,克里斯蒂安。

KristianMørch

Thank you, Terje. So operational review and update on strategy and then finally, I'll talk about the prospects and our view on the markets. I'll start with this slide. What you're looking at here on the top graph is a balance between what we have in terms of spot market and our contract market. Compared to many other shipping segments, our segment is usually characterized by a high level of contracts. The problem we've had in the past years that those contracts have been under so much pressure price wise. And many of them have been at, let's say, breakeven levels or might even worse.
So as we have signaled in first quarter this year, we have said no to a number of those contracts, extending a number of those contracts, because we feel strongly that the fundamentals of the segment is healthier than that. And that means that we have reduced our exposure to -- reduced our contract portfolio and increased our exposure to the spot market. So in the first quarter that -- we were down to 50%. Second quarter, we were up to 55%. We expect that is probably going to be around 50%, going forward.
The good news is that if you look at the bottom slide and you look at the average freight rates, both for spot and the contract rates, the dark blue bars you're looking at is increasing somewhat. And that is what I started off by saying that on average, we have managed to increase our contract rates for the contracts that we did renew with around 6%. And the spot rates have gone up by around 7% in the second quarter.
We're probably going to get a lot of questions from analysts saying that, wait a minute, the spot rate indexes has not gone up 7%, so how come Odfjell is going up 7%. The picture you're looking at here is the spot rates that Odfjell has booked. And that's quite important, because we have also changed the mix between spot and contract. And we might have exposed ourselves to some trades that have been going on more than other trades. So this is an average for Odfjell, not a -- it's not -- you cannot directly compare it to the indexes that are out there. But the good news is that at least in the second quarter, we seem to be able to increase our average spot rates in our main trades. And that is the main reason why our earnings on tankers has gone up in the second quarter.
Observations that there's -- on the top left hand corner that's basically what I mentioned already. If you look on the bottom left hand corner here, you're seeing the comparison between the Odfix index, which is the earnings index from Odfjell and you're comparing that to the spot market index from Clarksons. And you can see that while the spot market actually went down 2.1% in the second quarter, the Odfjell index went up by 6.6%. This is a little bit comparing apples-to-oranges, because one is spot index, one is an earnings index but it makes sense to track this all the time.
Quarter-by-quarter, you will see some fluctuations. And I would like to stand here and say that we will be able to repeat that next month by Odfjell next quarter going up 6.6, while the market stays flat that is probably not going to be the case. But as long as we can see that the gap between the two lines is stays wide then we're doing something right and competing well in the markets.

谢谢Terje。因此,运营审查和战略更新,最后,我将谈谈前景和我们对市场的看法。我将从这张幻灯片开始。您在顶部图表中看到的是我们在现货市场和合约市场之间的平衡。与许多其他航运分部相比,我们的分部通常具有高水平的合同。我们在过去几年中遇到的问题是,这些合同价格承受如此大的压力。他们中的许多人一直处于盈亏平衡状态,甚至可能更糟糕。

因此,正如我们在今年第一季度发出的信号,我们对其中一些合同说不,延长了一些合同,因为我们强烈认为该细分市场的基本面比这更健康。这意味着我们减少了我们的风险敞口 - 减少了我们的合约组合,增加了我们对现货市场的投资。所以在第一季度 - 我们降到了50%。第二季度,我们高达55%。我们预计未来可能会达到50%左右。

好消息是,如果你查看底部幻灯片并查看平均运费,无论是现货还是合约价格,你所看到的深蓝色条都会有所增加。这就是我开始说的平均而言,我们已经设法将我们续约的合同的合同费率提高了约6%。第二季度即期汇率上涨了约7%。

我们可能会从分析师那里得到很多问题,等一下,现货价格指数没有上涨7%,那么Odfjell如何上涨7%。你在这里看到的图片是Odfjell预订的即期汇率。这非常重要,因为我们也改变了现货和合约之间的组合。我们可能已经暴露了一些比其他行业更多的交易。所以这是Odfjell的平均值,而不是 - 它不是 - 你不能直接将它与那里的索引进行比较。但好消息是,至少在第二季度,我们似乎能够提高我们主要交易的平均即期汇率。这也是我们第二季度油轮收益增长的主要原因。

观察到 - 在左上角,这基本上就是我已经提到过的。如果你看这里的左下角,你会看到Odfix指数之间的比较,这是Odfjell的盈利指数,你将它与Clarksons的现货市场指数进行比较。你可以看到,虽然第二季度现货市场实际下跌了2.1%,但Odfjell指数上涨了6.6%。这有点比较苹果到橙子,因为一个是现货指数,一个是收益指数,但是一直跟踪它是有意义的。

每季度,你会看到一些波动。我想站在这里说,下个季度我们将能够重复Odfjell上涨6.6,而市场保持平稳可能不会出现这种情况。但只要我们能够看到两条线之间的差距仍然很大,那么我们就会做正确的事并在市场上竞争。

On the right hand side, you're seeing our volumes carries. And as you can see, the dark blue bars, is the volumes carried by the Odfjell portfolio. If you remember what Terje just said that our time-charter costs went down by around $4.5 million, $4.6 million in the second quarter, while these two graphs show you that the volumes that we carried and the days exposed we have to the market, that's the bottom part of the bottom graph, stayed flat. So that shows you that the time-charter portfolio we have is becoming cheaper and more efficient, carries same amount of cargo at same distances at lesser costs for the ships.
It is astonishing that the shipping markets are in reality three months away from the biggest change to the -- regulatory change to the fuel regulations that we have ever seen. And we really don't know what's going to happen to the price of the fuel and the availability to fuel. There's a lot of opinions out there. But the reality is that there's a lot of uncertainty still. What you're looking at here is a comparison of the three types of fuel that are reality, that are important. The dark blue bars is the gas oil that is what the --normally, what you would use in the auxiliary engines, not the main engine for the ships. That is effectively a diesel oil. And as you can see, that is coming down as the oil price has been dropping over the last two quarters.
But more importantly for us, the HFO, which is a high sulfur fuel oil, that is the lightest of the two light blue bars. And the dark blue, which is the low sulfur fuel oil. So first off generally, you can only burn low sulfur fuel oil on-board ocean-going ships unless you have a scrubber installed. There's a huge amount, as I said, uncertainty about availability and pricing of those fuels. In our field, we have taken a very clear decision that we are not -- we don't believe the scrubbers is the way to go. We are going to follow the intention of the rules, and we are only going to burn low sulfur fuel oil. So we are not installing scrubbers in our ships. But as I said, the availability and the cost of that fuel is still -- there's still some uncertainty over that coming into the next year.
This graph actually shows that with a drop in price, maybe the economic effect is not as scary as some people would tell you. As you can see, the red dotted line shows you the average cost of the HFO, the high sulfur fuel oil for the past years. And that shows you that the average is around 425, 430. But it also shows you, all the way to the right, is that the forward price for 2020 for price for low sulfur fuel oil is around the same level. And that means if you're a customer of ours and you're having a discussion with Odfjell, who should carry the risk for this fuel, suddenly, this picture is not very scary, because we are just adjusting our fuel, and our bunker surcharge clauses to include fuel that has the same cost that it had in the last two years.
But what you're also seeing from that graph on the forward price is that there's a gap between the high sulfur fuel and low sulfur fuel. And that's kind of the logic behind the scrubber installation that you can continue to buy high sulfur fuel oil and burn it, because you have a scrubber on board. And that gap, as it looks now, is $200 which I think would favor a scrubber. The big question is can you actually buy high sulfur fuel oil. And the other thing is the low sulfur fuel oil is still not trading in great volumes.

在右侧,您看到我们的卷随身携带。正如您所看到的,深蓝色条纹是Odfjell组合所承载的体积。如果你还记得Terje刚刚说过我们的定期租赁成本在第二季度下降了大约450万美元,下降了460万美元,而这两张图表显示我们承载的数量以及我们对市场暴露的日子,那就是底部图的底部,保持平坦。因此,这表明我们的定期租船组合变得更便宜,更高效,在相同距离运载相同数量的货物,而船舶成本更低。

令人惊讶的是,航运市场实际上距离我们所见过的燃料法规的监管变化的最大变化还有三个月的时间。我们真的不知道燃料价格和燃料供应会发生什么。那里有很多意见。但现实是,仍有很多不确定因素。你在这里看到的是对三种燃料的比较,这三种燃料都是现实的,这很重要。深蓝色的条形油是什么 - 通常是你在辅助发动机中使用的,而不是船舶的主要发动机。这实际上是一种柴油。正如你所看到的那样,随着油价在过去两个季度的下跌,这种情况正在下降。

但对我们来说更重要的是,HFO是一种高硫燃料油,是两种浅蓝色条中最轻的。而深蓝色,这是低硫燃料油。因此,首先,除非安装了洗涤器,否则您只能在船上远洋船上燃烧低硫燃料油。正如我所说,这些燃料的可用性和定价存在不确定性。在我们的领域,我们已经做出了一个非常明确的决定,我们不是 - 我们不相信洗涤器是可行的。我们将遵循规则的意图,我们只会燃烧低硫燃料油。所以我们不在船上安装洗涤器。但正如我所说,燃料的可用性和成本仍然存在 - 对于明年的情况仍有一些不确定性。

这张图实际上表明,随着价格的下降,经济效应可能并不像有些人告诉你的那样可怕。如您所见,红色虚线显示了HFO的平均成本,HFO是过去几年的高硫燃料油。这表明平均值在425,430左右。但它也向您显示,一直到右边,低硫燃料油价格的2020年远期价格大致在同一水平。这意味着如果你是我们的客户并且你正在与Odfjell进行讨论,他们应该承担这种燃料的风险,突然之间,这张照片并不是非常可怕,因为我们只是在调整我们的燃料和我们的地堡附加费条款包括与过去两年成本相同的燃料。

但是你从远期价格的图表中看到的是,高硫燃料和低硫燃料之间存在差距。这种洗涤器安装背后的逻辑是,您可以继续购买高硫燃料油并将其燃烧,因为您在船上装有洗涤器。现在看来,这个差距是200美元,我认为这有利于洗涤器。最大的问题是你真的可以购买高硫燃料油吗?而另一件事是低硫燃料油仍然没有大量交易。

So there would be quite some erratic pricing in these curves as we go forward. But it's too late for us at least in terms of scrubbers and even if it wasn't too late, we wouldn't go that way. We believe that the markets will adjust and we will be able to get reasonably priced low sulfur fuel oil, and our customers will pick up the majority of that risk during -- when they carry with us under contracts.
On the terminal side, switching gears here a little bit. The performance of the terminals was more or less in line with the first quarter. We are making a number of changes to the portfolio in the terminals. I'll talk about that in the next slide. But the strongest performance in the most important terminal we have is in Houston, and that terminal is 100% full. There's little bit of drop in utilization on our terminal in Korea and in Dalian, but we're seeing that coming up again. So all-in-all, we're seeing strong performance from Houston and we're seeing stable performance for the remaining terminals.
What you're also seeing in the top right hand corner is that we have an average EBITDA performance for the terminal portfolio that we have left around 35% to 40%. And you can see that is up, and it's even despite the fact that many of the terminals we have sold, for instance, the Singapore and the Oman terminal recently was some of the ones pulling that EBITDA average up. So the remaining -- the terminals that we have left are performing better than they have done in the last two years. And I think we are left with a healthy and more robust portfolio. It's a smaller portfolio, but it's a more robust portfolio of terminals.
This is the recent changes that we have done. I don't want to go back to 2016 and '17 and '18. But in all --in total, we have now taken around $365 million of cash out of the terminal sales that we have done. That has helped us to rebuild the balance sheet that is helping us to refinance the bond and stand on a much stronger platform than we were. On the right hand side, you're seeing the multiples at which these terminals were sold. There's nothing new in the first four ones. But the Jiangyin terminal was sold at 23 times EBITDA, which for any business is astonishing. I would love to tell you that's because we are great sellers. But the reality of that is that the biggest value out of that terminal was the peer, the infrastructure and that had more value to the buyer than it did to us, because they're building a huge LNG terminal behind it and they can use that peer as infrastructure. But it still doesn't change the fact that we got 23 times our money on that terminal, and it did make sense for us to tag along with Lindsey Goldberg on that investment.
The Lindsey Goldberg, who's our partners and has been our partners in the terminals and continue to be our partners in Asia, and that exit process has taken now 18, 24 months and we are we're getting to the end of it. It's in place in Europe. It's in place in the U.S. I would say it's halfway in place in Asia, because the Asian terminals, we have three remaining terminals to solve; it's Korea, in Ulsan; it's Dalian in China; and it is in Tianjin in China. And that process is ongoing.

因此,随着我们前进,这些曲线会有相当不稳定的定价。但对于我们来说,至少在洗涤器方面为时已晚,即使不是太晚,我们也不会这样做。我们相信市场将会调整,我们将能够获得价格合理的低硫燃料油,我们的客户将在合同期间随身携带我们的大部分风险。

在终端侧,这里稍微切换齿轮。终端的性能或多或少与第一季度一致。我们正在对终端的投资组合进行一些改变。我将在下一张幻灯片中谈到这一点。但是我们最重要的终端中最强劲的表现是在休斯顿,那个终端是100%满员。我们在韩国和大连的航站楼的利用率略有下降,但我们看到这种情况再次出现。总而言之,我们看到来自休斯顿的强劲表现,我们看到其余终端的表现稳定。

您还在右上角看到的是,我们的终端投资组合的平均EBITDA表现为35%至40%左右。而且你可以看到它已经上升,尽管我们已经出售的许多终端,例如新加坡和阿曼终端最近都是将EBITDA平均值提高了一些。剩下的 - 我们留下的终端表现比过去两年表现更好。我认为我们留下了健康,更强大的投资组合。它是一个较小的投资组合,但它是一个更强大的终端组合。

这是我们最近所做的改变。我不想回到2016年和'17和'18。但总的来说,我们现在已经从我们所做的终端销售中获得了大约3.65亿美元的现金。这有助于我们重建资产负债表,帮助我们为债券再融资,并站在一个比我们更强大的平台上。在右侧,您可以看到这些终端销售的倍数。前四个没什么新东西。但江阴码头的EBITDA为23倍,对任何企业来说都是惊人的。我很想告诉你,因为我们是卖家。但实际情况是,该终端的最大价值是同行,基础设施,对买家而言比对我们更有价值,因为他们正在建立一个巨大的液化天然气终端,他们可以使用它同行作为基础设施但它仍然没有改变这样一个事实,即我们在该终端上获得了23倍的资金,而且对于我们来说,与Lindsey Goldberg一起签署这项投资确实有意义。

Lindsey Goldberg是我们的合作伙伴,并且一直是我们在码头的合作伙伴,并继续成为我们在亚洲的合作伙伴,退出流程现在已经过了18个月,24个月,我们正在走到尽头。它在欧洲就位。它在美国已经到位了我会说它在亚洲的中途位置,因为亚洲码头,我们有三个剩余的码头要解决;它是蔚山的韩国;它是中国的大连;它在中国的天津。而且这个过程正在进行中。

We are hoping by the end of the year we will have completed that exit, and thereby also completed the restructuring of Odfjell's terminal portfolio, and we can finally start to move forward. Final comment is that as part of this restructuring, we are closing our terminal office in Rotterdam and in Asia, and that will happen by the end of September, which should have some impact on our G&A costs as well. And we are establishing the global terminal team here in Bergen, much more one.
Prospects and markets update. It is slightly strange to be bullish when you're looking at a world with negative yield curves, and the trade wars and hard Brexit and Germany and recession fear and everything else, but when you're fundamentals -- so there is some uncertainty if the recession really, really should hit. But fundamentally, there's some things that's changing in the chemical tanker space that makes us think that the demand picture is more, let's say, weatherproof to a recession. I'm not saying that we will not be affected, because we would if that happened. But what we're saying is structurally, there're some things going on that might make that impact less.
The fundamental -- three fundamental drivers, first off, is the CPP tonnage, the product tanker tonnage that's been playing in our yards, so to speak. They still do. We have, as you can see that the light blue bars, have been widening over time. That means that the part of the product tankers playing in chemicals has been increasing. We saw that reversing into the first quarter. And now we're actually seeing that widening a little bit again. But despite that, we have seen the chemical tanker markets improve. And that tells us that when the product tanker markets increase, which many people think it will, that will just be another addition of reduction of real supply into our market. So that's for us a good sign. The second thing is that the palm oil markets continue to be strong. That is stocking up both chemical tonnage but also product tanker tonnage. And we are seeing the prospects for the visual markets still being strong.
And finally more fundamentally, you're seeing the build out of organic chemical capacity and export capacity out of the U.S. really coming on stream now. And these are no longer plans on pieces of paper. I mean, the plans are coming on stream and the export is beginning, especially methanol and a huge amount of volume coming on stream. If the recession hits that capacity is still there and it's very, very competitive from a world perspective, because the feedstock in the U.S. is much cheaper than elsewhere in the world. So we believe that those volumes will continue to grow, so a little bit more recession proof than normal trading volumes, actually not a little bit quite a lot.
Big picture, demand and supply, spot rates are up. We believe that the markets have turned. It's not a massive increase still, but we are feeling more firmness in the markets. COA rates are up, which is as I said, testament to the fact that also our customers see that this is maybe beginning of a firming trend. The key directional drivers in fourth quarter will be the start-up of the capacities that I just spoke about and the palm oil season coming into play. And then, of course, there is the GDP scare and the recession scare that might change our views. But as I said, we -- what we know today, we're seeing a fairly strong demand picture. We maintain that the fundamental demand for increase will be around 4% plus, maybe a factor of the added ton miles for the long haul trades.

我们希望到今年年底我们将完成退出,从而也完成了Odfjell终端组合的重组,我们终于可以开始前进了。最后评论是,作为重组的一部分,我们将关闭我们在鹿特丹和亚洲的终端办公室,这将在9月底完成,这也将对我们的G&A成本产生一些影响。我们正在卑尔根建立全球终端团队,更是一个。

前景和市场更新。当你看到一个收益率曲线为负的世界,以及贸易战和艰难的英国脱欧以及德国和经济衰退以及其他一切的恐慌时,看涨是有点奇怪的,但当你是基本面时 - 所以如果存在一些不确定性经济衰退确实应该受到打击。但从根本上说,化学品油轮领域正在发生一些变化,这让我们认为需求图片更多,比方说,可以抵御经济衰退。我并不是说我们不会受到影响,因为如果发生这种情况,我们会这样做。但我们所说的在结构上,正在发生的一些事情可能会减少这种影响。

根本原因 - 首先是三个基本驱动因素是CPP吨位,可以这么说,我们码头上的产品油轮吨位。他们仍然这样做。正如您所看到的那样,浅蓝色条纹随着时间的推移而逐渐扩大。这意味着产品油轮中使用化学品的部分一直在增加。我们看到倒转到第一季度。而现在我们实际上又看到了一点点扩大。但尽管如此,我们已经看到化学品油轮市场有所改善。这告诉我们,当产品油轮市场增加时(许多人认为会增加),这将是我们市场实际供应减少的另一个增加。这对我们来说是一个好兆头。第二件事是棕榈油市场继续走强。这样既可以储存化学品吨位,也可以储存产品油轮吨位。我们看到视觉市场的前景依然强劲。

最后,从根本上说,你看到美国有机化工产能和出口能力的建设现在真正开始实施。而这些不再是纸上的计划了。我的意思是,计划正在实施,出口正在开始,特别是甲醇和大量的产量即将投入使用。如果经济衰退仍然存在,那么从世界的角度来看,这种能力仍然存在并且非常具有竞争力,因为美国的原料比世界上其他地方便宜得多。因此我们认为这些数量将继续增长,因此比正常交易量更多的经济衰退证明,实际上并不是很多。

大局,需求和供应,现货价格上涨。我们相信市场已经转变。这仍然没有大幅增加,但我们感觉市场更加坚定。 COA费率上涨,正如我所说,证明了我们的客户也看到这可能是一个紧张趋势的开始。第四季度关键的定向驱动因素将是我刚刚谈到的能力的启动以及棕榈油季节的发挥。然后,当然,GDP恐慌和经济衰退可能会改变我们的观点。但正如我所说,我们 - 我们今天所知道的,我们看到了相当强劲的需求情况。我们认为增长的基本需求将增加4%左右,这可能是长途运输增加的里程数的一个因素。

On supply, we have seen the first orders of chemical tankers in more than a year in the last quarter. But the order book stands at 6.6, which from historical perspective is quite limited. And that means that the fleet ratio growth in 2020 will be only 1.4%, which is very limited supply growth. I just speak about the swing tonnage already. We believe that as the CPP markets will increase, that swing tonnage will disappear and build a stronger real supply picture in our markets. And then of course, IMO 2020, as I said, three months away, we don't know what the effect is going to be. But it might very well a strong argument, I think, towards a firming tanker market, in general, and I think that will be helping us. So on average, around 2% increase in supply. So it a pretty strong fundamental picture in our opinion.
Summing it all up. In terms of our results, we are very happy to see that the medicine is finally beginning to work. We do believe we have a very competitive platform and we are turning that into earnings. And we're showing that in the second quarter. Spot rates and COA rates are on up Odfjell Terminals. The Jiangyin sale was a good sale. $21 million of cash is helping us. And we hope that we are only a quarter or two away from completing the full restructuring of the terminal business.
On the market outlook, I'm not going to repeat myself, but we feel that it's a healthy picture. So what we're seeing is despite the fact that there's a normal slowdown over the July and August months, especially July, we believe that the third quarter will be in line with the second quarter. And so I think that was it in terms of guidance.
So I want to thank everybody who's listening online for following this presentation. Unfortunately, today, there's no opportunity to ask questions. But please don't hold back. We are available the rest of the day, call us and e-mail us and we will get back to you as soon as we can. And for those of you here in the room after we switch off the live streaming then we're happy to take questions also in Norwegian. Okay. Thank you for listening.

在供应方面,我们已经看到上一季度超过一年的化学品油轮首批订单。但订单量为6.6,从历史角度来看是非常有限的。这意味着2020年的车队比例增长率仅为1.4%,这是非常有限的供应增长。我刚刚谈到了摆动吨位。我们认为,随着CPP市场的增加,这一摆动吨位将会消失,并在我们的市场中建立更强大的实际供应形势。当然,正如我所说,三个月后的IMO 2020,我们不知道会有什么影响。但我认为,对于一个坚固的油轮市场来说,这可能是一个强有力的论点,我认为这将有助于我们。因此平均而言,供应量增加约2%。因此,我们认为这是一个非常强大的基本面。

总结一下。就我们的结果而言,我们很高兴看到药物终于开始起作用了。我们相信我们拥有一个非常有竞争力的平台,我们正在将其转化为收益。我们在第二季度展示了这一点。 Odfjell终端的即期汇率和COA汇率正在上涨。江阴特卖是一个很好的销售。 2100万美元的现金正在帮助我们。我们希望我们距离完成终端业务的全面重组只有四分之一或两分之一。

在市场前景上,我不会重复自己,但我们觉得这是一幅健康的画面。所以我们看到的是,尽管7月和8月的月份正常放缓,尤其是7月,我们认为第三季度将与第二季度保持一致。所以我认为就是在指导方面。

所以我要感谢所有在线观看此演示文稿的人。不幸的是,今天,没有机会提问。但请不要踌躇。我们将在剩下的时间内致电我们并发送电子邮件给我们,我们会尽快给您回复。对于那些在我们关闭现场直播之后在房间里的人,我们很高兴也能用挪威语提问。好的。谢谢你的收听。

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